501 Gables Dr · Hoover, AL 35244

$122,000

1 bd · 2.0 ba · 1,001 sqft · Condo · 37 Days on market

Built 1987 Poor condition

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Cash flow +7.0/30.0
• Schools +5.0/10.0
• 1% rule +4.7/10.0
• Livability +4.2/5.0
• Rent growth +2.4/5.0
• DSCR +1.2/10.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Listing remarks

Nice entry level condo in Hoover Alabama

Key facts

• Built 1987
• Listed 37 days

What this means for you Summary

Snapshot

• This is a 1-bed/2.0-bath condo listed at $122k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $-178 ($-2k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $118k (3.2% below list).
• Recommended offer: $118k (3.2% below list) — sets the bar for 1% rule.
• Cap rate 4.5% vs local median 2.4% in Hoover — 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 84/100 on livability (#1 in AL, #630 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+.
• Hoover City (urban): math 45% / reading 66% proficiency, ranked #8 of 129 in AL (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 19% free/reduced lunch — higher-income household profile.
• Market conditions: Rents soft (-0.5%/yr); 444 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 987 units permitted in Shelby County in 2024 (0 in 5+ unit buildings).
• This rent is only 12% of the median local income ($113k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $843 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Shelby County population projected at +23% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($118k) 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: HOA is 23% of rent.
• Climate carrying-cost: major wind risk, 44% chance of damaging wind over 30y; extreme-heat days projected 6→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $118,058 (3.2% 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 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
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: 0.97% ✗
• Cap rate: 4.54%
• Cash-on-cash: -6.27%
• DSCR: 0.72
• GRM: 8.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -31.7%
• Equity multiple: -0.01×
• Total profit: $-34,413
• Equity at exit: $18,191

10-year hold

• IRR: -67.3%
• Equity multiple: -0.68×
• Total profit: $-57,231
• Equity at exit: $10,548

Cash invested: $34,160 (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 35244

• Home prices YoY: -33.7%
• Rents YoY: -0.5%
• Active inventory: 444
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,181 high
• Mortgage (P&I): −$640
• Tax est. 1.5%: −$152 /mo · $1,830/yr
• Insurance: −$51
• HOA est. from 1 same-building comp: −$268
• Vacancy / Maint / Mgmt: −$248
• Net cashflow: $-178

Break-even live

Break-even rent $1,406

Max offer price $96,177

Occupancy floor —

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: $30,500
• Closing costs: $3,660
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1303 Gables Dr #1303 Hoover, AL	2.0	2.0	1335	$1,450	$1.09	21d	1	0.19mi
1000 Riverchase Trl Hoover, AL	1.0–2.0	1.0–2.0	945	$1,163	$1.23	1d	23	0.31mi
700 Garden Woods Dr Hoover, AL	1.0–3.0	1.0–2.0	1057	$1,230	$1.16	1d	22	0.36mi
200 River Haven Ln Hoover, AL	1.0–3.0	1.5–2.5	1485	$1,137	$0.77	1d	32	1.13mi
3 Indianwood Dr Pelham, AL	2.0	1.0	986	$1,125	$1.14	43d	1	1.14mi
4 Indianwood Dr Pelham, AL	2.0	1.0	986	$1,010	$1.02	21d	1	1.14mi
11 Indianwood Dr Pelham, AL	2.0	1.0	986	$975	$0.99	3d	1	1.16mi
31 Indianwood Dr Pelham, AL	2.0	1.0	986	$975	$0.99	3d	1	1.20mi
5775 Summer Pl Pkwy Hoover, AL	1.0–3.0	1.0–2.0	1133	$1,075	$0.95	1d	18	1.34mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-18
   days on market $122,000 Active 37 DOM
2. 2026-06-17
   days on market $122,000 Active 36 DOM
3. 2026-06-16
   days on market $122,000 Active 35 DOM
4. 2026-06-15
   days on market $122,000 Active 34 DOM
5. 2026-06-13
   days on market $122,000 Active 32 DOM
6. 2026-06-10
   days on market $122,000 Active 29 DOM
7. 2026-06-09
   days on market $122,000 Active 28 DOM
8. 2026-06-08
   days on market $122,000 Active 27 DOM
9. 2026-06-07
   days on market $122,000 Active 26 DOM
10. 2026-06-05
    days on market $122,000 Active 23 DOM
11. 2026-06-03
    days on market $122,000 Active 22 DOM
12. 2026-06-02
    days on market $122,000 Active 21 DOM
13. 2026-06-01
    days on market $122,000 Active 20 DOM
14. 2026-05-31
    days on market $122,000 Active 19 DOM
15. 2026-05-12
    listed $122,000 Active 40-char remark
16. 2026-02-11
    historical $1,100
17. 2025-08-21
    listed $1,100

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 6/10 Major 6 d/yr ≥106°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 44% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,167
• − Mortgage interest: −$6,834
• − Property taxes: −$1,830
• − Insurance: −$610
• − Repairs & maintenance: −$1,133
• − Management: −$1,133
• − HOA: −$3,216
• − Depreciation: −$3,549
• Taxable loss: −$4,139
• Est. tax savings @ 24.0%: +$993
• After-tax cash flow: $-1,148/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.

Condition & rehab AI · 2 photos

Poor 20/100 Extensive rehab

This property requires extensive repairs and maintenance, including a new roof, exterior siding repair, flooring replacement, HVAC system upgrade, and landscaping improvements. Significant investment is needed to bring the property up to a livable condition.

Repairs flagged

• Major roof — Signs of potential leaks and wear.
• Major exterior siding — Visible cracks and discoloration.
• Major flooring — Significant wear and tear.
• Major interior walls/paint — Peeling paint and discoloration.
• Major HVAC/mechanicals — No visible signs of recent maintenance or updates.
• Major landscaping — Overgrown and in need of trimming and maintenance.

Value-add opportunities

• Resale roof replacement — A new roof would significantly improve the home's appearance and value.
• Resale exterior siding repair and painting — A fresh coat of paint and repairs to the siding would enhance curb appeal.
• Resale flooring replacement — New flooring would improve the home's appearance and value.
• Both HVAC system upgrade — An updated HVAC system would improve comfort and energy efficiency, benefiting both resale and rental value.
• Resale landscaping and curb appeal improvements — A well-maintained and landscaped exterior would enhance the home's curb appeal and value.
• Resale interior painting and repairs — Fresh paint and repairs to interior walls would improve the home's appearance and value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Signs of potential leaks and wear.	Major	$15,000–50,000
exterior siding · Visible cracks and discoloration.	Major	$15,000–50,000
flooring · Significant wear and tear.	Major	$15,000–50,000
interior walls/paint · Peeling paint and discoloration.	Major	$15,000–50,000
HVAC/mechanicals · No visible signs of recent maintenance or updates.	Major	$15,000–50,000
landscaping · Overgrown and in need of trimming and maintenance.	Major	$15,000–50,000
Total estimated repair cost · 6 items		$90,000–300,000

Value-add ROI direction

• Resale roof replacement — A new roof would significantly improve the home's appearance and value. ↑
• Resale exterior siding repair and painting — A fresh coat of paint and repairs to the siding would enhance curb appeal. ↑
• Resale flooring replacement — New flooring would improve the home's appearance and value. ↑
• Both HVAC system upgrade — An updated HVAC system would improve comfort and energy efficiency, benefiting both resale and rental value. ↑
• Resale landscaping and curb appeal improvements — A well-maintained and landscaped exterior would enhance the home's curb appeal and value. ↑
• Resale interior painting and repairs — Fresh paint and repairs to interior walls would improve the home's appearance and value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Hoover City
• NCES district ID: 0100007
• Math proficiency: 45% ▼ -25.00%
• Reading proficiency: 66% ▲ 1.00%
• Median HH income: $76,210
• Composite: 49.77/100
• National rank: #1960
• State rank: #8 of 129 in AL

Livability — Hoover

• Score: 84/100
• State rank: #1
• US rank: #630

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hoover, AL
• County: Shelby County · 188,970 people
• City population: 76,805
• Metro: Birmingham-Hoover, AL
• Population (ZIP): 38,217
• Household income: $113,450
• Rent vs Own: 29.6% rent · 70.4% own
• Severe rent burden: 822.0

Population outlook (Shelby County) Hauer SSP2

• Today (2025): 237,024 people
• By 2030: 249,868 · +5.4%
• By 2040: 272,778 · +15.1%
• By 2050: 291,062 · +22.8%
• By 2075: 326,049 · +37.6%
• By 2100: 335,870 · +41.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (70%)
• Race & ethnicity: White 70% Black 17% Hispanic / Latino 5% Asian 5% Two or more races 5%
• Common ancestry: Slovak 3% Italian 3% Lithuanian 2%
• Foreign-born: 7% · Canada, China
• Languages at home: 90% English-only · Other Indo-European 4% Spanish 4% Other Asian/Pacific 1%

Political lean MEDSL · Shelby

• 2024 margin: Solid R (+40.9) · D 29.0% · R 69.9% · Other 1.1%
• 2008→2024 swing: +12.6pp toward D · 2008: -53.4pp · 2024: -40.9pp
• All cycles: 2024: R+40.9 2020: R+40.4 2016: R+50.3 2012: R+55.6 2008: R+53.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -99.31%
• Current HPI: 195.0557
• Rent YoY: ▼ -0.45%
• 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

+10990.9% since first listed

3 events — show timeline

• 2026-05-12 Listed $122,000 FSBO.com
• 2026-02-11 Rental Removed $1,100 REDFIN
• 2025-08-21 Listed for Rent $1,100 REDFIN