807 N Madison St · Athens, AL 35611

$135,000

2 bd · 1.0 ba · 960 sqft · MultiFamily public records · 142 Days on market

Built 1970 8,276 sqft lot $141/sqft · 12% below area Est $145k · 7% 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 +10.7/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.8/5.0
• Schools +3.3/10.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Darling Bungalow home featuring 2 bedrooms, 1 full bath, LR, Open Kitchen and Large, Covered Front Porch. Home is heated and cooled with two 220 VAC window style heat pumps. Clients say home is very comfortable in all seasons. Replaced Vinyl Siding in 2025. Nice 24x20 metal building will remain. Landscaped for privacy and beauty! Convenient to town and shopping. Drive by and check this one out

Key facts

• Covered front porch
• 24x20 metal building
• Convenient to town

Tags

• COVERED FRONT PORCH
• REPLACED VINYL SIDING
• 24X20 METAL BUILDING
• LANDSCAPED FOR PRIVACY
• CONVENIENT TO TOWN

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath multifamily listed at $135k.

Deal economics

• At list price, monthly cash flow is $828 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• Recommended offer: $119k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.7% vs local median 3.6% in Athens — 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 75/100 on livability (#18 in AL, #4,019 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, commute F.
• Athens City (town): math 27% / reading 51% proficiency, ranked #29 of 129 in AL (top 22%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+1.2%/yr); 546 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 55% of comp listings sitting > 30 days — soft ceiling on asking rent; 494 units permitted in Limestone County in 2024 (0 in 5+ unit buildings).
• This rent runs 43% of the median local income ($57k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Limestone County population projected at +43% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 1.2% rent growth), your $38k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 142 days — a 12% lower offer ($119k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 5y 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 $86k; list at $135k implies a 57% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $118,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 142 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 1970 — 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. 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 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: 1.52% ✓
• Cap rate: 13.65%
• Cash-on-cash: 26.29%
• DSCR: 2.17
• GRM: 5.5

CMA / ARV

• ARV (median comp): $145,181
• List price: $135,000
• Delta: -7.01%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.23% rent growth · sell at horizon

5-year hold

• IRR: 18.2%
• Equity multiple: 1.72×
• Total profit: $27,231
• Equity at exit: $20,129

10-year hold

• IRR: 25.4%
• Equity multiple: 3.04×
• Total profit: $77,201
• Equity at exit: $11,672

Cash invested: $37,800 (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 35611

• Rents YoY: 1.2%
• Active inventory: 546
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $2,050 medium
• Mortgage (P&I): −$708
• Tax from tax record: −$27 /mo · $325/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$430
• Net cashflow: $828

Break-even live

Break-even rent $1,002

Max offer price $135,000

Occupancy floor 55%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,050
Total (2 units)			$2,050

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
404 Chestnut St Athens, AL	2.0	2.0	840	$1,150	$1.37	21d	1	0.47mi
314 Browns Ferry St Athens, AL	3.0	1.0	950	$1,045	$1.10	43d	1	0.74mi
402 Crutcher Cir Athens, AL	3.0	2.5	1108	$2,000	$1.81	43d	1	0.79mi
514 Brownsferry St Athens, AL	3.0	1.0	953	$1,045	$1.10	43d	1	0.85mi
1001 Garrett Dr Athens, AL	1.0–2.0	1.0–1.5	872	$1,049	$1.20	14d	8	1.17mi
1601 W Elm St Unit 34 Athens, AL	1.0	1.0	750	$800	$1.07	43d	1	1.20mi
100 Henry Dr Athens, AL	2.0–3.0	2.0	1073	$869	$0.81	14d	4	1.22mi
600 Camelot Private Dr Athens, AL	1.0–2.0	1.0–2.0	900	$1,120	$1.24	14d	13	1.25mi
17960 Arrowhead Dr Athens, AL	1.0	1.0	728	$924	$1.27	43d	1	1.32mi
17962 Arrowhead Dr Athens, AL	2.0	2.0	1043	$1,024	$0.98	43d	1	1.32mi
710 S Clinton St Athens, AL	1.0–3.0	1.0–2.0	1056	$1,100	$1.04	14d	6	1.37mi

Listing history 25 events

1. 2026-06-18
   days on market $135,000 Active 142 DOM
2. 2026-06-17
   days on market $135,000 Active 141 DOM
3. 2026-06-16
   days on market $135,000 Active 140 DOM
4. 2026-06-15
   days on market $135,000 Active 139 DOM
5. 2026-06-14
   days on market $135,000 Active 137 DOM
6. 2026-06-10
   days on market $135,000 Active 134 DOM
7. 2026-06-09
   days on market $135,000 Active 133 DOM
8. 2026-06-08
   days on market $135,000 Active 132 DOM
9. 2026-06-07
   days on market $135,000 Active 131 DOM
10. 2026-06-05
    days on market $135,000 Active 128 DOM
11. 2026-06-03
    days on market $135,000 Active 127 DOM
12. 2026-06-02
    days on market $135,000 Active 126 DOM
13. 2026-06-01
    days on market $135,000 Active 125 DOM
14. 2026-05-31
    days on market $135,000 Active 124 DOM
15. 2026-05-30
    days on market $135,000 Active 123 DOM
16. 2026-01-27
    listed $135,000 Active 399-char remark

    Show marketing remark (399 chars)

    Darling Bungalow home featuring 2 bedrooms, 1 full bath, LR, Open Kitchen and Large, Covered Front Porch. Home is heated and cooled with two 220 VAC window style heat pumps. Clients say home is very comfortable in all seasons. Replaced Vinyl Siding in 2025. Nice 24x20 metal building will remain. Landscaped for privacy and beauty! Convenient to town and shopping. Drive by and check this one out

17. 2025-10-15
    status Active
18. 2025-10-09
    status Pending
19. 2025-10-01
    price $129,900
20. 2025-07-03
    listed $134,900 Active
21. 2021-07-14
    soldstatus $85,900
22. 2021-06-15
    soldstatus $85,900
23. 2021-04-28
    listed $85,900
24. 2020-11-02
    soldstatus $62,000
25. 2017-08-01
    soldstatus $25,000

ⓘ 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: $325 · $27/mo
• Projected year-2 tax: $554 · $46/mo
• Expected delta: +$229/yr (+$19/mo · 70.4%)

ⓘ 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 5/10 Major 7 d/yr ≥105°F today · 19 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 19% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,600
• − Mortgage interest: −$7,562
• − Property taxes: −$325
• − Insurance: −$675
• − Repairs & maintenance: −$1,968
• − Management: −$1,968
• − Depreciation: −$3,927
• Taxable income: $8,175
• Est. tax owed @ 24.0%: −$1,962
• After-tax cash flow: $7,977/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: Athens City
• NCES district ID: 0100120
• Math proficiency: 27% ▼ -23.00%
• Reading proficiency: 51% ▬ 0.00%
• Median HH income: $45,479
• Composite: 33.14/100
• National rank: #5555
• State rank: #29 of 129 in AL

Livability — Athens

• Score: 75/100
• State rank: #18
• US rank: #4019

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Athens, AL
• County: Limestone County · 80,439 people
• City population: 55,492
• Metro: Huntsville, AL
• Population (ZIP): 29,969
• Household income: $57,377
• Rent vs Own: 40.4% rent · 59.6% own
• Severe rent burden: 811.0

Population outlook (Limestone County) Hauer SSP2

• Today (2025): 111,441 people
• By 2030: 121,272 · +8.8%
• By 2040: 140,705 · +26.3%
• By 2050: 159,069 · +42.7%
• By 2075: 202,231 · +81.5%
• By 2100: 230,608 · +106.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (66%)
• Race & ethnicity: White 66% Black 17% Hispanic / Latino 10% Two or more races 7% Native American 2%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Lithuanian 2% Slovak 2% Serbian 1%
• Foreign-born: 4% · Canada
• Languages at home: 91% English-only · Spanish 7% German/W. Germanic 1%

Political lean MEDSL · Limestone

• 2024 margin: Solid R (+43.9) · D 27.5% · R 71.4% · Other 1.2%
• 2008→2024 swing: -2.0pp toward R · 2008: -41.9pp · 2024: -43.9pp
• All cycles: 2024: R+43.9 2020: R+42.6 2016: R+49.5 2012: R+43.6 2008: R+41.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -115.98%
• Current HPI: 185.0264
• Rent YoY: ▲ 1.23%
• Metro: Huntsville, 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

+440.0% since first listed

10 events — show timeline

• 2026-01-27 Listed $135,000 VMLS
• 2025-10-15 Relisted — VMLS
• 2025-10-09 Pending — VMLS
• 2025-10-01 Price Changed $129,900 VMLS
• 2025-07-03 Listed $134,900 VMLS
• 2021-07-14 Sold (Public Records) $85,900 Public Records
• 2021-06-15 Sold (MLS) $85,900 SAARMLS
• 2021-04-28 Listed $85,900 SAARMLS
• 2020-11-02 Sold (Public Records) $62,000 Public Records
• 2017-08-01 Sold (Public Records) $25,000 Public Records

Property tax history

+1.4%/yr

Latest (2025): $325 · +8.8% YoY. Source: county tax records.