600 S Houston St · Athens, AL 35611

$154,900

3 bd · 1.0 ba · 2,684 sqft · MultiFamily public records · 5 Days on market

Built 1915 6,365 sqft lot

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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
• 1% rule +9.6/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks

Great home within walking distance to downtown Athens. Currently set up as a duplex, but could easily be converted into a single-family dwelling. North unit has 2 bedrooms, 1.5 baths. South unit has 1 bedroom and 1 bath. Top roof appx 20 yrs lower roof appx 12 yrs. North unit HVAC appx 20+, South unit appx 10. DBL pane windows. Great potential!

Key facts

• Set up as a duplex
• Top roof appx 20 yrs
• Dbl pane windows

Tags

• WALKING DISTANCE TO DOWNTOWN
• SET UP AS A DUPLEX
• TOP ROOF APPX 20 YRS
• LOWER ROOF APPX 12 YRS
• DBL PANE WINDOWS

Property features AI

Finance

• Other: Lot dimensions approximately 95 x 67; Property listed by Impact Real Estate Group
• HOA & community: Subdivision: Coleman

Exterior

• Parking: Driveway; Two parking spaces; Open parking available
• Utilities: Public water; Public sewer
• Home design: Duplex residential income property; Two levels
• Construction: Not new construction
• Exterior features: Metal fencing; Front porch

Interior

• Kitchen: Refrigerator; Oven
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Insulated windows
• Laundry & utility: Washer/dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath multifamily listed at $155k.

Deal economics

• At list price, monthly cash flow is $836 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $155k).
• Cap rate 12.8% vs local median 3.5% 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); 549 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 494 units permitted in Limestone County in 2024 (0 in 5+ unit buildings).
• At $2,268/mo this rent would consume 47% of the median local household income ($57k/yr) (locally 811% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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 $43k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $70k; list at $155k implies a 121% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• 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 $154,900

Questions for the listing agent

1. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.46% ✓
• Cap rate: 12.77%
• Cash-on-cash: 23.13%
• DSCR: 2.03
• GRM: 5.7

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: 14.2%
• Equity multiple: 1.56×
• Total profit: $24,143
• Equity at exit: $23,096

10-year hold

• IRR: 21.7%
• Equity multiple: 2.70×
• Total profit: $73,725
• Equity at exit: $13,393

Cash invested: $43,372 (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: 549
• Price-to-rent: 10.7×

Monthly cashflow live

• Estimated rent: $2,268 high
• Mortgage (P&I): −$812
• Tax from tax record: −$79 /mo · $946/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$476
• Net cashflow: $836

Break-even live

Break-even rent $1,210

Max offer price $154,900

Occupancy floor 58%

Sensitivity live

Price	-10% $924	-5% $880	+0% $836	+5% $792	+10% $748
Rent	-10% $657	-5% $746	+0% $836	+5% $926	+10% $1,015
Rate	-1.0pp $914	-0.5pp $875	base $836	+0.5pp $796	+1.0pp $755

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

Units	Beds	Baths	Est. rent
1× unit	2	1.5	$1,211
1× unit	1	1	$1,057
Total (2 units)			$2,268

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: $38,725
• Closing costs: $4,647
• Reserves months: —
• Total cash needed: —

Rent comps 5 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	23d	1	0.52mi
804 Hereford Dr Athens, AL	4.0	2.0	2000	$1,595	$0.80	45d	1	0.85mi
16085 Cohen Dr Athens, AL	4.0	2.5	1995	$2,150	$1.08	25d	1	1.35mi
16097 Cohen Dr Athens, AL	4.0	2.5	1995	$1,895	$0.95	45d	1	1.36mi
16129 Cohen Dr Athens, AL	2.0–4.0	2.0–2.5	1650	$1,658	$1.00	15d	9	1.39mi

Listing history 4 events

1. 2026-06-21
   days on market $154,900 Active 5 DOM
2. 2026-06-18
   days on market $154,900 Active 2 DOM
3. 2026-06-16
   remarks 346-char remark
4. 2026-06-16
   listed $154,900 Active 1 DOM

ⓘ 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: $946 · $79/mo
• Projected year-2 tax: $946 · $79/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥105°F today · 19 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 17% 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: $27,216
• − Mortgage interest: −$8,677
• − Property taxes: −$946
• − Insurance: −$774
• − Repairs & maintenance: −$2,177
• − Management: −$2,177
• − Depreciation: −$4,506
• Taxable income: $7,958
• Est. tax owed @ 24.0%: −$1,910
• After-tax cash flow: $8,123/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

+121.3% since first listed

2 events — show timeline

• 2026-06-16 Listed $154,900 VMLS
• 2006-12-29 Sold (Public Records) $70,000 Public Records

Property tax history

+5.4%/yr

Latest (2025): $946 · +12.9% YoY. Source: county tax records.