515 S Three Notch St · Andalusia, AL 36420

$129,500

3 bd · 1.0 ba · 2,018 sqft · SingleFamily public records · 16 Days on market

Built 1925 10,454 sqft lot Est $180k · 28% under

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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 +18.4/30.0
• ARV discount +15.0/15.0
• Appreciation +8.4/10.0
• DSCR +5.8/10.0
• 1% rule +4.0/10.0
• Schools +3.2/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Large house with high ceilings and plenty of room. Needs little TLC. Use to be the Sleep Clinic. Walk to downtown. Plenty of parking if continue to use as Office building. Selling AS IS

Key facts

• Paved parking area
• French doors
• Moldings

Tags

• HISTORIC SIDEWALK NEIGHBORHOOD
• OAK FLOORS
• FRENCH DOORS
• MOLDINGS
• ENCLOSED FRONT PORCH
• PAVED PARKING AREA

Property features AI

Exterior

• Parking: Paved parking
• Utilities: Public water; Sewer available; Natural gas available; Cable available
• Home design: Single-family residence; One level
• Construction: Frame construction
• Exterior features: Wood fencing; Level lot; Lot approximately 86 x 118 (0.24 acre); Accessible entrance

Interior

• Kitchen: Refrigerator; Range
• Flooring: Hardwood
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating (electric)
• Interior features: High-speed internet
• Laundry & utility: Laundry located in kitchen; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $122 ($1k/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 $116k (10.4% below list).
• Recommended offer: $116k (10.4% below list) — sets the bar for 1% rule.
• Cap rate 7.4% vs local median 4.1% in Andalusia — 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 (#142 in AL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D+, crime F, amenities F.
• Andalusia City (town): math 29% / reading 48% proficiency, ranked #35 of 129 in AL (top 27%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 87 active listings in the ZIP; 13 units permitted in Covington County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $10k of equity ($895 loan paydown + $9k appreciation (6.8% local appreciation)).
• Covington County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (6.8% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y 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 $95k; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% 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 $115,981 (10.4% below list)

Questions for the listing agent

1. Built in 1925 — 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 D-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. 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?
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: 0.90% ✗
• Cap rate: 7.42%
• Cash-on-cash: 4.03%
• DSCR: 1.18
• GRM: 9.3

CMA / ARV

• ARV (on-the-fly): $179,602
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9870 Head Quarters Camp Rd	0.47mi	3/2.0	1,900 (-6%)	1mo	$341,400	$180	63
108 Stewart St	0.74mi	3/2.0	2,020 (+0%)	1mo	$175,000	$87	61
721 South Three Notch St	0.24mi	4/2.0 (+1)	2,189 (+8%)	17mo	$195,000	$89	52
306 Allen Ave	0.67mi	3/2.0	1,923 (-5%)	7mo	$159,000	$83	51
201 Robinson Ave	0.58mi	3/2.0	1,957 (-3%)	18mo	$175,000	$89	49
727 South Three Notch St	0.29mi	3/2.0	1,770 (-12%)	18mo	$185,000	$105	47

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

6.81% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 20.5%
• Equity multiple: 2.42×
• Total profit: $51,422
• Equity at exit: $88,126

10-year hold

• IRR: 19.3%
• Equity multiple: 4.96×
• Total profit: $143,741
• Equity at exit: $165,959

Cash invested: $36,260 (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 36420

• Home prices YoY: 2.9%
• Active inventory: 87
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $1,160 medium
• Mortgage (P&I): −$679
• Tax from tax record: −$61 /mo · $736/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$244
• Net cashflow: $122

Break-even live

Break-even rent $1,006

Max offer price $129,500

Occupancy floor 84%

Sensitivity live

Price	-10% $195	-5% $159	+0% $122	+5% $85	+10% $49
Rent	-10% $30	-5% $76	+0% $122	+5% $168	+10% $214
Rate	-1.0pp $187	-0.5pp $155	base $122	+0.5pp $88	+1.0pp $54

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: $32,375
• Closing costs: $3,885
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-19
   days on market $129,500 Active 16 DOM
2. 2026-06-18
   days on market $129,500 Active 15 DOM
3. 2026-06-17
   days on market $129,500 Active 14 DOM
4. 2026-06-16
   days on market $129,500 Active 13 DOM
5. 2026-06-15
   days on market $129,500 Active 12 DOM
6. 2026-06-14
   days on market $129,500 Active 10 DOM
7. 2026-06-12
   days on market $129,500 Active 9 DOM
8. 2026-06-09
   days on market $129,500 Active 6 DOM
9. 2026-06-08
   days on market $129,500 Active 5 DOM
10. 2026-06-07
    days on market $129,500 Active 4 DOM
11. 2026-06-07
    remarks 556-char remark
12. 2026-06-07
    days on market $129,500 Active 3 DOM
13. 2026-06-04
    remarks 548-char remark
14. 2026-06-04
    listed $129,500 Active 1 DOM

ⓘ 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: $736 · $61/mo
• Projected year-2 tax: $736 · $61/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥107°F today · 19 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,918
• − Mortgage interest: −$7,254
• − Property taxes: −$736
• − Insurance: −$648
• − Repairs & maintenance: −$1,113
• − Management: −$1,113
• − Depreciation: −$3,767
• Taxable loss: −$713
• Est. tax savings @ 24.0%: +$171
• After-tax cash flow: $1,634/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: Andalusia City
• NCES district ID: 0100060
• Math proficiency: 29% ▼ -19.00%
• Reading proficiency: 48% ▼ -1.00%
• Median HH income: $32,645
• Composite: 31.52/100
• National rank: #5964
• State rank: #35 of 129 in AL

Livability — Andalusia

• Score: 65/100
• State rank: #142
• US rank: #13465

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Andalusia, AL
• City population: 9,861
• Population (ZIP): 10,358

Population outlook (Covington County) Hauer SSP2

• Today (2025): 37,007 people
• By 2030: 36,401 · -1.6%
• By 2040: 34,983 · -5.5%
• By 2050: 33,437 · -9.6%
• By 2075: 29,753 · -19.6%
• By 2100: 25,109 · -32.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Black 13% Two or more races 5% Hispanic / Latino 4%
• Common ancestry: Slovak 2% Lithuanian 1% Serbian 1%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 3%

Political lean MEDSL · Covington

• 2024 margin: Solid R (+72.4) · D 13.6% · R 86.0%
• 2008→2024 swing: -14.1pp toward R · 2008: -58.3pp · 2024: -72.4pp
• All cycles: 2024: R+72.4 2020: R+68.1 2016: R+68.5 2012: R+58.3 2008: R+58.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.81%
• Current HPI: 239.35
• 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

+0.4% since first listed

6 events — show timeline

• 2026-06-03 Listed $129,500 CAOR
• 2023-09-11 Sold (Public Records) $95,000 Public Records
• 2023-09-05 Sold (MLS) $95,000 CAOR
• 2023-05-10 Price Changed $110,000 CAOR
• 2023-02-08 Price Changed $119,000 CAOR
• 2022-09-29 Listed $129,000 CAOR

Property tax history

+6.6%/yr

Latest (2025): $736 · +0.0% YoY. Source: county tax records.