504 2nd St · Athens, AL 35611

$144,000

2 bd · 1.0 ba · 1,325 sqft · SingleFamily public records · 107 Days on market

Built 1920 9,147 sqft lot $109/sqft · 21% below area Est $183k · 21% under ↓ 24% since listing

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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 +15.5/30.0
• ARV discount +15.0/15.0
• DSCR +4.8/10.0
• Livability +3.8/5.0
• 1% rule +3.4/10.0
• Schools +3.3/10.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Corner Lot Bungalow in the Heart of Downtown Athens. This home offers a large living space with fireplace, an open kitchen/bar with additional space for office. Perfect investment opportunity for those willing to give it a little TLC! The home sits on a corner lot with 2 paved driveways and a LARGE and flat fenced in side yard! . This home is located within walking distance to the Downtown district, local parks, restaurants/breweries, local schools, ASU and all that the growing Athens community has to offer. Don’t miss your opportunity to own a historic bungalow in this exciting area and invest in Athens’ continued growth.

Key facts

• Open kitchen/bar
• 1920s bungalow
• Large living space

Tags

• 1920S BUNGALOW
• LARGE LIVING SPACE
• OPEN KITCHEN/BAR
• CORNER LOT
• PAVED DRIVEWAYS
• FENCED IN SIDE YARD

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $144k.

Deal economics

• At list price, monthly cash flow is $58 ($695/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 (15.7% below list).
• Recommended offer: $121k (15.7% below list) — sets the bar for 1% rule.
• Cap rate 6.8% vs local median 3.6% in Athens — 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 75/100 on livability (#18 in AL, #4,019 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, commute F.
• Athens City (town): math 27% / reading 51% proficiency, ranked #29 of 129 in AL (top 22%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+1.2%/yr); 546 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 494 units permitted in Limestone County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $996 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Limestone County population projected at +43% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 107 days — a 9% lower offer ($131k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $121,461 (15.7% below list)

Questions for the listing agent

1. It's been on market 107 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 0.84% ✗
• Cap rate: 6.78%
• Cash-on-cash: 1.72%
• DSCR: 1.08
• GRM: 9.9

CMA / ARV

• ARV (median comp): $183,334
• List price: $144,000
• Delta: -21.45%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
804 S Houston St	0.09mi	3/2.0 (+1)	1,335 (+1%)	6mo	$207,500	$155	81
1203 Houston St S	0.28mi	3/1.0 (+1)	1,325 (0%)	5mo	$175,000	$132	78
402 S 6th St	0.22mi	3/1.0 (+1)	1,378 (+4%)	5mo	$165,000	$120	74
529 Brownsferry St	0.08mi	3/2.0 (+1)	1,221 (-8%)	15mo	$174,900	$143	61
1502 S Houston St	0.43mi	3/2.0 (+1)	1,407 (+6%)	7mo	$224,000	$159	55
507 5th St	0.17mi	3/1.5 (+1)	1,478 (+12%)	20mo	$205,000	$139	49
1400 SW Jefferson St	0.41mi	3/2.0 (+1)	1,468 (+11%)	7mo	$199,000	$136	48
309 Adell Pl	0.14mi	3/2.0 (+1)	1,152 (-13%)	18mo	$195,000	$169	47
809 Coleman Ave	0.16mi	3/2.0 (+1)	1,522 (+15%)	16mo	$230,000	$151	45
1005 Pat Ingram St	0.48mi	3/2.0 (+1)	1,415 (+7%)	21mo	$177,800	$126	40
812 1st Ave	0.72mi	3/2.0 (+1)	1,249 (-6%)	16mo	$189,900	$152	34
806 First Ave	0.72mi	3/2.0 (+1)	1,448 (+9%)	15mo	$239,000	$165	30

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 · 1.23% rent growth · sell at horizon

5-year hold

• IRR: -15.4%
• Equity multiple: 0.46×
• Total profit: $-21,809
• Equity at exit: $21,471

10-year hold

• IRR: -10.0%
• Equity multiple: 0.43×
• Total profit: $-22,817
• Equity at exit: $12,450

Cash invested: $40,320 (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 35611

• Rents YoY: 1.2%
• Active inventory: 546
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $1,215 high
• Mortgage (P&I): −$755
• Tax from tax record: −$86 /mo · $1,038/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$255
• Net cashflow: $58

Break-even live

Break-even rent $1,141

Max offer price $144,000

Occupancy floor 90%

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: $36,000
• Closing costs: $4,320
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
514 Brownsferry St Athens, AL	3.0	1.0	953	$1,045	$1.10	44d	1	0.13mi
314 Browns Ferry St Athens, AL	3.0	1.0	950	$1,045	$1.10	44d	1	0.26mi
100 Henry Dr Athens, AL	2.0–3.0	2.0	1073	$869	$0.81	14d	4	0.46mi
710 S Clinton St Athens, AL	1.0–3.0	1.0–2.0	1056	$1,100	$1.04	14d	6	0.55mi
19254 Autumn Falls Way Athens, AL	2.0	2.0	1200	$1,469	$1.22	14d	1	0.79mi
19254 Autumn Falls Way Athens, AL	2.0	2.0	1200	$1,239	$1.03	21d	1	0.79mi
1601 Florence St Athens, AL	3.0	1.0	1260	$1,850	$1.47	44d	1	0.85mi
707 Hine St N Athens, AL	3.0	1.5	1400	$1,450	$1.04	44d	1	1.04mi
426 Rogers St Athens, AL	3.0	2.0	1738	$1,550	$0.89	14d	1	1.09mi
340 French Farms Blvd Athens, AL	1.0–2.0	1.0–2.0	908	$1,330	$1.46	14d	137	1.24mi
17896 Sallows Dr Athens, AL	3.0	2.0	1450	$1,595	$1.10	23d	1	1.32mi
16129 Cohen Dr Athens, AL	2.0–4.0	2.0–2.5	1650	$1,420	$0.86	14d	9	1.33mi

Listing history 18 events

1. 2026-06-15
   days on market $144,000 Active 107 DOM
2. 2026-06-14
   days on market $144,000 Active 105 DOM
3. 2026-06-10
   days on market $144,000 Active 102 DOM
4. 2026-06-09
   days on market $144,000 Active 101 DOM
5. 2026-06-08
   days on market $144,000 Active 100 DOM
6. 2026-06-07
   days on market $144,000 Active 99 DOM
7. 2026-06-05
   days on market $144,000 Active 96 DOM
8. 2026-06-03
   days on market $144,000 Active 95 DOM
9. 2026-06-02
   days on market $144,000 Active 94 DOM
10. 2026-06-01
    days on market $144,000 Active 93 DOM
11. 2026-05-31
    days on market $144,000 Active 92 DOM
12. 2026-05-30
    days on market $144,000 Active 91 DOM
13. 2026-05-05
    price $144,000 642-char remark

    Show marketing remark (642 chars)

    Corner Lot Bungalow in the Heart of Downtown Athens. This home offers a large living space with fireplace, an open kitchen/bar with additional space for office. Perfect investment opportunity for those willing to give it a little TLC! The home sits on a corner lot with 2 paved driveways and a LARGE and flat fenced in side yard! . This home is located within walking distance to the Downtown district, local parks, restaurants/breweries, local schools, ASU and all that the growing Athens community has to offer. Don’t miss your opportunity to own a historic bungalow in this exciting area and invest in Athens’ continued growth.

14. 2026-04-10
    price $147,000 642-char remark

    Show marketing remark (642 chars)

    Corner Lot Bungalow in the Heart of Downtown Athens. This home offers a large living space with fireplace, an open kitchen/bar with additional space for office. Perfect investment opportunity for those willing to give it a little TLC! The home sits on a corner lot with 2 paved driveways and a LARGE and flat fenced in side yard! . This home is located within walking distance to the Downtown district, local parks, restaurants/breweries, local schools, ASU and all that the growing Athens community has to offer. Don’t miss your opportunity to own a historic bungalow in this exciting area and invest in Athens’ continued growth.

15. 2026-04-02
    price $157,000 642-char remark

    Show marketing remark (642 chars)

    Corner Lot Bungalow in the Heart of Downtown Athens. This home offers a large living space with fireplace, an open kitchen/bar with additional space for office. Perfect investment opportunity for those willing to give it a little TLC! The home sits on a corner lot with 2 paved driveways and a LARGE and flat fenced in side yard! . This home is located within walking distance to the Downtown district, local parks, restaurants/breweries, local schools, ASU and all that the growing Athens community has to offer. Don’t miss your opportunity to own a historic bungalow in this exciting area and invest in Athens’ continued growth.

16. 2026-03-24
    price $167,000 642-char remark

    Show marketing remark (642 chars)

    Corner Lot Bungalow in the Heart of Downtown Athens. This home offers a large living space with fireplace, an open kitchen/bar with additional space for office. Perfect investment opportunity for those willing to give it a little TLC! The home sits on a corner lot with 2 paved driveways and a LARGE and flat fenced in side yard! . This home is located within walking distance to the Downtown district, local parks, restaurants/breweries, local schools, ASU and all that the growing Athens community has to offer. Don’t miss your opportunity to own a historic bungalow in this exciting area and invest in Athens’ continued growth.

17. 2026-03-13
    price $177,000 642-char remark

    Show marketing remark (642 chars)

    Corner Lot Bungalow in the Heart of Downtown Athens. This home offers a large living space with fireplace, an open kitchen/bar with additional space for office. Perfect investment opportunity for those willing to give it a little TLC! The home sits on a corner lot with 2 paved driveways and a LARGE and flat fenced in side yard! . This home is located within walking distance to the Downtown district, local parks, restaurants/breweries, local schools, ASU and all that the growing Athens community has to offer. Don’t miss your opportunity to own a historic bungalow in this exciting area and invest in Athens’ continued growth.

18. 2026-02-28
    listed $189,000 Active 642-char remark

    Show marketing remark (642 chars)

    Corner Lot Bungalow in the Heart of Downtown Athens. This home offers a large living space with fireplace, an open kitchen/bar with additional space for office. Perfect investment opportunity for those willing to give it a little TLC! The home sits on a corner lot with 2 paved driveways and a LARGE and flat fenced in side yard! . This home is located within walking distance to the Downtown district, local parks, restaurants/breweries, local schools, ASU and all that the growing Athens community has to offer. Don’t miss your opportunity to own a historic bungalow in this exciting area and invest in Athens’ continued growth.

ⓘ 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: $1,038 · $86/mo
• Projected year-2 tax: $1,038 · $86/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 2/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥105°F today · 19 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 18% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,575
• − Mortgage interest: −$8,066
• − Property taxes: −$1,038
• − Insurance: −$720
• − Repairs & maintenance: −$1,166
• − Management: −$1,166
• − Depreciation: −$4,189
• Taxable loss: −$1,770
• Est. tax savings @ 24.0%: +$425
• After-tax cash flow: $1,120/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: Athens City
• NCES district ID: 0100120
• Math proficiency: 27% ▼ -23.00%
• Reading proficiency: 51% ▬ 0.00%
• Median HH income: $45,479
• Composite: 33.14/100
• National rank: #5555
• State rank: #29 of 129 in AL

Livability — Athens

• Score: 75/100
• State rank: #18
• US rank: #4019

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Athens, AL
• County: Limestone County · 80,439 people
• City population: 55,492
• Metro: Huntsville, AL
• Population (ZIP): 29,969
• Household income: $57,377
• Rent vs Own: 40.4% rent · 59.6% own
• Severe rent burden: 811.0

Population outlook (Limestone County) Hauer SSP2

• Today (2025): 111,441 people
• By 2030: 121,272 · +8.8%
• By 2040: 140,705 · +26.3%
• By 2050: 159,069 · +42.7%
• By 2075: 202,231 · +81.5%
• By 2100: 230,608 · +106.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (66%)
• Race & ethnicity: White 66% Black 17% Hispanic / Latino 10% Two or more races 7% Native American 2%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Lithuanian 2% Slovak 2% Serbian 1%
• Foreign-born: 4% · Canada
• Languages at home: 91% English-only · Spanish 7% German/W. Germanic 1%

Political lean MEDSL · Limestone

• 2024 margin: Solid R (+43.9) · D 27.5% · R 71.4% · Other 1.2%
• 2008→2024 swing: -2.0pp toward R · 2008: -41.9pp · 2024: -43.9pp
• All cycles: 2024: R+43.9 2020: R+42.6 2016: R+49.5 2012: R+43.6 2008: R+41.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -115.98%
• Current HPI: 185.0264
• Rent YoY: ▲ 1.23%
• 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

-23.8% since first listed

6 events — show timeline

• 2026-05-05 Price Changed $144,000 VMLS
• 2026-04-10 Price Changed $147,000 VMLS
• 2026-04-02 Price Changed $157,000 VMLS
• 2026-03-24 Price Changed $167,000 VMLS
• 2026-03-13 Price Changed $177,000 VMLS
• 2026-02-28 Listed $189,000 VMLS

Property tax history

+6.6%/yr

Latest (2025): $1,038 · +12.8% YoY. Source: county tax records.