4118 11th Ave · Birmingham, AL 35224

$48,000

3 bd · 1.0 ba · 1,183 sqft · SingleFamily public records · 56 Days on market

Built 1926 9,278 sqft lot $41/sqft · 32% below area Est $71k · 32% under

---

Why this score? — see what drove the B 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great value-add opportunity in Birmingham! This 3 bed, 1 bath property is perfect for an investor looking for a light rehab project with strong upside potential. The home offers a solid layout and needs cosmetic updates to bring it to its full value.

Key facts

• 9,278 sq ft lot
• Built 1926
• Listed 56 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $48k.

Deal economics

• At list price, monthly cash flow is $508 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $48k).
• Recommended offer: $47k (3.0% below list) — sets the bar for market timing.
• Cap rate 19.0% vs local median 6.2% in Birmingham — 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 67/100 on livability (#78 in AL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities C-, schools F, crime F.
• Birmingham City (urban): math 4% / reading 20% proficiency, ranked #116 of 129 in AL (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 82% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 42 active listings in the ZIP; 39 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 56% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,114 units permitted in Jefferson County in 2024 (556 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $332 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Jefferson County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 56 days — a 3% lower offer ($47k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $10k; list at $48k implies a 380% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $46,560 (3.0% below list)

Questions for the listing agent

1. It's been on market 56 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1926 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 2.28% ✓
• Cap rate: 18.98%
• Cash-on-cash: 45.32%
• DSCR: 3.02
• GRM: 3.7

CMA / ARV

• ARV (median comp): $71,094
• List price: $48,000
• Delta: -32.48%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4118 11th Ave	0.00mi	3/1.0	1,183 (0%)	0mo	$40,000	$34	100
1400 Gulfport St	0.28mi	3/1.0	1,198 (+1%)	4mo	$76,000	$63	82
4105 11th Ave	0.04mi	3/2.0	1,098 (-7%)	7mo	$122,000	$111	76
1322 Frisco St	0.24mi	3/2.0	1,159 (-2%)	8mo	$105,000	$91	75
4201 10th Ave	0.06mi	3/1.0	1,344 (+14%)	1mo	$70,000	$52	74
1226 Frisco St	0.13mi	4/2.0 (+1)	1,232 (+4%)	8mo	$113,700	$92	71
1317 Frisco St	0.22mi	3/1.0	1,054 (-11%)	7mo	$42,000	$40	65
1232 Frisco St	0.15mi	4/2.0 (+1)	1,332 (+13%)	7mo	$90,000	$68	57
426 Memphis St	0.71mi	3/2.0	1,152 (-3%)	9mo	$37,000	$32	51
761 Crowne Rd	0.62mi	3/2.0	1,068 (-10%)	1mo	$97,970	$92	50
314 43rd St	0.58mi	2/1.0 (-1)	1,068 (-10%)	5mo	$53,500	$50	47
527 Lexington St	0.58mi	2/2.0 (-1)	1,044 (-12%)	1mo	$87,500	$84	43

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 42.5%
• Equity multiple: 2.83×
• Total profit: $24,582
• Equity at exit: $7,157

10-year hold

• IRR: 48.6%
• Equity multiple: 5.70×
• Total profit: $63,163
• Equity at exit: $4,150

Cash invested: $13,440 (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 35224

• Home prices YoY: -16.2%
• Active inventory: 42
• Price-to-rent: 3.7×

Monthly cashflow live

• Estimated rent: $1,095 high
• Mortgage (P&I): −$252
• Tax from tax record: −$85 /mo · $1,025/yr
• Insurance: −$20
• HOA: −$0
• Vacancy / Maint / Mgmt: −$230
• Net cashflow: $508

Break-even live

Break-even rent $452

Max offer price $48,000

Occupancy floor 49%

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: $12,000
• Closing costs: $1,440
• Reserves months: —
• Total cash needed: —

Rent comps 39 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1221 Frisco St Birmingham, AL	2.0	1.0	934	$950	$1.02	43d	1	0.13mi
1226 Frisco St Birmingham, AL	4.0	2.0	1232	$1,245	$1.01	11d	1	0.13mi
1232 Frisco St Birmingham, AL	4.0	2.0	1332	$1,295	$0.97	2d	1	0.15mi
1312 Gulfport St Birmingham, AL	3.0	1.5	1376	$1,100	$0.80	43d	1	0.23mi
1400 Indiana St Birmingham, AL	3.0	1.0	1020	$1,200	$1.18	43d	1	0.32mi
538 Gulfport St Birmingham, AL	3.0	1.0	1036	$850	$0.82	43d	1	0.36mi
4623 6th Ave Birmingham, AL	3.0	1.0	1421	$1,175	$0.83	11d	1	0.48mi
604 Lexington St Birmingham, AL	3.0	1.5	993	$1,200	$1.21	43d	1	0.56mi
761 Crowne Rd Birmingham, AL	3.0	2.0	1068	$1,200	$1.12	2d	1	0.59mi
518 41st St Fairfield, AL	3.0	2.0	1095	$1,200	$1.10	43d	1	0.73mi
3015 Avenue C Unit C Birmingham, AL	2.0	1.0	1000	$825	$0.82	43d	1	0.75mi
3011 Avenue D Birmingham, AL	2.0	1.0	1000	$795	$0.80	43d	1	0.75mi
3517 Avenue F Birmingham, AL	3.0	2.0	1155	$1,200	$1.04	43d	1	0.76mi
3201 Avenue E Birmingham, AL	3.0	1.0	1056	$925	$0.88	43d	1	0.79mi
528 Oregon St Birmingham, AL	3.0	1.0	1165	$1,200	$1.03	43d	1	0.80mi
304 Nevada St Birmingham, AL	3.0	1.0	1160	$1,200	$1.03	43d	1	0.83mi
708 40th St Fairfield, AL	2.0	1.0	788	$650	$0.82	43d	1	0.86mi
3212 Avenue G Unit G Ensley, AL	2.0	1.0	902	$850	$0.94	43d	1	0.87mi
229 Oregon St Birmingham, AL	3.0	1.0	1044	$1,200	$1.15	14d	1	0.89mi
229 Oregon St Birmingham, AL	3.0	1.0	1044	$1,200	$1.15	16d	1	0.89mi
728 41st St Fairfield, AL	3.0	1.0	1316	$1,100	$0.84	43d	1	0.92mi
5223 Loop Rd Birmingham, AL	3.0	1.0	1392	$1,100	$0.79	43d	1	0.93mi
5001 Farrell Ave Fairfield, AL	2.0	1.0	1218	$995	$0.82	43d	1	1.01mi
621 Valley Rd Fairfield, AL	2.0	1.0	935	$900	$0.96	43d	1	1.06mi
518 Oak Pl Fairfield, AL	3.0	1.0	1236	$875	$0.71	19d	1	1.09mi
1309 41st St Fairfield, AL	3.0	1.0	1070	$1,200	$1.12	43d	1	1.10mi
2908 Avenue I Unit I Ensley, AL	3.0	1.0	1383	$1,025	$0.74	23d	1	1.10mi
3100 Avenue J Birmingham, AL	3.0	1.0	1409	$1,000	$0.71	10d	1	1.11mi
513 Oak Pl Fairfield, AL	4.0	2.0	1440	$1,300	$0.90	23d	1	1.11mi
304 52nd St Fairfield, AL	4.0	2.0	1355	$1,000	$0.74	43d	1	1.13mi
931 41st Street Ensley Birmingham, AL	2.0	1.5	1048	$995	$0.95	3d	1	1.19mi
410 54th St Fairfield, AL	2.0	1.0	1068	$700	$0.66	3d	1	1.28mi
813 46th St Fairfield, AL	2.0	1.0	1100	$825	$0.75	10d	1	1.28mi
1313 Pike Rd Birmingham, AL	3.0	1.0	1437	$975	$0.68	43d	1	1.34mi
2617 Avenue K Birmingham, AL	4.0	2.0	1046	$1,495	$1.43	1d	1	1.35mi
920 47th Street Ensley Birmingham, AL	3.0	1.0	1070	$895	$0.84	3d	1	1.39mi
1301 32nd Street Ensley Birmingham, AL	3.0	1.0	1200	$975	$0.81	43d	1	1.41mi
2520 Avenue L Unit A Birmingham, AL	4.0	1.5	1260	$1,150	$0.91	23d	1	1.42mi
1306 35th Street Ensley Birmingham, AL	3.0	2.0	1100	$1,173	$1.07	3d	1	1.48mi

Listing history 15 events

1. 2026-06-17
   days on market $48,000 Active 56 DOM
2. 2026-06-16
   days on market $48,000 Active 55 DOM
3. 2026-06-15
   days on market $48,000 Active 54 DOM
4. 2026-06-13
   days on market $48,000 Active 52 DOM
5. 2026-06-10
   days on market $48,000 Active 49 DOM
6. 2026-06-09
   days on market $48,000 Active 48 DOM
7. 2026-06-08
   days on market $48,000 Active 47 DOM
8. 2026-06-07
   days on market $48,000 Active 46 DOM
9. 2026-06-03
   days on market $48,000 Active 42 DOM
10. 2026-06-02
    days on market $48,000 Active 41 DOM
11. 2026-06-01
    days on market $48,000 Active 40 DOM
12. 2026-05-31
    days on market $48,000 Active 39 DOM
13. 2026-05-01
    price $48,000 250-char remark

    Show marketing remark (250 chars)

    Great value-add opportunity in Birmingham! This 3 bed, 1 bath property is perfect for an investor looking for a light rehab project with strong upside potential. The home offers a solid layout and needs cosmetic updates to bring it to its full value.

14. 2026-04-22
    listed $53,000 Active 250-char remark

    Show marketing remark (250 chars)

    Great value-add opportunity in Birmingham! This 3 bed, 1 bath property is perfect for an investor looking for a light rehab project with strong upside potential. The home offers a solid layout and needs cosmetic updates to bring it to its full value.

15. 2010-10-26
    soldstatus $10,000

ⓘ 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: $1,025 · $85/mo
• Projected year-2 tax: $1,025 · $85/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 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥107°F today · 19 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,135
• − Mortgage interest: −$2,689
• − Property taxes: −$1,025
• − Insurance: −$240
• − Repairs & maintenance: −$1,051
• − Management: −$1,051
• − Depreciation: −$1,396
• Taxable income: $5,683
• Est. tax owed @ 24.0%: −$1,364
• After-tax cash flow: $4,727/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: Birmingham City
• NCES district ID: 0100390
• Math proficiency: 4% ▼ -17.00%
• Reading proficiency: 20% ▼ -4.00%
• Median HH income: $31,988
• Composite: 9.49/100
• National rank: #9850
• State rank: #116 of 129 in AL

Livability — Birmingham

• Score: 67/100
• State rank: #78
• US rank: #10412

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Birmingham, AL
• City population: 210,422
• Population (ZIP): 5,409

Population outlook (Jefferson County) Hauer SSP2

• Today (2025): 669,185 people
• By 2030: 669,694 · +0.1%
• By 2040: 661,388 · -1.2%
• By 2050: 643,086 · -3.9%
• By 2075: 577,267 · -13.7%
• By 2100: 474,758 · -29.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (69%)
• Race & ethnicity: Black 69% White 22% Two or more races 5% Hispanic / Latino 3% Native American 1%
• Common ancestry: Slovak 0%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 3%

Political lean MEDSL · Jefferson

• 2024 margin: D (+10.4) · D 54.6% · R 44.2% · Other 1.2%
• 2008→2024 swing: +5.4pp toward D · 2008: 5.1pp · 2024: 10.4pp
• All cycles: 2024: D+10.4 2020: D+13.2 2016: D+7.2 2012: D+6.0 2008: D+5.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -24.47%
• Current HPI: 126.3423
• Rent YoY: —
• Metro: —
• 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

+380.0% since first listed

3 events — show timeline

• 2026-05-01 Price Changed $48,000 Greater Alabama MLS
• 2026-04-22 Listed $53,000 Greater Alabama MLS
• 2010-10-26 Sold (Public Records) $10,000 Public Records

Property tax history

+4.4%/yr

Latest (2025): $1,025 · +0.0% YoY. Source: county tax records.