523 Scenic Dr · Gadsden, AL 35904

$79,900

3 bd · 1.0 ba · 960 sqft · SingleFamily public records · 1 Days on market

Built 1971 1.17 ac lot Est $65k · 22% over

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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 +18.2/30.0
• DSCR +5.7/10.0
• 1% rule +4.4/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

LITTLE BUNGALOW NESTLED IN THE WOODS! Home features a living room, 2 bedrooms and full bath on the main level. Go downstairs to the basement for a family room, spacious kitchen, dining room, master bedroom & bath and a fantastic enclosed porch/sunroom. Central heat & air. Covered patio. Detached storage building. All this sitting on approx 1 acre.

Key facts

• One-acre lot
• Updated fixtures
• 1.17 acre lot

Tags

• ONE-ACRE LOT
• BUTCHER BLOCK COUNTERTOPS
• UPDATED FIXTURES

Property features AI

Finance

• Other: Subdivision: Metes And Bounds
• HOA & community: No homeowners association

Exterior

• Parking: Concrete driveway
• Utilities: Septic tank
• Home design: Single-family residence; Built in 1971; Multi/split levels
• Construction: Masonite exterior; Slab foundation
• Exterior features: Front porch; Property on approximately 1.17 acres

Interior

• Bedrooms: 8 total rooms (bedroom counts not specified)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Cooling: None; Heating: See remarks
• Interior features: Fireplace (one)

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $80k.

Deal economics

• At list price, monthly cash flow is $72 ($862/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 $75k (6.1% below list).
• Recommended offer: $75k (6.1% below list) — sets the bar for 1% rule.
• Cap rate 7.4% vs local median 5.0% in Gadsden — 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 59/100 on livability (#335 in AL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Gadsden City (urban): math 15% / reading 39% proficiency, ranked #87 of 129 in AL (top 67%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Floyd Elementary School (math 17% / reading 27%, grade F, #442 of 627 statewide, top 72%, 367 students, 85% FRL); Sansom Middle School (math 7% / reading 38%, grade F, #180 of 257 statewide, top 70%, 376 students, 84% FRL); Gadsden City High School (math 17% / reading 24%, grade F, #159 of 305 statewide, top 53%, 1,318 students, 76% FRL) — zoned schools average 82% FRL vs 66% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 88 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 119 units permitted in Etowah County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $552 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Etowah County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 11y 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 $51k; list at $80k implies a 56% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: moderate wind risk, 23% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $75,000 (6.1% below list)

Questions for the listing agent

1. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 0.94% ✗
• Cap rate: 7.37%
• Cash-on-cash: 3.85%
• DSCR: 1.17
• GRM: 8.9

CMA / ARV

• ARV (on-the-fly): $65,280
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
922 N 33rd St	0.46mi	3/1.0	960 (0%)	16mo	$65,000	$68	65
506 33rd St N	0.38mi	2/1.0 (-1)	912 (-5%)	9mo	$28,200	$31	61
3817 W Meighan Blvd	0.34mi	3/1.0	1,012 (+5%)	20mo	$43,500	$43	58
829 36th St N	0.32mi	2/1.0 (-1)	1,076 (+12%)	3mo	$24,000	$22	57
302 Clark St	0.65mi	3/1.0	900 (-6%)	4mo	$125,000	$139	56
3710 Warren St	0.31mi	3/1.5	1,075 (+12%)	10mo	$130,000	$121	55
803 N 32nd St	0.49mi	2/1.0 (-1)	894 (-7%)	10mo	$80,000	$89	52
317 Grady St	0.74mi	3/1.0	1,050 (+9%)	4mo	$30,000	$29	47
2815 Waters Ave	0.65mi	2/2.0 (-1)	1,014 (+6%)	9mo	$45,000	$44	44
10 Short Forrest Ave	0.73mi	2/1.0 (-1)	1,054 (+10%)	6mo	$88,500	$84	39
819 36th St N	0.31mi	2/2.0 (-1)	1,100 (+15%)	19mo	$129,900	$118	36
3426 Madison Ave	0.59mi	2/1.0 (-1)	846 (-12%)	22mo	$45,000	$53	29

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: -10.3%
• Equity multiple: 0.63×
• Total profit: $-8,379
• Equity at exit: $11,913

10-year hold

• IRR: -0.9%
• Equity multiple: 0.94×
• Total profit: $-1,437
• Equity at exit: $6,908

Cash invested: $22,372 (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 35904

• Home prices YoY: -17.1%
• Active inventory: 88
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $750 medium
• Mortgage (P&I): −$419
• Tax from tax record: −$68 /mo · $820/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$158
• Net cashflow: $72

Break-even live

Break-even rent $659

Max offer price $79,900

Occupancy floor 85%

Sensitivity live

Price	-10% $117	-5% $94	+0% $72	+5% $49	+10% $27
Rent	-10% $13	-5% $42	+0% $72	+5% $101	+10% $131
Rate	-1.0pp $112	-0.5pp $92	base $72	+0.5pp $51	+1.0pp $30

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: $19,975
• Closing costs: $2,397
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
504 Pearl St Gadsden, AL	2.0	1.0	903	$750	$0.83	45d	1	0.92mi
2 W Tuscaloosa Ave Gadsden, AL	2.0	1.0	1056	$750	$0.71	45d	1	0.99mi

Listing history 4 events

1. 2026-05-01
   status Pending
2. 2026-04-30
   listed $79,900 Active
3. 2015-05-15
   soldstatus $51,200 362-char remark

   Show marketing remark (362 chars)

   LITTLE BUNGALOW NESTLED IN THE WOODS! Home features a living room, 2 bedrooms and full bath on the main level. Go downstairs to the basement for a family room, spacious kitchen, dining room, master bedroom & bath and a fantastic enclosed porch/sunroom. Central heat & air. Covered patio. Detached storage building. All this sitting on approx 1 acre.

4. 2015-02-18
   listed $25,000 362-char remark

   Show marketing remark (362 chars)

   LITTLE BUNGALOW NESTLED IN THE WOODS! Home features a living room, 2 bedrooms and full bath on the main level. Go downstairs to the basement for a family room, spacious kitchen, dining room, master bedroom & bath and a fantastic enclosed porch/sunroom. Central heat & air. Covered patio. Detached storage building. All this sitting on approx 1 acre.

ⓘ 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: $820 · $68/mo
• Projected year-2 tax: $820 · $68/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 4/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥106°F today · 18 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 23% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $9,000
• − Mortgage interest: −$4,476
• − Property taxes: −$820
• − Insurance: −$400
• − Repairs & maintenance: −$720
• − Management: −$720
• − Depreciation: −$2,324
• Taxable loss: −$460
• Est. tax savings @ 24.0%: +$110
• After-tax cash flow: $973/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: Gadsden City
• NCES district ID: 0101620
• Math proficiency: 15% ▼ -27.00%
• Reading proficiency: 39% ▼ -2.00%
• Median HH income: $29,099
• Composite: 21.62/100
• National rank: #8292
• State rank: #87 of 129 in AL

Livability — Gadsden

• Score: 59/100
• State rank: #335
• US rank: #20131

Category grades

Amenities F Commute F 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: Gadsden, AL
• Population (ZIP): 13,571

Population outlook (Etowah County) Hauer SSP2

• Today (2025): 100,500 people
• By 2030: 98,488 · -2.0%
• By 2040: 93,731 · -6.7%
• By 2050: 88,681 · -11.8%
• By 2075: 76,746 · -23.6%
• By 2100: 65,373 · -35.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Black 13% Hispanic / Latino 8% Two or more races 2%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Slovak 3% Serbian 1% Iranian 1%
• Foreign-born: 3% · Canada
• Languages at home: 93% English-only · Spanish 6%

Political lean MEDSL · Etowah

• 2024 margin: Solid R (+55.7) · D 21.8% · R 77.5%
• 2008→2024 swing: -17.5pp toward R · 2008: -38.2pp · 2024: -55.7pp
• All cycles: 2024: R+55.7 2020: R+50.2 2016: R+50.1 2012: R+38.4 2008: R+38.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -44.06%
• Current HPI: 213.3981
• 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

+219.6% since first listed

4 events — show timeline

• 2026-05-01 Pending — VMLS
• 2026-04-30 Listed $79,900 VMLS
• 2015-05-15 Sold (MLS) $51,200 VMLS
• 2015-02-18 Listed $25,000 VMLS

Property tax history

+1.5%/yr

Latest (2025): $820 · +126.8% YoY. Source: county tax records.