623 38th St · Tuscaloosa, AL 35405

$219,900

None bd · None ba · 2,482 sqft · MultiFamily public records

Built 1970 0.57 ac lot Est $184k · 20% over ↓ 16% since listing

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.9/10.0
• Rent growth +3.9/5.0
• Livability +3.9/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 3 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Ideal investment opportunity. 100% occupied. TriPlex Three “2-bedroom 1-bath” units for a total of six bedrooms and three bathrooms under one roof. Leases in place for all three units. Westerly most unit recently completely remodeled with granite countertops. Recently purchased new refrigerators and stoves in all units. Each unit has two dedicated off-street parking spaces. Total gross rents: $1850/month ($22,200 annually) 7% Cap Rate 72 hours notice to show interior of apartment units. Only cash or cash equivalent contract considered. No contingencies for financing. Owner is a licensed real estate broker in the state of Alabama. Owner is acting as listing agent.

Key facts

• 0.57 acre lot

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/?-bath units multifamily listed at $220k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $395/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $220k).
• Cap rate 12.8% vs local median 3.4% in Tuscaloosa — 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 77/100 on livability (#9 in AL, #2,909 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, health & safety A+, cost of living A; Watch: crime F, employment D-.
• Tuscaloosa City (urban): math 19% / reading 40% proficiency, ranked #74 of 129 in AL (top 57%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Skyland Elementary School (math 2% / reading 22%, grade F, #536 of 627 statewide, top 88%, 385 students, 91% FRL); Eastwood Middle School (math 3% / reading 31%, grade F, #201 of 257 statewide, top 79%, 758 students, 78% FRL); Paul W Bryant High School (math 3% / reading 7%, grade F, #276 of 305 statewide, top 95%, 1,042 students, 48% FRL).
• Zoned-school proficiency averages 11% at this address vs 30% district-wide (-18 pts) — the specific schools serving this property underperform the Tuscaloosa City average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+5.4%/yr); 457 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 622 units permitted in Tuscaloosa County in 2024 (69 in 5+ unit buildings).
• At $3,282/mo this rent would consume 63% of the median local household income ($62k/yr) (locally 1963% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Tuscaloosa County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 5.4% rent growth), your $62k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $185k; 19% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 60% 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 $219,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 1.49% ✓
• Cap rate: 12.75%
• Cash-on-cash: 23.07%
• DSCR: 2.03
• GRM: 5.6

CMA / ARV

• ARV (on-the-fly): $183,668
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
455 30th Pl	0.60mi	—/—	2,565 (+3%)	2mo	$190,000	$74	65
467 30th Pl	0.57mi	6/3.0	2,429 (-2%)	10mo	$110,000	$45	62

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 · 5.42% rent growth · sell at horizon

5-year hold

• IRR: 18.7%
• Equity multiple: 1.78×
• Total profit: $47,939
• Equity at exit: $32,788

10-year hold

• IRR: 28.6%
• Equity multiple: 3.83×
• Total profit: $174,058
• Equity at exit: $19,013

Cash invested: $61,572 (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 35405

• Home prices YoY: -26.9%
• Rents YoY: 5.4%
• Active inventory: 457
• Price-to-rent: 16.8×

Monthly cashflow live

• Estimated rent: $3,282 high
• Mortgage (P&I): −$1,153
• Tax from tax record: −$164 /mo · $1,968/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$689
• Net cashflow: $1,184

Break-even live

Break-even rent $1,783

Max offer price $219,900

Occupancy floor 59%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	—	$3,282
Total (3 units)			$3,282

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: $54,975
• Closing costs: $6,597
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
235 James I Harrison Jr Pkwy E Tuscaloosa, AL	1.0–3.0	1.0–2.0	1259	$984	$0.78	43d	37	0.73mi
2402 Prince Ave Tuscaloosa, AL	3.0	3.0	1796	$2,300	$1.28	21d	1	0.98mi
2150 3rd Ct Tuscaloosa, AL	3.0	3.0	1886	$2,150	$1.14	13d	1	1.21mi
2150 3rd Ct #602 Tuscaloosa, AL	3.0	3.0	1886	$2,695	$1.43	21d	1	1.26mi

Listing history 6 events

1. 2023-08-26
   status Pending
2. 2023-08-10
   historical
3. 2023-06-16
   historical
4. 2021-07-08
   soldstatus $185,000
5. 2021-06-14
   historical
6. 2021-05-11
   listed $219,900

ⓘ 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: $1,968 · $164/mo
• Projected year-2 tax: $1,968 · $164/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 7/10 Severe 7 d/yr ≥108°F today · 20 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 60% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $39,384
• − Mortgage interest: −$12,318
• − Property taxes: −$1,968
• − Insurance: −$1,100
• − Repairs & maintenance: −$3,151
• − Management: −$3,151
• − Depreciation: −$6,397
• Taxable income: $11,300
• Est. tax owed @ 24.0%: −$2,712
• After-tax cash flow: $11,495/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: Tuscaloosa City
• NCES district ID: 0103360
• Math proficiency: 19% ▼ -24.00%
• Reading proficiency: 40% ▼ -1.00%
• Median HH income: $37,474
• Composite: 24.51/100
• National rank: #7647
• State rank: #74 of 129 in AL

Livability — Tuscaloosa

• Score: 77/100
• State rank: #9
• US rank: #2909

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Tuscaloosa, AL
• County: Tuscaloosa County · 206,491 people
• City population: 134,228
• Metro: Tuscaloosa, AL
• Population (ZIP): 49,420
• Household income: $62,301
• Rent vs Own: 45.6% rent · 54.4% own
• Severe rent burden: 1963.0

Population outlook (Tuscaloosa County) Hauer SSP2

• Today (2025): 228,293 people
• By 2030: 240,551 · +5.4%
• By 2040: 263,856 · +15.6%
• By 2050: 286,491 · +25.5%
• By 2075: 335,783 · +47.1%
• By 2100: 370,520 · +62.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: Black 56% White 35% Hispanic / Latino 5% Two or more races 3% Asian 2%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Italian 1% Lithuanian 1% Slovak 1%
• Foreign-born: 5% · Canada, China
• Languages at home: 94% English-only · Spanish 4% Other Indo-European 1% Chinese 1%

Political lean MEDSL · Tuscaloosa

• 2024 margin: Strong R (+20.4) · D 39.4% · R 59.8%
• 2008→2024 swing: -4.4pp toward R · 2008: -16.0pp · 2024: -20.4pp
• All cycles: 2024: R+20.4 2020: R+14.8 2016: R+19.5 2012: R+17.4 2008: R+16.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -71.25%
• Current HPI: 193.1929
• Rent YoY: ▲ 5.42%
• Metro: Tuscaloosa, 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

-15.9% since first listed

6 events — show timeline

• 2023-08-26 Pending — WAMLS
• 2023-08-10 Delisted — WAMLS
• 2023-06-16 Rental Removed — APPFOLIO
• 2021-07-08 Sold (Public Records) $185,000 Public Records
• 2021-06-14 Delisted — WAMLS
• 2021-05-11 Listed $219,900 WAMLS

Property tax history

+4.1%/yr

Latest (2025): $1,968 · +7.0% YoY. Source: county tax records.