2462 Richardson St · Mobile, AL 36610

$19,900

4 bd · 1.0 ba · 1,250 sqft · MultiFamily public records · 7 Days on market

Built 1975 4,870 sqft lot

---

Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +7.5/15.0
• Appreciation +5.2/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Investor special!!! check out this 4 bed 2 bath house. It would be a perfect flip or fix and rent if you are looking to increase your rental portfolio. Call your favorite Real Estate Agent today to schedule your showing.

Key facts

• 4,870 sq ft lot
• Built 1975
• Listed 7 days

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Sewer: Other; No electric listed; No other utilities listed
• Home design: Single Family Residence; Residential property
• Construction: Wood siding exterior; Shingle roof; Pillar/post/pier foundation; Built in 1975
• Exterior features: Private yard; No fencing; View

Interior

• Kitchen: Other appliances
• Bedrooms: 4 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: No heating; No cooling
• Interior features: Other interior features; No fireplace
• Laundry & utility: No specific laundry or utility features listed

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath multifamily listed at $20k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $20k).
• Cap rate 83.1% 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: 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.
• Zoned schools: Whitley Elementary School (math 2% / reading 17%, grade F, #568 of 627 statewide, top 94%, 267 students, 91% FRL); Mobile County Training Middle School (math 2% / reading 22%, grade F, #221 of 257 statewide, top 87%, 205 students, 97% FRL); Cf Vigor High School (math 2% / reading 2%, grade F, #291 of 305 statewide, top 100%, 547 students, 86% FRL) — zoned schools average 91% FRL vs 67% district-wide (24 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 8% at this address vs 27% district-wide (-19 pts) — the specific schools serving this property underperform the Mobile County average; the district grade overstates school quality for this exact location.
• Market conditions: 41 active listings in the ZIP; 1,678 units permitted in Mobile County in 2024 (264 in 5+ unit buildings).

Forward outlook

• In year one you build about $212 of equity ($138 loan paydown + $74 appreciation (0.4% local appreciation)).
• Mobile County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (0.4% appreciation + 3.0% rent growth), your $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $19,900

Questions for the listing agent

1. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. 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.
7. 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.
8. 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: 8.91% ✓
• Cap rate: 83.13%
• Cash-on-cash: 274.42%
• DSCR: 13.21
• GRM: 0.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

0.37% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 15.53×
• Total profit: $80,944
• Equity at exit: $6,151

10-year hold

• IRR: —
• Equity multiple: 32.96×
• Total profit: $178,081
• Equity at exit: $7,699

Cash invested: $5,572 (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 36610

• Home prices YoY: 0.9%
• Active inventory: 41
• Price-to-rent: 1.9×

Monthly cashflow live

• Estimated rent: $1,774 medium
• Mortgage (P&I): −$104
• Tax from tax record: −$15 /mo · $175/yr
• Insurance: −$8
• HOA: −$0
• Vacancy / Maint / Mgmt: −$373
• Net cashflow: $1,274

Break-even live

Break-even rent $161

Max offer price $19,900

Occupancy floor 23%

Sensitivity live

Price	-10% $1,285	-5% $1,280	+0% $1,274	+5% $1,269	+10% $1,263
Rent	-10% $1,134	-5% $1,204	+0% $1,274	+5% $1,344	+10% $1,414
Rate	-1.0pp $1,284	-0.5pp $1,279	base $1,274	+0.5pp $1,269	+1.0pp $1,264

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,774
Total (2 units)			$1,774

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: $4,975
• Closing costs: $597
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-16
   status $19,900 Pending 7 DOM
2. 2026-06-16
   days on market $19,900 Active 7 DOM
3. 2026-06-15
   days on market $19,900 Active 6 DOM
4. 2026-06-14
   days on market $19,900 Active 4 DOM
5. 2026-06-13
   days on market $19,900 Active 3 DOM
6. 2026-06-10
   remarks 220-char remark
7. 2026-06-10
   listed $19,900 Active 1 DOM

ⓘ 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: $175 · $15/mo
• Projected year-2 tax: $175 · $15/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥105°F today · 21 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: $21,288
• − Mortgage interest: −$1,115
• − Property taxes: −$175
• − Insurance: −$100
• − Repairs & maintenance: −$1,703
• − Management: −$1,703
• − Depreciation: −$579
• Taxable income: $15,914
• Est. tax owed @ 24.0%: −$3,819
• After-tax cash flow: $11,471/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
• City population: 205,729
• Population (ZIP): 9,692

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: Predominantly Black (97%)
• Race & ethnicity: Black 97% Hispanic / Latino 1% White 1%
• Foreign-born: 0%

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: ▲ 0.37%
• Current HPI: 42.6203
• Rent YoY: —
• Metro: —
• 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

+17.8% since first listed

3 events — show timeline

• 2026-06-09 Listed $19,900 GCMLS AL
• 2026-02-04 Price Changed $14,900 GCMLS AL
• 2026-01-24 Price Changed $16,900 GCMLS AL

Property tax history

+2.5%/yr

Latest (2025): $175 · +7.0% YoY. Source: county tax records.