184 Price Rd

Reform, AL 35481

$75,000B

3 bd · 3.0 ba · 1,200 sqft · Built 1995 · Manufactured · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $997/mo
• Mortgage (P&I): −$393
• Tax + insurance: −$125
• HOA: −$0
• Vac / Maint / Mgmt: −$209
• Net cashflow: $269/mo
• Annual: $3,234/yr
• Cap rate: 10.60%
• Cash-on-cash: 15.40%
• DSCR: 1.69
• 1% rule: 1.33%
• Cash to close: $21,000

Investor read

• This is a 3-bed/3.0-bath manufactured listed at $75k.
• At list price, monthly cash flow is $269 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($997 rent vs $75k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $3k of equity ($519 loan paydown + $3k appreciation (3.4% local appreciation)).
• Location reads 61/100 on livability (#238 in AL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: health & safety D, amenities F, commute F.
• Pickens County (rural): math 7% / reading 31% proficiency, ranked #108 of 129 in AL (top 84%) — 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: Reform Elementary School (math 2% / reading 27%, grade F, #508 of 627 statewide, top 84%, 209 students, 77% FRL); Pickens County High School (math 2% / reading 17%, grade F, #252 of 305 statewide, top 84%, 293 students, 72% FRL).
• Market conditions: 23 active listings in the ZIP; 2 units permitted in Pickens County in 2024 (0 in 5+ unit buildings).
• Pickens County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $18k; list at $75k implies a 305% gain — meaningful room to come down on a strong offer.
• At projected returns (3.4% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~4 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 44% 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.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.