2002 Greenwood Pl SW · Huntsville, AL 35802

$60,000

1 bd · 1.0 ba · 752 sqft · Condo public records · 29 Days on market

Built 1982 $80/sqft · 62% below area $288/mo HOA · 28% of rent

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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 +20.8/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +6.6/10.0
• Livability +4.1/5.0
• Rent growth +3.5/5.0
• Schools +2.9/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Handyman special! This little 1 bedroom 1 bath condo is ready for you to make your own... or fix it up and make a profit! Back on Byrd Spring Road off of Memorial Parkway, Plantation South is only 15 minutes into downtown, 18 minutes to the airport, 7 minutes to Home Depot and Lowes. The community has a pool, clubhouse, landscaping, and lots of trees. It is well suited to owners having minimal time to take care of a yard or house maintenance. Located on the first floor. Listen to the happy birds from your porch. Boxes of new flooring for the entire living space are included! The kitchen and bathroom cabinets and entire interior need to be repainted. Includes access to community pool.

Key facts

• $288 HOA
• Built 1982
• Listed 28 days

Property features AI

Finance

• Other: Living area reported as 752 (assessor)
• HOA & community: Condominium common interest; HOA dues: $288 per month

Exterior

• Parking: No covered or designated parking listed
• Utilities: Public water; Public sewer; Water available
• Home design: Attached townhouse; One level
• Construction: Hardboard siding
• Exterior features: Public water available; Public sewer

Interior

• Kitchen: Electric oven and cooktop; Refrigerator
• Bedrooms: 1 bedroom (main level)
• Flooring: Laminate
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Electric oven, cooktop, refrigerator; Laminate flooring; No basement
• Laundry & utility: Washer hookup; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $60k.

Deal economics

• At list price, monthly cash flow is $83 ($992/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Recommended offer: $59k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.9% vs local median 3.8% in Huntsville — 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 82/100 on livability (#3 in AL, #1,082 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: crime F.
• Huntsville City (urban): math 21% / reading 46% proficiency, ranked #48 of 129 in AL (top 37%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Roger B Chaffee Elementary School (math 37% / reading 52%, grade F, #171 of 627 statewide, top 31%, 399 students, 50% FRL); Virgil Grissom High School (math 34% / reading 40%, grade F, #39 of 305 statewide, top 13%, 1,974 students, 43% FRL) — zoned schools at 47% FRL track the district average.
• Market conditions: Rents rising fast (+4.1%/yr); 227 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 43% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 4,709 units permitted in Madison County in 2024 (1,186 in 5+ unit buildings).
• This rent is only 16% of the median local income ($76k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $415 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Madison County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($59k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $9k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 28% of rent.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $59,100 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.71% ✓
• Cap rate: 7.95%
• Cash-on-cash: 5.90%
• DSCR: 1.26
• GRM: 4.9

CMA / ARV

• ARV (median comp): $156,543
• List price: $60,000
• Delta: -61.67%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.08% rent growth · sell at horizon

5-year hold

• IRR: -4.9%
• Equity multiple: 0.81×
• Total profit: $-3,121
• Equity at exit: $8,946

10-year hold

• IRR: 7.0%
• Equity multiple: 1.57×
• Total profit: $9,642
• Equity at exit: $5,188

Cash invested: $16,800 (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 35802

• Home prices YoY: -30.7%
• Rents YoY: 4.1%
• Active inventory: 227
• Price-to-rent: 4.9×

Monthly cashflow live

• Estimated rent: $1,027 high
• Mortgage (P&I): −$315
• Tax from tax record: −$101 /mo · $1,216/yr
• Insurance: −$25
• HOA: −$288
• Vacancy / Maint / Mgmt: −$216
• Net cashflow: $83

Break-even live

Break-even rent $923

Max offer price $60,000

Occupancy floor 87%

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: $15,000
• Closing costs: $1,800
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2136 Belle Grove Dr SW Unit 2136 Huntsville, AL	1.0	1.0	787	$1,000	$1.27	21d	1	0.03mi
3016 Live Oak Ln SW Unit na Huntsville, AL	2.0	1.5	1030	$995	$0.97	44d	1	0.08mi
2007 Reaches Pl SW Unit D Huntsville, AL	2.0	2.5	1088	$1,250	$1.15	23d	1	0.20mi
2005 Reaches Pl SW Unit 2005 Huntsville, AL	2.0	3.0	1088	$1,850	$1.70	14d	1	0.22mi
8003 Benaroya Ln SW Huntsville, AL	1.0–2.0	1.0–2.0	800	$824	$1.03	14d	28	0.31mi
4100 Memorial Pkwy SW Huntsville, AL	1.0–2.0	1.0–1.5	1050	$666	$0.63	23d	26	0.56mi
8050 Lenox Ln SW Huntsville, AL	2.0	1.0	878	$1,250	$1.42	14d	1	0.75mi
4026 Hunters Ridge Dr SW Unit 3 Huntsville, AL	2.0	1.0	750	$825	$1.10	44d	1	0.77mi
4035 Hunters Ridge Dr SW Unit 8 Huntsville, AL	1.0	1.0	570	$699	$1.23	23d	1	0.77mi
4035 Hunters Ridge Dr SW Unit 4 Huntsville, AL	1.0	1.0	570	$650	$1.14	44d	1	0.77mi
4029 Hunters Ridge Dr SW Unit 7 Huntsville, AL	2.0	1.0	750	$825	$1.10	44d	1	0.79mi
8142 Oldfield Rd SW Unit 3 Huntsville, AL	2.0	2.0	1000	$1,400	$1.40	44d	1	0.86mi
4115 Hunters Ridge Dr SW Unit 4 Huntsville, AL	1.0	1.0	570	$725	$1.27	44d	1	0.87mi
4117 Hunters Ridge Dr SW Unit 11 Huntsville, AL	2.0	1.0	750	$825	$1.10	14d	1	0.89mi
4117 Hunters Ridge Dr SW Unit 4 Huntsville, AL	1.0	1.0	570	$699	$1.23	23d	1	0.89mi
4015 Hunters Ridge Dr SW Unit 8 Huntsville, AL	1.0	1.0	570	$699	$1.23	23d	1	0.90mi
3929 Highridge Dr SW Unit A Huntsville, AL	2.0	1.0	833	$875	$1.05	44d	1	0.98mi
3929 Highridge Dr SW Unit D Huntsville, AL	2.0	1.0	781	$825	$1.06	44d	1	0.98mi
2225 Golf Rd SW Unit 101-1 Huntsville, AL	2.0	1.5	1080	$1,500	$1.39	44d	1	1.05mi
2225 Golf Rd SW Huntsville, AL	1.0–2.0	1.0–2.0	744	$925	$1.24	23d	2	1.07mi
850 Haysland Rd SW Huntsville, AL	1.0–3.0	1.0–2.0	1187	$1,331	$1.12	14d	21	1.48mi

HOA detail condo

• Monthly dues: $288 · $3,456/yr
• Likely covers: landscapingpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 18 events

1. 2026-06-18
   days on market $60,000 Active 29 DOM
2. 2026-06-17
   days on market $60,000 Active 28 DOM
3. 2026-06-16
   days on market $60,000 Active 27 DOM
4. 2026-06-15
   price $60,000 Active 26 DOM
5. 2026-06-15
   days on market $69,000 Active 26 DOM
6. 2026-06-14
   days on market $69,000 Active 24 DOM
7. 2026-06-10
   days on market $69,000 Active 21 DOM
8. 2026-06-09
   days on market $69,000 Active 20 DOM
9. 2026-06-08
   days on market $69,000 Active 19 DOM
10. 2026-06-07
    days on market $69,000 Active 18 DOM
11. 2026-06-03
    days on market $69,000 Active 14 DOM
12. 2026-06-02
    days on market $69,000 Active 13 DOM
13. 2026-06-01
    days on market $69,000 Active 12 DOM
14. 2026-05-31
    days on market $69,000 Active 11 DOM
15. 2026-05-30
    days on market $69,000 Active 10 DOM
16. 2026-05-11
    historical $69,000 819-char remark
17. 2008-07-28
    soldstatus $65,500
18. 2006-11-16
    soldstatus $43,097

ⓘ 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: $1,216 · $101/mo
• Projected year-2 tax: $1,216 · $101/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 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥105°F today · 18 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 17% 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: $12,328
• − Mortgage interest: −$3,361
• − Property taxes: −$1,216
• − Insurance: −$300
• − Repairs & maintenance: −$986
• − Management: −$986
• − HOA: −$3,456
• − Depreciation: −$1,745
• Taxable income: $278
• Est. tax owed @ 24.0%: −$67
• After-tax cash flow: $925/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: Huntsville City
• NCES district ID: 0101800
• Math proficiency: 21% ▼ -23.00%
• Reading proficiency: 46% ▬ 0.00%
• Median HH income: $48,264
• Composite: 28.84/100
• National rank: #6647
• State rank: #48 of 129 in AL

Livability — Huntsville

• Score: 82/100
• State rank: #3
• US rank: #1082

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Huntsville, AL
• County: Madison County · 380,832 people
• City population: 220,435
• Metro: Huntsville, AL
• Population (ZIP): 23,858
• Household income: $76,324
• Rent vs Own: 46.0% rent · 54.0% own
• Severe rent burden: 1122.0

Population outlook (Madison County) Hauer SSP2

• Today (2025): 392,086 people
• By 2030: 409,788 · +4.5%
• By 2040: 440,557 · +12.4%
• By 2050: 460,990 · +17.6%
• By 2075: 502,872 · +28.3%
• By 2100: 513,623 · +31.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Black 14% Two or more races 5% Hispanic / Latino 5% Asian 2%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Slovak 4% Serbian 3% Lithuanian 3%
• Foreign-born: 4% · Canada, South Korea, China
• Languages at home: 94% English-only · Spanish 3% Other Indo-European 1%

Political lean MEDSL · Madison

• 2024 margin: Lean R (+9.0) · D 44.7% · R 53.7% · Other 1.6%
• 2008→2024 swing: +6.0pp toward D · 2008: -14.9pp · 2024: -9.0pp
• All cycles: 2024: R+9.0 2020: R+8.0 2016: R+16.8 2012: R+18.7 2008: R+14.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -169.74%
• Current HPI: 382.3827
• Rent YoY: ▲ 4.08%
• Metro: Huntsville, 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

+39.2% since first listed

6 events — show timeline

• 2026-06-15 Price Changed $60,000 REALTRACS as Distributed by MLS Grid
• 2026-05-21 Listed $69,000 VMLS
• 2026-05-21 Listed $69,000 REALTRACS as Distributed by MLS Grid
• 2026-05-11 Coming Soon $69,000 REALTRACS as Distributed by MLS Grid
• 2008-07-28 Sold (Public Records) $65,500 Public Records
• 2006-11-16 Sold (Public Records) $43,097 Public Records

Property tax history

+8.0%/yr

Latest (2024): $1,216 · +0.0% YoY. Source: county tax records.