1329 23rd Ave N · Birmingham, AL 35204

$18,000

2 bd · 1.0 ba · 768 sqft · SingleFamily public records · 21 Days on market

Built 1987

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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 +15.0/30.0
• ARV discount +7.5/15.0
• Appreciation +5.3/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.9/10.0

Listing remarks

This is an excellent first investment property. With a little elbow grease this home would be an excellent income producer. The neighborhood is quite located close to the Interstate 65. Yes the house needs a lot of work, but we are only asking $19,900 and we would consider some financing with a sizable downpayment. Owners/agents.

Key facts

• Built 1987
• Listed 21 days

Property features AI

Exterior

• Home design: Built in 1987
• Construction: Living area of 768
• Exterior features: Located in the Acipco-Finley subdivision

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $18k.

Deal economics

• At list price, monthly cash flow is $559 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($856 rent vs $18k).
• Recommended offer: $18k (1.5% below list) — sets the bar for market timing.
• Cap rate 43.5% 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-, schools F, crime 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.
• Market conditions: 64 active listings in the ZIP; 32 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 2,114 units permitted in Jefferson County in 2024 (556 in 5+ unit buildings).

Forward outlook

• In year one you build about $239 of equity ($124 loan paydown + $115 appreciation (0.6% local appreciation)).
• Jefferson County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (0.6% appreciation + 3.0% rent growth), your $5k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($18k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $14k; 26% 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 $17,730 (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. 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?
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: 4.75% ✓
• Cap rate: 43.54%
• Cash-on-cash: 133.03%
• DSCR: 6.92
• GRM: 1.8

CMA / ARV

• ARV (on-the-fly): $86,016
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1524 4th St N	0.62mi	2/1.0	680 (-12%)	5mo	$76,000	$112	48

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

Projected returns pro-forma

0.64% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 8.07×
• Total profit: $35,616
• Equity at exit: $5,811

10-year hold

• IRR: —
• Equity multiple: 16.85×
• Total profit: $79,869
• Equity at exit: $7,470

Cash invested: $5,040 (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 35204

• Home prices YoY: 0.3%
• Active inventory: 64
• Price-to-rent: 1.8×

Monthly cashflow live

• Estimated rent: $856 high
• Mortgage (P&I): −$94
• Tax from tax record: −$15 /mo · $185/yr
• Insurance: −$8
• HOA: −$0
• Vacancy / Maint / Mgmt: −$180
• Net cashflow: $559

Break-even live

Break-even rent $149

Max offer price $18,000

Occupancy floor 30%

Sensitivity live

Price	-10% $569	-5% $564	+0% $559	+5% $554	+10% $549
Rent	-10% $491	-5% $525	+0% $559	+5% $593	+10% $626
Rate	-1.0pp $568	-0.5pp $563	base $559	+0.5pp $554	+1.0pp $549

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: $4,500
• Closing costs: $540
• Reserves months: —
• Total cash needed: —

Rent comps 32 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2012 18th Pl N Birmingham, AL	2.0	1.0	900	$799	$0.89	11d	1	0.52mi
2010 18th Pl N Birmingham, AL	2.0	1.0	900	$799	$0.89	11d	1	0.52mi
2004 18th Pl N Unit 2004 Birmingham, AL	2.0	1.0	900	$799	$0.89	15d	1	0.52mi
1994 18th Pl N Birmingham, AL	2.0	1.0	900	$799	$0.89	15d	1	0.52mi
1954 18th Pl N Birmingham, AL	2.0	1.0	900	$975	$1.08	44d	1	0.53mi
1940 18th Pl N Unit 1940 Birmingham, AL	2.0	1.0	900	$799	$0.89	15d	1	0.53mi
1938 18th Pl N Unit 1938 Birmingham, AL	2.0	1.0	900	$799	$0.89	15d	1	0.53mi
1906 18th Pl N Birmingham, AL	2.0	1.0	900	$799	$0.89	15d	1	0.54mi
1917 18th Pl N Birmingham, AL	2.0	1.0	900	$799	$0.89	15d	1	0.55mi
1909 18th St N Unit 1909 Birmingham, AL	2.0	1.0	900	$799	$0.89	15d	1	0.63mi
1500 12th St N Birmingham, AL	2.0	1.0	750	$800	$1.07	24d	1	0.79mi
2300 21st Ave N Birmingham, AL	2.0	1.0	700	$880	$1.26	44d	2	0.81mi
2000 Stouts Rd Birmingham, AL	2.0	1.0	700	$880	$1.26	44d	2	0.81mi
1576 20th St N Apt D Birmingham, AL	2.0	1.0	900	$725	$0.81	44d	1	0.84mi
2129 30th Ave N Birmingham, AL	3.0	1.0	1042	$1,000	$0.96	44d	1	0.85mi
1911 19th Ct N Apt 1 Birmingham, AL	2.0	1.0	750	$845	$1.13	12d	1	0.85mi
1802 14th Ct N Birmingham, AL	2.0	1.0	700	$850	$1.21	20d	1	0.93mi
2428 21st Ave N Birmingham, AL	2.0	1.0	700	$975	$1.39	2d	1	0.94mi
2428 21st Ave N Birmingham, AL	2.0	1.0	700	$975	$1.39	11d	1	0.94mi
2428 21st Ave N Birmingham, AL	2.0	1.0	700	$975	$1.39	3d	1	0.94mi
2400 19th Ave N Unit B Birmingham, AL	2.0	1.0	750	$850	$1.13	22d	1	0.96mi
1709 36th Ave N Birmingham, AL	3.0	1.0	970	$1,350	$1.39	44d	1	1.03mi
424 34th Ave W Birmingham, AL	3.0	2.0	969	$1,050	$1.08	24d	1	1.05mi
1428 F L Shuttlesworth Dr Fl Shuttlesworth Birmingham, AL	2.0	1.0	803	$825	$1.03	24d	3	1.05mi
1305 16th St N Unit 1305 D Birmingham, AL	2.0	1.0	825	$595	$0.72	24d	1	1.06mi
1153 2nd St N Birmingham, AL	3.0	1.0	1056	$1,150	$1.09	20d	1	1.09mi
2608 20th Ave N Birmingham, AL	2.0	1.0	750	$895	$1.19	44d	1	1.10mi
2608 20th Ave N Unit 5 Birmingham, AL	2.0	1.0	750	$875	$1.17	44d	1	1.10mi
1113 15th St N Birmingham, AL	2.0	1.0	700	$880	$1.26	44d	2	1.25mi
2413 14th Ave N Birmingham, AL	2.0	1.0	720	$675	$0.94	2d	3	1.30mi
517 11th Ct W Birmingham, AL	2.0	1.0	970	$795	$0.82	44d	1	1.41mi
537 37th Ter W Birmingham, AL	3.0	1.0	1060	$1,000	$0.94	44d	1	1.43mi

Listing history 13 events

1. 2026-06-16
   statusdays on market $18,000 Under Contract 21 DOM
2. 2026-06-15
   days on market $18,000 Active 20 DOM
3. 2026-06-13
   days on market $18,000 Active 18 DOM
4. 2026-06-10
   days on market $18,000 Active 15 DOM
5. 2026-06-09
   days on market $18,000 Active 14 DOM
6. 2026-06-08
   days on market $18,000 Active 13 DOM
7. 2026-06-07
   days on market $18,000 Active 12 DOM
8. 2026-06-03
   days on market $18,000 Active 8 DOM
9. 2026-06-02
   days on market $18,000 Active 7 DOM
10. 2026-06-01
    days on market $18,000 Active 6 DOM
11. 2026-05-31
    days on market $18,000 Active 5 DOM
12. 2026-05-26
    listed $18,000 Active
13. 1976-10-21
    soldstatus $14,250

ⓘ 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: $185 · $15/mo
• Projected year-2 tax: $185 · $15/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 3/10 Moderate FEMA zone X (unshaded) · 10% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥106°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 · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,269
• − Mortgage interest: −$1,008
• − Property taxes: −$185
• − Insurance: −$90
• − Repairs & maintenance: −$822
• − Management: −$822
• − Depreciation: −$524
• Taxable income: $6,819
• Est. tax owed @ 24.0%: −$1,637
• After-tax cash flow: $5,068/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): 8,953
• Household income: $35,420
• Rent vs Own: 53.8% rent · 46.2% own
• Severe rent burden: 422.0

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 (86%)
• Race & ethnicity: Black 86% White 7% Hispanic / Latino 5% Two or more races 2%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 5%

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: ▲ 0.64%
• Current HPI: 201.0777
• Rent YoY: —
• 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

+26.3% since first listed

2 events — show timeline

• 2026-05-26 Listed $18,000 FSBO.com
• 1976-10-21 Sold (Public Records) $14,250 Public Records

Property tax history

+1.3%/yr

Latest (2017): $185 · +0.2% YoY. Source: county tax records.