183 Waters Edge Ln #1 · Madison, AL 35758

$150,000

2 bd · 2.0 ba · 868 sqft · Condo · 21 Days on market

Built 1988 $149/mo HOA · 13% 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).

• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Cash flow +6.0/30.0
• Schools +5.6/10.0
• Livability +3.8/5.0
• Rent growth +2.9/5.0
• 1% rule +2.6/10.0
• Condition / age +2.5/5.0
• DSCR +0.3/10.0

Listing remarks

Well-maintained 2-bedroom condo in the City of Madison, zoned for Madison City Schools! Located in desirable Madison Towne Centre, this home offers low-maintenance living in a convenient setting. Enjoy close proximity to the public library, shopping, dining, and recreation fields, plus nearby walking trails and park amenities. Easy access to Old Madison Pike makes commuting a breeze. A great opportunity for homeowners or investors seeking comfort, convenience, and location.

Key facts

• Park amenities
• $149 HOA
• Community pool

Tags

• NEARBY WALKING TRAILS
• PARK AMENITIES

Property features AI

Finance

• Other: Located in the Madison Towne Centre subdivision
• HOA & community: Monthly HOA with clubhouse and pool; HOA fee $149 per month

Exterior

• Parking: Parking lot
• Utilities: Public water; Public sewer
• Home design: Residential condominium; Built in 1988; Living area approximately 868 square feet
• Construction: Slab foundation
• Exterior features: Public water; Public sewer

Interior

• Bathrooms: Two full bathrooms
• Heating & cooling: Electric heating; Electric cooling
• Interior features: One fireplace

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $150k.

Deal economics

• At list price, monthly cash flow is $-289 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $108k (27.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $113k (24.4% below list).
• Recommended offer: $108k (27.9% below list) — sets the bar for cash-flow.
• Cap rate 4.0% vs local median 2.6% in Madison — 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 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); 382 active listings in the ZIP; 31 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 52% 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 12% 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 $16k of equity ($1k loan paydown + $15k 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 3, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($148k) is reasonable based on typical stale-listing flexibility.

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 $108,145 (27.9% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.76% ✗
• Cap rate: 3.98%
• Cash-on-cash: -8.26%
• DSCR: 0.63
• GRM: 11.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 18.1%
• Equity multiple: 2.47×
• Total profit: $61,782
• Equity at exit: $135,132

10-year hold

• IRR: 16.6%
• Equity multiple: 5.61×
• Total profit: $193,581
• Equity at exit: $291,417

Cash invested: $42,000 (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: 382
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $1,135 high
• Mortgage (P&I): −$787
• Tax est. 1.5%: −$188 /mo · $2,250/yr
• Insurance: −$62
• HOA: −$149
• Vacancy / Maint / Mgmt: −$238
• Net cashflow: $-289

Break-even live

Break-even rent $1,501

Max offer price $108,145

Occupancy floor —

Sensitivity live

Price	-10% $-186	-5% $-237	+0% $-289	+5% $-341	+10% $-393
Rent	-10% $-379	-5% $-334	+0% $-289	+5% $-244	+10% $-200
Rate	-1.0pp $-214	-0.5pp $-251	base $-289	+0.5pp $-328	+1.0pp $-368

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 31 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
104 Waters Edge Ln Unit 104 Madison, AL	2.0	1.0	775	$1,000	$1.29	14d	1	0.05mi
210 Waters Edge Ln #6 Madison, AL	2.0	2.0	1060	$1,075	$1.01	44d	1	0.06mi
262 Waters Edge Ln Unit 262 Madison, AL	2.0	2.0	1055	$1,175	$1.11	44d	1	0.07mi
349 Waters Edge Ln Unit n/a Madison, AL	2.0	2.0	1055	$1,050	$1.00	44d	1	0.10mi
180 Hughes Rd Madison, AL	1.0–4.0	1.0–3.5	1373	$1,824	$1.33	14d	45	0.59mi
90 High St Unit 100A Madison, AL	2.0	1.0	900	$995	$1.11	44d	1	1.07mi
7900 Old Madison Pike Madison, AL	2.0–4.0	1.0–2.5	1313	$1,164	$0.89	14d	11	1.19mi
100 Michael Ave Unit 100 Micheal A Madison, AL	2.0	1.0	800	$975	$1.22	44d	1	1.20mi
104 Westscott Dr Madison, AL	2.0	2.0	975	$995	$1.02	44d	1	1.22mi
111 Westscott Dr Madison, AL	2.0	2.0	975	$995	$1.02	44d	1	1.23mi
124 Westscott Dr Madison, AL	2.0	2.0	994	$1,025	$1.03	21d	1	1.27mi
109 Michael Ave Unit 112D Madison, AL	2.0	1.0	950	$1,199	$1.26	24d	1	1.28mi
109 Michael Ave Unit 106B Madison, AL	2.0	1.0	950	$1,199	$1.26	44d	1	1.28mi
7584 Madison Pike Madison, AL	1.0–3.0	1.0–2.0	1023	$1,118	$1.09	14d	17	1.29mi
124 Michael Ave Unit B Madison, AL	2.0	1.0	808	$925	$1.14	24d	1	1.31mi
104 Village Ln Madison, AL	2.0	2.0	960	$995	$1.04	14d	1	1.32mi
104 Village Ln Madison, AL	2.0	2.0	960	$995	$1.04	24d	1	1.32mi
104 Village Ln Madison, AL	2.0	2.0	960	$995	$1.04	44d	1	1.32mi
116 Michael Ave Madison, AL	2.0	1.0	808	$950	$1.18	44d	1	1.33mi
120 Michael Ave Unit B Madison, AL	2.0	1.0	840	$925	$1.10	24d	1	1.33mi
106 Village Ln Madison, AL	2.0	2.0	960	$995	$1.04	44d	1	1.34mi
108 Village Ln Madison, AL	2.0	2.0	960	$995	$1.04	44d	1	1.35mi
110 Village Ln Madison, AL	2.0	2.0	960	$995	$1.04	44d	1	1.36mi
5142 Wall Triana Hwy Madison, AL	2.0–3.0	1.0–1.5	1000	$1,025	$1.02	44d	2	1.38mi
194 Shelton Rd Madison, AL	2.0	1.0–2.0	729	$1,149	$1.58	14d	9	1.41mi
100 Carmine Cir Unit 101D Madison, AL	2.0	1.0	850	$1,199	$1.41	44d	1	1.42mi
100 Carmine Cir Unit 100D Madison, AL	2.0	1.0	850	$1,199	$1.41	24d	1	1.42mi
1110 Liberty Dr Unit 1110 Madison, AL	2.0	2.0	1100	$1,200	$1.09	24d	1	1.44mi
85 Shorter St Madison, AL	3.0	1.0–3.0	1182	$1,532	$1.30	44d	13	1.46mi
2300 Colonial Lake Dr Madison, AL	1.0–3.0	1.0–2.0	1083	$1,186	$1.09	14d	39	1.48mi
2002 Flagstone Dr Madison, AL	1.0–3.0	1.0–2.0	973	$1,247	$1.28	14d	77	1.48mi

HOA detail condo

• Monthly dues: $149 · $1,788/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 15 events

1. 2026-06-18
   days on market $150,000 Active 21 DOM
2. 2026-06-17
   days on market $150,000 Active 20 DOM
3. 2026-06-16
   days on market $150,000 Active 19 DOM
4. 2026-06-15
   days on market $150,000 Active 18 DOM
5. 2026-06-14
   days on market $150,000 Active 16 DOM
6. 2026-06-10
   days on market $150,000 Active 13 DOM
7. 2026-06-09
   days on market $150,000 Active 12 DOM
8. 2026-06-08
   days on market $150,000 Active 11 DOM
9. 2026-06-07
   days on market $150,000 Active 10 DOM
10. 2026-06-03
    days on market $150,000 Active 6 DOM
11. 2026-06-02
    days on market $150,000 Active 5 DOM
12. 2026-06-01
    days on market $150,000 Active 4 DOM
13. 2026-05-31
    days on market $150,000 Active 3 DOM
14. 2026-05-30
    days on market $150,000 Active 2 DOM
15. 2026-05-28
    listed $150,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥106°F today · 19 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 27% chance of damaging wind over 30 yrs

Taxation est. · year 1

• Rental income: $13,616
• − Mortgage interest: −$8,402
• − Property taxes: −$2,250
• − Insurance: −$750
• − Repairs & maintenance: −$1,089
• − Management: −$1,089
• − HOA: −$1,788
• − Depreciation: −$4,364
• Taxable loss: −$6,117
• Est. tax savings @ 24.0%: +$1,468
• After-tax cash flow: $-2,003/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

1 event — show timeline

• 2026-05-28 Listed $150,000 VMLS