2423 Eagle Ct #2423 · Hoover, AL 35216

$230,000

5 bd · 2.5 ba · 2,343 sqft · Condo · 136 Days on market

Built 1978 Good condition $98/sqft · 30% below area Est $328k · 30% under ↓ 10% 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 +20.3/30.0
• ARV discount +15.0/15.0
• DSCR +6.4/10.0
• 1% rule +5.4/10.0
• Livability +4.2/5.0
• Condition / age +4.0/5.0
• Rent growth +3.1/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Est Mortgage Payment $2,300 a month Including HOA fee. This unique 5-bedroom, 3-bath condo offers a rare combination of space, flexibility, and opportunity. Currently tenant-occupied, the property can be purchased with tenants in place for immediate cash flow or delivered vacant for owner-occupancy. The versatile layout allows for multiple living arrangements, making it ideal for investors, house-hackers, or buyers seeking extra room. The HOA is actively completing major exterior renovations, including a new roof, new siding, fresh paint, and additional upgrades, adding long-term value and curb appeal. Whether you’re looking to invest or move in, this property checks the boxes.

Key facts

• Additional upgrades
• New siding
• Fresh paint

Tags

• MAJOR EXTERIOR RENOVATIONS
• NEW ROOF
• NEW SIDING
• FRESH PAINT
• ADDITIONAL UPGRADES
• CURB APPEAL

🏷️ Possibly a rental listed for sale. The $230,000 price doesn't fit this home's estimated sale value (~$327,738) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 5-bed/2.5-bath condo listed at $230k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $295 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $230k).
• Recommended offer: $202k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.8% vs local median 2.4% in Hoover — 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 84/100 on livability (#1 in AL, #630 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+.
• Jefferson County (suburban): math 9% / reading 32% proficiency, ranked #104 of 129 in AL (top 81%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising (+2.6%/yr); 135 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); 2,114 units permitted in Jefferson County in 2024 (556 in 5+ unit buildings).
• This rent runs 38% of the median local income ($75k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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.
• 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 136 days — a 12% lower offer ($202k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% 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 $202,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 136 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 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.04% ✓
• Cap rate: 7.83%
• Cash-on-cash: 5.50%
• DSCR: 1.24
• GRM: 8.0

CMA / ARV

• ARV (median comp): $327,738
• List price: $230,000
• Delta: -29.82%
• Verdict: UNDERPRICED
• Comps: 11 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.59% rent growth · sell at horizon

5-year hold

• IRR: -8.2%
• Equity multiple: 0.70×
• Total profit: $-19,410
• Equity at exit: $34,294

10-year hold

• IRR: 0.8%
• Equity multiple: 1.05×
• Total profit: $3,468
• Equity at exit: $19,886

Cash invested: $64,400 (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 35216

• Rents YoY: 2.6%
• Active inventory: 135
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $2,386 medium
• Mortgage (P&I): −$1,206
• Tax est. 1.5%: −$288 /mo · $3,450/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$501
• Net cashflow: $295

Break-even live

Break-even rent $2,012

Max offer price $230,000

Occupancy floor 83%

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: $57,500
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1212 Riverford Dr Hoover, AL	4.0	2.5	2368	$2,320	$0.98	14d	1	0.18mi
1208 Riverford Dr Hoover, AL	4.0	3.5	2396	$2,270	$0.95	1d	1	0.19mi
3454 Heather Ln Hoover, AL	4.0	3.0	2176	$2,600	$1.19	21d	1	0.87mi

HOA detail condo

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

Listing history 19 events

1. 2026-06-18
   days on market $230,000 Active 136 DOM
2. 2026-06-17
   days on market $230,000 Active 135 DOM
3. 2026-06-16
   days on market $230,000 Active 134 DOM
4. 2026-06-15
   days on market $230,000 Active 133 DOM
5. 2026-06-13
   days on market $230,000 Active 131 DOM
6. 2026-06-10
   days on market $230,000 Active 128 DOM
7. 2026-06-09
   days on market $230,000 Active 127 DOM
8. 2026-06-08
   days on market $230,000 Active 126 DOM
9. 2026-06-07
   days on market $230,000 Active 125 DOM
10. 2026-06-03
    days on market $230,000 Active 121 DOM
11. 2026-06-02
    days on market $230,000 Active 120 DOM
12. 2026-06-01
    days on market $230,000 Active 119 DOM
13. 2026-05-31
    days on market $230,000 Active 118 DOM
14. 2026-02-02
    listed $230,000 Active 692-char remark

    Show marketing remark (692 chars)

    Est Mortgage Payment $2,300 a month Including HOA fee. This unique 5-bedroom, 3-bath condo offers a rare combination of space, flexibility, and opportunity. Currently tenant-occupied, the property can be purchased with tenants in place for immediate cash flow or delivered vacant for owner-occupancy. The versatile layout allows for multiple living arrangements, making it ideal for investors, house-hackers, or buyers seeking extra room. The HOA is actively completing major exterior renovations, including a new roof, new siding, fresh paint, and additional upgrades, adding long-term value and curb appeal. Whether you’re looking to invest or move in, this property checks the boxes.

15. 2024-10-12
    price $215,000
16. 2024-02-12
    price $235,000
17. 2024-01-27
    price $245,000
18. 2024-01-12
    price $249,900
19. 2023-09-22
    price $254,900

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥107°F today · 19 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,629
• − Mortgage interest: −$12,884
• − Property taxes: −$3,450
• − Insurance: −$1,150
• − Repairs & maintenance: −$2,290
• − Management: −$2,290
• − Depreciation: −$6,691
• Taxable loss: −$126
• Est. tax savings @ 24.0%: +$30
• After-tax cash flow: $3,573/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 · 1 photo

Good 80/100 Cosmetic rehab

This well-maintained and updated condo is in excellent condition, ready for immediate occupancy. It offers a spacious layout and is located in a desirable area, making it an attractive investment opportunity.

Value-add opportunities

• Both Painting the interior walls — Fresh paint can enhance the home's appeal and value.
• Both Landscaping improvements — Enhanced curb appeal can attract more buyers and renters.
• Both Adding smart home features — Modern technology can increase the home's marketability and rental potential.
• Both Upgrading the kitchen appliances — Modern appliances can make the kitchen more functional and attractive to potential buyers and renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the interior walls — Fresh paint can enhance the home's appeal and value. ↑
• Both Landscaping improvements — Enhanced curb appeal can attract more buyers and renters. ↑
• Both Adding smart home features — Modern technology can increase the home's marketability and rental potential. ↑
• Both Upgrading the kitchen appliances — Modern appliances can make the kitchen more functional and attractive to potential buyers and renters. ↑

ⓘ 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: Jefferson County
• NCES district ID: 0101920
• Math proficiency: 9% ▼ -24.00%
• Reading proficiency: 32% ▼ -5.00%
• Median HH income: $51,712
• Composite: 18.4/100
• National rank: #8937
• State rank: #104 of 129 in AL

Livability — Hoover

• Score: 84/100
• State rank: #1
• US rank: #630

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Jefferson County · 527,445 people
• City population: 76,805
• Metro: Birmingham-Hoover, AL
• Population (ZIP): 34,327
• Household income: $74,525
• Rent vs Own: 44.4% rent · 55.6% own
• Severe rent burden: 1747.0

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: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: White 61% Black 24% Hispanic / Latino 8% Asian 5% Two or more races 4% Native American 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Slovak 3% Serbian 2% Italian 2%
• Foreign-born: 8% · Canada, China, South Korea
• Languages at home: 88% English-only · Spanish 6% Other Indo-European 2% Arabic 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: ▼ -259.83%
• Current HPI: 239.8705
• Rent YoY: ▲ 2.59%
• 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

-9.8% since first listed

6 events — show timeline

• 2026-02-02 Listed $230,000 Greater Alabama MLS
• 2024-10-12 Price Changed $215,000 Greater Alabama MLS
• 2024-02-12 Price Changed $235,000 Greater Alabama MLS
• 2024-01-27 Price Changed $245,000 Greater Alabama MLS
• 2024-01-12 Price Changed $249,900 Greater Alabama MLS
• 2023-09-22 Price Changed $254,900 Greater Alabama MLS