2122 Spring Grv W · Mobile, AL 36695

$189,900

5 bd · 2.0 ba · 1,345 sqft · SingleFamily public records · 21 Days on market

Built 2009 8,712 sqft lot $141/sqft · 9% below area Est $208k · 9% under $15/mo HOA · 1% of rent

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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 +26.0/30.0
• ARV discount +11.4/15.0
• DSCR +8.7/10.0
• 1% rule +6.3/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great home in popular West Mobile Neighborhood.

Key facts

• Covered front porch
• Open floor plan
• Screened back patio

Tags

• COVERED FRONT PORCH
• SCREENED BACK PATIO
• PRIVATE FENCED BACKYARD
• OPEN FLOOR PLAN
• SPACIOUS KITCHEN
• BREAKFAST BAR

Property features AI

Finance

• Other: No land lease; Subdivision: Spring Grove
• HOA & community: Monthly association fee of $15

Exterior

• Parking: Driveway
• Utilities: Cable available; Electricity available (110V & 220V); Public sewer
• Home design: Single family residence; Residential property
• Construction: Vinyl siding; Composition roof; Slab foundation
• Exterior features: Awnings; Back yard fencing; View

Interior

• Kitchen: Dishwasher; Disposal; Electric range; Microwave; Refrigerator; Electric water heater
• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air
• Interior features: Ceiling fans; Breakfast bar and eat-in kitchen; Window treatments; No fireplace; No basement

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $470 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• Recommended offer: $187k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.3% 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: Baker High School (math 25% / reading 28%, grade F, #107 of 305 statewide, top 36%, 2,491 students, 42% FRL) — zoned schools average 42% FRL vs 67% district-wide (26 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents soft (-0.4%/yr); 551 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 1,678 units permitted in Mobile County in 2024 (264 in 5+ unit buildings).
• This rent runs 34% of the median local income ($76k/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.
• Mobile County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($187k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 3y ago; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $142k; 34% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $187,051 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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.
6. 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.
7. 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: 1.13% ✓
• Cap rate: 9.26%
• Cash-on-cash: 10.61%
• DSCR: 1.47
• GRM: 7.4

CMA / ARV

• ARV (median comp): $208,172
• List price: $189,900
• Delta: -8.78%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -3.7%
• Equity multiple: 0.87×
• Total profit: $-7,139
• Equity at exit: $28,315

10-year hold

• IRR: 2.4%
• Equity multiple: 1.15×
• Total profit: $7,966
• Equity at exit: $16,419

Cash invested: $53,172 (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 36695

• Home prices YoY: -30.9%
• Rents YoY: -0.4%
• Active inventory: 551
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $2,143 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$133 /mo · $1,599/yr
• Insurance: −$79
• HOA: −$15
• Vacancy / Maint / Mgmt: −$450
• Net cashflow: $470

Break-even live

Break-even rent $1,548

Max offer price $189,900

Occupancy floor 73%

Sensitivity live

Price	-10% $578	-5% $524	+0% $470	+5% $416	+10% $363
Rent	-10% $301	-5% $385	+0% $470	+5% $555	+10% $639
Rate	-1.0pp $566	-0.5pp $518	base $470	+0.5pp $421	+1.0pp $371

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2147 Seasons Ct Mobile, AL	4.0	2.0	1600	$1,625	$1.02	44d	1	0.09mi
1718 Calgary Dr W Mobile, AL	4.0	2.0	1830	$2,200	$1.20	44d	1	1.03mi

HOA detail

• Monthly dues: $15 · $180/yr

Listing history 17 events

1. 2026-06-13
   statusdays on market $189,900 Pending 21 DOM
2. 2026-06-10
   days on market $189,900 Active 19 DOM
3. 2026-06-09
   days on market $189,900 Active 18 DOM
4. 2026-06-09
   price $189,900 Active 17 DOM
5. 2026-06-08
   days on market $199,900 Active 17 DOM
6. 2026-06-07
   days on market $199,900 Active 16 DOM
7. 2026-06-05
   statusdays on market $199,900 Active 13 DOM
8. 2026-05-15
   listed $199,900 Active 1387-char remark
9. 2025-04-12
   historical $1,500
10. 2025-04-02
    historical $1,500
11. 2025-03-29
    listed $1,500
12. 2025-03-29
    listed $1,500
13. 2023-12-16
    historical $1,400
14. 2023-12-07
    price $1,400
15. 2023-11-04
    listed $1,550
16. 2021-01-15
    soldstatus $142,000
17. 2021-01-12
    soldstatus $142,000 47-char remark

    Show marketing remark (47 chars)

    Great home in popular West Mobile Neighborhood.

ⓘ 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: $1,599 · $133/mo
• Projected year-2 tax: $1,599 · $133/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 5/10 Major
• 🌡 Heat 9/10 Extreme 7 d/yr ≥105°F today · 22 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,720
• − Mortgage interest: −$10,637
• − Property taxes: −$1,599
• − Insurance: −$950
• − Repairs & maintenance: −$2,058
• − Management: −$2,058
• − HOA: −$180
• − Depreciation: −$5,524
• Taxable income: $2,715
• Est. tax owed @ 24.0%: −$652
• After-tax cash flow: $4,989/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

• County: Mobile County · 246,577 people
• City population: 205,729
• Metro: Mobile, AL
• Population (ZIP): 52,690
• Household income: $76,040
• Rent vs Own: 30.6% rent · 69.4% own
• Severe rent burden: 1619.0

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: Predominantly White (67%)
• Race & ethnicity: White 67% Black 23% Two or more races 5% Hispanic / Latino 5% Asian 2%
• Common ancestry: Lithuanian 3% Italian 2% Slovak 1%
• Foreign-born: 5% · Canada, Vietnam, China
• Languages at home: 94% English-only · Spanish 2% Vietnamese 1% Arabic 1%

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: ▼ -86.28%
• Current HPI: 193.1651
• Rent YoY: ▼ -0.41%
• 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

+33.7% since first listed

14 events — show timeline

• 2026-06-12 Pending — GCMLS AL
• 2026-06-08 Price Changed $189,900 GCMLS AL
• 2026-06-03 Relisted — GCMLS AL
• 2026-05-27 Pending — GCMLS AL
• 2026-05-15 Listed $199,900 GCMLS AL
• 2025-04-12 Rental Removed $1,500 APPFOLIO
• 2025-04-02 Rental Removed $1,500 GCMLSAL
• 2025-03-29 Listed for Rent $1,500 APPFOLIO
• 2025-03-29 Listed for Rent $1,500 GCMLSAL
• 2023-12-16 Rental Removed $1,400 APPFOLIO
• 2023-12-07 Price Changed $1,400 APPFOLIO
• 2023-11-04 Listed for Rent $1,550 APPFOLIO
• 2021-01-15 Sold (Public Records) $142,000 Public Records
• 2021-01-12 Sold (MLS) $142,000 GCMLS AL

Property tax history

+11.3%/yr

Latest (2025): $1,599 · +124.5% YoY. Source: county tax records.