4146 Terrace R · Birmingham, AL 35208

$124,900

3 bd · 2.0 ba · 1,582 sqft · SingleFamily public records · 17 Days on market

Built 1924 Est $87k · 44% over

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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 +22.1/30.0
• DSCR +7.1/10.0
• 1% rule +4.7/10.0
• Rent growth +4.3/5.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Schools +0.9/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home to this charming 4-bedroom, 2-bath residence located in the heart of Birmingham! This well-maintained older home offers the perfect blend of character, comfort, and affordability. Fresh paint throughout gives the home a clean, updated feel, making it move-in ready for its next owner.

Key facts

• Built 1924
• Listed 17 days

Property features AI

Finance

• Other: Subdivision: CENTRAL PARK
• HOA & community: No association fee

Exterior

• Parking: Driveway parking
• Utilities: Public water; Connected sewer; Gas water heater; Energy Star windows; Programmable thermostat; Ridge vent and turbines (ventilation)
• Home design: Existing home; Basement foundation
• Construction: Brick over foundation exterior; Other siding
• Exterior features: No pool, patio, decks, or garden/patio indicated; Not waterfront

Interior

• Kitchen: Laminate countertops; Eating area; Built-in dishwasher; Electric oven and stove; Self-cleaning oven; Refrigerator
• Bedrooms: Four bedrooms on main level (all bedrooms located on level 1); Walk-in closets; Linen closet
• Flooring: Carpet; Hardwood; Tile; Vinyl
• Bathrooms: Two full bathrooms; Separate shower and tub/shower combo
• Heating & cooling: Piggyback heating system; Central electric cooling
• Interior features: Smooth ceilings; Textured walls; One wood-burning fireplace with brick surround (located in a bedroom); Partial basement with both finished and unfinished areas (daylight basement)
• Laundry & utility: Main-level laundry room; Washer hookup; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $200 ($2k/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 $121k (3.4% below list).
• Recommended offer: $121k (3.4% below list) — sets the bar for 1% rule.
• Cap rate 8.2% vs local median 6.2% in Birmingham — 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 67/100 on livability (#78 in AL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities C-, crime F, employment F.
• Birmingham City (urban): math 4% / reading 20% proficiency, ranked #116 of 129 in AL (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 82% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Central Park Elementary School (math 0% / reading 12%, grade F, #616 of 627 statewide, top 98%, 447 students, 83% FRL) — zoned schools at 83% FRL track the district average.
• Market conditions: Rents rising fast (+7.2%/yr); 122 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 2,114 units permitted in Jefferson County in 2024 (556 in 5+ unit buildings).
• This rent runs 38% of the median local income ($39k/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 $864 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.
• At projected returns (-3.0% appreciation + 7.2% rent growth), your $35k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $77k; list at $125k implies a 62% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.
• 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 $120,714 (3.4% below list)

Questions for the listing agent

1. Built in 1924 — 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. 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. 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?
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 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: 0.97% ✗
• Cap rate: 8.22%
• Cash-on-cash: 6.87%
• DSCR: 1.31
• GRM: 8.6

CMA / ARV

• ARV (on-the-fly): $87,010
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1644 42nd St	0.08mi	3/2.0	1,632 (+3%)	8mo	$162,000	$99	84
1527 46th Street Ensley	0.38mi	3/1.0	1,571 (-1%)	6mo	$35,000	$22	72
1607 43rd St	0.18mi	3/2.0	1,435 (-9%)	5mo	$85,000	$59	72
1340 43rd St	0.46mi	3/2.0	1,540 (-3%)	7mo	$85,000	$55	68
1825 49th St	0.50mi	3/1.0	1,532 (-3%)	4mo	$51,000	$33	64
2908 Ensley Ave	0.69mi	3/2.0	1,558 (-2%)	9mo	$60,000	$39	58
1611 50th St Ensley	0.55mi	3/1.5	1,482 (-6%)	7mo	$98,000	$66	56
4637 Avenue R	0.24mi	2/1.0 (-1)	1,378 (-13%)	3mo	$28,500	$21	56
1633 29th St	0.62mi	3/1.5	1,658 (+5%)	8mo	$105,000	$63	54
1512 W 47th St	0.43mi	3/1.0	1,378 (-13%)	8mo	$69,200	$50	48
2116 Warrior Rd	0.57mi	3/1.0	1,720 (+9%)	9mo	$50,000	$29	47
1310 43rd St	0.52mi	2/1.0 (-1)	1,401 (-11%)	9mo	$78,000	$56	40

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

Projected returns pro-forma

-3.0% appreciation · 7.24% rent growth · sell at horizon

5-year hold

• IRR: -1.6%
• Equity multiple: 0.94×
• Total profit: $-2,164
• Equity at exit: $18,623

10-year hold

• IRR: 11.8%
• Equity multiple: 2.10×
• Total profit: $38,390
• Equity at exit: $10,799

Cash invested: $34,972 (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 35208

• Home prices YoY: -18.1%
• Rents YoY: 7.2%
• Active inventory: 122
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,207 high
• Mortgage (P&I): −$655
• Tax from tax record: −$46 /mo · $556/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$253
• Net cashflow: $200

Break-even live

Break-even rent $954

Max offer price $124,900

Occupancy floor 78%

Sensitivity live

Price	-10% $271	-5% $236	+0% $200	+5% $165	+10% $130
Rent	-10% $105	-5% $153	+0% $200	+5% $248	+10% $296
Rate	-1.0pp $263	-0.5pp $232	base $200	+0.5pp $168	+1.0pp $135

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: $31,225
• Closing costs: $3,747
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4105 Avenue Q Unit Q Birmingham, AL	3.0	3.0	1760	$1,250	$0.71	4d	1	0.10mi
1617 42nd Street Ensley Unit ENSLEY Birmingham, AL	3.0	1.0	1413	$1,030	$0.73	17d	1	0.17mi
1607 43rd Street Ensley Unit ENSLEY Birmingham, AL	3.0	2.0	1435	$1,150	$0.80	24d	1	0.19mi
4612 Terrace S Birmingham, AL	3.0	1.0	1612	$1,050	$0.65	44d	1	0.22mi
4637 Court S Birmingham, AL	3.0	1.0	1225	$975	$0.80	3d	1	0.22mi
1604 44th Street Ensley Unit ENSLEY Birmingham, AL	3.0	1.0	1100	$1,200	$1.09	24d	1	0.22mi
4619 Terrace Q Birmingham, AL	3.0	2.0	1198	$900	$0.75	44d	1	0.23mi
1526 42nd Street Ensley Unit ENSLEY Birmingham, AL	4.0	1.5	1600	$1,050	$0.66	44d	1	0.29mi
4636 Avenue T Unit T Birmingham, AL	4.0	1.5	1842	$1,500	$0.81	2d	1	0.30mi
1520 41st Street Ensley Birmingham, AL	3.0	2.0	1068	$1,195	$1.12	44d	1	0.30mi
4732 Court S Birmingham, AL	3.0	1.0	1372	$1,100	$0.80	44d	1	0.31mi
4736 Court S Birmingham, AL	3.0	1.5	1300	$1,200	$0.92	4d	1	0.31mi
1509 44th Street Ensley Unit ENSLEY Birmingham, AL	3.0	1.5	1260	$1,123	$0.89	12d	1	0.34mi
4801 Avenue S Birmingham, AL	3.0	1.0	1310	$1,000	$0.76	44d	1	0.34mi
1515 45th Street Ensley Unit ENSLEY Birmingham, AL	3.0	1.0	1440	$875	$0.61	4d	1	0.36mi
1436 44th Street Ensley Unit ENSLEY Birmingham, AL	4.0	2.0	1435	$1,495	$1.04	2d	1	0.37mi
4817 Court R Birmingham, AL	3.0	2.0	1530	$1,300	$0.85	17d	1	0.37mi
1757 48th Street Ensley Unit ENSLEY Birmingham, AL	4.0	2.0	1164	$1,295	$1.11	4d	1	0.38mi
4813 Court S Birmingham, AL	3.0	2.0	1118	$1,125	$1.01	44d	1	0.39mi
2520 Avenue U Unit A Birmingham, AL	4.0	1.0	1260	$1,200	$0.95	44d	1	0.39mi
1820 33rd St W Birmingham, AL	4.0	1.5	1212	$1,495	$1.23	44d	1	0.39mi
4825 Avenue S Birmingham, AL	3.0	1.0	1310	$1,050	$0.80	17d	1	0.39mi
3221 Avenue S Birmingham, AL	3.0	2.0	1190	$1,250	$1.05	24d	1	0.40mi
1563 Martin Ave Birmingham, AL	4.0	2.0	1848	$1,495	$0.81	2d	1	0.40mi
1606 49th Street Ensley Unit ENSLEY Birmingham, AL	3.0	2.0	1136	$1,100	$0.97	44d	1	0.42mi
1420 Warrior Rd Birmingham, AL	3.0	1.0	1061	$1,050	$0.99	44d	1	0.43mi
1556 Burgin Ave Birmingham, AL	4.0	1.0	1168	$1,100	$0.94	20d	1	0.45mi
1556 Burgin Ave Birmingham, AL	3.0	1.0	1168	$1,100	$0.94	22d	1	0.45mi
2017 48th Street Ensley Birmingham, AL	3.0	2.0	1383	$1,250	$0.90	44d	1	0.46mi
1524 33rd Street Ensley Birmingham, AL	4.0	2.0	1222	$1,095	$0.90	22d	1	0.46mi
2133 47th Street Ensley Unit ENSLEY Birmingham, AL	3.0	1.5	1308	$1,300	$0.99	44d	1	0.47mi
1520 33rd Street Ensley Birmingham, AL	4.0	2.0	1215	$1,275	$1.05	12d	1	0.47mi
1410 46th Street Ensley Unit ENSLEY Birmingham, AL	3.0	1.0	1200	$1,000	$0.83	44d	1	0.48mi
1417 34th Street Ensley Birmingham, AL	3.0	1.0	1103	$1,025	$0.93	44d	1	0.50mi
3009 Prince Ave Birmingham, AL	3.0	2.0	1176	$1,095	$0.93	24d	1	0.50mi
1345 46th Street Ensley Unit ENSLEY Birmingham, AL	3.0	2.0	1617	$1,175	$0.73	4d	1	0.54mi
1632 51st St W Birmingham, AL	3.0	1.0	1337	$1,000	$0.75	3d	1	0.55mi
1632 51st Street Ensley Unit ENSLEY Birmingham, AL	3.0	1.0	1337	$1,100	$0.82	44d	1	0.55mi
1306 35th Street Ensley Birmingham, AL	3.0	2.0	1100	$1,173	$1.07	4d	1	0.57mi
1724 30th Street Ensley Birmingham, AL	4.0	2.0	1428	$1,395	$0.98	17d	1	0.59mi

Listing history 12 events

1. 2026-06-18
   days on market $124,900 Active 17 DOM
2. 2026-06-17
   days on market $124,900 Active 16 DOM
3. 2026-06-16
   days on market $124,900 Active 15 DOM
4. 2026-06-15
   days on market $124,900 Active 14 DOM
5. 2026-06-13
   pricedays on market $124,900 Active 12 DOM
6. 2026-06-10
   days on market $130,000 Active 9 DOM
7. 2026-06-09
   days on market $130,000 Active 8 DOM
8. 2026-06-08
   days on market $130,000 Active 7 DOM
9. 2026-06-07
   days on market $130,000 Active 6 DOM
10. 2026-06-03
    days on market $130,000 Active 2 DOM
11. 2026-06-02
    remarks 297-char remark
12. 2026-06-02
    listed $130,000 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: $556 · $46/mo
• Projected year-2 tax: $556 · $46/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 4/10 Moderate FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥106°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 5 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,486
• − Mortgage interest: −$6,996
• − Property taxes: −$556
• − Insurance: −$624
• − Repairs & maintenance: −$1,159
• − Management: −$1,159
• − Depreciation: −$3,633
• Taxable income: $358
• Est. tax owed @ 24.0%: −$86
• After-tax cash flow: $2,317/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: Birmingham City
• NCES district ID: 0100390
• Math proficiency: 4% ▼ -17.00%
• Reading proficiency: 20% ▼ -4.00%
• Median HH income: $31,988
• Composite: 9.49/100
• National rank: #9850
• State rank: #116 of 129 in AL

Livability — Birmingham

• Score: 67/100
• State rank: #78
• US rank: #10412

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Birmingham, AL
• County: Jefferson County · 527,445 people
• City population: 210,422
• Metro: Birmingham-Hoover, AL
• Population (ZIP): 13,412
• Household income: $38,561
• Rent vs Own: 35.8% rent · 64.2% own
• Severe rent burden: 573.0

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 Black (94%)
• Race & ethnicity: Black 94% White 4% Hispanic / Latino 2% Two or more races 1%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 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: ▼ -33.99%
• Current HPI: 153.414
• Rent YoY: ▲ 7.24%
• 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

+69.1% since first listed

2 events — show timeline

• 2026-06-01 Listed $130,000 Greater Alabama MLS
• 2007-07-31 Sold (Public Records) $76,900 Public Records

Property tax history

+1.5%/yr

Latest (2017): $556 · +0.0% YoY. Source: county tax records.