635 E Azalea Ave · Foley, AL 36535

$355,000

6 bd · 2.0 ba · 1,976 sqft · MultiFamily · 19 Days on market

Built 2016 Fair condition 10,585 sqft lot

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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 +12.9/30.0
• ARV discount +7.5/15.0
• DSCR +3.9/10.0
• Schools +3.9/10.0
• 1% rule +3.7/10.0
• Livability +3.1/5.0
• Rent growth +3.0/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Immediate income producing duplex in Foley. Built in 2016. 3/1 per side. Tenants in place that must remain per seller. Serious inquirers may request monthly rent amount from agent. This is a great opportunity for investors looking to expand their rental portfolio with tenants in place.

Key facts

• Functional kitchen
• Short term rentals
• Vinyl flooring

Tags

• INVESTMENT OPPORTUNITY
• FUNCTIONAL KITCHEN
• VINYL FLOORING
• CARPET IN BEDROOMS
• SHORT TERM RENTALS
• CONVENIENTLY LOCATED

Property features AI

Finance

• Other: Listing office: RE/MAX of Orange Beach
• HOA & community: Community features: Other; No transfer fees

Exterior

• Parking: See remarks for parking details
• Utilities: Riviera Utilities; Electric power; Public or conventional sewer (not specified)
• Home design: Duplex; Single-story; Resale condition; Slab foundation
• Construction: Concrete board and wood frame construction; Fortified Gold construction standard; Composition roof
• Exterior features: Less than 1 acre lot; No waterfront; Attached property

Interior

• Kitchen: Electric range; Refrigerator
• Bedrooms: Primary bedroom on the main level (approx. 9' x 12'); Two additional bedrooms (each approx. 8' x 12')
• Flooring: Carpet; Vinyl
• Bathrooms: Two full bathrooms
• Heating & cooling: Heat pump heating and cooling; Electric heating available; Ceiling fans assist cooling
• Interior features: Ceiling fans throughout; No fireplace; Living/dining combination

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $355k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-25 ($-298/yr) — negative. Per door: $-12/mo.
• To cash-flow at today's rent, offer at most $351k (1.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $307k (13.4% below list).
• Recommended offer: $307k (13.4% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 4.0% in Foley — 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 61/100 on livability (#241 in AL) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A-, crime B; Watch: employment D+, amenities F, commute F.
• Baldwin County (rural): math 33% / reading 57% proficiency, ranked #18 of 129 in AL (top 14%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Foley Elementary School (math 22% / reading 44%, grade F, #323 of 627 statewide, top 52%, 992 students, 76% FRL); Foley Middle School (math 11% / reading 36%, grade F, #172 of 257 statewide, top 68%, 783 students, 82% FRL); Foley High School (math 24% / reading 25%, grade F, #118 of 305 statewide, top 45%, 1,578 students, 75% FRL) — zoned schools average 78% FRL vs 38% district-wide (40 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 27% at this address vs 45% district-wide (-18 pts) — the specific schools serving this property underperform the Baldwin County average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+1.8%/yr); 883 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 3,883 units permitted in Baldwin County in 2024 (481 in 5+ unit buildings).
• At $3,074/mo this rent would consume 55% of the median local household income ($67k/yr) (locally 803% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Baldwin County population projected at +42% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($350k) is reasonable based on typical stale-listing flexibility.
• 5 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.
• Current owner paid $212k; list at $355k implies a 67% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $307,400 (13.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.87% ✗
• Cap rate: 6.21%
• Cash-on-cash: -0.30%
• DSCR: 0.99
• GRM: 9.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.81% rent growth · sell at horizon

5-year hold

• IRR: -18.1%
• Equity multiple: 0.37×
• Total profit: $-62,700
• Equity at exit: $52,932

10-year hold

• IRR: -12.8%
• Equity multiple: 0.29×
• Total profit: $-71,023
• Equity at exit: $30,694

Cash invested: $99,400 (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 36535

• Home prices YoY: -24.9%
• Rents YoY: 1.8%
• Active inventory: 883
• Price-to-rent: 19.2×

Monthly cashflow live

• Estimated rent: $3,074 high
• Mortgage (P&I): −$1,862
• Tax est. 1.5%: −$444 /mo · $5,325/yr
• Insurance: −$148
• HOA: −$0
• Vacancy / Maint / Mgmt: −$646
• Net cashflow: $-25

Break-even live

Break-even rent $3,105

Max offer price $351,402

Occupancy floor 96%

Sensitivity live

Price	-10% $220	-5% $98	+0% $-25	+5% $-148	+10% $-270
Rent	-10% $-268	-5% $-146	+0% $-25	+5% $97	+10% $218
Rate	-1.0pp $154	-0.5pp $65	base $-25	+0.5pp $-117	+1.0pp $-210

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,074
Total (2 units)			$3,074

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: $88,750
• Closing costs: $10,650
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1802 Cashew Cir Foley, AL	2.0–5.0	2.0–2.5	1702	$2,552	$1.50	45d	1	1.12mi

Listing history 15 events

1. 2026-06-21
   days on market $355,000 Active 19 DOM
2. 2026-06-19
   days on market $355,000 Active 17 DOM
3. 2026-06-18
   days on market $355,000 Active 16 DOM
4. 2026-06-17
   days on market $355,000 Active 15 DOM
5. 2026-06-16
   days on market $355,000 Active 14 DOM
6. 2026-06-15
   days on market $355,000 Active 13 DOM
7. 2026-06-14
   days on market $355,000 Active 11 DOM
8. 2026-06-13
   days on market $355,000 Active 10 DOM
9. 2026-06-10
   days on market $355,000 Active 8 DOM
10. 2026-06-09
    days on market $355,000 Active 7 DOM
11. 2026-06-08
    days on market $355,000 Active 6 DOM
12. 2026-06-07
    days on market $355,000 Active 5 DOM
13. 2026-06-05
    days on market $355,000 Active 2 DOM
14. 2026-06-03
    remarks 662-char remark
15. 2026-06-03
    listed $355,000 Active 1 DOM

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 10/10 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 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $36,888
• − Mortgage interest: −$19,886
• − Property taxes: −$5,325
• − Insurance: −$1,775
• − Repairs & maintenance: −$2,951
• − Management: −$2,951
• − Depreciation: −$10,327
• Taxable loss: −$6,327
• Est. tax savings @ 24.0%: +$1,518
• After-tax cash flow: $1,220/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

Fair 45/100 Moderate rehab

This two-unit property requires moderate repairs to the exterior and landscaping, but is otherwise in good condition. Updates to the exterior and interior can significantly increase its value.

Repairs flagged

• Major exterior siding — Significant weathering and discoloration
• Minor landscaping — Sparse grass and some debris

Value-add opportunities

• Both paint exterior — Enhances curb appeal and value
• Both landscaping — Improves curb appeal and rental appeal
• Both update flooring — Modernizes interior and enhances rental appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Significant weathering and discoloration	Major	$15,000–50,000
landscaping · Sparse grass and some debris	Minor	$500–3,000
Total estimated repair cost · 2 items		$15,500–53,000

Value-add ROI direction

• Both paint exterior — Enhances curb appeal and value ↑
• Both landscaping — Improves curb appeal and rental appeal ↑
• Both update flooring — Modernizes interior and enhances rental appeal ↑

ⓘ 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: Baldwin County
• NCES district ID: 0100270
• Math proficiency: 33% ▼ -26.00%
• Reading proficiency: 57% ▲ 1.00%
• Median HH income: $50,677
• Composite: 38.61/100
• National rank: #4157
• State rank: #18 of 129 in AL

Livability — Foley

• Score: 61/100
• State rank: #241
• US rank: #17616

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Foley, AL
• County: Baldwin County · 181,514 people
• City population: 40,628
• Metro: Daphne-Fairhope-Foley, AL
• Population (ZIP): 40,628
• Household income: $66,714
• Rent vs Own: 22.6% rent · 77.4% own
• Severe rent burden: 803.0

Population outlook (Baldwin County) Hauer SSP2

• Today (2025): 248,264 people
• By 2030: 270,315 · +8.9%
• By 2040: 312,967 · +26.1%
• By 2050: 352,262 · +41.9%
• By 2075: 438,841 · +76.8%
• By 2100: 487,736 · +96.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Hispanic / Latino 10% Two or more races 8% Black 5% Asian 2%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Lithuanian 2% Romanian 2% Slovak 1%
• Foreign-born: 6% · Canada, China
• Languages at home: 89% English-only · Spanish 7% Other Indo-European 2% Chinese 1%

Political lean MEDSL · Baldwin

• 2024 margin: Solid R (+58.2) · D 20.5% · R 78.7%
• 2008→2024 swing: -6.7pp toward R · 2008: -51.5pp · 2024: -58.2pp
• All cycles: 2024: R+58.2 2020: R+53.8 2016: R+57.8 2012: R+55.8 2008: R+51.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -86.82%
• Current HPI: 262.2796
• Rent YoY: ▲ 1.81%
• Metro: Daphne-Fairhope-Foley, 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

+57.8% since first listed

8 events — show timeline

• 2026-06-02 Listed $355,000 BCAR
• 2026-05-19 Listed for Rent $1,100 BCAR
• 2026-05-02 Rental Removed $1,100 BCAR
• 2026-05-01 Listed for Rent $1,100 BCAR
• 2025-03-28 Rental Removed $1,450 BCAR
• 2025-03-19 Listed for Rent $1,450 BCAR
• 2021-07-14 Sold (MLS) $212,500 BCAR
• 2021-04-15 Listed $225,000 BCAR