277 Waters Edge Ln · Madison, AL 35758

$190,000

2 bd · 1.0 ba · 1,055 sqft · Condo public records · 47 Days on market

Built 1988 $180/sqft · 7% below area Est $206k · 8% under $197/mo HOA · 16% of rent

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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).

• ARV discount +11.0/15.0
• Appreciation +10.0/10.0
• Schools +5.6/10.0
• Cash flow +4.1/30.0
• Livability +3.8/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• 1% rule +1.6/10.0
• DSCR +0.0/10.0

Listing remarks

Beautiful Remodeled Condo! Open Floorplan. Large Great Room with Cathedral Ceiling Which Adds Spaciousness and A Fireplace. Palladium Window Overlooks Pool. Kitchen has Quartz Countertops, Stainless Steel Appliances and Ceramic Backsplash. Two Bedrooms. Two Full Baths with New Bathfitter Shower and Bath with Lifetime Warranty. Smooth Ceilings Throughout. Neutral Paint. LVP Flooring. New Light Fixtures. New Hot Water Heater. HVAC - 2021. Prime location at Old Madison Pike & Hughes Rd. Close to Restaurants, Shopping, Dublin Park, Research Park and Toyota Field. Enjoy Swimming in the Pool, Games in the Club House or Just Relax By the Lake. Ready To Move In!

Key facts

• $197 HOA
• Community pool
• Built 1988

Property features AI

Finance

• Other: Community features include curbs; Subdivision: Madison Towne Centre
• Financial info:
• HOA & community: HOA with monthly fee; Association amenities include common grounds and pool; HOA fee covers building maintenance, insurance, trash, and grounds maintenance

Exterior

• Parking: Parking lot
• Security:
• Utilities: Public water; Public sewer
• Home design: Residential condominium; Built in 1988; Single-level entry
• Construction: Vinyl siding; Slab foundation
• Exterior features: Curb and gutters; Sidewalk; Near park; Private pool

Interior

• Kitchen: Range; Dishwasher; Microwave; Refrigerator; Disposal; Electric water heater
• Bedrooms:
• Flooring:
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central cooling
• Interior features: 5 total rooms
• Laundry & utility:

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $190k.

Deal economics

• At list price, monthly cash flow is $-522 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $98k (48.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $124k (34.5% below list).
• Recommended offer: $98k (48.5% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 76/100 on livability (#12 in AL, #3,280 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime B+; Watch: amenities F, commute F.
• Madison City (suburban): math 51% / reading 71% proficiency, ranked #4 of 129 in AL (top 3%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 17% free/reduced lunch — higher-income household profile.
• Zoned schools: Midtown Elementary School (math 49% / reading 78%, grade B, #46 of 627 statewide, top 8%, 999 students, 26% FRL); Discovery Middle School (math 46% / reading 69%, grade B, #13 of 257 statewide, top 5%, 1,334 students, 25% FRL); Bob Jones High School (math 53% / reading 51%, grade D+, #11 of 305 statewide, top 4%, 1,920 students, 24% FRL).
• Market conditions: Rents rising (+1.6%/yr); 390 active listings in the ZIP; 39 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 54% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 4,709 units permitted in Madison County in 2024 (1,186 in 5+ unit buildings).
• This rent is only 13% of the median local income ($117k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• In year one you build about $20k of equity ($1k loan paydown + $19k appreciation (10.0% local appreciation)).
• Madison County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($184k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• 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 $97,833 (48.5% 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. It's been on market 47 days. Have you received any prior offers? Is the seller open to a 49% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.66% ✗
• Cap rate: 3.00%
• Cash-on-cash: -11.77%
• DSCR: 0.48
• GRM: 12.7

CMA / ARV

• ARV (median comp): $206,057
• List price: $190,000
• Delta: -7.79%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 1.58% rent growth · sell at horizon

5-year hold

• IRR: 15.7%
• Equity multiple: 2.29×
• Total profit: $68,633
• Equity at exit: $171,167

10-year hold

• IRR: 15.0%
• Equity multiple: 5.23×
• Total profit: $225,159
• Equity at exit: $369,128

Cash invested: $53,200 (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 35758

• Home prices YoY: 4.2%
• Rents YoY: 1.6%
• Active inventory: 390
• Price-to-rent: 12.7×

Monthly cashflow live

• Estimated rent: $1,245 high
• Mortgage (P&I): −$996
• Tax from tax record: −$233 /mo · $2,790/yr
• Insurance: −$79
• HOA: −$197
• Vacancy / Maint / Mgmt: −$261
• Net cashflow: $-522

Break-even live

Break-even rent $1,905

Max offer price $97,833

Occupancy floor —

Sensitivity live

Price	-10% $-414	-5% $-468	+0% $-522	+5% $-576	+10% $-629
Rent	-10% $-620	-5% $-571	+0% $-522	+5% $-473	+10% $-423
Rate	-1.0pp $-426	-0.5pp $-473	base $-522	+0.5pp $-571	+1.0pp $-621

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: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Rent comps 39 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
262 Waters Edge Ln Unit 262 Madison, AL	2.0	2.0	1055	$1,175	$1.11	45d	1	0.03mi
349 Waters Edge Ln Unit n/a Madison, AL	2.0	2.0	1055	$1,050	$1.00	45d	1	0.04mi
210 Waters Edge Ln #6 Madison, AL	2.0	2.0	1060	$1,075	$1.01	45d	1	0.07mi
104 Waters Edge Ln Unit 104 Madison, AL	2.0	1.0	775	$1,000	$1.29	15d	1	0.10mi
712 Marion Dr Madison, AL	3.0	1.0	1253	$1,450	$1.16	45d	1	0.18mi
200 Millstone Ln Madison, AL	3.0	2.0	1425	$2,000	$1.40	45d	1	0.19mi
416 Walton Rd Madison, AL	3.0	2.0	1306	$1,795	$1.37	15d	1	0.36mi
510 Clift Dr Madison, AL	3.0	2.0	1197	$1,600	$1.34	45d	1	0.48mi
180 Hughes Rd Madison, AL	1.0–4.0	1.0–3.5	1373	$1,824	$1.33	15d	45	0.53mi
1105 Woodbine Rd Madison, AL	3.0	1.5	1254	$1,500	$1.20	25d	1	0.77mi
425 Falls PT SW Unit 1 Madison, AL	3.0	3.0	1375	$1,615	$1.17	45d	1	0.80mi
90 High St Unit 100A Madison, AL	2.0	1.0	900	$995	$1.11	45d	1	1.02mi
104 Westscott Dr Madison, AL	2.0	2.0	975	$995	$1.02	45d	1	1.17mi
7900 Old Madison Pike Madison, AL	2.0–4.0	1.0–2.5	1313	$1,164	$0.89	15d	11	1.18mi
111 Westscott Dr Madison, AL	2.0	2.0	975	$995	$1.02	45d	1	1.19mi
403 Oakland Rd Madison, AL	2.0	2.5	1165	$1,295	$1.11	45d	1	1.20mi
124 Westscott Dr Madison, AL	2.0	2.0	994	$1,025	$1.03	23d	1	1.22mi
100 Michael Ave Unit 100 Micheal A Madison, AL	2.0	1.0	800	$975	$1.22	45d	1	1.26mi
127 Philadelphia Dr Madison, AL	3.0	2.0	1404	$1,650	$1.18	25d	1	1.27mi
7584 Madison Pike Madison, AL	1.0–3.0	1.0–2.0	1023	$1,118	$1.09	15d	17	1.30mi
109 Michael Ave Unit 106B Madison, AL	2.0	1.0	950	$1,199	$1.26	45d	1	1.33mi
109 Michael Ave Unit 112D Madison, AL	2.0	1.0	950	$1,199	$1.26	25d	1	1.33mi
124 Michael Ave Unit B Madison, AL	2.0	1.0	808	$925	$1.14	25d	1	1.37mi
194 Shelton Rd Madison, AL	2.0	1.0–2.0	729	$1,149	$1.58	15d	9	1.37mi
104 Village Ln Madison, AL	2.0	2.0	960	$995	$1.04	15d	1	1.38mi
104 Village Ln Madison, AL	2.0	2.0	960	$995	$1.04	25d	1	1.38mi
104 Village Ln Madison, AL	2.0	2.0	960	$995	$1.04	45d	1	1.38mi
116 Michael Ave Madison, AL	2.0	1.0	808	$950	$1.18	45d	1	1.39mi
120 Michael Ave Unit B Madison, AL	2.0	1.0	840	$925	$1.10	25d	1	1.39mi
106 Village Ln Madison, AL	2.0	2.0	960	$995	$1.04	45d	1	1.39mi
85 Shorter St Madison, AL	3.0	1.0–3.0	1182	$1,532	$1.30	45d	13	1.40mi
108 Village Ln Madison, AL	2.0	2.0	960	$995	$1.04	45d	1	1.41mi
2300 Colonial Lake Dr Madison, AL	1.0–3.0	1.0–2.0	1083	$1,186	$1.09	15d	39	1.41mi
110 Village Ln Madison, AL	2.0	2.0	960	$995	$1.04	45d	1	1.42mi
2002 Flagstone Dr Madison, AL	1.0–3.0	1.0–2.0	973	$1,247	$1.28	15d	77	1.43mi
5142 Wall Triana Hwy Madison, AL	2.0–3.0	1.0–1.5	1000	$1,025	$1.02	45d	2	1.44mi
100 Carmine Cir Unit 100D Madison, AL	2.0	1.0	850	$1,199	$1.41	25d	1	1.48mi
100 Carmine Cir Unit 101D Madison, AL	2.0	1.0	850	$1,199	$1.41	45d	1	1.48mi
1110 Liberty Dr Unit 1110 Madison, AL	2.0	2.0	1100	$1,200	$1.09	25d	1	1.49mi

HOA detail condo

• Monthly dues: $197 · $2,364/yr
• Likely covers: waterpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 18 events

1. 2026-06-22
   days on market $190,000 Active 47 DOM
2. 2026-06-18
   days on market $190,000 Active 44 DOM
3. 2026-06-17
   days on market $190,000 Active 43 DOM
4. 2026-06-16
   days on market $190,000 Active 42 DOM
5. 2026-06-15
   days on market $190,000 Active 41 DOM
6. 2026-06-14
   days on market $190,000 Active 39 DOM
7. 2026-06-10
   days on market $190,000 Active 36 DOM
8. 2026-06-09
   days on market $190,000 Active 35 DOM
9. 2026-06-08
   days on market $190,000 Active 34 DOM
10. 2026-06-07
    days on market $190,000 Active 33 DOM
11. 2026-06-03
    days on market $190,000 Active 29 DOM
12. 2026-06-02
    days on market $190,000 Active 28 DOM
13. 2026-06-01
    days on market $190,000 Active 27 DOM
14. 2026-05-31
    days on market $190,000 Active 26 DOM
15. 2026-05-30
    days on market $190,000 Active 25 DOM
16. 2026-05-05
    listed $190,000 Active 674-char remark
17. 2025-04-04
    listed $199,900 Active
18. 2022-06-01
    soldstatus $170,900

ⓘ 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: $2,790 · $233/mo
• Projected year-2 tax: $2,790 · $233/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 6/10 Major 7 d/yr ≥106°F today · 19 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 19% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,937
• − Mortgage interest: −$10,643
• − Property taxes: −$2,790
• − Insurance: −$950
• − Repairs & maintenance: −$1,195
• − Management: −$1,195
• − HOA: −$2,364
• − Depreciation: −$5,527
• Taxable loss: −$9,728
• Est. tax savings @ 24.0%: +$2,335
• After-tax cash flow: $-3,926/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: Madison City
• NCES district ID: 0100008
• Math proficiency: 51% ▼ -25.00%
• Reading proficiency: 71% ▼ -2.00%
• Median HH income: $89,091
• Composite: 55.56/100
• National rank: #1238
• State rank: #4 of 129 in AL

Livability — Madison

• Score: 76/100
• State rank: #12
• US rank: #3280

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Madison, AL
• County: Madison County · 380,832 people
• City population: 93,742
• Metro: Huntsville, AL
• Population (ZIP): 50,266
• Household income: $117,380
• Rent vs Own: 30.8% rent · 69.2% own
• Severe rent burden: 875.0

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 (68%)
• Race & ethnicity: White 68% Black 14% Hispanic / Latino 8% Asian 7% Two or more races 7%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Slovak 3% Italian 2% Lithuanian 2%
• Foreign-born: 9% · Canada, South Korea, Vietnam
• Languages at home: 87% English-only · Spanish 5% Other Asian/Pacific 2% Chinese 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: ▲ 14.46%
• Current HPI: 355.2784
• Rent YoY: ▲ 1.58%
• 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

+11.2% since first listed

3 events — show timeline

• 2026-05-05 Listed $190,000 VMLS
• 2025-04-04 Listed $199,900 VMLS
• 2022-06-01 Sold (Public Records) $170,900 Public Records

Property tax history

+18.3%/yr

Latest (2024): $2,790 · +15.4% YoY. Source: county tax records.