348 County Road 1347

South Vinemont, AL 35179

$189,000C+

3 bd · 2.0 ba · 1,680 sqft · Built 1975 · SingleFamily · Active · 38 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,748/mo
• Mortgage (P&I): −$991
• Tax + insurance: −$143
• HOA: −$0
• Vac / Maint / Mgmt: −$367
• Net cashflow: $246/mo
• Annual: $2,956/yr
• Cap rate: 7.86%
• Cash-on-cash: 5.59%
• DSCR: 1.25
• 1% rule: 0.92%
• Cash to close: $52,920

Investor read

• This is a 3-bed/2.0-bath single-family listed at $189k.
• At list price, monthly cash flow is $246 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $175k (7.5% below list).
• It's been on market 38 days — a 3% lower offer ($183k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $175k (7.5% below list) — sets the bar for 1% rule.
• In year one you build about $2k of equity ($1k loan paydown + $229 appreciation (0.1% local appreciation)).
• Location reads 55/100 on livability (#432 in AL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F, employment F.
• Cullman County (rural): math 19% / reading 49% proficiency, ranked #49 of 129 in AL (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Vinemont Elementary School (math 29% / reading 58%, grade F, #202 of 627 statewide, top 32%, 483 students, 68% FRL); Vinemont High School (math 27% / reading 17%, grade F, #142 of 305 statewide, top 51%, 362 students, 58% FRL).
• Market conditions: 80 active listings in the ZIP; 180 units permitted in Cullman County in 2024 (0 in 5+ unit buildings).
• 6 sale attempts since 23y ago; this cycle's ask has dropped $20k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (0.1% appreciation + 3.0% rent growth), your $53k cash investment doubles in ~9 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 38 days. Have you received any prior offers? Is the seller open to a 8% concession, seller financing, or rate buy-down credit?
• Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.