601 3rd St N · Birmingham, AL 35204

$49,000

2 bd · 2.0 ba · 1,170 sqft · SingleFamily public records · 234 Days on market

Built 1925 3,920 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +5.3/10.0
• 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

Look at this cute, completely remolded home. Beautifully stained original hardwood floors, and includes new heating and air system as well.

Key facts

• 3,920 sq ft lot
• Built 1925
• Listed 234 days

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $49k.

Deal economics

• At list price, monthly cash flow is $500 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $49k).
• Recommended offer: $43k (12.0% below list) — sets the bar for market timing.
• Cap rate 18.5% 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-, crime F, employment 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.
• Zoned schools: Tuggle Elementary School (math 2% / reading 17%, grade F, #591 of 627 statewide, top 94%, 470 students, 87% FRL); Parker High School (math 2% / reading 2%, grade F, #291 of 305 statewide, top 100%, 826 students, 90% FRL).
• Market conditions: 64 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); 40% 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 35% of the median local income ($35k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $653 of equity ($339 loan paydown + $314 appreciation (0.6% local appreciation)).
• Jefferson County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (0.6% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 234 days — a 12% lower offer ($43k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 13y ago; this cycle's ask has dropped $26k (35%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: 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 $43,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 234 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 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 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: 2.11% ✓
• Cap rate: 18.55%
• Cash-on-cash: 43.77%
• DSCR: 2.95
• GRM: 4.0

CMA / ARV

• ARV (on-the-fly): $100,620
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
446 1st St N	0.30mi	2/1.0	1,034 (-12%)	13mo	$75,000	$73	52
310 S Center St	0.50mi	3/1.0 (+1)	1,107 (-5%)	20mo	$97,000	$88	42
855 5th St W	0.75mi	3/1.0 (+1)	1,016 (-13%)	24mo	$87,000	$86	14

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

Projected returns pro-forma

0.64% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 45.9%
• Equity multiple: 3.33×
• Total profit: $31,936
• Equity at exit: $15,819

10-year hold

• IRR: 48.0%
• Equity multiple: 6.61×
• Total profit: $77,021
• Equity at exit: $20,336

Cash invested: $13,720 (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 35204

• Home prices YoY: 0.3%
• Active inventory: 64
• Price-to-rent: 4.0×

Monthly cashflow live

• Estimated rent: $1,033 high
• Mortgage (P&I): −$257
• Tax from tax record: −$38 /mo · $462/yr
• Insurance: −$20
• HOA: −$0
• Vacancy / Maint / Mgmt: −$217
• Net cashflow: $500

Break-even live

Break-even rent $400

Max offer price $49,000

Occupancy floor 47%

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: $12,250
• Closing costs: $1,470
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
963 3rd St W Birmingham, AL	3.0	2.0	1444	$1,295	$0.90	23d	1	0.64mi
1153 2nd St N Birmingham, AL	3.0	1.0	1056	$1,150	$1.09	19d	1	0.72mi
410 8th Ter W Birmingham, AL	3.0	1.0	1440	$1,200	$0.83	16d	1	0.75mi
1400 7th Ave N Birmingham, AL	1.0	1.0	730	$961	$1.32	23d	3	0.80mi
413 Fulton Ave SW Birmingham, AL	3.0	1.0	940	$525	$0.56	2d	1	0.90mi
915 6th St W Birmingham, AL	3.0	1.0	1332	$1,075	$0.81	43d	1	0.90mi
112 Kappa Ave S Birmingham, AL	3.0	2.0	1034	$1,100	$1.06	43d	1	0.92mi
1113 15th St N Birmingham, AL	2.0	1.0	700	$880	$1.26	43d	2	0.93mi
617 7th St W Birmingham, AL	3.0	1.5	1120	$1,175	$1.05	43d	1	0.94mi
905 7th St W Birmingham, AL	3.0	2.0	1029	$1,150	$1.12	43d	1	0.96mi
1317 11th St N Birmingham, AL	3.0	1.0	1340	$1,200	$0.90	43d	1	0.98mi
624 4th Ct W Birmingham, AL	3.0	1.5	992	$1,250	$1.26	43d	1	0.98mi
517 11th Ct W Birmingham, AL	2.0	1.0	970	$795	$0.82	43d	1	1.02mi
310 Gamma St S Birmingham, AL	3.0	1.5	1001	$1,200	$1.20	16d	1	1.07mi
1305 16th St N Unit 1305 D Birmingham, AL	2.0	1.0	825	$595	$0.72	23d	1	1.08mi
608 Fulton Ave SW Birmingham, AL	3.0	1.0	1271	$1,300	$1.02	43d	1	1.08mi
724 4th Ct W Birmingham, AL	3.0	1.0	1300	$930	$0.72	43d	1	1.08mi
506 Alpha St S Birmingham, AL	3.0	1.0	944	$1,373	$1.45	43d	1	1.13mi
827 6th Ave W Birmingham, AL	3.0	1.0	1214	$1,075	$0.89	23d	1	1.13mi
313 Beta St S Unit 317A Birmingham, AL	2.0	1.0	850	$799	$0.94	1d	1	1.14mi
757 10th Ave W Birmingham, AL	2.0	1.0	1136	$1,000	$0.88	43d	1	1.14mi
644 Alabama Ave SW Birmingham, AL	3.0	1.0	1274	$1,125	$0.88	23d	1	1.17mi
1500 12th St N Birmingham, AL	2.0	1.0	750	$800	$1.07	23d	1	1.17mi
600 19th St N Unit 601 Birmingham, AL	2.0	2.0	1001	$2,544	$2.54	11d	1	1.19mi
600 19th St N Apt 202 Birmingham, AL	3.0	2.0	1248	$3,050	$2.44	11d	1	1.19mi
600 19th St N Unit 604 Birmingham, AL	2.0	2.0	1001	$2,895	$2.89	11d	1	1.19mi
600 19th St N Birmingham, AL	1.0–3.0	1.0–2.0	1120	$2,725	$2.43	16d	30	1.20mi
600 19th St N Birmingham, AL	1.0–3.0	1.0–3.0	1398	$3,008	$2.15	19d	83	1.20mi
353 16th Ave N Birmingham, AL	3.0	1.0	1200	$995	$0.83	43d	1	1.24mi
719 Washington Ave SW Birmingham, AL	3.0	1.0	1064	$950	$0.89	11d	1	1.26mi
908 4th Ave W Birmingham, AL	2.0	1.0	700	$745	$1.06	23d	1	1.27mi
12 4th Ave SW Unit 1 Birmingham, AL	3.0	1.0	1336	$1,100	$0.82	43d	1	1.27mi
1816 3rd Ave N Birmingham, AL	1.0	1.0–1.5	1305	$2,865	$2.20	3d	15	1.28mi
1802 14th Ct N Birmingham, AL	2.0	1.0	700	$850	$1.21	19d	1	1.30mi
120 19th St N Birmingham, AL	1.0–2.0	1.0–2.0	886	$2,190	$2.47	1d	14	1.32mi
1000 4th Ave W Unit 4 Birmingham, AL	2.0	1.0	840	$823	$0.98	23d	1	1.33mi
120 19th St N Unit 312 Birmingham, AL	2.0	2.0	952	$3,495	$3.67	43d	1	1.34mi
1101 7th Ave W Birmingham, AL	3.0	1.0	1248	$1,250	$1.00	43d	1	1.36mi
1508 4th Ave S Birmingham, AL	2.0	2.0	1142	$2,222	$1.95	3d	3	1.37mi
1701 1st Ave S Birmingham, AL	1.0–2.0	1.0–2.0	889	$2,506	$2.82	2d	21	1.39mi

Listing history 13 events

1. 2023-06-06
   status Pending
2. 2023-05-05
   price $49,000
3. 2023-04-12
   status Active
4. 2023-02-06
   status Pending
5. 2022-12-27
   price $51,000
6. 2022-08-11
   listed $75,000 Active
7. 2021-10-08
   soldstatus $427,453
8. 2019-07-16
   soldstatus $46,000
9. 2019-07-08
   soldstatus $46,000 Sold 139-char remark

   Show marketing remark (139 chars)

   Look at this cute, completely remolded home. Beautifully stained original hardwood floors, and includes new heating and air system as well.

10. 2019-05-28
    historical Contingent 139-char remark

    Show marketing remark (139 chars)

    Look at this cute, completely remolded home. Beautifully stained original hardwood floors, and includes new heating and air system as well.

11. 2019-05-01
    listed $55,000 Active 139-char remark

    Show marketing remark (139 chars)

    Look at this cute, completely remolded home. Beautifully stained original hardwood floors, and includes new heating and air system as well.

12. 2013-10-23
    soldstatus $2,500 86-char remark

    Show marketing remark (86 chars)

    2 Bedroom, 2 Baths located in the Smithfield community. Right of Redemption may apply.

13. 2013-07-18
    listed $2,500 86-char remark

    Show marketing remark (86 chars)

    2 Bedroom, 2 Baths located in the Smithfield community. Right of Redemption may apply.

ⓘ 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: $462 · $38/mo
• Projected year-2 tax: $462 · $38/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 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 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,399
• − Mortgage interest: −$2,745
• − Property taxes: −$462
• − Insurance: −$245
• − Repairs & maintenance: −$992
• − Management: −$992
• − Depreciation: −$1,425
• Taxable income: $5,538
• Est. tax owed @ 24.0%: −$1,329
• After-tax cash flow: $4,676/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): 8,953
• Household income: $35,420
• Rent vs Own: 53.8% rent · 46.2% own
• Severe rent burden: 422.0

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 (86%)
• Race & ethnicity: Black 86% White 7% Hispanic / Latino 5% Two or more races 2%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 5%

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: ▲ 0.64%
• Current HPI: 201.0777
• 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

+1860.0% since first listed

13 events — show timeline

• 2023-06-06 Pending — Greater Alabama MLS
• 2023-05-05 Price Changed $49,000 Greater Alabama MLS
• 2023-04-12 Relisted — Greater Alabama MLS
• 2023-02-06 Pending — Greater Alabama MLS
• 2022-12-27 Price Changed $51,000 Greater Alabama MLS
• 2022-08-11 Listed $75,000 Greater Alabama MLS
• 2021-10-08 Sold (Public Records) $427,453 Public Records
• 2019-07-16 Sold (Public Records) $46,000 Public Records
• 2019-07-08 Sold (MLS) $46,000 Greater Alabama MLS
• 2019-05-28 Contingent — Greater Alabama MLS
• 2019-05-01 Listed $55,000 Greater Alabama MLS
• 2013-10-23 Sold (MLS) $2,500 Greater Alabama MLS
• 2013-07-18 Listed $2,500 Greater Alabama MLS

Property tax history

-1.9%/yr

Latest (2025): $462 · -13.4% YoY. Source: county tax records.