3408 Sandner Ct Unit A · Homewood, AL 35209

$149,000

1 bd · 1.0 ba · 720 sqft · Condo · 246 Days on market

Built 1967 Poor condition $207/sqft · 17% below area Est $181k · 17% under

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Why this score? — see what drove the D 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).

• ARV discount +15.0/15.0
• Cash flow +6.5/30.0
• Schools +5.6/10.0
• 1% rule +4.2/10.0
• Livability +4.0/5.0
• Rent growth +3.3/5.0
• Condition / age +1.0/5.0
• DSCR +0.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Attention medical personal and students. .. Close to UAB, Baptist Medical Center, Samford University. .. convenient to shopping, places of worship and expressways. Condo is on the main floor.

Key facts

• Close to uab
• Community pool
• Built 1967

Tags

• CLOSE TO UAB
• CLOSE TO SAMFORD UNIVERSITY
• CONVENIENT TO SHOPPING
• CONVENIENT TO EXPRESSWAYS
• CONDO ON THE MAIN FLOOR

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $149k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $-253 ($-3k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $137k (7.7% below list).
• Recommended offer: $131k (12.0% below list) — sets the bar for market timing.
• Cap rate 4.3% vs local median 2.3% in Homewood — 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 80/100 on livability (#5 in AL, #1,730 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, housing A+; Watch: cost of living F.
• Homewood City (suburban): math 55% / reading 74% proficiency, ranked #3 of 129 in AL (top 2%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+3.3%/yr); 99 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 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 $1k of loan paydown is wiped out by about $4k 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.

Negotiation context

• It's been on market 246 days — a 12% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• 2 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 $80k; list at $149k implies a 86% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 22% of rent.

Recommended offer $131,120 (12.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 246 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
10. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
11. 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.
12. 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.
13. 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: 0.92% ✗
• Cap rate: 4.26%
• Cash-on-cash: -7.26%
• DSCR: 0.68
• GRM: 9.0

CMA / ARV

• ARV (median comp): $180,600
• List price: $149,000
• Delta: -17.50%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.34% rent growth · sell at horizon

5-year hold

• IRR: -28.2%
• Equity multiple: 0.05×
• Total profit: $-39,544
• Equity at exit: $22,216

10-year hold

• IRR: -24.9%
• Equity multiple: -0.25×
• Total profit: $-52,338
• Equity at exit: $12,883

Cash invested: $41,720 (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 35209

• Rents YoY: 3.3%
• Active inventory: 99
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $1,375 medium
• Mortgage (P&I): −$781
• Tax est. 1.5%: −$186 /mo · $2,235/yr
• Insurance: −$62
• HOA est. from 1 same-building comp: −$309
• Vacancy / Maint / Mgmt: −$289
• Net cashflow: $-253

Break-even live

Break-even rent $1,695

Max offer price $112,461

Occupancy floor —

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: $37,250
• Closing costs: $4,470
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3441 Sandner Ct Homewood, AL	1.0	1.0	647	$1,500	$2.32	10d	1	0.03mi
1905 Courtney Dr Apt 15 Homewood, AL	1.0	1.0	565	$950	$1.68	43d	1	0.37mi
1301 Lakeshore Dr Homewood, AL	3.0	1.0–2.0	1175	$1,240	$1.06	1d	12	0.69mi
2400 Heathermoor Rd Mountain Brook, AL	1.0	1.0	600	$1,600	$2.67	1d	1	1.10mi
1000 Lane Parke Ct Mountain Brook, AL	1.0–2.0	1.0–2.0	914	$2,129	$2.33	1d	6	1.33mi
915 Valley Ridge Dr Birmingham, AL	1.0–3.0	1.0–2.5	1087	$799	$0.73	1d	34	1.49mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-18
   days on market $149,000 Active 246 DOM
2. 2026-06-17
   days on market $149,000 Active 245 DOM
3. 2026-06-16
   days on market $149,000 Active 244 DOM
4. 2026-06-15
   days on market $149,000 Active 243 DOM
5. 2026-06-13
   days on market $149,000 Active 241 DOM
6. 2026-06-10
   days on market $149,000 Active 238 DOM
7. 2026-06-09
   days on market $149,000 Active 237 DOM
8. 2026-06-08
   days on market $149,000 Active 236 DOM
9. 2026-06-07
   days on market $149,000 Active 235 DOM
10. 2026-06-03
    days on market $149,000 Active 231 DOM
11. 2026-06-02
    days on market $149,000 Active 230 DOM
12. 2026-06-01
    days on market $149,000 Active 229 DOM
13. 2026-05-31
    days on market $149,000 Active 228 DOM
14. 2025-10-15
    listed $149,000 Active 191-char remark

    Show marketing remark (191 chars)

    Attention medical personal and students. .. Close to UAB, Baptist Medical Center, Samford University. .. convenient to shopping, places of worship and expressways. Condo is on the main floor.

15. 2021-07-15
    soldstatus $80,000 Sold 94-char remark

    Show marketing remark (94 chars)

    1 bedroom/1 bathroom condo in a convenient location in Homewood. Great investment opportunity.

16. 2021-04-23
    historical Contingent 94-char remark

    Show marketing remark (94 chars)

    1 bedroom/1 bathroom condo in a convenient location in Homewood. Great investment opportunity.

17. 2021-04-07
    listed $75,000 Active 94-char remark

    Show marketing remark (94 chars)

    1 bedroom/1 bathroom condo in a convenient location in Homewood. Great investment opportunity.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $16,499
• − Mortgage interest: −$8,346
• − Property taxes: −$2,235
• − Insurance: −$745
• − Repairs & maintenance: −$1,320
• − Management: −$1,320
• − HOA: −$3,708
• − Depreciation: −$4,335
• Taxable loss: −$5,510
• Est. tax savings @ 24.0%: +$1,322
• After-tax cash flow: $-1,708/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.

Condition & rehab AI · 4 photos

Poor 20/100 Extensive rehab

This property requires extensive repairs and maintenance, including landscaping and bathroom updates, to improve its condition and value.

Repairs flagged

• Major Landscaping — Overgrown bushes and grass
• Major Bathroom — Tiled floor, dated fixtures
• Major Exterior — Brick siding, overgrown landscaping

Value-add opportunities

• Both Landscaping and exterior painting — Improves curb appeal and resale value
• Both Bathroom renovation — Updates dated fixtures and improves rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Landscaping · Overgrown bushes and grass	Major	$15,000–50,000
Bathroom · Tiled floor, dated fixtures	Major	$15,000–50,000
Exterior · Brick siding, overgrown landscaping	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both Landscaping and exterior painting — Improves curb appeal and resale value ↑
• Both Bathroom renovation — Updates dated fixtures and improves rental value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Homewood City
• NCES district ID: 0101760
• Math proficiency: 55% ▼ -20.00%
• Reading proficiency: 74% ▲ 6.00%
• Median HH income: $63,366
• Composite: 56.01/100
• National rank: #1189
• State rank: #3 of 129 in AL

Livability — Homewood

• Score: 80/100
• State rank: #5
• US rank: #1730

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Homewood, AL
• County: Jefferson County · 527,445 people
• City population: 32,734
• Metro: Birmingham-Hoover, AL
• Population (ZIP): 32,734
• Household income: $71,439
• Rent vs Own: 51.5% rent · 48.5% own
• Severe rent burden: 1879.0

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: Majority White (64%)
• Race & ethnicity: White 64% Black 23% Hispanic / Latino 7% Two or more races 4% Asian 3%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 2% Slovak 2% Serbian 1%
• Foreign-born: 7% · Canada
• Languages at home: 91% English-only · Spanish 5% Other Indo-European 1%

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: ▼ -472.07%
• Current HPI: 312.2185
• Rent YoY: ▲ 3.34%
• Metro: Birmingham-Hoover, 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

+98.7% since first listed

4 events — show timeline

• 2025-10-15 Listed $149,000 Greater Alabama MLS
• 2021-07-15 Sold (MLS) $80,000 Greater Alabama MLS
• 2021-04-23 Contingent — Greater Alabama MLS
• 2021-04-07 Listed $75,000 Greater Alabama MLS