704 West Washington St · Athens, AL 35611

$89,900

4 bd · None ba · 1,603 sqft · MultiFamily public records · 50 Days on market

Built 1950 0.73 ac lot ↓ 10% since listing

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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 +3.8/5.0
• Schools +3.3/10.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

AMAZING DEAL ON A DUPLEX THAT COULD EASILY BE A CASH FLOW ASSET! CAN BE PURCHASED AS A PACKAGE WITH 706 WEST WASHINGTON ST. All properties sold AS IS WHERE IS. This property features 3 bedrooms 2 bathrooms total between 2 units. Unit A has ONE bedroom and ONE bath, Unit B has two bedrooms (one on main level one upstairs).

Key facts

• 0.73 acre lot
• Listed 50 days

Property features AI

Finance

• Other:
• Financial info:
• HOA & community: Subdivision: Metes And Bounds

Exterior

• Parking: Open paved/asphalt driveway
• Security:
• Utilities: Public sewer; No gas service
• Home design: Residential income duplex
• Construction:
• Exterior features: No significant view; Public water

Interior

• Kitchen: No appliances included
• Bedrooms:
• Flooring:
• Bathrooms:
• Heating & cooling: Wall furnace heating; Window unit(s) for cooling
• Interior features: Window cooling units; Wall furnace heating
• Laundry & utility:

What this means for you Summary

Snapshot

• This is a 1×1bd/1ba + 1×2bd/1ba units multifamily listed at $90k.

Deal economics

• At list price, monthly cash flow is $642 ($8k/yr) — positive. Per door: $321/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Recommended offer: $87k (3.0% below list) — sets the bar for market timing.
• Cap rate 20.6% 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.
• Zoned schools: Athens Elementary School (math 57% / reading 57%, grade C+, #76 of 627 statewide, top 13%, 408 students, 64% FRL); Athens Middle School (math 15% / reading 45%, grade F, #121 of 257 statewide, top 50%, 958 students, 59% FRL); Athens High School (math 29% / reading 38%, grade F, #56 of 305 statewide, top 18%, 1,173 students, 51% FRL).
• Market conditions: Rents rising (+1.2%/yr); 546 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 494 units permitted in Limestone County in 2024 (0 in 5+ unit buildings).
• This rent runs 44% of the median local income ($57k/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 $622 of loan paydown is wiped out by about $3k 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.
• At projected returns (-3.0% appreciation + 1.2% rent growth), your $25k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 50 days — a 3% lower offer ($87k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $87,203 (3.0% below list)

Questions for the listing agent

1. It's been on market 50 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 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 2.33% ✓
• Cap rate: 20.56%
• Cash-on-cash: 50.95%
• DSCR: 3.27
• GRM: 3.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.23% rent growth · sell at horizon

5-year hold

• IRR: 22.9%
• Equity multiple: 1.91×
• Total profit: $22,952
• Equity at exit: $13,404

10-year hold

• IRR: 29.4%
• Equity multiple: 3.35×
• Total profit: $59,269
• Equity at exit: $7,773

Cash invested: $25,172 (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: 7.8×

Monthly cashflow live

• Estimated rent: $2,091 high
• Mortgage (P&I): −$471
• Tax from tax record: −$74 /mo · $890/yr
• Insurance: −$37
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$439
• Net cashflow: $642

Break-even live

Break-even rent $1,278

Max offer price $89,900

Occupancy floor 64%

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

Units	Beds	Baths	Est. rent
1× unit	1	1	$964
1× unit	2	1	$1,127
Total (2 units)			$2,091

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1003 E Washington St Athens, AL	4.0	3.0	1768	$1,600	$0.90	21d	1	0.37mi
100 Henry Dr Athens, AL	2.0–3.0	2.0	1073	$1,249	$1.16	14d	4	0.72mi
707 Hine St N Athens, AL	3.0	1.5	1400	$1,450	$1.04	43d	1	0.74mi
1601 Florence St Athens, AL	3.0	1.0	1260	$1,850	$1.47	43d	1	0.81mi
710 S Clinton St Athens, AL	1.0–3.0	1.0–2.0	1056	$1,400	$1.33	14d	6	0.83mi
426 Rogers St Athens, AL	3.0	2.0	1738	$1,550	$0.89	14d	1	1.05mi
804 Hereford Dr Athens, AL	4.0	2.0	2000	$1,595	$0.80	43d	1	1.10mi
17896 Sallows Dr Athens, AL	3.0	2.0	1450	$1,595	$1.10	23d	1	1.15mi
402 Crutcher Cir Athens, AL	3.0	2.5	1108	$2,000	$1.81	43d	1	1.23mi
16085 Cohen Dr Athens, AL	4.0	2.5	1995	$2,150	$1.08	23d	1	1.30mi
17662 Antlers Pass Athens, AL	3.0	2.0	1600	$1,650	$1.03	43d	1	1.31mi
16097 Cohen Dr Athens, AL	4.0	2.5	1995	$1,895	$0.95	43d	1	1.31mi
16129 Cohen Dr Athens, AL	2.0–4.0	2.0–2.5	1650	$1,895	$1.15	14d	9	1.34mi
17969 Longleaf Dr Athens, AL	4.0	3.0	2173	$2,100	$0.97	14d	1	1.42mi
17993 Longleaf Dr Athens, AL	4.0	3.0	2226	$2,400	$1.08	14d	1	1.42mi
17884 Longleaf Dr Athens, AL	4.0	3.0	2175	$2,100	$0.97	23d	1	1.43mi

Listing history 16 events

1. 2026-06-18
   days on market $89,900 Active 50 DOM
2. 2026-06-17
   days on market $89,900 Active 49 DOM
3. 2026-06-16
   days on market $89,900 Active 48 DOM
4. 2026-06-15
   days on market $89,900 Active 47 DOM
5. 2026-06-14
   days on market $89,900 Active 45 DOM
6. 2026-06-10
   days on market $89,900 Active 42 DOM
7. 2026-06-09
   days on market $89,900 Active 41 DOM
8. 2026-06-08
   days on market $89,900 Active 40 DOM
9. 2026-06-07
   days on market $89,900 Active 39 DOM
10. 2026-06-05
    days on market $89,900 Active 36 DOM
11. 2026-06-03
    days on market $89,900 Active 35 DOM
12. 2026-06-02
    pricedays on market $89,900 Active 34 DOM
13. 2026-06-01
    days on market $99,900 Active 33 DOM
14. 2026-05-31
    days on market $99,900 Active 32 DOM
15. 2026-05-30
    days on market $99,900 Active 31 DOM
16. 2026-04-29
    listed $99,900 Active 324-char remark

ⓘ 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: $890 · $74/mo
• Projected year-2 tax: $890 · $74/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 8/10 Severe FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 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: $25,092
• − Mortgage interest: −$5,036
• − Property taxes: −$890
• − Insurance: −$5,568
• − Repairs & maintenance: −$2,007
• − Management: −$2,007
• − Depreciation: −$2,615
• Taxable income: $6,969
• Est. tax owed @ 24.0%: −$1,672
• After-tax cash flow: $6,035/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

-10.0% since first listed

2 events — show timeline

• 2026-06-01 Price Changed $89,900 VMLS
• 2026-04-29 Listed $99,900 VMLS

Property tax history

+9.8%/yr

Latest (2025): $890 · +12.8% YoY. Source: county tax records.