203 Mohawk St · Mobile, AL 36606

$799,000

117 bd · 2.0 ba · 2,898 sqft · MultiFamily public records · 90 Days on market

Built 1945 0.32 ac lot $276/sqft · 133% above area Est $701k · 14% over

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Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +24.8/30.0
• DSCR +8.0/10.0
• 1% rule +5.1/10.0
• Rent growth +3.8/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• ARV discount +1.2/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 9 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Attention Investors!!! An excellent investment opportunity in the heart of Midtown! This 9-unit apartment complex offers a mix of 1- and 2-bedroom units, each with 1 bathroom, and is currently 100% occupied, providing immediate income for a new owner. Monthly rents range from $600 to $800 per unit, offering strong and consistent cash flow potential. Each unit is equipped with window air-conditioning units and are all electric, with city water and city sewer service. All apartments include a stove and refrigerator (except for one unit where the refrigerator belongs to the tenant). The property also offers on-site parking for residents. Located in a fantastic Midtown location, the property is convenient for dining, shopping, and entertainment, with easy access to major thoroughfares providing quick connectivity to all areas of Mobile. With strong occupancy, a desirable location, and steady rental history, this property presents a great opportunity for investors seeking a well-located income-producing asset.

Key facts

• On site parking
• 100 percent occupied
• 0.32 acre lot

Tags

• 9 UNIT APARTMENT COMPLEX
• 100 PERCENT OCCUPIED
• ON SITE PARKING

What this means for you Summary

Snapshot

• This is a 9 × 1-bed/1-bath units multifamily listed at $799k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $174/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $799k).
• Recommended offer: $751k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.8% vs local median 4.9% in Mobile — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 75/100 on livability (#20 in AL, #4,262 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools D-, crime F, employment D-.
• Mobile County (urban): math 15% / reading 39% proficiency, ranked #81 of 129 in AL (top 63%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 67% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+5.1%/yr); 174 active listings in the ZIP; 1,678 units permitted in Mobile County in 2024 (264 in 5+ unit buildings).
• At $8,039/mo this rent would consume 188% of the median local household income ($51k/yr) (locally 999% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $24k of value loss. Plan a longer hold.
• Mobile County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 5.1% rent growth), your $224k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 90 days — a 6% lower offer ($751k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $155k; list at $799k implies a 415% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $125/mo; built in 1945 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $751,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 90 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
9. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
10. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
11. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
12. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.01% ✓
• Cap rate: 8.84%
• Cash-on-cash: 9.08%
• DSCR: 1.40
• GRM: 8.3

CMA / ARV

• ARV (median comp): $700,611
• List price: $799,000
• Delta: 14.04%
• Verdict: OVERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.06% rent growth · sell at horizon

5-year hold

• IRR: -1.5%
• Equity multiple: 0.94×
• Total profit: $-12,920
• Equity at exit: $119,133

10-year hold

• IRR: 10.1%
• Equity multiple: 1.84×
• Total profit: $188,792
• Equity at exit: $69,083

Cash invested: $223,720 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State Alabama: 90 Strongly Landlord-Friendly · R+15
• County: — inherits STATE
• City: — inherits STATE

Right-to-evict in 7 days for non-payment; no rent control; preempted statewide; courts move quickly.

Methodology + full state rankings →

ZIP-level market 36606

• Rents YoY: 5.1%
• Active inventory: 174
• Price-to-rent: 74.5×

Monthly cashflow live

• Estimated rent: $8,039 medium
• Mortgage (P&I): −$4,190
• Tax from tax record: −$134 /mo · $1,613/yr
• Insurance: −$333
• Flood insurance flood zone: −$125 /mo · $1,502/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,688
• Net cashflow: $1,568

Break-even live

Break-even rent $6,054

Max offer price $799,000

Occupancy floor 75%

9-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 9× units	1	1	$8,037
Total (9 units)			$8,039

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $199,750
• Closing costs: $23,970
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $799,000 Active 90 DOM
2. 2026-06-17
   days on market $799,000 Active 89 DOM
3. 2026-06-16
   days on market $799,000 Active 88 DOM
4. 2026-06-15
   days on market $799,000 Active 87 DOM
5. 2026-06-14
   days on market $799,000 Active 85 DOM
6. 2026-06-13
   days on market $799,000 Active 84 DOM
7. 2026-06-10
   days on market $799,000 Active 82 DOM
8. 2026-06-09
   days on market $799,000 Active 81 DOM
9. 2026-06-08
   days on market $799,000 Active 80 DOM
10. 2026-06-07
    days on market $799,000 Active 79 DOM
11. 2026-06-05
    days on market $799,000 Active 76 DOM
12. 2026-06-03
    days on market $799,000 Active 75 DOM
13. 2026-06-02
    days on market $799,000 Active 74 DOM
14. 2026-06-01
    days on market $799,000 Active 73 DOM
15. 2026-05-31
    days on market $799,000 Active 72 DOM
16. 2026-05-30
    days on market $799,000 Active 71 DOM
17. 2026-03-20
    listed $799,000 Active 1020-char remark

    Show marketing remark (1074 chars)

    Attention Investors!!! An excellent investment opportunity in the heart of Midtown! This 9-unit apartment complex offers a mix of 1- and 2-bedroom units, each with 1 bathroom, and is currently 100% occupied, providing immediate income for a new owner. Monthly rents range from $600 to $800 per unit, offering strong and consistent cash flow potential. Each unit is equipped with window air-conditioning units and are all electric, with city water and city sewer service. All apartments include a stove and refrigerator (except for one unit where the refrigerator belongs to the tenant). The property also offers on-site parking for residents. Located in a fantastic Midtown location, the property is convenient for dining, shopping, and entertainment, with easy access to major thoroughfares providing quick connectivity to all areas of Mobile. With strong occupancy, a desirable location, and steady rental history, this property presents a great opportunity for investors seeking a well-located income-producing asset. Buyer to verify all information during due diligence.

18. 2026-03-20
    listed $799,000 Active 1074-char remark

    Show marketing remark (1074 chars)

    Attention Investors!!! An excellent investment opportunity in the heart of Midtown! This 9-unit apartment complex offers a mix of 1- and 2-bedroom units, each with 1 bathroom, and is currently 100% occupied, providing immediate income for a new owner. Monthly rents range from $600 to $800 per unit, offering strong and consistent cash flow potential. Each unit is equipped with window air-conditioning units and are all electric, with city water and city sewer service. All apartments include a stove and refrigerator (except for one unit where the refrigerator belongs to the tenant). The property also offers on-site parking for residents. Located in a fantastic Midtown location, the property is convenient for dining, shopping, and entertainment, with easy access to major thoroughfares providing quick connectivity to all areas of Mobile. With strong occupancy, a desirable location, and steady rental history, this property presents a great opportunity for investors seeking a well-located income-producing asset. Buyer to verify all information during due diligence.

19. 2018-10-09
    soldstatus $155,000
20. 2018-10-09
    soldstatus $100,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast AL · Resets to sale price

• Current annual tax: $1,613 · $134/mo
• Projected year-2 tax: $3,276 · $273/mo
• Expected delta: +$1,663/yr (+$139/mo · 103.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone A · 99% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥105°F today · 20 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $96,468
• − Mortgage interest: −$44,756
• − Property taxes: −$1,613
• − Insurance: −$5,498
• − Repairs & maintenance: −$7,717
• − Management: −$7,717
• − Depreciation: −$23,244
• Taxable income: $5,923
• Est. tax owed @ 24.0%: −$1,421
• After-tax cash flow: $17,397/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Mobile County
• NCES district ID: 0102370
• Math proficiency: 15% ▼ -28.00%
• Reading proficiency: 39% ▬ 0.00%
• Median HH income: $42,455
• Composite: 22.9/100
• National rank: #8002
• State rank: #81 of 129 in AL

Livability — Mobile

• Score: 75/100
• State rank: #20
• US rank: #4262

Category grades

Amenities B- Commute A+ Cost of living A+ Crime F Employment D- Housing A+ Health & safety A+ User ratings D-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mobile, AL
• County: Mobile County · 246,577 people
• City population: 205,729
• Metro: Mobile, AL
• Population (ZIP): 18,728
• Household income: $51,303
• Rent vs Own: 51.3% rent · 48.7% own
• Severe rent burden: 999.0

Population outlook (Mobile County) Hauer SSP2

• Today (2025): 415,303 people
• By 2030: 411,755 · -0.9%
• By 2040: 399,670 · -3.8%
• By 2050: 382,616 · -7.9%
• By 2075: 337,353 · -18.8%
• By 2100: 283,391 · -31.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority Black (56%)
• Race & ethnicity: Black 56% White 37% Two or more races 5% Hispanic / Latino 4%
• Common ancestry: Italian 2% Scottish 2% Lithuanian 1%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 3%

Political lean MEDSL · Mobile

• 2024 margin: R (+16.4) · D 41.3% · R 57.7%
• 2008→2024 swing: -7.7pp toward R · 2008: -8.7pp · 2024: -16.4pp
• All cycles: 2024: R+16.4 2020: R+11.9 2016: R+13.9 2012: R+9.3 2008: R+8.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -232.19%
• Current HPI: 145.9025
• Rent YoY: ▲ 5.06%
• Metro: Mobile, AL
• State GDP YoY: ▲ 2.94%
• F500 in state: 4

Industry mix (Fortune 500 HQ in AL)

Industry	F500 HQs	Revenue
▸Financial Services	1	$8B
▸Healthcare	1	$5B

Price history

+415.5% since first listed

4 events — show timeline

• 2026-03-20 Listed $799,000 GCMLS AL
• 2026-03-20 Listed $799,000 BCAR
• 2018-10-09 Sold (Public Records) $100,000 Public Records
• 2018-10-09 Sold (Public Records) $155,000 Public Records

Property tax history

+3.1%/yr

Latest (2025): $1,613 · +0.0% YoY. Source: county tax records.