1837 15th Street Ensley · Birmingham, AL 35218

$40,000

3 bd · 1.0 ba · 1,178 sqft · SingleFamily public records · 224 Days on market

Built 1916 4,356 sqft lot $34/sqft · 24% below area Est $53k · 24% under ↓ 18% since listing

---

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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +4.2/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.9/10.0

Listing remarks MLS

What an adorable investment opportunity on the edge of Bush Hills. Set amongst the trees, and fenced lot, this 2 bedroom home is ready for the next owner that will show it some tender loving care as they bring it to their desired condition. Huge opportunity for those moving into home ownership and/or as a rental to build rapid equity due to the renovation potential. With plenty of space and nearly 1200 square feet, there's plenty for everyone. Don't miss this one call today!

Key facts

• 4,356 sq ft lot
• Built 1916
• Listed 224 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $144 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Recommended offer: $35k (12.0% below list) — sets the bar for market timing.
• Cap rate 23.4% vs local median 6.2% in Birmingham — 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 67/100 on livability (#78 in AL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities C-, schools F, crime F.
• Birmingham City (urban): math 4% / reading 20% proficiency, ranked #116 of 129 in AL (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 82% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 50 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 45% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 2,114 units permitted in Jefferson County in 2024 (556 in 5+ unit buildings).
• This rent runs 43% of the median local income ($31k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-1.5%/yr); year-one equity from $277 of loan paydown is wiped out by about $616 of value loss. Plan a longer hold.
• Jefferson County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-1.5% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 224 days — a 12% lower offer ($35k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y ago; this cycle's ask has dropped $20k (33%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1916 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); major wind risk, 27% 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 $35,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 224 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1916 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. 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?
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 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: 2.76% ✓
• Cap rate: 23.40%
• Cash-on-cash: 61.08%
• DSCR: 3.72
• GRM: 3.0

CMA / ARV

• ARV (median comp): $52,833
• List price: $40,000
• Delta: -24.29%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1921 10th St	0.47mi	3/1.0	1,120 (-5%)	2mo	$85,000	$76	68
1328 Avenue I	0.38mi	3/1.0	1,223 (+4%)	12mo	$51,500	$42	66
1249 Avenue M	0.25mi	3/2.0	1,144 (-3%)	18mo	$30,000	$26	65
811 W 17th St	0.44mi	3/1.0	1,146 (-3%)	22mo	$57,000	$50	57
2016 26th St W	0.64mi	3/2.0	1,156 (-2%)	11mo	$70,000	$61	54
1520 Avenue G	0.52mi	3/1.0	1,231 (+4%)	20mo	$77,000	$63	52
1408 Avenue D	0.73mi	3/1.0	1,320 (+12%)	2mo	$67,000	$51	44
1104 Avenue	0.71mi	4/2.0 (+1)	1,200 (+2%)	13mo	$15,100	$13	44
925 Avenue F	0.74mi	3/1.0	1,036 (-12%)	2mo	$13,000	$13	44
2643 16th Street Ensley	0.69mi	3/1.0	1,084 (-8%)	17mo	$42,500	$39	40
2129 Pike Rd	0.46mi	4/1.0 (+1)	1,352 (+15%)	11mo	$115,000	$85	40
1414 20th Street Ensley	0.42mi	3/1.0	1,339 (+14%)	23mo	$55,000	$41	38

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-1.54% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 11.1%
• Equity multiple: 1.49×
• Total profit: $5,462
• Equity at exit: $8,629

10-year hold

• IRR: 18.4%
• Equity multiple: 2.79×
• Total profit: $20,015
• Equity at exit: $8,214

Cash invested: $11,200 (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 35218

• Home prices YoY: -0.9%
• Active inventory: 50
• Price-to-rent: 3.0×

Monthly cashflow live

• Estimated rent: $1,104 high
• Mortgage (P&I): −$210
• Tax from tax record: −$76 /mo · $912/yr
• Insurance: −$17
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$232
• Net cashflow: $144

Break-even live

Break-even rent $923

Max offer price $40,000

Occupancy floor 82%

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1825 18th Street Ensley Unit ENSLEY Birmingham, AL	3.0	1.0	1316	$1,123	$0.85	43d	1	0.07mi
1316 Court R Birmingham, AL	3.0	1.0	904	$900	$1.00	10d	1	0.09mi
1306 Avenue R Unit R Birmingham, AL	3.0	1.0	980	$950	$0.97	43d	1	0.11mi
1306 Avenue R Unit R Birmingham, AL	3.0	1.0	980	$950	$0.97	3d	1	0.11mi
1701 Avenue I Unit I Birmingham, AL	3.0	1.0	1140	$1,200	$1.05	3d	1	0.36mi
820 17th Street Ensley Birmingham, AL	3.0	2.0	1336	$1,250	$0.94	43d	1	0.37mi
811 17th Aly Birmingham, AL	4.0	1.0	1146	$1,050	$0.92	10d	1	0.41mi
1521 22nd Street Ensley Unit B Birmingham, AL	2.0	1.0	750	$875	$1.17	23d	1	0.48mi
1520 Avenue G Unit G Birmingham, AL	4.0	1.0	1231	$1,100	$0.89	43d	1	0.49mi
1001 21st Street Ensley Unit B Birmingham, AL	2.0	1.0	700	$725	$1.04	16d	1	0.50mi
2426 Avenue U Unit U Birmingham, AL	3.0	2.0	1260	$1,175	$0.93	19d	1	0.54mi
2337 23rd Street Ensley Birmingham, AL	3.0	1.0	1446	$1,295	$0.90	43d	1	0.56mi
2356 22nd Street Ensley Unit ENSLEY Birmingham, AL	3.0	1.0	1500	$985	$0.66	23d	1	0.57mi
2108 25th Street Ensley Birmingham, AL	4.0	2.0	1446	$1,300	$0.90	43d	1	0.61mi
1609 Pike Rd Birmingham, AL	2.0	1.5	820	$800	$0.98	19d	5	0.62mi
2213 25th Street Ensley Birmingham, AL	4.0	2.0	1197	$1,150	$0.96	10d	1	0.66mi
2610 Avenue P Birmingham, AL	3.0	2.0	1014	$850	$0.84	43d	1	0.68mi
2609 20th Street Ensley Birmingham, AL	3.0	2.0	1500	$1,550	$1.03	3d	1	0.69mi
2609 20th Street Ensley Birmingham, AL	3.0	2.0	1229	$1,550	$1.26	43d	1	0.69mi
2037 26th Street Ensley Birmingham, AL	3.0	1.0	1074	$995	$0.93	43d	1	0.70mi
2621 20th Street Ensley Birmingham, AL	3.0	1.0	1117	$1,295	$1.16	43d	1	0.71mi
2661 Bush Blvd Birmingham, AL	3.0	2.0	1024	$1,200	$1.17	43d	1	0.75mi
1616 28th Street Ensley Birmingham, AL	3.0	1.0	1081	$1,100	$1.02	43d	1	0.75mi
1521 27th Street Ensley Birmingham, AL	3.0	2.0	1120	$1,000	$0.89	43d	1	0.76mi
2520 Avenue L Unit A Birmingham, AL	4.0	1.5	1260	$1,150	$0.91	23d	1	0.80mi
1720 Cullman Ave Unit 3 Birmingham, AL	3.0	2.0	1174	$950	$0.81	43d	1	0.83mi
1720 Cullman Ave Unit 2 Birmingham, AL	3.0	1.0	1174	$899	$0.77	21d	1	0.83mi
1545 29th Street Ensley Birmingham, AL	3.0	1.5	1331	$1,200	$0.90	43d	1	0.85mi
1724 30th Street Ensley Birmingham, AL	4.0	2.0	1428	$1,395	$0.98	16d	1	0.86mi
2617 Avenue K Birmingham, AL	4.0	2.0	1046	$1,495	$1.43	1d	1	0.86mi
2720 23rd Street Ensley Birmingham, AL	4.0	2.0	1350	$1,500	$1.11	3d	1	0.89mi
1501 29th Street Ensley Birmingham, AL	2.0	1.0	772	$800	$1.04	23d	1	0.89mi
2712 24th Street Ensley Unit ENSLEY Birmingham, AL	3.0	1.0	1232	$1,099	$0.89	23d	1	0.90mi
2421 29th Street Ensley Unit C Birmingham, AL	2.0	1.0	950	$703	$0.74	23d	1	0.92mi
1532 31st Street Ensley Birmingham, AL	2.0	1.0	839	$850	$1.01	43d	1	0.97mi
2329 30th Street Ensley Birmingham, AL	2.0	1.0	917	$990	$1.08	23d	1	0.97mi
3009 Prince Ave Birmingham, AL	3.0	2.0	1176	$1,095	$0.93	23d	1	1.02mi
2709 30th Street Ensley Birmingham, AL	4.0	2.0	1410	$1,323	$0.94	2d	1	1.04mi
1313 Pike Rd Birmingham, AL	3.0	1.0	1437	$975	$0.68	43d	1	1.06mi
1820 33rd St W Birmingham, AL	4.0	1.5	1212	$1,495	$1.23	43d	1	1.07mi

Listing history 19 events

1. 2026-06-18
   days on market $40,000 Active 224 DOM
2. 2026-06-17
   days on market $40,000 Active 223 DOM
3. 2026-06-16
   days on market $40,000 Active 222 DOM
4. 2026-06-15
   days on market $40,000 Active 221 DOM
5. 2026-06-13
   days on market $40,000 Active 219 DOM
6. 2026-06-10
   days on market $40,000 Active 216 DOM
7. 2026-06-09
   days on market $40,000 Active 215 DOM
8. 2026-06-08
   days on market $40,000 Active 214 DOM
9. 2026-06-07
   days on market $40,000 Active 213 DOM
10. 2026-06-03
    days on market $40,000 Active 209 DOM
11. 2026-06-02
    days on market $40,000 Active 208 DOM
12. 2026-06-01
    days on market $40,000 Active 207 DOM
13. 2026-05-31
    days on market $40,000 Active 206 DOM
14. 2026-04-18
    price $40,000 479-char remark

    Show marketing remark (479 chars)

    What an adorable investment opportunity on the edge of Bush Hills. Set amongst the trees, and fenced lot, this 2 bedroom home is ready for the next owner that will show it some tender loving care as they bring it to their desired condition. Huge opportunity for those moving into home ownership and/or as a rental to build rapid equity due to the renovation potential. With plenty of space and nearly 1200 square feet, there's plenty for everyone. Don't miss this one call today!

15. 2026-02-13
    price $55,000 479-char remark

    Show marketing remark (479 chars)

    What an adorable investment opportunity on the edge of Bush Hills. Set amongst the trees, and fenced lot, this 2 bedroom home is ready for the next owner that will show it some tender loving care as they bring it to their desired condition. Huge opportunity for those moving into home ownership and/or as a rental to build rapid equity due to the renovation potential. With plenty of space and nearly 1200 square feet, there's plenty for everyone. Don't miss this one call today!

16. 2025-11-05
    listed $60,000 Active 479-char remark

    Show marketing remark (479 chars)

    What an adorable investment opportunity on the edge of Bush Hills. Set amongst the trees, and fenced lot, this 2 bedroom home is ready for the next owner that will show it some tender loving care as they bring it to their desired condition. Huge opportunity for those moving into home ownership and/or as a rental to build rapid equity due to the renovation potential. With plenty of space and nearly 1200 square feet, there's plenty for everyone. Don't miss this one call today!

17. 2022-08-16
    soldstatus $40,000 Sold 153-char remark

    Show marketing remark (153 chars)

    Investor Special! 3/1 home with 1178 sq ft needs complete rehab inside and some roof repair on back. Sold as is. Call today for an opportunity to see it.

18. 2022-08-15
    status Pending 153-char remark

    Show marketing remark (153 chars)

    Investor Special! 3/1 home with 1178 sq ft needs complete rehab inside and some roof repair on back. Sold as is. Call today for an opportunity to see it.

19. 2022-07-18
    listed $48,500 Active 153-char remark

    Show marketing remark (153 chars)

    Investor Special! 3/1 home with 1178 sq ft needs complete rehab inside and some roof repair on back. Sold as is. Call today for an opportunity to see it.

ⓘ 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: $912 · $76/mo
• Projected year-2 tax: $912 · $76/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 4/10 Moderate FEMA zone AE · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥106°F today · 19 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,254
• − Mortgage interest: −$2,241
• − Property taxes: −$912
• − Insurance: −$5,318
• − Repairs & maintenance: −$1,060
• − Management: −$1,060
• − Depreciation: −$1,164
• Taxable income: $1,498
• Est. tax owed @ 24.0%: −$360
• After-tax cash flow: $1,363/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: Birmingham City
• NCES district ID: 0100390
• Math proficiency: 4% ▼ -17.00%
• Reading proficiency: 20% ▼ -4.00%
• Median HH income: $31,988
• Composite: 9.49/100
• National rank: #9850
• State rank: #116 of 129 in AL

Livability — Birmingham

• Score: 67/100
• State rank: #78
• US rank: #10412

Category grades

Amenities C- Commute A+ 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: Birmingham, AL
• County: Jefferson County · 527,445 people
• City population: 210,422
• Metro: Birmingham-Hoover, AL
• Population (ZIP): 6,981
• Household income: $30,739
• Rent vs Own: 63.9% rent · 36.1% own
• Severe rent burden: 621.0

Population outlook (Jefferson County) Hauer SSP2

• Today (2025): 669,185 people
• By 2030: 669,694 · +0.1%
• By 2040: 661,388 · -1.2%
• By 2050: 643,086 · -3.9%
• By 2075: 577,267 · -13.7%
• By 2100: 474,758 · -29.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (76%)
• Race & ethnicity: Black 76% Two or more races 17% White 5% Hispanic / Latino 4%
• Foreign-born: 2% · Canada, South Korea
• Languages at home: 97% English-only · Spanish 1%

Political lean MEDSL · Jefferson

• 2024 margin: D (+10.4) · D 54.6% · R 44.2% · Other 1.2%
• 2008→2024 swing: +5.4pp toward D · 2008: 5.1pp · 2024: 10.4pp
• All cycles: 2024: D+10.4 2020: D+13.2 2016: D+7.2 2012: D+6.0 2008: D+5.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -1.54%
• Current HPI: 170.4053
• Rent YoY: —
• Metro: Birmingham-Hoover, 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

-17.5% since first listed

6 events — show timeline

• 2026-04-18 Price Changed $40,000 Greater Alabama MLS
• 2026-02-13 Price Changed $55,000 Greater Alabama MLS
• 2025-11-05 Listed $60,000 Greater Alabama MLS
• 2022-08-16 Sold (MLS) $40,000 Greater Alabama MLS
• 2022-08-15 Pending — Greater Alabama MLS
• 2022-07-18 Listed $48,500 Greater Alabama MLS

Property tax history

+12.7%/yr

Latest (2025): $912 · +0.0% YoY. Source: county tax records.