1009 Cornelia Cir

Attalla, AL 35954

$149,900D

3 bd · 1.0 ba · 1,276 sqft · Built 1966 · SingleFamily · Active · 124 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,079/mo
• Mortgage (P&I): −$786
• Tax + insurance: −$94
• HOA: −$0
• Vac / Maint / Mgmt: −$227
• Net cashflow: $-28/mo
• Annual: $-332/yr
• Cap rate: 6.07%
• Cash-on-cash: -0.79%
• DSCR: 0.96
• 1% rule: 0.72%
• Cash to close: $41,972

Investor read

• This is a 3-bed/1.0-bath single-family listed at $150k.
• At list price, monthly cash flow is $-28 ($-332/yr) — negative.
• To cash-flow at today's rent, offer at most $145k (3.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $108k (28.0% below list).
• It's been on market 124 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $108k (28.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 60/100 on livability (#305 in AL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D, crime F, amenities F.
• Attalla City (suburban): math 9% / reading 39% proficiency, ranked #98 of 129 in AL (top 76%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Attalla Elementary School (math 12% / reading 46%, grade F, #379 of 627 statewide, top 61%, 700 students, 83% FRL); Etowah Middle School (math 6% / reading 41%, grade F, #172 of 257 statewide, top 68%, 366 students, 85% FRL); Etowah High School (math 12% / reading 17%, grade F, #220 of 305 statewide, top 77%, 472 students, 79% FRL) — zoned schools average 82% FRL vs 64% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 67 active listings in the ZIP; 119 units permitted in Etowah County in 2024 (0 in 5+ unit buildings).
• Etowah County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.1% vs local median 4.0% in Attalla — 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.

Questions for listing agent

• 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?
• It's been on market 124 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
• Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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?
• 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?