508 3rd St N · Birmingham, AL 35204

$66,060

3 bd · 1.0 ba · 1,376 sqft · SingleFamily public records · 69 Days on market

Built 1920 6,534 sqft lot $48/sqft · 39% below area Est $109k · 39% under

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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
• Appreciation +5.3/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.9/10.0

Listing remarks MLS

Great investment opportunity in an established Birmingham neighborhood. Minutes from Downtown Birmingham and UAB. Conveniently located near the interstate for easy access.

Key facts

• 6,534 sq ft lot
• Built 1920
• Listed 69 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $66k.

Deal economics

• At list price, monthly cash flow is $578 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $66k).
• Recommended offer: $62k (6.0% below list) — sets the bar for market timing.
• Cap rate 16.8% 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: 64 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 2,114 units permitted in Jefferson County in 2024 (556 in 5+ unit buildings).
• This rent runs 43% of the median local income ($35k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $880 of equity ($457 loan paydown + $423 appreciation (0.6% local appreciation)).
• Jefferson County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (0.6% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 69 days — a 6% lower offer ($62k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1920 — 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 $62,096 (6.0% below list)

Questions for the listing agent

1. It's been on market 69 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.91% ✓
• Cap rate: 16.79%
• Cash-on-cash: 37.49%
• DSCR: 2.67
• GRM: 4.4

CMA / ARV

• ARV (median comp): $109,155
• List price: $66,060
• Delta: -39.48%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
213 10th Ave N	0.42mi	4/1.5 (+1)	1,370 (-0%)	3mo	$110,000	$80	70
117 10th Ct	0.53mi	3/2.0	1,400 (+2%)	4mo	$150,000	$107	65
1124 2nd St N	0.71mi	3/1.0	1,368 (-1%)	2mo	$16,500	$12	64
1104 9th Ave	0.61mi	3/2.0	1,475 (+7%)	4mo	$158,000	$107	52
963 3rd St W	0.66mi	3/1.0	1,444 (+5%)	12mo	$75,500	$52	51
612 2nd St SW	0.70mi	3/1.0	1,320 (-4%)	13mo	$76,000	$58	50
815 2nd St W	0.47mi	3/1.0	1,512 (+10%)	23mo	$12,050	$8	42
944 4th St W	0.75mi	3/2.0	1,560 (+13%)	3mo	$170,000	$109	36

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

0.64% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 39.4%
• Equity multiple: 2.99×
• Total profit: $36,884
• Equity at exit: $21,326

10-year hold

• IRR: 41.8%
• Equity multiple: 5.89×
• Total profit: $90,500
• Equity at exit: $27,416

Cash invested: $18,497 (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 35204

• Home prices YoY: 0.3%
• Active inventory: 64
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $1,261 high
• Mortgage (P&I): −$346
• Tax from tax record: −$44 /mo · $532/yr
• Insurance: −$28
• HOA: −$0
• Vacancy / Maint / Mgmt: −$265
• Net cashflow: $578

Break-even live

Break-even rent $529

Max offer price $66,060

Occupancy floor 49%

Sensitivity live

Price	-10% $615	-5% $597	+0% $578	+5% $559	+10% $540
Rent	-10% $478	-5% $528	+0% $578	+5% $628	+10% $677
Rate	-1.0pp $611	-0.5pp $595	base $578	+0.5pp $561	+1.0pp $543

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: $16,515
• Closing costs: $1,982
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
451 2nd St N Birmingham, AL	4.0	3.0	1400	$1,600	$1.14	44d	1	0.14mi
451 2nd Ave N Birmingham, AL	4.0	3.0	1400	$1,600	$1.14	24d	1	0.53mi
963 3rd St W Birmingham, AL	3.0	2.0	1444	$1,295	$0.90	24d	1	0.64mi
410 8th Ter W Birmingham, AL	3.0	1.0	1440	$1,200	$0.83	16d	1	0.70mi
854 5th St W Birmingham, AL	3.0	1.0	1501	$1,275	$0.85	44d	1	0.75mi
1153 2nd St N Birmingham, AL	3.0	1.0	1056	$1,150	$1.09	20d	1	0.78mi
413 Fulton Ave SW Birmingham, AL	3.0	1.0	940	$525	$0.56	3d	1	0.81mi
1216 4th Pl N Birmingham, AL	3.0	2.0	1565	$1,150	$0.73	44d	1	0.82mi
112 Kappa Ave S Birmingham, AL	3.0	2.0	1034	$1,100	$1.06	44d	1	0.86mi
915 6th St W Birmingham, AL	3.0	1.0	1332	$1,075	$0.81	44d	1	0.87mi
617 7th St W Birmingham, AL	3.0	1.5	1120	$1,175	$1.05	44d	1	0.88mi
624 4th Ct W Birmingham, AL	3.0	1.5	992	$1,250	$1.26	44d	1	0.91mi
905 7th St W Birmingham, AL	3.0	2.0	1029	$1,150	$1.12	44d	1	0.92mi
608 Fulton Ave SW Birmingham, AL	3.0	1.0	1271	$1,300	$1.02	44d	1	0.99mi
724 4th Ct W Birmingham, AL	3.0	1.0	1300	$930	$0.72	44d	1	1.01mi
517 11th Ct W Birmingham, AL	2.0	1.0	970	$795	$0.82	44d	1	1.02mi
310 Gamma St S Birmingham, AL	3.0	1.5	1001	$1,200	$1.20	16d	1	1.03mi
827 6th Ave W Birmingham, AL	3.0	1.0	1214	$1,075	$0.89	24d	1	1.06mi
1317 11th St N Birmingham, AL	3.0	1.0	1340	$1,200	$0.90	44d	1	1.06mi
644 Alabama Ave SW Birmingham, AL	3.0	1.0	1274	$1,125	$0.88	24d	1	1.08mi
506 Alpha St S Birmingham, AL	3.0	1.0	944	$1,373	$1.45	44d	1	1.09mi
757 10th Ave W Birmingham, AL	2.0	1.0	1136	$1,000	$0.88	44d	1	1.11mi
719 Washington Ave SW Birmingham, AL	3.0	1.0	1064	$950	$0.89	12d	1	1.17mi
12 4th Ave SW Unit 1 Birmingham, AL	3.0	1.0	1336	$1,100	$0.82	44d	1	1.20mi
600 19th St N Unit 211 Birmingham, AL	2.0	2.0	1670	$3,250	$1.95	12d	1	1.26mi
600 19th St N Unit 601 Birmingham, AL	2.0	2.0	1001	$2,544	$2.54	12d	1	1.26mi
600 19th St N Unit 604 Birmingham, AL	2.0	2.0	1001	$2,895	$2.89	12d	1	1.26mi
600 19th St N Apt 202 Birmingham, AL	3.0	2.0	1248	$3,050	$2.44	12d	1	1.26mi
600 19th St N Birmingham, AL	1.0–3.0	1.0–2.0	1120	$3,550	$3.17	16d	30	1.28mi
600 19th St N Birmingham, AL	1.0–3.0	1.0–3.0	1398	$4,560	$3.26	20d	83	1.28mi
1101 7th Ave W Birmingham, AL	3.0	1.0	1248	$1,250	$1.00	44d	1	1.29mi
353 16th Ave N Birmingham, AL	3.0	1.0	1200	$995	$0.83	44d	1	1.32mi
1119 Graymont Ave W Birmingham, AL	3.0	1.0	1260	$1,073	$0.85	2d	1	1.36mi
120 19th St N Birmingham, AL	1.0–2.0	1.0–2.0	886	$2,190	$2.47	2d	14	1.39mi
1108 4th Ct W Birmingham, AL	3.0	2.0	1623	$1,125	$0.69	3d	1	1.39mi
612 12th St W Birmingham, AL	3.0	1.5	1242	$1,150	$0.93	44d	1	1.40mi
120 19th St N Unit 312 Birmingham, AL	2.0	2.0	952	$3,495	$3.67	44d	1	1.40mi
1508 4th Ave S Birmingham, AL	2.0	2.0	1142	$2,222	$1.95	4d	3	1.40mi
806 Gamma St S Birmingham, AL	3.0	1.0	1252	$1,200	$0.96	44d	1	1.43mi
1701 1st Ave S Birmingham, AL	1.0–2.0	1.0–2.0	889	$2,506	$2.82	3d	21	1.44mi

Listing history 19 events

1. 2026-06-18
   days on market $66,060 Active 69 DOM
2. 2026-06-17
   days on market $66,060 Active 68 DOM
3. 2026-06-16
   days on market $66,060 Active 67 DOM
4. 2026-06-15
   days on market $66,060 Active 66 DOM
5. 2026-06-13
   days on market $66,060 Active 64 DOM
6. 2026-06-10
   days on market $66,060 Active 61 DOM
7. 2026-06-09
   days on market $66,060 Active 60 DOM
8. 2026-06-08
   days on market $66,060 Active 59 DOM
9. 2026-06-07
   days on market $66,060 Active 58 DOM
10. 2026-06-03
    days on market $66,060 Active 54 DOM
11. 2026-06-02
    days on market $66,060 Active 53 DOM
12. 2026-06-01
    days on market $66,060 Active 52 DOM
13. 2026-05-31
    days on market $66,060 Active 51 DOM
14. 2026-04-10
    listed $66,060 Active 171-char remark

    Show marketing remark (171 chars)

    Great investment opportunity in an established Birmingham neighborhood. Minutes from Downtown Birmingham and UAB. Conveniently located near the interstate for easy access.

15. 2026-04-07
    historical $66,060 171-char remark

    Show marketing remark (171 chars)

    Great investment opportunity in an established Birmingham neighborhood. Minutes from Downtown Birmingham and UAB. Conveniently located near the interstate for easy access.

16. 2026-04-07
    listed $66,060 Active 171-char remark

    Show marketing remark (171 chars)

    Great investment opportunity in an established Birmingham neighborhood. Minutes from Downtown Birmingham and UAB. Conveniently located near the interstate for easy access.

17. 2026-03-26
    historical $66,060 171-char remark

    Show marketing remark (171 chars)

    Great investment opportunity in an established Birmingham neighborhood. Minutes from Downtown Birmingham and UAB. Conveniently located near the interstate for easy access.

18. 2018-02-21
    price $20,000
19. 2017-08-02
    price $32,000

ⓘ 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: $532 · $44/mo
• Projected year-2 tax: $532 · $44/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 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥106°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 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,132
• − Mortgage interest: −$3,700
• − Property taxes: −$532
• − Insurance: −$330
• − Repairs & maintenance: −$1,211
• − Management: −$1,211
• − Depreciation: −$1,922
• Taxable income: $6,226
• Est. tax owed @ 24.0%: −$1,494
• After-tax cash flow: $5,440/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
• County: Jefferson County · 527,445 people
• City population: 210,422
• Metro: Birmingham-Hoover, AL
• Population (ZIP): 8,953
• Household income: $35,420
• Rent vs Own: 53.8% rent · 46.2% own
• Severe rent burden: 422.0

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 (86%)
• Race & ethnicity: Black 86% White 7% Hispanic / Latino 5% Two or more races 2%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 5%

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: ▲ 0.64%
• Current HPI: 201.0777
• Rent YoY: —
• Metro: Birmingham-Hoover, 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

+106.4% since first listed

6 events — show timeline

• 2026-04-10 Listed $66,060 Greater Alabama MLS
• 2026-04-07 Coming Soon $66,060 Greater Alabama MLS
• 2026-04-07 Listed $66,060 Greater Alabama MLS
• 2026-03-26 Coming Soon $66,060 Greater Alabama MLS
• 2018-02-21 Price Changed $20,000 Greater Alabama MLS
• 2017-08-02 Price Changed $32,000 Greater Alabama MLS

Property tax history

+6.2%/yr

Latest (2025): $532 · +0.8% YoY. Source: county tax records.