1505 Co Rd 384 · Good Hope, AL 35057

$189,000

3 bd · 2.0 ba · 1,414 sqft · SingleFamily public records · 18 Days on market

Built 1966 1.40 ac lot $134/sqft · 9% above area Est $200k · 6% 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).

• Cash flow +15.5/30.0
• ARV discount +10.0/15.0
• DSCR +4.8/10.0
• Livability +3.2/5.0
• 1% rule +3.0/10.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Located in the sought-after Good Hope school district, this updated 3BR/2BA home sits on approximately 1.4 acres and offers the perfect mix of comfort, space, and convenience. Inside, you’ll find around 1,600± sq ft with hardwood and LVP flooring throughout, plus a functional single-level layout designed for easy living. Major improvements include an HVAC system approximately 5 years old and a roof approximately 8 years old, helping provide peace of mind for years to come. Enjoy the privacy of a rural setting while still being conveniently located to Cullman, Smith Lake, shopping, dining, and schools. If you’ve been searching for move-in ready with acreage and updates at

Key facts

• Move-in ready
• Acreage
• Roof

Tags

• UPDATED HOME
• HVAC SYSTEM
• ROOF
• RURAL SETTING
• MOVE-IN READY
• ACREAGE

Property features AI

Exterior

• Parking: 2-car garage
• Utilities: Septic tank
• Home design: Single-family residential property
• Construction: Vinyl siding; Above-grade finished area reported (1,625)
• Exterior features: Shingle roof; Asphalt road access; 1.4-acre lot; Lot dimensions approximately 104.38 x 338.97 x 411.12 x 208.7

Interior

• Kitchen: Dishwasher; Electric oven; Refrigerator
• Bedrooms: 3 main-level bedrooms
• Flooring: Ceramic tile; Hardwood; Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Dishwasher; Electric oven; Refrigerator; Crawl space
• Laundry & utility: Main-level laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $189k.

Deal economics

• At list price, monthly cash flow is $75 ($896/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $151k (20.2% below list).
• Recommended offer: $151k (20.2% below list) — sets the bar for 1% rule.
• Cap rate 6.8% vs local median 4.1% in Good Hope — 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 63/100 on livability (#199 in AL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D, amenities F, commute F.
• Cullman County (rural): math 19% / reading 49% proficiency, ranked #49 of 129 in AL (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Good Hope Primary School (425 students, 63% FRL); Good Hope Middle School (math 19% / reading 54%, grade F, #76 of 257 statewide, top 31%, 386 students, 62% FRL); Good Hope High School (math 27% / reading 17%, grade F, #142 of 305 statewide, top 51%, 443 students, 53% FRL).
• Market conditions: 127 active listings in the ZIP; 180 units permitted in Cullman County in 2024 (0 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 $6k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($186k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 22y 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.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $150,893 (20.2% below list)

Questions for the listing agent

1. Built in 1966 — 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. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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?
5. 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.
6. 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.
7. 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: 0.80% ✗
• Cap rate: 6.77%
• Cash-on-cash: 1.69%
• DSCR: 1.08
• GRM: 10.4

CMA / ARV

• ARV (median comp): $200,062
• List price: $189,000
• Delta: 14.96%
• Verdict: OVERPRICED
• Comps: 8 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -13.7%
• Equity multiple: 0.51×
• Total profit: $-25,963
• Equity at exit: $28,181

10-year hold

• IRR: -4.9%
• Equity multiple: 0.68×
• Total profit: $-16,863
• Equity at exit: $16,341

Cash invested: $52,920 (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 35057

• Home prices YoY: -14.1%
• Active inventory: 127
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $1,509 medium
• Mortgage (P&I): −$991
• Tax from tax record: −$47 /mo · $570/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$317
• Net cashflow: $75

Break-even live

Break-even rent $1,414

Max offer price $189,000

Occupancy floor 90%

Sensitivity live

Price	-10% $182	-5% $128	+0% $75	+5% $21	+10% $-32
Rent	-10% $-45	-5% $15	+0% $75	+5% $134	+10% $194
Rate	-1.0pp $170	-0.5pp $123	base $75	+0.5pp $26	+1.0pp $-24

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: $47,250
• Closing costs: $5,670
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-22
   days on market $189,000 Active 18 DOM
2. 2026-06-21
   days on market $189,000 Active 17 DOM
3. 2026-06-19
   days on market $189,000 Active 15 DOM
4. 2026-06-18
   days on market $189,000 Active 14 DOM
5. 2026-06-17
   days on market $189,000 Active 13 DOM
6. 2026-06-16
   days on market $189,000 Active 12 DOM
7. 2026-06-15
   days on market $189,000 Active 11 DOM
8. 2026-06-14
   days on market $189,000 Active 9 DOM
9. 2026-06-12
   days on market $189,000 Active 8 DOM
10. 2026-06-09
    days on market $189,000 Active 5 DOM
11. 2026-06-08
    days on market $189,000 Active 4 DOM
12. 2026-06-07
    days on market $189,000 Active 3 DOM
13. 2026-06-05
    remarks 680-char remark
14. 2026-06-05
    pricestatusdays on marketlisting id $189,000 Active 1 DOM
15. 2026-04-22
    price $230,000
16. 2015-07-06
    listed $89,000
17. 2004-12-13
    listed $89,900

ⓘ 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: $570 · $47/mo
• Projected year-2 tax: $775 · $65/mo
• Expected delta: +$205/yr (+$17/mo · 36.0%)

ⓘ 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 5/10 Major
• 🌡 Heat 5/10 Major 7 d/yr ≥105°F today · 19 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 21% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,107
• − Mortgage interest: −$10,587
• − Property taxes: −$570
• − Insurance: −$945
• − Repairs & maintenance: −$1,449
• − Management: −$1,449
• − Depreciation: −$5,498
• Taxable loss: −$2,390
• Est. tax savings @ 24.0%: +$574
• After-tax cash flow: $1,470/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: Cullman County
• NCES district ID: 0101020
• Math proficiency: 19% ▼ -35.00%
• Reading proficiency: 49% ▲ 1.00%
• Median HH income: $39,449
• Composite: 28.39/100
• National rank: #6767
• State rank: #49 of 129 in AL

Livability — Good Hope

• Score: 63/100
• State rank: #199
• US rank: #15846

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 15,514

Population outlook (Cullman County) Hauer SSP2

• Today (2025): 84,522 people
• By 2030: 85,402 · +1.0%
• By 2040: 86,152 · +1.9%
• By 2050: 85,202 · +0.8%
• By 2075: 79,679 · -5.7%
• By 2100: 66,943 · -20.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Hispanic / Latino 3% Two or more races 3%
• Common ancestry: Slovak 2% Serbian 1% Italian 1%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Cullman

• 2024 margin: Solid R (+80.5) · D 9.4% · R 89.9%
• 2008→2024 swing: -15.3pp toward R · 2008: -65.2pp · 2024: -80.5pp
• All cycles: 2024: R+80.5 2020: R+77.4 2016: R+77.8 2012: R+69.5 2008: R+65.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -43.36%
• Current HPI: 264.0336
• 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

+110.2% since first listed

4 events — show timeline

• 2026-06-04 Listed $189,000 SAARMLS
• 2026-04-22 Price Changed $230,000 Greater Alabama MLS
• 2015-07-06 Listed $89,000 SAARMLS
• 2004-12-13 Listed $89,900 SAARMLS

Property tax history

+3.9%/yr

Latest (2025): $570 · +6.7% YoY. Source: county tax records.