1818 West Lacon Rd · Falkville, AL 35622

$50,000

2 bd · 3.0 ba · 936 sqft · SingleFamily public records · 27 Days on market

Built 1986 4.00 ac lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.2/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

THIS IS AN AUCTION!! PRICE IS OPENING BID!! Unique rural Morgan County property located at 1818 West Lacon Rd in Falkville featuring a 2BR/3BA home with sunroom and finished upstairs area. Property also includes multiple barns, sheds, and two workshop buildings including a 24x40 shop behind the house and a 24x48 shop with covered porch and showroom area near the road. Gated driveways and plenty of space for equipment, hobbies, or business use. No zoning restrictions. Open House Sunday March 15th 2-4 PM. Please watch the virtual tour with sound to get a better view of the property

Key facts

• Multiple barns
• Showroom area
• Sunroom

Tags

• SUNROOM
• FINISHED UPSTAIRS AREA
• MULTIPLE BARNS
• TWO WORKSHOP BUILDINGS
• SHOP WITH COVERED PORCH
• SHOWROOM AREA

What this means for you Summary

Snapshot

• This is a 2-bed/3.0-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $454 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($982 rent vs $50k).
• Recommended offer: $49k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 63/100 on livability (#201 in AL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: employment D, amenities F, commute F.
• Morgan County (rural): math 19% / reading 43% proficiency, ranked #61 of 129 in AL (top 47%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Falkville Elementary School (math 17% / reading 47%, grade F, #331 of 627 statewide, top 57%, 332 students, 68% FRL); Falkville High School (math 11% / reading 29%, grade F, #163 of 305 statewide, top 54%, 411 students, 64% FRL) — zoned schools average 66% FRL vs 44% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 49 active listings in the ZIP; 231 units permitted in Morgan County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $346 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Morgan County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($49k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: moderate wind risk, 23% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $49,250 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 1.96% ✓
• Cap rate: 17.20%
• Cash-on-cash: 38.95%
• DSCR: 2.73
• GRM: 4.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 35.1%
• Equity multiple: 2.49×
• Total profit: $20,840
• Equity at exit: $7,455

10-year hold

• IRR: 41.9%
• Equity multiple: 4.96×
• Total profit: $55,416
• Equity at exit: $4,323

Cash invested: $14,000 (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 35622

• Home prices YoY: -4.5%
• Active inventory: 49
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $982 medium
• Mortgage (P&I): −$262
• Tax from tax record: −$39 /mo · $465/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$206
• Net cashflow: $454

Break-even live

Break-even rent $407

Max offer price $50,000

Occupancy floor 49%

Sensitivity live

Price	-10% $483	-5% $469	+0% $454	+5% $440	+10% $426
Rent	-10% $377	-5% $416	+0% $454	+5% $493	+10% $532
Rate	-1.0pp $480	-0.5pp $467	base $454	+0.5pp $441	+1.0pp $428

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: $12,500
• Closing costs: $1,500
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-04-04
   status Pending
2. 2026-03-08
   listed $50,000 Active

ⓘ 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: $465 · $39/mo
• Projected year-2 tax: $465 · $39/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 5/10 Major
• 🌡 Heat 5/10 Major 7 d/yr ≥105°F today · 20 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 23% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,790
• − Mortgage interest: −$2,801
• − Property taxes: −$465
• − Insurance: −$250
• − Repairs & maintenance: −$943
• − Management: −$943
• − Depreciation: −$1,455
• Taxable income: $4,934
• Est. tax owed @ 24.0%: −$1,184
• After-tax cash flow: $4,269/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: Morgan County
• NCES district ID: 0102480
• Math proficiency: 19% ▼ -28.00%
• Reading proficiency: 43% ▼ -3.00%
• Median HH income: $47,362
• Composite: 26.68/100
• National rank: #7157
• State rank: #61 of 129 in AL

Livability — Falkville

• Score: 63/100
• State rank: #201
• US rank: #15918

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): 6,532

Population outlook (Morgan County) Hauer SSP2

• Today (2025): 118,775 people
• By 2030: 116,979 · -1.5%
• By 2040: 111,800 · -5.9%
• By 2050: 105,181 · -11.4%
• By 2075: 87,736 · -26.1%
• By 2100: 67,624 · -43.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Hispanic / Latino 4% Two or more races 3% Asian 1% Black 1%
• Common ancestry: Iranian 2% Slovak 1% Lithuanian 1%
• Foreign-born: 2% · South Korea, Canada
• Languages at home: 96% English-only · Korean 1% German/W. Germanic 1% Spanish 1%

Political lean MEDSL · Morgan

• 2024 margin: Solid R (+52.6) · D 23.2% · R 75.8%
• 2008→2024 swing: -8.8pp toward R · 2008: -43.8pp · 2024: -52.6pp
• All cycles: 2024: R+52.6 2020: R+49.2 2016: R+52.4 2012: R+44.5 2008: R+43.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -10.13%
• Current HPI: 216.7304
• 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

2 events — show timeline

• 2026-04-04 Pending — VMLS
• 2026-03-08 Listed $50,000 VMLS

Property tax history

+27.3%/yr

Latest (2025): $465 · +37.8% YoY. Source: county tax records.