1903 N 46th Ter · Fort Smith, AR 72904

$190,000

4 bd · 2.0 ba · 1,966 sqft · SingleFamily public records · 26 Days on market

Built 1977 0.28 ac lot Est $206k · 8% under

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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 +14.2/30.0
• ARV discount +11.1/15.0
• DSCR +4.3/10.0
• Livability +3.2/5.0
• Schools +3.1/10.0
• 1% rule +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Nice home with open living area to the dining. Fireplace with insert. Completely repainted inside. Double pane vinyl windows, storage building. Good quiet neighborhood.

Key facts

• Eat in kitchen
• Large laundry room
• Fenced in back yard

Tags

• LARGE LAUNDRY ROOM
• EAT IN KITCHEN
• FENCED IN BACK YARD
• PATIO
• ESTABLISHED NEIGHBORHOOD

Property features AI

Finance

• HOA & community: Community curbs

Exterior

• Parking: Attached garage with two covered spaces; Concrete driveway; Garage door opener
• Utilities: Public water; Public sewer; Electricity available; Natural gas available
• Home design: Single-family residence; One story; Brick construction
• Construction: Brick exterior; Shingle roof with fiberglass materials; Slab foundation; Built as a house (one-story)
• Exterior features: Patio; Back yard fencing; Cleared, level lot; Paved public-maintained road; Curbs in the community

Interior

• Kitchen: Oven; Range / Built-in range; Dishwasher; Garbage disposal; Gas water heater
• Flooring: Carpet; Ceramic tile
• Bathrooms: Two full bathrooms
• Heating & cooling: Central heating; Natural gas heating; Fireplace insert; Central air conditioning; Electric cooling; Ceiling fans
• Interior features: Built-in features; Ceiling fans; Cathedral ceilings; Eat-in kitchen; Storage space; Blinds on windows; Wood-burning fireplace with gas starter and insert located in the family room
• Laundry & utility: Washer hookup; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $31 ($377/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $148k (21.9% below list).
• Recommended offer: $148k (21.9% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 4.3% in Fort Smith — 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 65/100 on livability (#151 in AR) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, amenities F, commute F.
• Fort Smith School District (urban): math 35% / reading 39% proficiency, ranked #106 of 238 in AR (top 44%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Sunnymede Elementary School (math 23% / reading 27%, grade F, #345 of 454 statewide, top 76%, 468 students, 93% FRL); Dora Kimmons Jr. High School (math 22% / reading 32%, grade F, #156 of 201 statewide, top 78%, 841 students, 91% FRL); Northside High School (math 12% / reading 27%, grade F, #239 of 292 statewide, top 85%, 2,433 students, 74% FRL) — zoned schools average 86% FRL vs 64% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 24% at this address vs 37% district-wide (-13 pts) — the specific schools serving this property underperform the Fort Smith School District average; the district grade overstates school quality for this exact location.
• Market conditions: 98 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 388 units permitted in Sebastian County in 2024 (16 in 5+ unit buildings).
• This rent runs 42% of the median local income ($42k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Sebastian County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($187k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y ago 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.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $148,363 (21.9% below list)

Questions for the listing agent

1. Built in 1977 — 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 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: 0.78% ✗
• Cap rate: 6.49%
• Cash-on-cash: 0.71%
• DSCR: 1.03
• GRM: 10.7

CMA / ARV

• ARV (on-the-fly): $206,430
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4727 N N St	0.36mi	4/2.0	2,058 (+5%)	2mo	$195,000	$95	73
4515 Urbana Dr	0.13mi	3/2.0 (-1)	1,736 (-12%)	0mo	$234,900	$135	69
4621 Victoria Dr	0.22mi	4/2.5	2,190 (+11%)	1mo	$230,000	$105	68
4322 Royal Oak Dr	0.17mi	3/2.0 (-1)	1,801 (-8%)	7mo	$205,000	$114	68
3809 Macarthur Dr	0.45mi	3/1.0 (-1)	1,945 (-1%)	5mo	$115,000	$59	64
5200 N O St	0.51mi	3/3.0 (-1)	1,853 (-6%)	4mo	$112,750	$61	54
1435 N 49th St	0.44mi	3/2.0 (-1)	1,804 (-8%)	8mo	$195,000	$108	54
1405 N 55th Ter	0.72mi	3/2.0 (-1)	2,042 (+4%)	6mo	$216,000	$106	50
1401 N 41st St	0.56mi	3/2.0 (-1)	2,068 (+5%)	17mo	$198,000	$96	46
2219 N 55th Ln	0.68mi	3/2.0 (-1)	1,854 (-6%)	10mo	$210,000	$113	45
1123 N 41st St	0.69mi	4/1.5	1,678 (-15%)	2mo	$156,000	$93	40
2220 N 52nd St	0.55mi	5/3.0 (+1)	2,176 (+11%)	13mo	$80,000	$37	36

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: -15.2%
• Equity multiple: 0.46×
• Total profit: $-28,873
• Equity at exit: $28,330

10-year hold

• IRR: -6.8%
• Equity multiple: 0.57×
• Total profit: $-22,908
• Equity at exit: $16,428

Cash invested: $53,200 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 92 Strongly Landlord-Friendly
• State Arkansas: 92 Strongly Landlord-Friendly · R+14
• County: — inherits STATE
• City: — inherits STATE

Only US state where non-payment is criminal. Strongly landlord-favorable; very few tenant protections.

Methodology + full state rankings →

ZIP-level market 72904

• Active inventory: 98
• Price-to-rent: 10.7×

Monthly cashflow live

• Estimated rent: $1,484 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$65 /mo · $782/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$312
• Net cashflow: $31

Break-even live

Break-even rent $1,444

Max offer price $190,000

Occupancy floor 93%

Sensitivity live

Price	-10% $139	-5% $85	+0% $31	+5% $-22	+10% $-76
Rent	-10% $-86	-5% $-27	+0% $31	+5% $90	+10% $149
Rate	-1.0pp $127	-0.5pp $80	base $31	+0.5pp $-18	+1.0pp $-68

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: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5700 Grand Ave Fort Smith, AR	3.0	2.0	1605	$1,500	$0.93	22d	1	1.10mi
406 Rockefeller Pl Fort Smith, AR	4.0	4.0	1800	$1,699	$0.94	22d	1	1.42mi
400 Lincoln Ln Fort Smith, AR	1.0–4.0	1.0–4.0	1425	$1,499	$1.05	14d	16	1.42mi

Listing history 24 events

1. 2026-06-21
   days on market $190,000 Active 26 DOM
2. 2026-06-19
   days on market $190,000 Active 24 DOM
3. 2026-06-18
   days on market $190,000 Active 23 DOM
4. 2026-06-17
   days on market $190,000 Active 22 DOM
5. 2026-06-16
   days on market $190,000 Active 21 DOM
6. 2026-06-15
   days on market $190,000 Active 20 DOM
7. 2026-06-14
   days on market $190,000 Active 18 DOM
8. 2026-06-13
   days on market $190,000 Active 17 DOM
9. 2026-06-10
   days on market $190,000 Active 15 DOM
10. 2026-06-09
    days on market $190,000 Active 14 DOM
11. 2026-06-08
    days on market $190,000 Active 13 DOM
12. 2026-06-07
    days on market $190,000 Active 12 DOM
13. 2026-06-03
    days on market $190,000 Active 8 DOM
14. 2026-06-02
    days on market $190,000 Active 7 DOM
15. 2026-06-01
    days on market $190,000 Active 6 DOM
16. 2026-05-31
    days on market $190,000 Active 5 DOM
17. 2026-05-30
    days on market $190,000 Active 4 DOM
18. 2026-03-01
    price $194,900
19. 2026-02-13
    price $197,900
20. 2025-11-26
    listed $199,900 Active
21. 2022-03-01
    soldstatus $179,900
22. 2022-02-28
    soldstatus $179,900 168-char remark

    Show marketing remark (168 chars)

    Nice home with open living area to the dining. Fireplace with insert. Completely repainted inside. Double pane vinyl windows, storage building. Good quiet neighborhood.

23. 2021-12-30
    listed $179,900 168-char remark

    Show marketing remark (168 chars)

    Nice home with open living area to the dining. Fireplace with insert. Completely repainted inside. Double pane vinyl windows, storage building. Good quiet neighborhood.

24. 2007-02-20
    soldstatus $88,000

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

Tax reassessment forecast AR · Resets to sale price

• Current annual tax: $782 · $65/mo
• Projected year-2 tax: $1,216 · $101/mo
• Expected delta: +$434/yr (+$36/mo · 55.6%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 7/10 Severe 7 d/yr ≥112°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,804
• − Mortgage interest: −$10,643
• − Property taxes: −$782
• − Insurance: −$950
• − Repairs & maintenance: −$1,424
• − Management: −$1,424
• − Depreciation: −$5,527
• Taxable loss: −$2,947
• Est. tax savings @ 24.0%: +$707
• After-tax cash flow: $1,084/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: Fort Smith School District
• NCES district ID: 0506330
• Math proficiency: 35% ▼ -11.00%
• Reading proficiency: 39% ▼ -7.00%
• Median HH income: $36,066
• Composite: 30.66/100
• National rank: #6183
• State rank: #106 of 238 in AR

Livability — Fort Smith

• Score: 65/100
• State rank: #151
• US rank: #13185

Category grades

Amenities F Commute F 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: Fort Smith, AR
• County: Sebastian County · 99,312 people
• City population: 94,356
• Metro: Fort Smith, AR-OK
• Population (ZIP): 21,296
• Household income: $41,909
• Rent vs Own: 46.9% rent · 53.1% own
• Severe rent burden: 851.0

Population outlook (Sebastian County) Hauer SSP2

• Today (2025): 133,992 people
• By 2030: 136,620 · +2.0%
• By 2040: 140,832 · +5.1%
• By 2050: 143,301 · +6.9%
• By 2075: 147,964 · +10.4%
• By 2100: 145,848 · +8.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.69)
• Race & ethnicity: Hispanic / Latino 44% White 31% Two or more races 11% Black 9% Asian 9% Native American 1%
• Hispanic origin (detail): Mexican 30%
• Common ancestry: Iranian 0%
• Foreign-born: 26% · Canada, Vietnam
• Languages at home: 53% English-only · Spanish 37% Other Asian/Pacific 7% Vietnamese 3%

Political lean MEDSL · Sebastian

• 2024 margin: Solid R (+37.5) · D 30.0% · R 67.6% · Other 2.4%
• 2008→2024 swing: -2.9pp toward R · 2008: -34.6pp · 2024: -37.5pp
• All cycles: 2024: R+37.5 2020: R+35.5 2016: R+38.1 2012: R+37.1 2008: R+34.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -81.65%
• Current HPI: 146.2281
• Rent YoY: —
• Metro: Fort Smith, AR-OK
• State GDP YoY: ▲ 3.80%
• F500 in state: 10

Industry mix (Fortune 500 HQ in AR)

Industry	F500 HQs	Revenue
▸Retail	1	$681B
▸Food / Agriculture	1	$53B
▸Retail / Energy	1	$22B
▸Transportation / Logistics	1	$12B
▸Energy	1	$4B

Price history

+121.5% since first listed

7 events — show timeline

• 2026-03-01 Price Changed $194,900 WRVBOR
• 2026-02-13 Price Changed $197,900 WRVBOR
• 2025-11-26 Listed $199,900 WRVBOR
• 2022-03-01 Sold (Public Records) $179,900 Public Records
• 2022-02-28 Sold (MLS) $179,900 WRVBOR
• 2021-12-30 Listed $179,900 WRVBOR
• 2007-02-20 Sold (Public Records) $88,000 Public Records

Property tax history

-4.4%/yr

Latest (2025): $782 · -5.7% YoY. Source: county tax records.