112 Waters Edge Ln · Madison, AL 35758

$165,000

2 bd · 1.0 ba · 710 sqft · Condo public records · 220 Days on market

Built 1988 $232/sqft · 6% above area Est $164k · at est. $164/mo HOA · 13% of rent

---

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).

• Appreciation +10.0/10.0
• Cash flow +8.2/30.0
• ARV discount +7.2/15.0
• Schools +5.6/10.0
• Livability +3.8/5.0
• Rent growth +2.9/5.0
• 1% rule +2.6/10.0
• Condition / age +2.5/5.0
• DSCR +2.2/10.0

Listing remarks MLS

NEW PRICE!! Affordable and convenient living is here! This 2BR/1BA 2nd level condo offers carefree living in the heart of MADISON. Located adjacent to DUBLIN PARK, minutes from Bridge Street, Town Madison, Redstone Arsenal, Research Park and Huntsville International Airport, you won't find a better location. Laminate and tile flooring throughout...there is NO CARPET. A corner fireplace offers warmth on the chilly nights, and the kitchen is well appointed with granite countertops, stainless appliances and a pantry. Two bedrooms and central bath offer precise use of space and an easy lifestyle. Enjoy the community pool that is located across from the property.

Key facts

• Community pool
• Stainless appliances
• Heart of madison

Tags

• HEART OF MADISON
• ADJACENT TO DUBLIN PARK
• MINUTES FROM BRIDGE STREET
• COMMUNITY POOL
• GRANITE COUNTERTOPS
• STAINLESS APPLIANCES

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $165k.

Deal economics

• At list price, monthly cash flow is $-154 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $138k (16.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $126k (23.6% below list).
• Recommended offer: $126k (23.6% below list) — sets the bar for 1% rule.
• Cap rate 5.2% vs local median 2.6% in Madison — 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 76/100 on livability (#12 in AL, #3,280 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime B+; Watch: amenities F, commute F.
• Madison City (suburban): math 51% / reading 71% proficiency, ranked #4 of 129 in AL (top 3%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 17% free/reduced lunch — higher-income household profile.
• Zoned schools: Midtown Elementary School (math 49% / reading 78%, grade B, #46 of 627 statewide, top 8%, 999 students, 26% FRL); Discovery Middle School (math 46% / reading 69%, grade B, #13 of 257 statewide, top 5%, 1,334 students, 25% FRL); Bob Jones High School (math 53% / reading 51%, grade D+, #11 of 305 statewide, top 4%, 1,920 students, 24% FRL).
• Market conditions: Rents rising (+1.6%/yr); 390 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 4,709 units permitted in Madison County in 2024 (1,186 in 5+ unit buildings).
• This rent is only 13% of the median local income ($117k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• In year one you build about $18k of equity ($1k loan paydown + $16k appreciation (10.0% local appreciation)).
• Madison County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 3, paydown + projected appreciation supports a ~$45k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 220 days — a 12% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $137k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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 $126,101 (23.6% 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. It's been on market 220 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. 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?
9. 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.
10. 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.
11. 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: 0.76% ✗
• Cap rate: 5.17%
• Cash-on-cash: -4.01%
• DSCR: 0.82
• GRM: 10.9

CMA / ARV

• ARV (median comp): $163,936
• List price: $165,000
• Delta: 0.65%
• Verdict: FAIR
• Comps: 19 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 1.58% rent growth · sell at horizon

5-year hold

• IRR: 21.0%
• Equity multiple: 2.69×
• Total profit: $78,280
• Equity at exit: $148,645

10-year hold

• IRR: 18.8%
• Equity multiple: 6.08×
• Total profit: $234,903
• Equity at exit: $320,559

Cash invested: $46,200 (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 35758

• Home prices YoY: 4.2%
• Rents YoY: 1.6%
• Active inventory: 390
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $1,261 medium
• Mortgage (P&I): −$865
• Tax from tax record: −$53 /mo · $631/yr
• Insurance: −$69
• HOA: −$164
• Vacancy / Maint / Mgmt: −$265
• Net cashflow: $-154

Break-even live

Break-even rent $1,456

Max offer price $137,728

Occupancy floor —

Sensitivity live

Price	-10% $-61	-5% $-108	+0% $-154	+5% $-201	+10% $-248
Rent	-10% $-254	-5% $-204	+0% $-154	+5% $-105	+10% $-55
Rate	-1.0pp $-71	-0.5pp $-112	base $-154	+0.5pp $-197	+1.0pp $-241

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7584 Madison Pike Madison, AL	1.0–3.0	1.0–2.0	1023	$1,118	$1.09	15d	17	1.35mi
194 Shelton Rd Madison, AL	2.0	1.0–2.0	729	$1,149	$1.58	15d	9	1.36mi
2002 Flagstone Dr Madison, AL	1.0–3.0	1.0–2.0	973	$1,247	$1.28	15d	77	1.45mi
85 Shorter St Madison, AL	3.0	1.0–3.0	1182	$1,532	$1.30	45d	13	1.49mi

HOA detail condo

• Monthly dues: $164 · $1,968/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-22
   days on market $165,000 Active 220 DOM
2. 2026-06-18
   days on market $165,000 Active 217 DOM
3. 2026-06-17
   days on market $165,000 Active 216 DOM
4. 2026-06-16
   days on market $165,000 Active 215 DOM
5. 2026-06-15
   days on market $165,000 Active 214 DOM
6. 2026-06-14
   days on market $165,000 Active 212 DOM
7. 2026-06-10
   days on market $165,000 Active 209 DOM
8. 2026-06-09
   days on market $165,000 Active 208 DOM
9. 2026-06-08
   days on market $165,000 Active 207 DOM
10. 2026-06-07
    days on market $165,000 Active 206 DOM
11. 2026-06-03
    days on market $165,000 Active 202 DOM
12. 2026-06-02
    days on market $165,000 Active 201 DOM
13. 2026-06-01
    days on market $165,000 Active 200 DOM
14. 2026-05-31
    days on market $165,000 Active 199 DOM
15. 2026-05-30
    days on market $165,000 Active 198 DOM
16. 2026-05-16
    price $165,000 673-char remark

    Show marketing remark (673 chars)

    NEW PRICE!! Affordable and convenient living is here! This 2BR/1BA 2nd level condo offers carefree living in the heart of MADISON. Located adjacent to DUBLIN PARK, minutes from Bridge Street, Town Madison, Redstone Arsenal, Research Park and Huntsville International Airport, you won't find a better location. Laminate and tile flooring throughout...there is NO CARPET. A corner fireplace offers warmth on the chilly nights, and the kitchen is well appointed with granite countertops, stainless appliances and a pantry. Two bedrooms and central bath offer precise use of space and an easy lifestyle. Enjoy the community pool that is located across from the property.

17. 2026-03-10
    price $175,000 673-char remark

    Show marketing remark (673 chars)

    NEW PRICE!! Affordable and convenient living is here! This 2BR/1BA 2nd level condo offers carefree living in the heart of MADISON. Located adjacent to DUBLIN PARK, minutes from Bridge Street, Town Madison, Redstone Arsenal, Research Park and Huntsville International Airport, you won't find a better location. Laminate and tile flooring throughout...there is NO CARPET. A corner fireplace offers warmth on the chilly nights, and the kitchen is well appointed with granite countertops, stainless appliances and a pantry. Two bedrooms and central bath offer precise use of space and an easy lifestyle. Enjoy the community pool that is located across from the property.

18. 2025-11-13
    listed $180,000 Active 673-char remark

    Show marketing remark (673 chars)

    NEW PRICE!! Affordable and convenient living is here! This 2BR/1BA 2nd level condo offers carefree living in the heart of MADISON. Located adjacent to DUBLIN PARK, minutes from Bridge Street, Town Madison, Redstone Arsenal, Research Park and Huntsville International Airport, you won't find a better location. Laminate and tile flooring throughout...there is NO CARPET. A corner fireplace offers warmth on the chilly nights, and the kitchen is well appointed with granite countertops, stainless appliances and a pantry. Two bedrooms and central bath offer precise use of space and an easy lifestyle. Enjoy the community pool that is located across from the property.

19. 2024-10-01
    soldstatus $137,000
20. 2018-02-09
    soldstatus $78,000

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

Tax reassessment forecast AL · Resets to sale price

• Current annual tax: $631 · $53/mo
• Projected year-2 tax: $677 · $56/mo
• Expected delta: +$46/yr (+$4/mo · 7.3%)

ⓘ 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 6/10 Major 7 d/yr ≥106°F today · 20 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 19% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,132
• − Mortgage interest: −$9,243
• − Property taxes: −$631
• − Insurance: −$825
• − Repairs & maintenance: −$1,211
• − Management: −$1,211
• − HOA: −$1,968
• − Depreciation: −$4,800
• Taxable loss: −$4,755
• Est. tax savings @ 24.0%: +$1,141
• After-tax cash flow: $-711/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: Madison City
• NCES district ID: 0100008
• Math proficiency: 51% ▼ -25.00%
• Reading proficiency: 71% ▼ -2.00%
• Median HH income: $89,091
• Composite: 55.56/100
• National rank: #1238
• State rank: #4 of 129 in AL

Livability — Madison

• Score: 76/100
• State rank: #12
• US rank: #3280

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Madison, AL
• County: Madison County · 380,832 people
• City population: 93,742
• Metro: Huntsville, AL
• Population (ZIP): 50,266
• Household income: $117,380
• Rent vs Own: 30.8% rent · 69.2% own
• Severe rent burden: 875.0

Population outlook (Madison County) Hauer SSP2

• Today (2025): 392,086 people
• By 2030: 409,788 · +4.5%
• By 2040: 440,557 · +12.4%
• By 2050: 460,990 · +17.6%
• By 2075: 502,872 · +28.3%
• By 2100: 513,623 · +31.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Black 14% Hispanic / Latino 8% Asian 7% Two or more races 7%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Slovak 3% Italian 2% Lithuanian 2%
• Foreign-born: 9% · Canada, South Korea, Vietnam
• Languages at home: 87% English-only · Spanish 5% Other Asian/Pacific 2% Chinese 1%

Political lean MEDSL · Madison

• 2024 margin: Lean R (+9.0) · D 44.7% · R 53.7% · Other 1.6%
• 2008→2024 swing: +6.0pp toward D · 2008: -14.9pp · 2024: -9.0pp
• All cycles: 2024: R+9.0 2020: R+8.0 2016: R+16.8 2012: R+18.7 2008: R+14.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 14.46%
• Current HPI: 355.2784
• Rent YoY: ▲ 1.58%
• Metro: Huntsville, 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

+111.5% since first listed

5 events — show timeline

• 2026-05-16 Price Changed $165,000 VMLS
• 2026-03-10 Price Changed $175,000 VMLS
• 2025-11-13 Listed $180,000 VMLS
• 2024-10-01 Sold (Public Records) $137,000 Public Records
• 2018-02-09 Sold (Public Records) $78,000 Public Records

Property tax history

+16.9%/yr

Latest (2024): $631 · +5.6% YoY. Source: county tax records.