704 Falmouth St · Edgewater, AL 35224

$81,900

2 bd · 1.0 ba · 946 sqft · SingleFamily public records · 219 Days on market

Built 1915 10,018 sqft lot $87/sqft · 26% below area Est $110k · 26% 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
• DSCR +10.0/10.0
• 1% rule +9.1/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investment opportunity! Leased until 9/30/26 Great rental income for investors at $890/mo. This property is 1 of 3 offered in a portfolio of other properties. Seller willing to sell individually or all 3 together. Other properties in portfolio are 3716 Fir Ave SW at 99K, and 2709 9th Street NE at $125K. Seller will not entertain subject 2 or owner financing options. Don't miss the RENT ROLL in the documents section. Property is tenant occupied - Please DO NOT DISTURB TENANT. Only AFTER property is under contract are showings scheduled 48HRS in advance.

Key facts

• 0.23 acre lot
• Built 1915
• Listed 219 days

🏷️ Possibly a rental listed for sale. The $81,900 price doesn't fit this home's estimated sale value (~$109,972) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $82k.

Deal economics

• At list price, monthly cash flow is $335 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $82k).
• Recommended offer: $72k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 66/100 on livability (#108 in AL) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+; Watch: housing D+, commute D, schools F.
• Jefferson County (suburban): math 9% / reading 32% proficiency, ranked #104 of 129 in AL (top 81%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 42 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $566 of loan paydown is wiped out by about $2k 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 $23k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 219 days — a 12% lower offer ($72k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $72,072 (12.0% below list)

Questions for the listing agent

1. It's been on market 219 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 1.41% ✓
• Cap rate: 12.18%
• Cash-on-cash: 21.02%
• DSCR: 1.94
• GRM: 5.9

CMA / ARV

• ARV (median comp): $109,972
• List price: $81,900
• Delta: -25.53%
• Verdict: UNDERPRICED
• Comps: 8 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 9.0%
• Equity multiple: 1.35×
• Total profit: $8,105
• Equity at exit: $12,212

10-year hold

• IRR: 18.2%
• Equity multiple: 2.51×
• Total profit: $34,656
• Equity at exit: $7,081

Cash invested: $22,932 (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: 5.9×

Monthly cashflow live

• Estimated rent: $1,158 medium
• Mortgage (P&I): −$429
• Tax from tax record: −$50 /mo · $594/yr
• Insurance: −$34
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$243
• Net cashflow: $335

Break-even live

Break-even rent $734

Max offer price $81,900

Occupancy floor 66%

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: $20,475
• Closing costs: $2,457
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1300 Yukon St Birmingham, AL	3.0	2.0	1038	$1,125	$1.08	44d	1	0.55mi
229 Oregon St Birmingham, AL	3.0	1.0	1044	$1,200	$1.15	16d	1	1.39mi
229 Oregon St Birmingham, AL	3.0	1.0	1044	$1,200	$1.15	15d	1	1.39mi

Listing history 18 events

1. 2026-06-18
   days on market $81,900 Active 219 DOM
2. 2026-06-17
   days on market $81,900 Active 218 DOM
3. 2026-06-16
   days on market $81,900 Active 217 DOM
4. 2026-06-15
   days on market $81,900 Active 216 DOM
5. 2026-06-13
   days on market $81,900 Active 214 DOM
6. 2026-06-10
   days on market $81,900 Active 211 DOM
7. 2026-06-09
   days on market $81,900 Active 210 DOM
8. 2026-06-08
   days on market $81,900 Active 209 DOM
9. 2026-06-07
   days on market $81,900 Active 208 DOM
10. 2026-06-03
    days on market $81,900 Active 204 DOM
11. 2026-06-02
    days on market $81,900 Active 203 DOM
12. 2026-06-01
    days on market $81,900 Active 202 DOM
13. 2026-05-31
    days on market $81,900 Active 201 DOM
14. 2025-11-11
    listed $81,900 Active 558-char remark

    Show marketing remark (558 chars)

    Investment opportunity! Leased until 9/30/26 Great rental income for investors at $890/mo. This property is 1 of 3 offered in a portfolio of other properties. Seller willing to sell individually or all 3 together. Other properties in portfolio are 3716 Fir Ave SW at 99K, and 2709 9th Street NE at $125K. Seller will not entertain subject 2 or owner financing options. Don't miss the RENT ROLL in the documents section. Property is tenant occupied - Please DO NOT DISTURB TENANT. Only AFTER property is under contract are showings scheduled 48HRS in advance.

15. 2023-11-30
    soldstatus $154,137
16. 2023-10-31
    soldstatus $154,137
17. 2022-07-10
    price $59,500
18. 2021-08-01
    price $64,900

ⓘ 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: $594 · $50/mo
• Projected year-2 tax: $594 · $50/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 7/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥107°F today · 20 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,896
• − Mortgage interest: −$4,588
• − Property taxes: −$594
• − Insurance: −$1,207
• − Repairs & maintenance: −$1,112
• − Management: −$1,112
• − Depreciation: −$2,383
• Taxable income: $2,901
• Est. tax owed @ 24.0%: −$696
• After-tax cash flow: $3,326/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: Jefferson County
• NCES district ID: 0101920
• Math proficiency: 9% ▼ -24.00%
• Reading proficiency: 32% ▼ -5.00%
• Median HH income: $51,712
• Composite: 18.4/100
• National rank: #8937
• State rank: #104 of 129 in AL

Livability — Edgewater

• Score: 66/100
• State rank: #108
• US rank: #11927

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Edgewater, AL
• 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

+26.2% since first listed

5 events — show timeline

• 2025-11-11 Listed $81,900 Greater Alabama MLS
• 2023-11-30 Sold (Public Records) $154,137 Public Records
• 2023-10-31 Sold (Public Records) $154,137 Public Records
• 2022-07-10 Price Changed $59,500 Greater Alabama MLS
• 2021-08-01 Price Changed $64,900 Greater Alabama MLS

Property tax history

+12.0%/yr

Latest (2025): $594 · +0.0% YoY. Source: county tax records.