2009 Patton Creek Dr #2009 · Hoover, AL 35226

$140,280

2 bd · 2.0 ba · 1,148 sqft · Condo · 30 Days on market

Built 1970 Good condition $122/sqft · 19% below area Est $172k · 19% 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 +20.9/30.0
• ARV discount +15.0/15.0
• 1% rule +6.6/10.0
• DSCR +6.6/10.0
• Schools +5.0/10.0
• Livability +4.2/5.0
• Condition / age +3.8/5.0
• Rent growth +3.4/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Talk about WOW-factor! This premium condo in desirable the Patton Creek Condominiums has been renovated and is move-in ready. Featuring new PAINT, new CARPET, a new MICROWAVE and a freshly serviced HVAC, this property is low-maintenance living at its finest. Offering laminate hardwood floors in the kitchen and main living areas and laminate countertops, this roomy 2 Bedroom, 2 Bathroom is in excellent shape. Also featuring a second parking lot so you only have to walk up two flights of stairs. This development features a Community Pool, Tennis Courts, and spacious common areas. Conveniently located off Patton Chapel, only minutes from shopping, restaurants, and Hwy 31 and I-65. Schedule your showing today!

Key facts

• Community pool
• Built 1970
• Listed 30 days

Property features AI

Finance

• Financial info: Down payment assistance available
• HOA & community: Monthly condo fee ($425); HOA fees cover water and garbage collection

Exterior

• Parking: Unassigned parking
• Utilities: Public water; Connected sewer; Electric water heater; Underground utilities; Internet available (Spectrum, AT&T)
• Home design: Condominium (unit on 2nd level); 4-side brick construction; Entry level: upstairs unit
• Construction: 4-side brick exterior; Crawl space foundation; Existing (previously built)
• Exterior features: Balcony; Storage building; Open patio; Garden/patio; Community in-ground pool with perimeter fencing; BBQ area; Clubhouse; Street lights; Tennis courts

Interior

• Kitchen: Laminate countertops; Dishwasher (built-in); Garbage disposal; Electric oven; Refrigerator; Electric stove
• Bedrooms: Master bedroom (main level); Walk-in closets
• Flooring: Carpet; Hardwood laminate; Tile
• Bathrooms: Two full bathrooms; Tub/shower combo
• Heating & cooling: Central heating; Central cooling
• Interior features: Recessed lighting; Ceilings: Other (see remarks); One fireplace with brick surround in the living room
• Laundry & utility: Washer hookup; Electric dryer hookup; Laundry located on main level in a closet

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $140k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $194 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $138k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.0% 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+.
• Hoover City (urban): math 45% / reading 66% proficiency, ranked #8 of 129 in AL (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 19% free/reduced lunch — higher-income household profile.
• Zoned schools: Gwin Elementary School (math 45% / reading 63%, grade C, #96 of 627 statewide, top 16%, 515 students, 44% FRL); Hoover High School (math 46% / reading 47%, grade D-, #17 of 305 statewide, top 5%, 2,841 students, 32% FRL) — zoned schools average 38% FRL vs 19% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.7%/yr); 203 active listings in the ZIP; high-income renter base; 2,114 units permitted in Jefferson County in 2024 (556 in 5+ unit buildings).
• This rent is only 16% of the median local income ($125k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $970 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 30 days — a 2% lower offer ($138k) is reasonable based on typical stale-listing flexibility.
• 3 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 $117k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% 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 $138,175 (1.5% below list)

Questions for the listing agent

1. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 1.16% ✓
• Cap rate: 7.95%
• Cash-on-cash: 5.92%
• DSCR: 1.26
• GRM: 7.2

CMA / ARV

• ARV (median comp): $172,191
• List price: $140,280
• Delta: -18.53%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.7% rent growth · sell at horizon

5-year hold

• IRR: -6.2%
• Equity multiple: 0.77×
• Total profit: $-9,121
• Equity at exit: $20,916

10-year hold

• IRR: 4.4%
• Equity multiple: 1.34×
• Total profit: $13,188
• Equity at exit: $12,129

Cash invested: $39,278 (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 35226

• Rents YoY: 3.7%
• Active inventory: 203
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,631 medium
• Mortgage (P&I): −$736
• Tax est. 1.5%: −$175 /mo · $2,104/yr
• Insurance: −$58
• HOA est. from 1 same-building comp: −$125
• Vacancy / Maint / Mgmt: −$342
• Net cashflow: $194

Break-even live

Break-even rent $1,385

Max offer price $140,280

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: $35,070
• Closing costs: $4,208
• Reserves months: —
• Total cash needed: —

HOA detail condo

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

Listing history 17 events

1. 2026-06-18
   days on market $140,280 Active 30 DOM
2. 2026-06-17
   days on market $140,280 Active 29 DOM
3. 2026-06-16
   days on market $140,280 Active 28 DOM
4. 2026-06-15
   days on market $140,280 Active 27 DOM
5. 2026-06-13
   days on market $140,280 Active 25 DOM
6. 2026-06-10
   days on market $140,280 Active 22 DOM
7. 2026-06-09
   days on market $140,280 Active 21 DOM
8. 2026-06-08
   days on market $140,280 Active 20 DOM
9. 2026-06-07
   days on market $140,280 Active 19 DOM
10. 2026-06-05
    days on market $140,280 Active 16 DOM
11. 2026-06-03
    days on market $140,280 Active 15 DOM
12. 2026-06-02
    days on market $140,280 Active 14 DOM
13. 2026-06-01
    days on market $140,280 Active 13 DOM
14. 2026-05-31
    days on market $140,280 Active 12 DOM
15. 2021-09-10
    soldstatus $116,900 Sold 715-char remark

    Show marketing remark (715 chars)

    Talk about WOW-factor! This premium condo in desirable the Patton Creek Condominiums has been renovated and is move-in ready. Featuring new PAINT, new CARPET, a new MICROWAVE and a freshly serviced HVAC, this property is low-maintenance living at its finest. Offering laminate hardwood floors in the kitchen and main living areas and laminate countertops, this roomy 2 Bedroom, 2 Bathroom is in excellent shape. Also featuring a second parking lot so you only have to walk up two flights of stairs. This development features a Community Pool, Tennis Courts, and spacious common areas. Conveniently located off Patton Chapel, only minutes from shopping, restaurants, and Hwy 31 and I-65. Schedule your showing today!

16. 2021-08-24
    historical Contingent 715-char remark

    Show marketing remark (715 chars)

    Talk about WOW-factor! This premium condo in desirable the Patton Creek Condominiums has been renovated and is move-in ready. Featuring new PAINT, new CARPET, a new MICROWAVE and a freshly serviced HVAC, this property is low-maintenance living at its finest. Offering laminate hardwood floors in the kitchen and main living areas and laminate countertops, this roomy 2 Bedroom, 2 Bathroom is in excellent shape. Also featuring a second parking lot so you only have to walk up two flights of stairs. This development features a Community Pool, Tennis Courts, and spacious common areas. Conveniently located off Patton Chapel, only minutes from shopping, restaurants, and Hwy 31 and I-65. Schedule your showing today!

17. 2021-08-19
    listed $114,900 Active 715-char remark

    Show marketing remark (715 chars)

    Talk about WOW-factor! This premium condo in desirable the Patton Creek Condominiums has been renovated and is move-in ready. Featuring new PAINT, new CARPET, a new MICROWAVE and a freshly serviced HVAC, this property is low-maintenance living at its finest. Offering laminate hardwood floors in the kitchen and main living areas and laminate countertops, this roomy 2 Bedroom, 2 Bathroom is in excellent shape. Also featuring a second parking lot so you only have to walk up two flights of stairs. This development features a Community Pool, Tennis Courts, and spacious common areas. Conveniently located off Patton Chapel, only minutes from shopping, restaurants, and Hwy 31 and I-65. Schedule your showing today!

ⓘ 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 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥107°F today · 20 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: $19,570
• − Mortgage interest: −$7,858
• − Property taxes: −$2,104
• − Insurance: −$701
• − Repairs & maintenance: −$1,566
• − Management: −$1,566
• − HOA: −$1,500
• − Depreciation: −$4,081
• Taxable income: $195
• Est. tax owed @ 24.0%: −$47
• After-tax cash flow: $2,280/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 · 12 photos

Good 75/100 Cosmetic rehab

This Patton Creek Condo is in good condition with fresh paint and well-maintained landscaping, making it a move-in ready property with good potential for value enhancement through minor updates.

Value-add opportunities

• Both Paint touch-ups — Fresh paint enhances curb appeal and interior aesthetics.
• Both Landscaping improvements — Enhanced landscaping can increase both resale and rental value.
• Both New flooring in bathrooms — Replacing old flooring with modern materials can significantly boost appeal and value.
• Both New light fixtures — Upgrading lighting can improve ambiance and energy efficiency, enhancing both resale and rental appeal.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint touch-ups — Fresh paint enhances curb appeal and interior aesthetics. ↑
• Both Landscaping improvements — Enhanced landscaping can increase both resale and rental value. ↑
• Both New flooring in bathrooms — Replacing old flooring with modern materials can significantly boost appeal and value. ↑
• Both New light fixtures — Upgrading lighting can improve ambiance and energy efficiency, enhancing both resale and rental appeal. ↑

ⓘ 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: Hoover City
• NCES district ID: 0100007
• Math proficiency: 45% ▼ -25.00%
• Reading proficiency: 66% ▲ 1.00%
• Median HH income: $76,210
• Composite: 49.77/100
• National rank: #1960
• State rank: #8 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

• Census place: Hoover, AL
• County: Jefferson County · 527,445 people
• City population: 76,805
• Metro: Birmingham-Hoover, AL
• Population (ZIP): 38,588
• Household income: $124,516
• Rent vs Own: 16.7% rent · 83.3% own
• Severe rent burden: 539.0

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: Predominantly White (73%)
• Race & ethnicity: White 73% Black 13% Asian 8% Two or more races 4% Hispanic / Latino 4%
• Common ancestry: Italian 6% Slovak 3% Serbian 3%
• Foreign-born: 8% · Canada, China, South Korea
• Languages at home: 90% English-only · Spanish 2% Other Indo-European 2% Chinese 2%

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: ▼ -200.60%
• Current HPI: 214.5202
• Rent YoY: ▲ 3.70%
• 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

+22.1% since first listed

7 events — show timeline

• 2026-05-19 Relisted — Greater Alabama MLS
• 2026-05-09 Delisted — Greater Alabama MLS
• 2026-05-09 Listed $140,280 Greater Alabama MLS
• 2026-05-02 Coming Soon $140,280 Greater Alabama MLS
• 2021-09-10 Sold (MLS) $116,900 Greater Alabama MLS
• 2021-08-24 Contingent — Greater Alabama MLS
• 2021-08-19 Listed $114,900 Greater Alabama MLS