311 Third St · Montgomery, AL 36110

$35,000

3 bd · 1.0 ba · 1,312 sqft · SingleFamily public records · 487 Days on market

Built 1927 7,666 sqft lot $27/sqft · 50% below area Est $49k · 28% 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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This investment property presents an exciting opportunity for those with a vision to create their dream space. Located in a prime area, this house features the flexibility to redesign the layout, allowing you to choose between a 2-bedrooms, 2-bathrooms or your preferred configuration. The owner has already made some key updates, including adding a new bathroom on the main level, while the attic bathroom has been reinforced with sturdy 2x10 joists to ensure long-term durability. New plumbing and electrical have been roughed in, providing a solid foundation for further development. The windows and exterior door have been replaced with new, energy-efficient models, improving both aesthetics and insulation. With these important upgrades already in place, this house is the perfect project for someone willing to invest in bringing it back to its full potential. Whether you’re an experienced investor or a homeowner ready to create a custom layout, this property offers the chance to add significant value while making it your own. SOLD STRICTLY AS IS. Call your favorite realtor for your private tour!

Key facts

• New plumbing
• New bathroom
• New electrical

Tags

• NEW BATHROOM
• ATTIC BATHROOM REINFORCED
• NEW PLUMBING
• NEW ELECTRICAL
• NEW ENERGY EFFICIENT WINDOWS
• NEW EXTERIOR DOOR

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $35k.

Deal economics

• At list price, monthly cash flow is $617 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $35k).
• Recommended offer: $31k (12.0% below list) — sets the bar for market timing.
• Cap rate 27.5% vs local median 6.0% in Montgomery — 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 65/100 on livability (#138 in AL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools C-, employment D, crime F.
• Montgomery County (urban): math 9% / reading 31% proficiency, ranked #106 of 129 in AL (top 82%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 63 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 57% of comp listings sitting > 30 days — soft ceiling on asking rent; 460 units permitted in Montgomery County in 2024 (37 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $242 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Montgomery County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 487 days — a 12% lower offer ($31k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 23y ago; this cycle's ask has dropped $18k (33%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $20k; list at $35k implies a 76% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $30,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 487 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 1927 — 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: 2.99% ✓
• Cap rate: 27.46%
• Cash-on-cash: 75.61%
• DSCR: 4.36
• GRM: 2.8

CMA / ARV

• ARV (median comp): $48,830
• List price: $35,000
• Delta: -28.32%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
225 2nd St	0.09mi	3/1.0	1,415 (+8%)	1mo	$55,000	$39	82
3055 Alta Rd	0.30mi	3/1.0	1,300 (-1%)	11mo	$47,000	$36	76
525 5th St	0.15mi	4/2.0 (+1)	1,344 (+2%)	7mo	$110,000	$82	74
3061 Alta Rd	0.29mi	3/1.0	1,404 (+7%)	5mo	$45,000	$32	70
428 Conrad St	0.48mi	3/1.5	1,352 (+3%)	5mo	$85,000	$63	66
548 Conrad St	0.53mi	3/2.0	1,352 (+3%)	4mo	$77,000	$57	63
10 Johnson Ave	0.08mi	2/2.0 (-1)	1,490 (+14%)	4mo	$41,000	$28	61
345 Milton Rd	0.66mi	4/1.0 (+1)	1,350 (+3%)	0mo	$49,900	$37	59
715 7th St	0.22mi	2/1.0 (-1)	1,136 (-13%)	4mo	$31,000	$27	59
2930 Milton Rd	0.38mi	3/2.0	1,186 (-10%)	10mo	$53,000	$45	54
114 Rotary St	0.60mi	3/1.0	1,132 (-14%)	2mo	$25,000	$22	47
921 Oakbrook Dr	0.61mi	4/2.0 (+1)	1,502 (+14%)	1mo	$100,000	$67	37

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: 75.5%
• Equity multiple: 4.43×
• Total profit: $33,651
• Equity at exit: $5,219

10-year hold

• IRR: 79.2%
• Equity multiple: 9.16×
• Total profit: $79,923
• Equity at exit: $3,026

Cash invested: $9,800 (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 36110

• Home prices YoY: -34.8%
• Active inventory: 63
• Price-to-rent: 2.8×

Monthly cashflow live

• Estimated rent: $1,045 high
• Mortgage (P&I): −$184
• Tax from tax record: −$10 /mo · $124/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$220
• Net cashflow: $617

Break-even live

Break-even rent $264

Max offer price $35,000

Occupancy floor 36%

Sensitivity live

Price	-10% $637	-5% $627	+0% $617	+5% $608	+10% $598
Rent	-10% $535	-5% $576	+0% $617	+5% $659	+10% $700
Rate	-1.0pp $635	-0.5pp $626	base $617	+0.5pp $608	+1.0pp $599

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: $8,750
• Closing costs: $1,050
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
325 3rd St Montgomery, AL	2.0	1.0	925	$850	$0.92	45d	1	0.10mi
3024 Tyler Rd Montgomery, AL	3.0	1.0	892	$725	$0.81	22d	1	0.18mi
622 6th St Montgomery, AL	3.0	1.0	1207	$1,095	$0.91	45d	1	0.23mi
3070 Tremont St Montgomery, AL	3.0	1.0	1102	$1,450	$1.32	45d	1	0.28mi
3 Rotary St Montgomery, AL	3.0	1.0	1131	$925	$0.82	22d	1	0.59mi
105 Dyas Ct Montgomery, AL	3.0	1.0	1025	$1,095	$1.07	45d	1	0.73mi
4029 Chelsea Dr Montgomery, AL	3.0	1.0	1000	$1,200	$1.20	45d	1	0.83mi
16 Garden St Montgomery, AL	3.0	1.5	1008	$775	$0.77	45d	1	0.84mi
216 Gardendale Dr Montgomery, AL	3.0	1.0	900	$850	$0.94	22d	1	0.94mi
204 W Park Ave Montgomery, AL	3.0	1.0	1145	$850	$0.74	22d	1	0.98mi
207 Destin St Montgomery, AL	3.0	1.0	966	$695	$0.72	22d	1	1.05mi
218 Broadway St Montgomery, AL	2.0	1.0	960	$895	$0.93	14d	1	1.07mi
298 Broadway St Montgomery, AL	2.0	1.0	896	$900	$1.00	45d	1	1.08mi
408 Briarbrook Dr Montgomery, AL	3.0	2.0	1025	$960	$0.94	22d	1	1.09mi
408 Briarbrook Dr #204 Montgomery, AL	3.0	2.0	1025	$1,000	$0.98	45d	1	1.09mi
3452 Harris St Montgomery, AL	3.0	1.0	1400	$1,150	$0.82	22d	1	1.18mi
3613 Erwin Dr Montgomery, AL	3.0	2.0	1092	$1,250	$1.14	45d	1	1.23mi
3329 Texas St Montgomery, AL	3.0	1.0	1000	$1,100	$1.10	45d	1	1.30mi
2107 Yarbrough Cir Montgomery, AL	3.0	1.0	910	$925	$1.02	45d	1	1.36mi
1653 N Yarbrough Ct Montgomery, AL	3.0	1.0	1130	$950	$0.84	22d	1	1.37mi
2111 Yarbrough St Montgomery, AL	3.0	1.0	962	$795	$0.83	45d	1	1.40mi

Listing history 25 events

1. 2026-06-21
   days on market $35,000 Active 487 DOM
2. 2026-06-18
   days on market $35,000 Active 484 DOM
3. 2026-06-17
   days on market $35,000 Active 483 DOM
4. 2026-06-16
   days on market $35,000 Active 482 DOM
5. 2026-06-15
   days on market $35,000 Active 481 DOM
6. 2026-06-14
   days on market $35,000 Active 479 DOM
7. 2026-06-13
   days on market $35,000 Active 478 DOM
8. 2026-06-10
   days on market $35,000 Active 476 DOM
9. 2026-06-09
   days on market $35,000 Active 475 DOM
10. 2026-06-08
    days on market $35,000 Active 474 DOM
11. 2026-06-07
    days on market $35,000 Active 473 DOM
12. 2026-06-03
    days on market $35,000 Active 469 DOM
13. 2026-06-02
    days on market $35,000 Active 468 DOM
14. 2026-06-01
    days on market $35,000 Active 467 DOM
15. 2026-05-31
    days on market $35,000 Active 466 DOM
16. 2026-05-30
    days on market $35,000 Active 465 DOM
17. 2026-02-19
    status Active 1114-char remark

    Show marketing remark (1114 chars)

    This investment property presents an exciting opportunity for those with a vision to create their dream space. Located in a prime area, this house features the flexibility to redesign the layout, allowing you to choose between a 2-bedrooms, 2-bathrooms or your preferred configuration. The owner has already made some key updates, including adding a new bathroom on the main level, while the attic bathroom has been reinforced with sturdy 2x10 joists to ensure long-term durability. New plumbing and electrical have been roughed in, providing a solid foundation for further development. The windows and exterior door have been replaced with new, energy-efficient models, improving both aesthetics and insulation. With these important upgrades already in place, this house is the perfect project for someone willing to invest in bringing it back to its full potential. Whether you’re an experienced investor or a homeowner ready to create a custom layout, this property offers the chance to add significant value while making it your own. SOLD STRICTLY AS IS. Call your favorite realtor for your private tour!

18. 2025-08-12
    price $35,000 1114-char remark

    Show marketing remark (1114 chars)

    This investment property presents an exciting opportunity for those with a vision to create their dream space. Located in a prime area, this house features the flexibility to redesign the layout, allowing you to choose between a 2-bedrooms, 2-bathrooms or your preferred configuration. The owner has already made some key updates, including adding a new bathroom on the main level, while the attic bathroom has been reinforced with sturdy 2x10 joists to ensure long-term durability. New plumbing and electrical have been roughed in, providing a solid foundation for further development. The windows and exterior door have been replaced with new, energy-efficient models, improving both aesthetics and insulation. With these important upgrades already in place, this house is the perfect project for someone willing to invest in bringing it back to its full potential. Whether you’re an experienced investor or a homeowner ready to create a custom layout, this property offers the chance to add significant value while making it your own. SOLD STRICTLY AS IS. Call your favorite realtor for your private tour!

19. 2025-02-18
    listed $52,500 Active 1114-char remark

    Show marketing remark (1114 chars)

    This investment property presents an exciting opportunity for those with a vision to create their dream space. Located in a prime area, this house features the flexibility to redesign the layout, allowing you to choose between a 2-bedrooms, 2-bathrooms or your preferred configuration. The owner has already made some key updates, including adding a new bathroom on the main level, while the attic bathroom has been reinforced with sturdy 2x10 joists to ensure long-term durability. New plumbing and electrical have been roughed in, providing a solid foundation for further development. The windows and exterior door have been replaced with new, energy-efficient models, improving both aesthetics and insulation. With these important upgrades already in place, this house is the perfect project for someone willing to invest in bringing it back to its full potential. Whether you’re an experienced investor or a homeowner ready to create a custom layout, this property offers the chance to add significant value while making it your own. SOLD STRICTLY AS IS. Call your favorite realtor for your private tour!

20. 2022-03-25
    soldstatus $19,900 396-char remark

    Show marketing remark (396 chars)

    Public Notes: Excellent investment opportunity in Montgomery. This house has been a good rental for the seller. No major work needs to be done to get this home ready for rent. This is a 2bedroom/1 bathroom with the second bedroom being an upstairs loft. Has a shed in the back that could be a great workshop or garage with a back-alley entrance. It will need cosmetic work to be rent-ready again.

21. 2022-02-23
    listed $19,900 396-char remark

    Show marketing remark (396 chars)

    Public Notes: Excellent investment opportunity in Montgomery. This house has been a good rental for the seller. No major work needs to be done to get this home ready for rent. This is a 2bedroom/1 bathroom with the second bedroom being an upstairs loft. Has a shed in the back that could be a great workshop or garage with a back-alley entrance. It will need cosmetic work to be rent-ready again.

22. 2008-09-11
    soldstatus $8,000
23. 2008-04-01
    listed $15,000
24. 2003-10-14
    soldstatus $12,500
25. 2003-07-22
    listed $17,900

ⓘ 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: $124 · $10/mo
• Projected year-2 tax: $144 · $12/mo
• Expected delta: +$19/yr (+$2/mo · 15.6%)

ⓘ 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 ≥107°F today · 21 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,546
• − Mortgage interest: −$1,961
• − Property taxes: −$124
• − Insurance: −$175
• − Repairs & maintenance: −$1,004
• − Management: −$1,004
• − Depreciation: −$1,018
• Taxable income: $7,261
• Est. tax owed @ 24.0%: −$1,743
• After-tax cash flow: $5,667/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: Montgomery County
• NCES district ID: 0102430
• Math proficiency: 9% ▼ -21.00%
• Reading proficiency: 31% ▼ -1.00%
• Median HH income: $43,902
• Composite: 17.24/100
• National rank: #9093
• State rank: #106 of 129 in AL

Livability — Montgomery

• Score: 65/100
• State rank: #138
• US rank: #13416

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Montgomery, AL
• County: Montgomery County · 190,016 people
• City population: 175,913
• Metro: Montgomery, AL
• Population (ZIP): 12,102
• Household income: $47,315
• Rent vs Own: 50.0% rent · 50.0% own
• Severe rent burden: 753.0

Population outlook (Montgomery County) Hauer SSP2

• Today (2025): 224,008 people
• By 2030: 221,460 · -1.1%
• By 2040: 214,179 · -4.4%
• By 2050: 204,912 · -8.5%
• By 2075: 177,821 · -20.6%
• By 2100: 145,134 · -35.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (83%)
• Race & ethnicity: Black 83% White 11% Two or more races 3% Asian 2% Hispanic / Latino 1%
• Common ancestry: Hispanic 1%
• Foreign-born: 2% · China, Canada
• Languages at home: 96% English-only · Spanish 2% Other Asian/Pacific 1%

Political lean MEDSL · Montgomery

• 2024 margin: Solid D (+30.7) · D 64.8% · R 34.1% · Other 1.1%
• 2008→2024 swing: +11.5pp toward D · 2008: 19.2pp · 2024: 30.7pp
• All cycles: 2024: D+30.7 2020: D+31.5 2016: D+26.2 2012: D+24.3 2008: D+19.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -35.37%
• Current HPI: 66.3114
• Rent YoY: —
• Metro: Montgomery, 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

+95.5% since first listed

9 events — show timeline

• 2026-02-19 Relisted — MAAR
• 2025-08-12 Price Changed $35,000 MAAR
• 2025-02-18 Listed $52,500 MAAR
• 2022-03-25 Sold (MLS) $19,900 MAAR
• 2022-02-23 Listed $19,900 MAAR
• 2008-09-11 Sold (MLS) $8,000 MAAR
• 2008-04-01 Listed $15,000 MAAR
• 2003-10-14 Sold (MLS) $12,500 MAAR
• 2003-07-22 Listed $17,900 MAAR

Property tax history

-6.4%/yr

Latest (2022): $124 · -0.6% YoY. Source: county tax records.