406 National St · Montgomery, AL 36105

$45,000

3 bd · 1.0 ba · 1,600 sqft · SingleFamily public records · 16 Days on market

Built 1951 9,583 sqft lot

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks

Great investment opportunity. All systems and condition unknown to seller. Seller has never lived in the property. Sold AS-IS, WHERE IS. No Seller concessions will be paid. No Contingencies accepted. CASH ONLY. Schools to be verified by purchaser. No tenant.

Key facts

• 9,583 sq ft lot
• Parking
• Built 1951

Property features AI

Exterior

• Parking: Driveway
• Utilities: Utilities: Unknown
• Home design: Single-story home; Brick and wood siding exterior; Slab foundation
• Construction: Built (year per public records); Brick and wood siding construction; Slab foundation
• Exterior features: Fully fenced yard; City lot with mature trees; Lot dimensions approximately 215 x 133

Interior

• Kitchen: Kitchen on the first floor
• Bedrooms: Two bedrooms on the first floor
• Flooring: Carpet; Tile; Wood
• Bathrooms: One full bathroom on the first floor
• Interior features: Carpet, tile and wood flooring; Water heater

🏷️ Possibly a rental listed for sale. The $45,000 price doesn't fit this home's estimated sale value (~$102,400) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $45k.

Deal economics

• At list price, monthly cash flow is $699 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $45k).
• Recommended offer: $44k (1.5% below list) — sets the bar for market timing.
• Cap rate 24.9% vs local median 6.0% in Montgomery — 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 65/100 on livability (#138 in AL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools C-, employment D, crime F.
• Montgomery County (urban): math 9% / reading 31% proficiency, ranked #106 of 129 in AL (top 82%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 79 active listings in the ZIP; 38 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 58% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 460 units permitted in Montgomery County in 2024 (37 in 5+ unit buildings).
• This rent runs 36% of the median local income ($41k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $311 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Montgomery County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($44k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% 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 $44,325 (1.5% below list)

Questions for the listing agent

1. Built in 1951 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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. 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.
5. 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.
6. 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: 2.80% ✓
• Cap rate: 24.92%
• Cash-on-cash: 66.53%
• DSCR: 3.96
• GRM: 3.0

CMA / ARV

• ARV (on-the-fly): $102,400
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
626 W Edgemont Ave	0.39mi	3/1.0	1,641 (+3%)	0mo	$10,000	$6	77
3920 Oak St	0.57mi	3/2.0	1,625 (+2%)	4mo	$110,000	$68	63
3607 S Court St	0.45mi	3/2.0	1,703 (+6%)	2mo	$32,500	$19	63
204 National St	0.21mi	4/2.5 (+1)	1,728 (+8%)	9mo	$140,000	$81	58
3472 Rosa L Parks Ave	0.27mi	4/1.0 (+1)	1,364 (-15%)	8mo	$34,000	$25	51
614 Stuart St	0.66mi	2/2.0 (-1)	1,696 (+6%)	2mo	$109,000	$64	48
620 Clover Hill Dr	0.46mi	3/1.0	1,376 (-14%)	10mo	$15,000	$11	47
114 Stuart St	0.63mi	4/2.0 (+1)	1,726 (+8%)	5mo	$115,000	$67	44
3227 Agate St	0.63mi	3/2.0	1,760 (+10%)	8mo	$125,000	$71	44
3302 S Perry St	0.66mi	4/2.0 (+1)	1,719 (+7%)	9mo	$114,900	$67	40
3233 Agate St	0.62mi	3/1.0	1,374 (-14%)	11mo	$44,000	$32	39
4016 Berwick Dr	0.74mi	4/1.5 (+1)	1,380 (-14%)	10mo	$51,000	$37	27

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 65.8%
• Equity multiple: 3.95×
• Total profit: $37,210
• Equity at exit: $6,710

10-year hold

• IRR: 70.1%
• Equity multiple: 8.12×
• Total profit: $89,735
• Equity at exit: $3,891

Cash invested: $12,600 (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 36105

• Home prices YoY: -32.6%
• Active inventory: 79
• Price-to-rent: 3.0×

Monthly cashflow live

• Estimated rent: $1,261 high
• Mortgage (P&I): −$236
• Tax from tax record: −$43 /mo · $510/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$265
• Net cashflow: $699

Break-even live

Break-even rent $376

Max offer price $45,000

Occupancy floor 40%

Sensitivity live

Price	-10% $724	-5% $711	+0% $699	+5% $686	+10% $673
Rent	-10% $599	-5% $649	+0% $699	+5% $748	+10% $798
Rate	-1.0pp $721	-0.5pp $710	base $699	+0.5pp $687	+1.0pp $675

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: $11,250
• Closing costs: $1,350
• Reserves months: —
• Total cash needed: —

Rent comps 38 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3616 Gaston Ave Montgomery, AL	4.0	2.0	1629	$1,300	$0.80	45d	1	0.28mi
3577 Whiting Ave Montgomery, AL	3.0	1.0	1269	$1,150	$0.91	45d	1	0.34mi
4148 Edgar D Nixon Ave Montgomery, AL	4.0	1.0	1208	$1,200	$0.99	45d	1	0.48mi
3544 Southmont Dr Montgomery, AL	4.0	1.5	1774	$1,300	$0.73	22d	1	0.51mi
4037 Oak St Montgomery, AL	3.0	2.0	1314	$1,450	$1.10	45d	1	0.61mi
370 Collinwood Ave Montgomery, AL	3.0	1.0	1080	$1,000	$0.93	22d	1	0.67mi
3220 Doris Cir Montgomery, AL	3.0	1.0	1139	$1,100	$0.97	45d	1	0.70mi
3608 Wilmington Rd Montgomery, AL	3.0	1.0	1160	$950	$0.82	45d	1	0.78mi
3304 Gilmer Ave Montgomery, AL	4.0	2.0	2009	$1,400	$0.70	22d	1	0.80mi
3338 S Hull St Montgomery, AL	2.0	2.0	1311	$1,150	$0.88	22d	1	0.83mi
3515 Norman Bridge Rd Unit A Montgomery, AL	2.0	1.0	1150	$1,150	$1.00	45d	1	0.87mi
139 Mount Vernon Dr Unit A Montgomery, AL	4.0	2.5	1700	$1,000	$0.59	45d	1	0.89mi
105 Arlington Rd Unit B Montgomery, AL	2.0	1.0	1100	$925	$0.84	45d	1	0.93mi
3386 Lexington Rd Unit B Montgomery, AL	2.0	1.0	1950	$900	$0.46	22d	1	0.98mi
3357 Lexington Rd Montgomery, AL	2.0	1.0	1200	$1,175	$0.98	15d	1	1.03mi
3235 Norman Bridge Rd Montgomery, AL	3.0	1.0	1873	$900	$0.48	45d	1	1.05mi
3543 Berkley Dr Montgomery, AL	4.0	2.0	2067	$1,575	$0.76	15d	1	1.06mi
3445 Le Bron Rd Montgomery, AL	4.0	1.0	1100	$1,050	$0.95	22d	1	1.13mi
548 Winston Dr Montgomery, AL	2.0	2.5	1396	$1,000	$0.72	45d	1	1.14mi
3737 Wesley Dr Montgomery, AL	3.0	2.0	1050	$1,280	$1.22	45d	1	1.17mi
3735 Bridlewood Dr Montgomery, AL	3.0	1.0	1386	$895	$0.65	45d	1	1.18mi
3369 Montezuma Rd Montgomery, AL	3.0	1.0	1281	$1,150	$0.90	45d	1	1.19mi
3701 Wesley Dr Unit 3737 Montgomery, AL	3.0	2.0	1050	$1,280	$1.22	45d	1	1.20mi
3720 Stanley Dr Montgomery, AL	4.0	2.0	1719	$1,650	$0.96	22d	1	1.22mi
3256 Montezuma Rd Montgomery, AL	3.0	2.0	1515	$1,450	$0.96	45d	1	1.24mi
2655 W Edgemont Ave Montgomery, AL	2.0	2.0	1743	$875	$0.50	45d	1	1.24mi
3225 McElvy St Montgomery, AL	3.0	2.0	1258	$1,350	$1.07	15d	1	1.25mi
1919 Norman Bridge Ct Unit 1043838P Montgomery, AL	4.0	3.0	1539	$4,108	$2.67	45d	1	1.25mi
3649 Princeton Rd Montgomery, AL	3.0	1.0	1266	$1,200	$0.95	22d	1	1.26mi
3708 Princeton Rd Montgomery, AL	2.0	2.0	1749	$900	$0.51	22d	1	1.27mi
2654 Rutland St Montgomery, AL	3.0	1.0	1176	$1,075	$0.91	22d	1	1.32mi
428 Thorn Pl Montgomery, AL	2.0	1.0	1549	$1,450	$0.94	45d	1	1.33mi
3356 Audubon Rd Montgomery, AL	2.0	1.5	1340	$950	$0.71	45d	1	1.39mi
519 Thorn Pl Montgomery, AL	2.0	1.0	1632	$650	$0.40	22d	1	1.40mi
334 Felder Ave Montgomery, AL	3.0	2.0	2223	$2,395	$1.08	45d	1	1.42mi
3510 Bankhead Ave Montgomery, AL	3.0	3.0	2210	$2,250	$1.02	45d	1	1.46mi
906 E Fairview Ave Unit 902 Montgomery, AL	2.0	1.0	1100	$995	$0.90	22d	1	1.46mi
24 Flood St Montgomery, AL	2.0	1.0	1140	$1,000	$0.88	22d	1	1.49mi

Listing history 12 events

1. 2026-06-21
   days on market $45,000 Active 16 DOM
2. 2026-06-18
   days on market $45,000 Active 13 DOM
3. 2026-06-17
   days on market $45,000 Active 12 DOM
4. 2026-06-16
   days on market $45,000 Active 11 DOM
5. 2026-06-15
   days on market $45,000 Active 10 DOM
6. 2026-06-14
   days on market $45,000 Active 8 DOM
7. 2026-06-13
   days on market $45,000 Active 7 DOM
8. 2026-06-10
   days on market $45,000 Active 5 DOM
9. 2026-06-09
   days on market $45,000 Active 4 DOM
10. 2026-06-08
    days on market $45,000 Active 3 DOM
11. 2026-06-07
    remarks 258-char remark
12. 2026-06-07
    listed $45,000 Active 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: $510 · $43/mo
• Projected year-2 tax: $510 · $43/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 8/10 Severe 7 d/yr ≥108°F today · 20 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% 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: $15,126
• − Mortgage interest: −$2,521
• − Property taxes: −$510
• − Insurance: −$225
• − Repairs & maintenance: −$1,210
• − Management: −$1,210
• − Depreciation: −$1,309
• Taxable income: $8,141
• Est. tax owed @ 24.0%: −$1,954
• After-tax cash flow: $6,429/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: Montgomery County
• NCES district ID: 0102430
• Math proficiency: 9% ▼ -21.00%
• Reading proficiency: 31% ▼ -1.00%
• Median HH income: $43,902
• Composite: 17.24/100
• National rank: #9093
• State rank: #106 of 129 in AL

Livability — Montgomery

• Score: 65/100
• State rank: #138
• US rank: #13416

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Montgomery, AL
• County: Montgomery County · 190,016 people
• City population: 175,913
• Metro: Montgomery, AL
• Population (ZIP): 9,207
• Household income: $41,486
• Rent vs Own: 39.9% rent · 60.1% own
• Severe rent burden: 679.0

Population outlook (Montgomery County) Hauer SSP2

• Today (2025): 224,008 people
• By 2030: 221,460 · -1.1%
• By 2040: 214,179 · -4.4%
• By 2050: 204,912 · -8.5%
• By 2075: 177,821 · -20.6%
• By 2100: 145,134 · -35.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (83%)
• Race & ethnicity: Black 83% White 12% Hispanic / Latino 4% Two or more races 3%
• Common ancestry: Italian 1%
• Foreign-born: 3% · Canada, South Korea
• Languages at home: 95% English-only · Spanish 4%

Political lean MEDSL · Montgomery

• 2024 margin: Solid D (+30.7) · D 64.8% · R 34.1% · Other 1.1%
• 2008→2024 swing: +11.5pp toward D · 2008: 19.2pp · 2024: 30.7pp
• All cycles: 2024: D+30.7 2020: D+31.5 2016: D+26.2 2012: D+24.3 2008: D+19.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -31.17%
• Current HPI: 64.4673
• Rent YoY: —
• Metro: Montgomery, 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

1 event — show timeline

• 2026-06-02 Listed $45,000 MAAR

Property tax history

+4.1%/yr

Latest (2025): $510 · +6.9% YoY. Source: county tax records.