2070 Covey Dr · Auburn, AL 36879

$358,000

3 bd · 2.0 ba · 1,826 sqft · SingleFamily public records · 3 Days on market

Built 2012 7,841 sqft lot Est $352k · at est.

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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 +7.6/30.0
• ARV discount +6.8/15.0
• Appreciation +6.4/10.0
• Schools +5.0/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +1.7/10.0
• 1% rule +1.6/10.0

Listing remarks MLS

Don't miss this great opportunity in The Preserve! One owner home with so much to offer. This home features a gourmet kitchen, ORB fixtures, a raised hearth stone wood-burning fireplace in the great room, built-in bench in mudroom, double bowl granite vanity in second bathroom and an open rafter covered patio for enjoying the outdoors! The home has generous size rooms making it spacious and comfortable! Neighborhood amenities include The Preserve offers Acres of Lakes, Scenic Natural Setting, Community Clubhouse, Pool and Grilling Areas as well as an Active Community.

Key facts

• 7,841 sq ft lot
• 2 garage spots
• Community pool

Property features AI

Finance

• HOA & community: Homeowners association with clubhouse, barbecue area, pool and cable TV; Located in subdivision: THE PRESERVE

Exterior

• Parking: 2-car garage
• Utilities: Electricity available; Water available; Sewer connected
• Home design: One-story residential home; Has a view; Built by Eastbrook Homes
• Construction: Block, cement siding and stone exterior; Slab foundation
• Exterior features: Front porch; Rear covered porch; Privacy fencing (full); Community pool

Interior

• Kitchen: Cooktop; Dishwasher; Electric range; Disposal; Microwave; Oven
• Flooring: Carpet; Ceramic tile; Wood
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: Heat pump heating; Heat pump cooling; Ceiling fan(s)
• Interior features: Ceiling fan(s); Wood-burning fireplace; Storage

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $358k.

Deal economics

• At list price, monthly cash flow is $-431 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $282k (21.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $235k (34.4% below list).
• Recommended offer: $235k (34.4% below list) — sets the bar for 1% rule.
• Cap rate 4.8% vs local median 2.7% in Auburn — 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 80/100 on livability (#6 in AL, #1,842 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, health & safety A+; Watch: commute F.
• Auburn City (urban): math 51% / reading 69% proficiency, ranked #7 of 129 in AL (top 5%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 66 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,858 units permitted in Lee County in 2024 (113 in 5+ unit buildings).

Forward outlook

• In year one you build about $13k of equity ($2k loan paydown + $10k appreciation (2.9% local appreciation)).
• Lee County population projected at +54% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 3, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $301k; 19% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 68% chance of damaging wind over 30y; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $234,758 (34.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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: 0.66% ✗
• Cap rate: 4.85%
• Cash-on-cash: -5.16%
• DSCR: 0.77
• GRM: 12.7

CMA / ARV

• ARV (on-the-fly): $352,418
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2164 Autumn Ridge Way	0.45mi	3/2.0	1,864 (+2%)	1mo	$357,500	$192	75
2225 Red Tail Ln	0.15mi	3/2.0	1,715 (-6%)	11mo	$331,000	$193	74
2194 Quail Ct	0.09mi	3/2.0	1,740 (-5%)	20mo	$335,000	$193	72
2076 Covey Dr	0.01mi	3/2.0	1,986 (+9%)	22mo	$342,000	$172	67
2139 Autumn Ridge Way	0.44mi	3/2.0	1,891 (+4%)	9mo	$349,900	$185	66
2159 Bluebird Dr	0.36mi	4/3.0 (+1)	1,942 (+6%)	1mo	$404,900	$208	63
2157 Autumn Ridge Way	0.46mi	3/2.0	1,743 (-4%)	12mo	$325,000	$186	61
2129 Bluebird Dr	0.30mi	4/3.0 (+1)	1,942 (+6%)	8mo	$416,400	$214	60
2243 Autumn Ridge Way	0.59mi	3/2.0	1,838 (+1%)	20mo	$325,000	$177	55
2171 Bluebird Dr	0.39mi	4/3.0 (+1)	1,942 (+6%)	9mo	$415,900	$214	55
2189 Bluebird Dr	0.43mi	4/3.0 (+1)	1,942 (+6%)	10mo	$416,400	$214	52
2140 Autumn Ridge Way	0.42mi	4/2.5 (+1)	2,035 (+11%)	8mo	$394,900	$194	48

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

Projected returns pro-forma

2.9% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 2.4%
• Equity multiple: 1.14×
• Total profit: $13,610
• Equity at exit: $158,865

10-year hold

• IRR: 5.9%
• Equity multiple: 1.89×
• Total profit: $89,343
• Equity at exit: $243,205

Cash invested: $100,240 (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 36879

• Home prices YoY: 1.5%
• Active inventory: 66
• Price-to-rent: 12.7×

Monthly cashflow live

• Estimated rent: $2,348 medium
• Mortgage (P&I): −$1,877
• Tax from tax record: −$259 /mo · $3,109/yr
• Insurance: −$149
• HOA: −$0
• Vacancy / Maint / Mgmt: −$493
• Net cashflow: $-431

Break-even live

Break-even rent $2,893

Max offer price $281,848

Occupancy floor —

Sensitivity live

Price	-10% $-228	-5% $-330	+0% $-431	+5% $-532	+10% $-634
Rent	-10% $-617	-5% $-524	+0% $-431	+5% $-338	+10% $-246
Rate	-1.0pp $-251	-0.5pp $-340	base $-431	+0.5pp $-524	+1.0pp $-618

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: $89,500
• Closing costs: $10,740
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1711 Piedmont Dr Auburn, AL	3.0	2.0	1824	$2,300	$1.26	45d	1	1.35mi
1960 Armistead Ln Auburn, AL	3.0	2.5	1923	$2,400	$1.25	22d	1	1.42mi

Listing history 8 events

1. 2026-06-15
   statusdays on market $358,000 Pending 3 DOM
2. 2026-06-14
   days on market $358,000 Active 2 DOM
3. 2026-06-13
   statusdays on market $358,000 Active 1 DOM
4. 2026-06-10
   days on market $358,000 Coming Soon 5 DOM
5. 2026-06-09
   days on market $358,000 Coming Soon 4 DOM
6. 2026-06-08
   days on market $358,000 Coming Soon 3 DOM
7. 2026-06-07
   remarks 695-char remark
8. 2026-06-07
   listed $358,000 Coming Soon 2 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: $3,109 · $259/mo
• Projected year-2 tax: $3,109 · $259/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 6/10 Major 7 d/yr ≥104°F today · 21 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 68% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,171
• − Mortgage interest: −$20,054
• − Property taxes: −$3,109
• − Insurance: −$1,790
• − Repairs & maintenance: −$2,254
• − Management: −$2,254
• − Depreciation: −$10,415
• Taxable loss: −$11,704
• Est. tax savings @ 24.0%: +$2,809
• After-tax cash flow: $-2,364/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: Auburn City
• NCES district ID: 0100210
• Math proficiency: 51% ▼ -21.00%
• Reading proficiency: 69% ▲ 5.00%
• Median HH income: $38,126
• Composite: 49.87/100
• National rank: #1944
• State rank: #7 of 129 in AL

Livability — Auburn

• Score: 80/100
• State rank: #6
• US rank: #1842

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Auburn, AL
• City population: 80,251
• Population (ZIP): 2,975

Population outlook (Lee County) Hauer SSP2

• Today (2025): 196,440 people
• By 2030: 217,417 · +10.7%
• By 2040: 259,467 · +32.1%
• By 2050: 301,557 · +53.5%
• By 2075: 402,186 · +104.7%
• By 2100: 474,503 · +141.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (64%)
• Race & ethnicity: White 64% Black 24% Hispanic / Latino 8% Asian 2%
• Common ancestry: Italian 4% Slovak 3% Serbian 2%
• Foreign-born: 3% · South Korea, Canada
• Languages at home: 94% English-only · Spanish 5% Korean 1%

Political lean MEDSL · Lee

• 2024 margin: Strong R (+27.8) · D 35.5% · R 63.3% · Other 1.2%
• 2008→2024 swing: -8.1pp toward R · 2008: -19.8pp · 2024: -27.8pp
• All cycles: 2024: R+27.8 2020: R+20.1 2016: R+23.1 2012: R+19.9 2008: R+19.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.90%
• Current HPI: 196.5735
• 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

+2623.9% since first listed

4 events — show timeline

• 2026-06-05 Coming Soon $358,000 LCMLS
• 2022-02-18 Sold (MLS) $301,000 LCMLS
• 2022-01-12 Listed $289,900 LCMLS
• 2010-06-22 Sold (Public Records) $13,143 Public Records

Property tax history

+7.5%/yr

Latest (2025): $3,109 · -9.9% YoY. Source: county tax records.