778 Castaway Island Rd · Alexander City, AL 36024

$289,900

3 bd · 2.0 ba · 1,356 sqft · SingleFamily · 146 Days on market

Built 2026 Good condition 0.53 ac lot $214/sqft · 33% below area Est $431k · 33% under ↓ 3% since listing

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Why this score? — see what drove the B- 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 +25.3/30.0
• ARV discount +15.0/15.0
• DSCR +8.3/10.0
• 1% rule +6.6/10.0
• Condition / age +4.0/5.0
• Livability +2.8/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Enjoy the best of living only moments away from beautiful Lake Martin, Alabama, in Elmore County! This NEW CONSTRUCTION FURNISHED home offers a top quality 3 bedroom, 2 full bath home and plenty of parking for guests and lake toys on the popular south side of the lake near all the fun spots! The Social restaurant, Anchor Bay marina, and a public boat ramp are only 1 mile away!! Enjoy summer fun cruising over to Chimney Rock and all the islands and toasting sunsets on the decks of waterside restaurants enjoying live music! Fun times at the lake are great off season, too, with grilling for fall football parties, enjoying the hundred plus miles of hiking, biking, and horse riding trails, teeing it up at one of the local courses, and toasting s'mores around a campfire! This wonderful home offe rs an open greatroom concept and covered patio for entertaining or family time. A one-year builder warranty offers peace of mind! Features include granite countertops, a tankless water heater, gas stove, propane tank purchased locally from Freedom Propane in Tallassee, a large under-roof outside storage area, and new everything, including a washer and dryer! ECLECTIC SCHOOL DISTRICT. Want the option of renting the home on short-term rental sites for extra income? No problem. This home has no restrictions! Come see this great home today and make that one day become today to seize the opportunity to start making life-long lake memories!

Key facts

• New construction
• Covered patio
• Gas stove

Tags

• NEW CONSTRUCTION
• OPEN GREATROOM CONCEPT
• COVERED PATIO
• GRANITE COUNTERTOPS
• TANKLESS WATER HEATER
• GAS STOVE

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $290k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $657 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $290k).
• Recommended offer: $255k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.0% vs local median 0.6% in Alexander City — 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 55/100 on livability (#426 in AL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A; Watch: schools F, crime F, amenities F.
• Tallassee City (rural): math 23% / reading 40% proficiency, ranked #60 of 129 in AL (top 46%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 81 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 92 units permitted in Elmore County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Elmore County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 146 days — a 12% lower offer ($255k) 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.

Recommended offer $255,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 146 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.16% ✓
• Cap rate: 9.01%
• Cash-on-cash: 9.71%
• DSCR: 1.43
• GRM: 7.2

CMA / ARV

• ARV (median comp): $431,203
• List price: $289,900
• Delta: -32.77%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
240 Carr Rd	0.39mi	3/1.0	1,288 (-5%)	0mo	$1,100,000	$854	69
314 Old Jay Rd	0.74mi	3/2.5	1,362 (+0%)	3mo	$700,000	$514	60
73 Scouts Pt	0.64mi	3/2.5	1,535 (+13%)	9mo	$1,090,000	$710	39

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -1.7%
• Equity multiple: 0.94×
• Total profit: $-5,107
• Equity at exit: $43,225

10-year hold

• IRR: 8.0%
• Equity multiple: 1.61×
• Total profit: $49,607
• Equity at exit: $25,065

Cash invested: $81,172 (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 36024

• Active inventory: 81
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $3,367 medium
• Mortgage (P&I): −$1,520
• Tax est. 1.5%: −$362 /mo · $4,348/yr
• Insurance: −$121
• HOA: −$0
• Vacancy / Maint / Mgmt: −$707
• Net cashflow: $657

Break-even live

Break-even rent $2,536

Max offer price $289,900

Occupancy floor 76%

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: $72,475
• Closing costs: $8,697
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
115 Hale Loop Unit 1519891P Eclectic, AL	2.0	2.0	1216	$3,612	$2.97	13d	1	0.20mi
55 Martin Ridge Trce Unit NA Tallassee, AL	3.0	2.0	1354	$2,500	$1.85	13d	1	0.80mi

Listing history 20 events

1. 2026-06-19
   days on market $289,900 Active 146 DOM
2. 2026-06-18
   days on market $289,900 Active 145 DOM
3. 2026-06-17
   days on market $289,900 Active 144 DOM
4. 2026-06-16
   days on market $289,900 Active 143 DOM
5. 2026-06-15
   days on market $289,900 Active 142 DOM
6. 2026-06-14
   days on market $289,900 Active 140 DOM
7. 2026-06-12
   days on market $289,900 Active 139 DOM
8. 2026-06-09
   days on market $289,900 Active 136 DOM
9. 2026-06-08
   days on market $289,900 Active 135 DOM
10. 2026-06-07
    days on market $289,900 Active 134 DOM
11. 2026-06-05
    days on market $289,900 Active 132 DOM
12. 2026-06-04
    days on market $289,900 Active 130 DOM
13. 2026-06-02
    days on market $289,900 Active 129 DOM
14. 2026-06-01
    days on market $289,900 Active 128 DOM
15. 2026-05-31
    days on market $289,900 Active 127 DOM
16. 2026-05-31
    days on market $289,900 Active 126 DOM
17. 2026-04-28
    price $289,900 1443-char remark

    Show marketing remark (1443 chars)

    Enjoy the best of living only moments away from beautiful Lake Martin, Alabama, in Elmore County! This NEW CONSTRUCTION FURNISHED home offers a top quality 3 bedroom, 2 full bath home and plenty of parking for guests and lake toys on the popular south side of the lake near all the fun spots! The Social restaurant, Anchor Bay marina, and a public boat ramp are only 1 mile away!! Enjoy summer fun cruising over to Chimney Rock and all the islands and toasting sunsets on the decks of waterside restaurants enjoying live music! Fun times at the lake are great off season, too, with grilling for fall football parties, enjoying the hundred plus miles of hiking, biking, and horse riding trails, teeing it up at one of the local courses, and toasting s'mores around a campfire! This wonderful home offe rs an open greatroom concept and covered patio for entertaining or family time. A one-year builder warranty offers peace of mind! Features include granite countertops, a tankless water heater, gas stove, propane tank purchased locally from Freedom Propane in Tallassee, a large under-roof outside storage area, and new everything, including a washer and dryer! ECLECTIC SCHOOL DISTRICT. Want the option of renting the home on short-term rental sites for extra income? No problem. This home has no restrictions! Come see this great home today and make that one day become today to seize the opportunity to start making life-long lake memories!

18. 2026-03-06
    price $289,900 1442-char remark

    Show marketing remark (1442 chars)

    Enjoy the best of living only moments away from beautiful Lake Martin, Alabama, in Elmore County! This NEW CONSTRUCTION home offers a top quality 3 bedroom, 2 full bath FURNISHED home and plenty of parking for guests and lake toys on the popular south side of the lake near all the fun spots! The Social restaurant, Anchor Bay marina, and a public boat ramp are only 1 mile away!! Enjoy summer fun cruising over to Chimney Rock and all the islands and toasting sunsets on the decks of waterside restaurants enjoying live music! Fun times at the lake are great off season, too, with grilling for fall football parties, enjoying the hundred plus miles of hiking, biking, and horse riding trails, teeing it up at one of the local courses, and toasting s'mores around a campfire! This wonderful home offers an open greatroom concept and covered patio for entertaining or family time. A one-year builder warranty offers peace of mind! Features include a granite countertops, tankless water heater, gas stove, propane tank purchased locally from Freedom Propane in Tallassee, a large under-roof outside storage area, and new everything, including a washer and dryer! ECLECTIC SCHOOL DISTRICT. Want the option of renting the home on short-term rental sites for extra income? No problem. This home has no restrictions! Come see this great home today and make that one day become today to seize the opportunity to start making life-long lake memories!

19. 2026-01-24
    listed $299,900 Active 1443-char remark

    Show marketing remark (1443 chars)

    Enjoy the best of living only moments away from beautiful Lake Martin, Alabama, in Elmore County! This NEW CONSTRUCTION FURNISHED home offers a top quality 3 bedroom, 2 full bath home and plenty of parking for guests and lake toys on the popular south side of the lake near all the fun spots! The Social restaurant, Anchor Bay marina, and a public boat ramp are only 1 mile away!! Enjoy summer fun cruising over to Chimney Rock and all the islands and toasting sunsets on the decks of waterside restaurants enjoying live music! Fun times at the lake are great off season, too, with grilling for fall football parties, enjoying the hundred plus miles of hiking, biking, and horse riding trails, teeing it up at one of the local courses, and toasting s'mores around a campfire! This wonderful home offe rs an open greatroom concept and covered patio for entertaining or family time. A one-year builder warranty offers peace of mind! Features include granite countertops, a tankless water heater, gas stove, propane tank purchased locally from Freedom Propane in Tallassee, a large under-roof outside storage area, and new everything, including a washer and dryer! ECLECTIC SCHOOL DISTRICT. Want the option of renting the home on short-term rental sites for extra income? No problem. This home has no restrictions! Come see this great home today and make that one day become today to seize the opportunity to start making life-long lake memories!

20. 2026-01-23
    listed $299,900 Active 1442-char remark

    Show marketing remark (1442 chars)

    Enjoy the best of living only moments away from beautiful Lake Martin, Alabama, in Elmore County! This NEW CONSTRUCTION home offers a top quality 3 bedroom, 2 full bath FURNISHED home and plenty of parking for guests and lake toys on the popular south side of the lake near all the fun spots! The Social restaurant, Anchor Bay marina, and a public boat ramp are only 1 mile away!! Enjoy summer fun cruising over to Chimney Rock and all the islands and toasting sunsets on the decks of waterside restaurants enjoying live music! Fun times at the lake are great off season, too, with grilling for fall football parties, enjoying the hundred plus miles of hiking, biking, and horse riding trails, teeing it up at one of the local courses, and toasting s'mores around a campfire! This wonderful home offers an open greatroom concept and covered patio for entertaining or family time. A one-year builder warranty offers peace of mind! Features include a granite countertops, tankless water heater, gas stove, propane tank purchased locally from Freedom Propane in Tallassee, a large under-roof outside storage area, and new everything, including a washer and dryer! ECLECTIC SCHOOL DISTRICT. Want the option of renting the home on short-term rental sites for extra income? No problem. This home has no restrictions! Come see this great home today and make that one day become today to seize the opportunity to start making life-long lake memories!

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

Taxation est. · year 1

• Rental income: $40,405
• − Mortgage interest: −$16,239
• − Property taxes: −$4,348
• − Insurance: −$1,450
• − Repairs & maintenance: −$3,232
• − Management: −$3,232
• − Depreciation: −$8,433
• Taxable income: $3,470
• Est. tax owed @ 24.0%: −$833
• After-tax cash flow: $7,046/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.

Condition & rehab AI · 12 photos

Good 80/100 None rehab

This well-maintained, move-in-ready home offers a modern kitchen, two bathrooms, and a spacious living area with hardwood floors and neutral paint. The exterior is in good condition with a new roof and landscaping. Additional updates could further enhance its curb appeal and marketability.

Value-add opportunities

• Both Landscaping and patio furniture — Enhances curb appeal and outdoor living space.
• Both Add smart home features — Improves convenience and marketability.
• Both Paint exterior shutters — Enhances curb appeal and adds a fresh look.

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping and patio furniture — Enhances curb appeal and outdoor living space. ↑
• Both Add smart home features — Improves convenience and marketability. ↑
• Both Paint exterior shutters — Enhances curb appeal and adds a fresh look. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Tallassee City
• NCES district ID: 0103240
• Math proficiency: 23% ▼ -22.00%
• Reading proficiency: 40% ▼ -1.00%
• Median HH income: $46,393
• Composite: 27.03/100
• National rank: #7055
• State rank: #60 of 129 in AL

Livability — Alexander City

• Score: 55/100
• State rank: #426
• US rank: #23127

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 19,619
• Population (ZIP): 6,198

Population outlook (Elmore County) Hauer SSP2

• Today (2025): 85,154 people
• By 2030: 86,667 · +1.8%
• By 2040: 89,014 · +4.5%
• By 2050: 90,331 · +6.1%
• By 2075: 96,096 · +12.8%
• By 2100: 95,290 · +11.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Black 7% Two or more races 3% Hispanic / Latino 1%
• Common ancestry: Serbian 2% Italian 2% Lithuanian 1%
• Foreign-born: 0%

Political lean MEDSL · Elmore

• 2024 margin: Solid R (+52.1) · D 23.6% · R 75.6%
• 2008→2024 swing: -1.1pp toward R · 2008: -50.9pp · 2024: -52.1pp
• All cycles: 2024: R+52.1 2020: R+48.2 2016: R+52.0 2012: R+48.8 2008: R+50.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -122.24%
• Current HPI: 190.9501
• 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

-3.3% since first listed

4 events — show timeline

• 2026-04-28 Price Changed $289,900 LMMLS
• 2026-03-06 Price Changed $289,900 MAAR
• 2026-01-24 Listed $299,900 LMMLS
• 2026-01-23 Listed $299,900 MAAR