203 Farmington Dr · Harvest, AL 35749

$190,000

3 bd · 0.5 ba · 1,348 sqft · SingleFamily public records · 2 Days on market

Built 2009 8,712 sqft lot $141/sqft · at area comps Est $198k · at est. $6/mo HOA

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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 +19.8/30.0
• ARV discount +9.2/15.0
• DSCR +6.3/10.0
• 1% rule +3.9/10.0
• Schools +3.7/10.0
• Livability +3.6/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Beautifully renovated and move-in ready! This stylish home features durable LVP flooring, updated lighting, and a spacious family room designed for comfortable living. The kitchen shines with quartz countertops, a designer backsplash, and plenty of space to cook and gather. Upstairs, the owner's suite offers a walk-in shower, quartz vanity, and generous walk-in closet. Two additional bedrooms provide flexibility for family, guests, or a home office. Enjoy the large backyard, perfect for entertaining, relaxing, or outdoor activities. Schedule your private tour today and see all this home has to offer!

Key facts

• Quartz countertops
• Quartz vanity
• Walk-in closet

Tags

• LVP FLOORING
• QUARTZ COUNTERTOPS
• DESIGNER BACKSPLASH
• WALK-IN SHOWER
• QUARTZ VANITY
• WALK-IN CLOSET

What this means for you Summary

Snapshot

• This is a 3-bed/0.5-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $225 ($3k/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 $170k (10.5% below list).
• Recommended offer: $170k (10.5% below list) — sets the bar for 1% rule.
• Cap rate 7.7% vs local median 3.5% in Harvest — 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 72/100 on livability (#27 in AL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F, health & safety F.
• Madison County (rural): math 27% / reading 56% proficiency, ranked #19 of 129 in AL (top 15%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents flat; 666 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 62% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 4,709 units permitted in Madison County in 2024 (1,186 in 5+ unit buildings).

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.
• Madison County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 2y 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 $145k; 31% 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 $170,001 (10.5% 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. 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.
4. 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.
5. 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: 0.89% ✗
• Cap rate: 7.72%
• Cash-on-cash: 5.08%
• DSCR: 1.23
• GRM: 9.3

CMA / ARV

• ARV (median comp): $197,509
• List price: $190,000
• Delta: -3.80%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
105 Wethersfield Dr	0.07mi	3/2.0	1,320 (-2%)	3mo	$190,000	$144	85
203 Farmington Dr	0.00mi	3/1.5	1,364 (+1%)	17mo	$145,000	$106	80
112 Lockport Dr	0.17mi	3/1.0	1,433 (+6%)	2mo	$162,000	$113	78
109 Wethersfield Dr	0.05mi	3/2.0	1,325 (-2%)	15mo	$187,000	$141	76
221 Farmington Dr	0.07mi	3/1.0	1,474 (+9%)	12mo	$159,900	$108	70
127 Harvest Moon Dr	0.50mi	3/2.0	1,348 (0%)	20mo	$1,225,000	$909	54
133 Dorning Rd	0.51mi	3/2.0	1,280 (-5%)	12mo	$220,000	$172	52
137 Harvest Moon Dr	0.49mi	3/2.0	1,535 (+14%)	1mo	$268,165	$175	47
265 Dorning Rd	0.44mi	2/2.0 (-1)	1,191 (-12%)	6mo	$260,000	$218	44
106 Harvest Glen Ln	0.73mi	3/2.0	1,368 (+2%)	18mo	$242,500	$177	42
130 Harvest Moon Dr	0.62mi	3/2.0	1,481 (+10%)	19mo	$258,450	$175	32
1416 Harvest Rd	0.73mi	3/2.0	1,527 (+13%)	14mo	$265,000	$174	27

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 · 0.81% rent growth · sell at horizon

5-year hold

• IRR: -10.6%
• Equity multiple: 0.62×
• Total profit: $-20,197
• Equity at exit: $28,330

10-year hold

• IRR: -4.3%
• Equity multiple: 0.74×
• Total profit: $-13,887
• Equity at exit: $16,428

Cash invested: $53,200 (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 35749

• Home prices YoY: -5.4%
• Rents YoY: 0.8%
• Active inventory: 666
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $1,700 high
• Mortgage (P&I): −$996
• Tax from tax record: −$36 /mo · $434/yr
• Insurance: −$79
• HOA: −$6
• Vacancy / Maint / Mgmt: −$357
• Net cashflow: $225

Break-even live

Break-even rent $1,415

Max offer price $190,000

Occupancy floor 82%

Sensitivity live

Price	-10% $333	-5% $279	+0% $225	+5% $172	+10% $118
Rent	-10% $91	-5% $158	+0% $225	+5% $292	+10% $360
Rate	-1.0pp $321	-0.5pp $274	base $225	+0.5pp $176	+1.0pp $126

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 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
135 Wethersfield Dr Harvest, AL	3.0	2.0	1325	$1,295	$0.98	14d	1	0.05mi
129 Farmington Dr Harvest, AL	3.0	2.5	1620	$1,398	$0.86	22d	1	0.10mi
123 Elmhurst Dr Harvest, AL	3.0	2.5	1732	$1,661	$0.96	44d	1	0.12mi
202 Blue Sage Dr Harvest, AL	3.0	2.0	1395	$1,595	$1.14	44d	1	0.48mi
348 Ariel Dr Harvest, AL	3.0	2.0	1450	$1,575	$1.09	44d	1	1.03mi
180 Labrador Ln Harvest, AL	3.0	2.0	1260	$1,650	$1.31	44d	1	1.11mi
169 Labrador Ln Harvest, AL	4.0	2.5	1753	$1,925	$1.10	14d	1	1.17mi
674 Harvest Rd Harvest, AL	4.0	2.0	1661	$1,850	$1.11	44d	1	1.20mi

HOA detail

• Monthly dues: $6 · $72/yr

Listing history 16 events

1. 2026-06-18
   days on market $190,000 Active 2 DOM
2. 2026-06-16
   remarks 607-char remark
3. 2026-06-16
   statusdays on marketlisting id $190,000 Active 1 DOM
4. 2026-02-21
   listed $190,000 Active
5. 2025-08-17
   historical
6. 2025-06-14
   price $200,000
7. 2025-05-27
   price $205,500
8. 2025-04-24
   price $210,000
9. 2025-04-14
   price $215,000
10. 2025-04-02
    price $229,500
11. 2025-03-21
    price $235,000
12. 2025-03-15
    price $239,000
13. 2025-03-01
    listed $244,000 Active
14. 2025-01-13
    soldstatus $145,000 Sold
15. 2024-12-09
    status Pending
16. 2024-11-18
    listed $155,000 Active

ⓘ 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: $434 · $36/mo
• Projected year-2 tax: $779 · $65/mo
• Expected delta: +$345/yr (+$29/mo · 79.7%)

ⓘ 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 5/10 Major 7 d/yr ≥105°F today · 20 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 17% 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: $20,400
• − Mortgage interest: −$10,643
• − Property taxes: −$434
• − Insurance: −$950
• − Repairs & maintenance: −$1,632
• − Management: −$1,632
• − HOA: −$72
• − Depreciation: −$5,527
• Taxable loss: −$490
• Est. tax savings @ 24.0%: +$118
• After-tax cash flow: $2,822/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 County
• NCES district ID: 0102220
• Math proficiency: 27% ▼ -32.00%
• Reading proficiency: 56% ▼ -1.00%
• Median HH income: $66,058
• Composite: 37.15/100
• National rank: #4483
• State rank: #19 of 129 in AL

Livability — Harvest

• Score: 72/100
• State rank: #27
• US rank: #5986

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Harvest, AL
• County: Madison County · 380,832 people
• City population: 220,435
• Metro: Huntsville, AL
• Population (ZIP): 30,710
• Household income: $103,901
• Rent vs Own: 12.4% rent · 87.6% own
• Severe rent burden: 174.0

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: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: White 60% Black 29% Two or more races 7% Hispanic / Latino 4% Asian 2%
• Common ancestry: Italian 2% Slovak 1% Serbian 1%
• Foreign-born: 3% · Canada, South Korea
• Languages at home: 95% English-only · Spanish 3% Korean 1% Other Indo-European 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: ▼ -16.54%
• Current HPI: 291.1184
• Rent YoY: ▲ 0.81%
• 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

+22.6% since first listed

13 events — show timeline

• 2026-02-21 Listed $190,000 VMLS
• 2025-08-17 Delisted — VMLS
• 2025-06-14 Price Changed $200,000 VMLS
• 2025-05-27 Price Changed $205,500 VMLS
• 2025-04-24 Price Changed $210,000 VMLS
• 2025-04-14 Price Changed $215,000 VMLS
• 2025-04-02 Price Changed $229,500 VMLS
• 2025-03-21 Price Changed $235,000 VMLS
• 2025-03-15 Price Changed $239,000 VMLS
• 2025-03-01 Listed $244,000 VMLS
• 2025-01-13 Sold (MLS) $145,000 VMLS
• 2024-12-09 Pending — VMLS
• 2024-11-18 Listed $155,000 VMLS

Property tax history

+12.1%/yr

Latest (2024): $434 · +1.9% YoY. Source: county tax records.