134 Washington Cir · Gadsden, AL 35904

$64,900

1 bd · 1.0 ba · 588 sqft · SingleFamily public records · 292 Days on market

Built 1950 $110/sqft · 128% above area

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Why this score? — see what drove the C+ 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 +28.8/30.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +6.9/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investor special! This 1-bedroom, 1-bath home is a great opportunity for a starter home or rental property with strong income potential. With a functional layout and solid structure, it’s ready for your updates and personal touch. Ideal for investors or first-time buyers looking to build equity, this property offers convenient access to local amenities, schools, and community activities. With a little TLC, it could shine as a cozy residence or a reliable income-producing asset. Sold AS-IS—don’t miss this affordable chance to get into the market!

Key facts

• Convenient access
• Community activities
• Functional layout

Tags

• STRONG INCOME POTENTIAL
• FUNCTIONAL LAYOUT
• SOLID STRUCTURE
• CONVENIENT ACCESS
• LOCAL AMENITIES
• COMMUNITY ACTIVITIES

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $217 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($774 rent vs $65k).
• Recommended offer: $57k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.3% vs local median 5.1% 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: schools C-, crime F, amenities 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.
• Market conditions: 88 active listings in the ZIP; 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 $449 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 292 days — a 12% lower offer ($57k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y 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 $38k; list at $65k implies a 73% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wind risk, 25% chance of damaging wind over 30y; extreme-heat days projected 5→13/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $57,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 292 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 1950 — 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. 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?
6. 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.
7. 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.
8. 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: 1.19% ✓
• Cap rate: 10.31%
• Cash-on-cash: 14.35%
• DSCR: 1.64
• GRM: 7.0

CMA / ARV

• ARV (median comp): $26,254
• List price: $64,900
• Delta: 147.20%
• Verdict: OVERPRICED
• Comps: 3 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 4.7%
• Equity multiple: 1.18×
• Total profit: $3,306
• Equity at exit: $9,677

10-year hold

• IRR: 14.1%
• Equity multiple: 2.13×
• Total profit: $20,617
• Equity at exit: $5,611

Cash invested: $18,172 (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: 7.0×

Monthly cashflow live

• Estimated rent: $774 medium
• Mortgage (P&I): −$340
• Tax from tax record: −$27 /mo · $323/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$163
• Net cashflow: $217

Break-even live

Break-even rent $499

Max offer price $64,900

Occupancy floor 67%

Sensitivity live

Price	-10% $254	-5% $236	+0% $217	+5% $199	+10% $181
Rent	-10% $156	-5% $187	+0% $217	+5% $248	+10% $279
Rate	-1.0pp $250	-0.5pp $234	base $217	+0.5pp $201	+1.0pp $183

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: $16,225
• Closing costs: $1,947
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-21
   days on market $64,900 Active 292 DOM
2. 2026-06-19
   days on market $64,900 Active 290 DOM
3. 2026-06-18
   days on market $64,900 Active 289 DOM
4. 2026-06-17
   days on market $64,900 Active 288 DOM
5. 2026-06-16
   days on market $64,900 Active 287 DOM
6. 2026-06-15
   days on market $64,900 Active 286 DOM
7. 2026-06-14
   days on market $64,900 Active 284 DOM
8. 2026-06-12
   days on market $64,900 Active 283 DOM
9. 2026-06-09
   days on market $64,900 Active 280 DOM
10. 2026-06-08
    days on market $64,900 Active 279 DOM
11. 2026-06-07
    days on market $64,900 Active 278 DOM
12. 2026-06-07
    days on market $64,900 Active 277 DOM
13. 2026-06-04
    days on market $64,900 Active 274 DOM
14. 2026-06-02
    days on market $64,900 Active 273 DOM
15. 2026-06-01
    days on market $64,900 Active 272 DOM
16. 2026-05-31
    days on market $64,900 Active 271 DOM
17. 2026-05-31
    days on market $64,900 Active 270 DOM
18. 2025-09-02
    listed $64,900 Active 569-char remark

    Show marketing remark (569 chars)

    Investor special! This 1-bedroom, 1-bath home is a great opportunity for a starter home or rental property with strong income potential. With a functional layout and solid structure, it’s ready for your updates and personal touch. Ideal for investors or first-time buyers looking to build equity, this property offers convenient access to local amenities, schools, and community activities. With a little TLC, it could shine as a cozy residence or a reliable income-producing asset. Sold AS-IS—don’t miss this affordable chance to get into the market!

19. 2021-01-20
    soldstatus $37,500 Sold 343-char remark

    Show marketing remark (343 chars)

    This home makes the perfect starter/rental home. Located on Noccalula Mountain very close to Noccalula Falls. 1 bedroom, 1 bathroom, large eat-in kitchen, and laundry room. New carpet, paint, and light fixtures. Recessed lighting in kitchen. Roof, HVAC, water heater, wiring, and plumbing within 10 years old. All appliances are included.

20. 2020-12-16
    status Pending 343-char remark

    Show marketing remark (343 chars)

    This home makes the perfect starter/rental home. Located on Noccalula Mountain very close to Noccalula Falls. 1 bedroom, 1 bathroom, large eat-in kitchen, and laundry room. New carpet, paint, and light fixtures. Recessed lighting in kitchen. Roof, HVAC, water heater, wiring, and plumbing within 10 years old. All appliances are included.

21. 2020-12-15
    listed $39,900 Active 343-char remark

    Show marketing remark (343 chars)

    This home makes the perfect starter/rental home. Located on Noccalula Mountain very close to Noccalula Falls. 1 bedroom, 1 bathroom, large eat-in kitchen, and laundry room. New carpet, paint, and light fixtures. Recessed lighting in kitchen. Roof, HVAC, water heater, wiring, and plumbing within 10 years old. All appliances are included.

ⓘ 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: $323 · $27/mo
• Projected year-2 tax: $323 · $27/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 3/10 Moderate
• 🌡 Heat 5/10 Major 5 d/yr ≥106°F today · 13 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 25% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $9,292
• − Mortgage interest: −$3,635
• − Property taxes: −$323
• − Insurance: −$324
• − Repairs & maintenance: −$743
• − Management: −$743
• − Depreciation: −$1,888
• Taxable income: $1,634
• Est. tax owed @ 24.0%: −$392
• After-tax cash flow: $2,216/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

+62.7% since first listed

4 events — show timeline

• 2025-09-02 Listed $64,900 VMLS
• 2021-01-20 Sold (MLS) $37,500 VMLS
• 2020-12-16 Pending — VMLS
• 2020-12-15 Listed $39,900 VMLS

Property tax history

+4.4%/yr

Latest (2025): $323 · +0.3% YoY. Source: county tax records.