1002 S 10th St · Gadsden, AL 35901

$299,900

8 bd · 4.0 ba · 4,456 sqft · MultiFamily public records · 42 Days on market

Built 1940 $67/sqft · 6% below area Est $314k · at est.

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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
• DSCR +10.0/10.0
• ARV discount +9.6/15.0
• 1% rule +7.4/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

INVESTORS! your chance to own an income producing 4-plex in downtown Gadsden. 2-1 Bedroom units and 2-2 bedroom units with storage. One unit has been totally remodeled. Located on a dead in street and conveniently located.

Key facts

• Strong rental demand
• Turnkey property
• Occupied quadplex

Tags

• OCCUPIED QUADPLEX
• INCOME PRODUCING UNITS
• STRONG RENTAL DEMAND
• LONG TERM INVESTMENT POTENTIAL
• TURNKEY PROPERTY

Property features AI

Finance

• Other: Subdivision: Gadsden
• Financial info: Expenses reported per year

Exterior

• Parking: 1 parking space per unit
• Utilities: Public water; Connected sewer; Electric water heater; Owner does not pay utilities
• Home design: Multi-family building with 4 total units; Existing structure
• Construction: Siding exterior
• Exterior features: Crawl space foundation; Not in a flood plain; Tenant pays all utilities

Interior

• Kitchen: Each unit includes a refrigerator and stove
• Bedrooms: Two 3-bedroom units; Two 1-bedroom units
• Flooring: Laminate; Some hardwood; Tile; Vinyl
• Bathrooms: Each unit has 1 full bath
• Heating & cooling: Electric heating; Electric cooling
• Interior features: Den; Some hardwood and laminate, tile and vinyl flooring
• Laundry & utility: Washer/dryer connection in each unit; Electric water heater

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $300k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $291/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $300k).
• Recommended offer: $291k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.0% vs local median 5.1% in Gadsden — 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 59/100 on livability (#335 in AL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Gadsden City (urban): math 15% / reading 39% proficiency, ranked #87 of 129 in AL (top 67%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: W E Striplin Elementary School (math 5% / reading 21%, grade F, #532 of 627 statewide, top 85%, 464 students, 86% FRL); Gadsden City High School (math 17% / reading 24%, grade F, #159 of 305 statewide, top 53%, 1,318 students, 76% FRL).
• Market conditions: 151 active listings in the ZIP; 119 units permitted in Etowah County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Etowah County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $84k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 42 days — a 3% lower offer ($291k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 6y ago 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.
• Current owner paid $68k; list at $300k implies a 338% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; moderate wind risk, 25% chance of damaging wind over 30y; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $290,903 (3.0% below list)

Questions for the listing agent

1. It's been on market 42 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 1.24% ✓
• Cap rate: 10.95%
• Cash-on-cash: 16.64%
• DSCR: 1.74
• GRM: 6.7

CMA / ARV

• ARV (median comp): $314,457
• List price: $299,900
• Delta: -4.63%
• Verdict: FAIR
• Comps: 2 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 7.7%
• Equity multiple: 1.30×
• Total profit: $25,451
• Equity at exit: $44,716

10-year hold

• IRR: 17.0%
• Equity multiple: 2.40×
• Total profit: $117,164
• Equity at exit: $25,930

Cash invested: $83,972 (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 35901

• Home prices YoY: -9.9%
• Active inventory: 151
• Price-to-rent: 26.8×

Monthly cashflow live

• Estimated rent: $3,724 medium
• Mortgage (P&I): −$1,573
• Tax from tax record: −$80 /mo · $956/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$782
• Net cashflow: $1,165

Break-even live

Break-even rent $2,250

Max offer price $299,900

Occupancy floor 64%

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$3,724
Total (4 units)			$3,724

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: $74,975
• Closing costs: $8,997
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-19
   days on market $299,900 Active 42 DOM
2. 2026-06-18
   days on market $299,900 Active 41 DOM
3. 2026-06-17
   days on market $299,900 Active 40 DOM
4. 2026-06-16
   days on market $299,900 Active 39 DOM
5. 2026-06-15
   days on market $299,900 Active 38 DOM
6. 2026-06-14
   days on market $299,900 Active 36 DOM
7. 2026-06-12
   days on market $299,900 Active 35 DOM
8. 2026-06-09
   days on market $299,900 Active 32 DOM
9. 2026-06-08
   days on market $299,900 Active 31 DOM
10. 2026-06-07
    days on market $299,900 Active 30 DOM
11. 2026-06-07
    days on market $299,900 Active 29 DOM
12. 2026-06-04
    days on market $299,900 Active 26 DOM
13. 2026-06-02
    days on market $299,900 Active 25 DOM
14. 2026-06-01
    days on market $299,900 Active 24 DOM
15. 2026-05-31
    days on market $299,900 Active 23 DOM
16. 2026-05-31
    days on market $299,900 Active 22 DOM
17. 2026-05-08
    listed $299,900 Active 596-char remark
18. 2020-11-25
    soldstatus $68,500 Sold 222-char remark

    Show marketing remark (222 chars)

    INVESTORS! your chance to own an income producing 4-plex in downtown Gadsden. 2-1 Bedroom units and 2-2 bedroom units with storage. One unit has been totally remodeled. Located on a dead in street and conveniently located.

19. 2020-11-17
    historical Contingent 222-char remark

    Show marketing remark (222 chars)

    INVESTORS! your chance to own an income producing 4-plex in downtown Gadsden. 2-1 Bedroom units and 2-2 bedroom units with storage. One unit has been totally remodeled. Located on a dead in street and conveniently located.

20. 2020-10-21
    status Active 222-char remark

    Show marketing remark (222 chars)

    INVESTORS! your chance to own an income producing 4-plex in downtown Gadsden. 2-1 Bedroom units and 2-2 bedroom units with storage. One unit has been totally remodeled. Located on a dead in street and conveniently located.

21. 2020-09-30
    status Pending 222-char remark

    Show marketing remark (222 chars)

    INVESTORS! your chance to own an income producing 4-plex in downtown Gadsden. 2-1 Bedroom units and 2-2 bedroom units with storage. One unit has been totally remodeled. Located on a dead in street and conveniently located.

22. 2020-09-22
    listed $79,900 Active 222-char remark

    Show marketing remark (222 chars)

    INVESTORS! your chance to own an income producing 4-plex in downtown Gadsden. 2-1 Bedroom units and 2-2 bedroom units with storage. One unit has been totally remodeled. Located on a dead in street and conveniently located.

ⓘ 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: $956 · $80/mo
• Projected year-2 tax: $1,230 · $102/mo
• Expected delta: +$273/yr (+$23/mo · 28.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 74% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥107°F today · 19 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 25% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $44,688
• − Mortgage interest: −$16,799
• − Property taxes: −$956
• − Insurance: −$1,500
• − Repairs & maintenance: −$3,575
• − Management: −$3,575
• − Depreciation: −$8,724
• Taxable income: $9,559
• Est. tax owed @ 24.0%: −$2,294
• After-tax cash flow: $11,681/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: Gadsden City
• NCES district ID: 0101620
• Math proficiency: 15% ▼ -27.00%
• Reading proficiency: 39% ▼ -2.00%
• Median HH income: $29,099
• Composite: 21.62/100
• National rank: #8292
• State rank: #87 of 129 in AL

Livability — Gadsden

• Score: 59/100
• State rank: #335
• US rank: #20131

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gadsden, AL
• Population (ZIP): 19,186

Population outlook (Etowah County) Hauer SSP2

• Today (2025): 100,500 people
• By 2030: 98,488 · -2.0%
• By 2040: 93,731 · -6.7%
• By 2050: 88,681 · -11.8%
• By 2075: 76,746 · -23.6%
• By 2100: 65,373 · -35.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 55% Black 32% Hispanic / Latino 8% Two or more races 7%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Slovak 1% Serbian 1% Lithuanian 1%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 5% Arabic 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Etowah

• 2024 margin: Solid R (+55.7) · D 21.8% · R 77.5%
• 2008→2024 swing: -17.5pp toward R · 2008: -38.2pp · 2024: -55.7pp
• All cycles: 2024: R+55.7 2020: R+50.2 2016: R+50.1 2012: R+38.4 2008: R+38.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -26.83%
• Current HPI: 243.6795
• Rent YoY: —
• Metro: —
• 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

+275.3% since first listed

6 events — show timeline

• 2026-05-08 Listed $299,900 Greater Alabama MLS
• 2020-11-25 Sold (MLS) $68,500 VMLS
• 2020-11-17 Contingent — VMLS
• 2020-10-21 Relisted — VMLS
• 2020-09-30 Pending — VMLS
• 2020-09-22 Listed $79,900 VMLS

Property tax history

+2.8%/yr

Latest (2025): $956 · +0.0% YoY. Source: county tax records.