903 Spruce St · Gadsden, AL 35901

$114,900

3 bd · 2.0 ba · 2,255 sqft · SingleFamily public records · 28 Days on market

Built 1940 0.25 ac lot

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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 +29.2/30.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.2/10.0
• 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

Discover the charm of this spacious home built in 1940. While it does need a little TLC to bring out its full potential, its strong structure and functional layout make it an ideal canvas for your personal touch. Imagine transforming this house into a beautiful, modern retreat with just a few updates and enhancements. Don't miss out on this incredible opportunity to own a home with great bones and unlimited potential! This home is being sold as is and all info should be verified by the buyer.

Key facts

• Sunroom
• Updated kitchen
• Back deck

Tags

• ORIGINAL HARDWOOD FLOORS
• UPDATED KITCHEN
• STAINLESS STEEL APPLIANCES
• LUXURY VINYL FLOORING
• SUNROOM
• BACK DECK

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $400 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Recommended offer: $113k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.5% 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: crime F, amenities F, commute 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.
• Zoned schools: W E Striplin Elementary School (math 5% / reading 21%, grade F, #532 of 627 statewide, top 85%, 464 students, 86% FRL); Gadsden Middle School (math 15% / reading 51%, grade F, #101 of 257 statewide, top 40%, 464 students, 75% FRL); Gadsden City High School (math 17% / reading 24%, grade F, #159 of 305 statewide, top 53%, 1,318 students, 76% FRL).
• Market conditions: 151 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $794 of loan paydown is wiped out by about $3k 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 $32k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 2y 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 $80k; 44% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wind risk, 23% 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 $113,176 (1.5% below list)

Questions for the listing agent

1. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.22% ✓
• Cap rate: 10.47%
• Cash-on-cash: 14.92%
• DSCR: 1.66
• GRM: 6.8

CMA / ARV

• ARV (on-the-fly): $234,520
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
508 S 10th St	0.41mi	3/2.0	2,096 (-7%)	15mo	$148,900	$71	57
721 S 10th St	0.32mi	4/2.0 (+1)	2,436 (+8%)	14mo	$170,000	$70	55
622 Turrentine Ave	0.61mi	3/2.0	2,080 (-8%)	8mo	$260,500	$125	52
1229 Jupiter St	0.50mi	3/2.0	2,034 (-10%)	10mo	$55,000	$27	52
522 Haralson Ave	0.48mi	4/3.0 (+1)	2,293 (+2%)	21mo	$239,000	$104	48
714 Reynolds Cir	0.64mi	3/2.0	1,952 (-13%)	9mo	$203,500	$104	40
814 Randall St	0.69mi	2/2.5 (-1)	2,112 (-6%)	17mo	$192,900	$91	36
220 Argyle Cir	0.67mi	3/2.0	1,979 (-12%)	19mo	$249,000	$126	32

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

Projected returns pro-forma

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

5-year hold

• IRR: 5.5%
• Equity multiple: 1.21×
• Total profit: $6,832
• Equity at exit: $17,132

10-year hold

• IRR: 14.9%
• Equity multiple: 2.20×
• Total profit: $38,630
• Equity at exit: $9,934

Cash invested: $32,172 (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 35901

• Home prices YoY: -9.9%
• Active inventory: 151
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,400 medium
• Mortgage (P&I): −$603
• Tax from tax record: −$55 /mo · $665/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$294
• Net cashflow: $400

Break-even live

Break-even rent $894

Max offer price $114,900

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: $28,725
• Closing costs: $3,447
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1229 Jupiter St Gadsden, AL	3.0	2.0	2034	$1,400	$0.69	43d	1	0.49mi

Listing history 21 events

1. 2026-04-20
   status Pending
2. 2026-04-07
   status Active
3. 2026-03-29
   status Pending
4. 2026-03-14
   listed $114,900 Active
5. 2025-07-24
   price $119,900
6. 2025-07-07
   price $124,900
7. 2025-06-26
   status Active
8. 2025-06-26
   price $129,900
9. 2025-06-16
   status Pending
10. 2025-05-27
    price $134,900
11. 2025-05-19
    price $139,900
12. 2025-05-09
    price $144,900
13. 2025-04-25
    price $149,900
14. 2025-04-08
    price $154,900
15. 2025-03-29
    price $159,900
16. 2025-03-22
    listed $164,900 Active
17. 2024-08-27
    soldstatus $80,000 Sold 497-char remark

    Show marketing remark (497 chars)

    Discover the charm of this spacious home built in 1940. While it does need a little TLC to bring out its full potential, its strong structure and functional layout make it an ideal canvas for your personal touch. Imagine transforming this house into a beautiful, modern retreat with just a few updates and enhancements. Don't miss out on this incredible opportunity to own a home with great bones and unlimited potential! This home is being sold as is and all info should be verified by the buyer.

18. 2024-08-23
    status Pending 497-char remark

    Show marketing remark (497 chars)

    Discover the charm of this spacious home built in 1940. While it does need a little TLC to bring out its full potential, its strong structure and functional layout make it an ideal canvas for your personal touch. Imagine transforming this house into a beautiful, modern retreat with just a few updates and enhancements. Don't miss out on this incredible opportunity to own a home with great bones and unlimited potential! This home is being sold as is and all info should be verified by the buyer.

19. 2024-08-15
    historical 497-char remark

    Show marketing remark (497 chars)

    Discover the charm of this spacious home built in 1940. While it does need a little TLC to bring out its full potential, its strong structure and functional layout make it an ideal canvas for your personal touch. Imagine transforming this house into a beautiful, modern retreat with just a few updates and enhancements. Don't miss out on this incredible opportunity to own a home with great bones and unlimited potential! This home is being sold as is and all info should be verified by the buyer.

20. 2024-08-05
    price $90,000 497-char remark

    Show marketing remark (497 chars)

    Discover the charm of this spacious home built in 1940. While it does need a little TLC to bring out its full potential, its strong structure and functional layout make it an ideal canvas for your personal touch. Imagine transforming this house into a beautiful, modern retreat with just a few updates and enhancements. Don't miss out on this incredible opportunity to own a home with great bones and unlimited potential! This home is being sold as is and all info should be verified by the buyer.

21. 2024-07-16
    listed $99,000 Active 497-char remark

    Show marketing remark (497 chars)

    Discover the charm of this spacious home built in 1940. While it does need a little TLC to bring out its full potential, its strong structure and functional layout make it an ideal canvas for your personal touch. Imagine transforming this house into a beautiful, modern retreat with just a few updates and enhancements. Don't miss out on this incredible opportunity to own a home with great bones and unlimited potential! This home is being sold as is and all info should be verified by the buyer.

ⓘ 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: $665 · $55/mo
• Projected year-2 tax: $665 · $55/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 6/10 Major 7 d/yr ≥107°F today · 19 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 23% 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: $16,800
• − Mortgage interest: −$6,436
• − Property taxes: −$665
• − Insurance: −$574
• − Repairs & maintenance: −$1,344
• − Management: −$1,344
• − Depreciation: −$3,343
• Taxable income: $3,093
• Est. tax owed @ 24.0%: −$742
• After-tax cash flow: $4,059/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): 19,186

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: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 55% Black 32% Hispanic / Latino 8% Two or more races 7%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Slovak 1% Serbian 1% Lithuanian 1%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 5% Arabic 1% Russian/Polish/Slavic 1%

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: ▼ -26.83%
• Current HPI: 243.6795
• 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

+16.1% since first listed

21 events — show timeline

• 2026-04-20 Pending — VMLS
• 2026-04-07 Relisted — VMLS
• 2026-03-29 Pending — VMLS
• 2026-03-14 Listed $114,900 VMLS
• 2025-07-24 Price Changed $119,900 VMLS
• 2025-07-07 Price Changed $124,900 VMLS
• 2025-06-26 Relisted — VMLS
• 2025-06-26 Price Changed $129,900 VMLS
• 2025-06-16 Pending — VMLS
• 2025-05-27 Price Changed $134,900 VMLS
• 2025-05-19 Price Changed $139,900 VMLS
• 2025-05-09 Price Changed $144,900 VMLS
• 2025-04-25 Price Changed $149,900 VMLS
• 2025-04-08 Price Changed $154,900 VMLS
• 2025-03-29 Price Changed $159,900 VMLS
• 2025-03-22 Listed $164,900 VMLS
• 2024-08-27 Sold (MLS) $80,000 VMLS
• 2024-08-23 Pending — VMLS
• 2024-08-15 Delisted — VMLS
• 2024-08-05 Price Changed $90,000 VMLS
• 2024-07-16 Listed $99,000 VMLS

Property tax history

+6.4%/yr

Latest (2025): $665 · +89.1% YoY. Source: county tax records.