602 S Hull St · Montgomery, AL 36104

$139,900

6 bd · 3.0 ba · 3,883 sqft · SingleFamily public records · 401 Days on market

Built 1915 Poor condition 7,501 sqft lot $36/sqft · 33% below area Est $210k · 33% under ↓ 5% since listing

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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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.6/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Schools +1.7/10.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Don't miss a great opportunity to own this historical building. Located on a corner lot, this historic commercial building is zoned under the "Smart Code" for mixed use. Built in 1915, it has many rich period details. It has over 3800 sq. ft of useable residential, office and retail space! Under smart code this corner location can have retail downstairs and office space upstairs. Great reception and conference areas up and downstairs. Conveniently located to the interstate and downtown.

Key facts

• 7,501 sq ft lot
• Parking
• Built 1915

What this means for you Summary

Snapshot

• This is a 6-bed/3.0-bath single-family listed at $140k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $660 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $123k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.0% vs local median 6.0% in Montgomery — 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 65/100 on livability (#138 in AL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools C-, employment D, crime F.
• Montgomery County (urban): math 9% / reading 31% proficiency, ranked #106 of 129 in AL (top 82%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 53 active listings in the ZIP; lower-income renter base — watch delinquency; 460 units permitted in Montgomery County in 2024 (37 in 5+ unit buildings).
• At $1,905/mo this rent would consume 68% of the median local household income ($34k/yr) (locally 641% 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 $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Montgomery County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 401 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $100k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 78% chance of damaging wind over 30y; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $123,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 401 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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: 1.36% ✓
• Cap rate: 11.95%
• Cash-on-cash: 20.20%
• DSCR: 1.90
• GRM: 6.1

CMA / ARV

• ARV (median comp): $209,796
• List price: $139,900
• Delta: -33.32%
• Verdict: UNDERPRICED
• Comps: 12 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
128 High St	0.19mi	5/2.0 (-1)	3,980 (+2%)	16mo	$198,500	$50	64

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

Projected returns pro-forma

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

5-year hold

• IRR: 12.4%
• Equity multiple: 1.49×
• Total profit: $19,291
• Equity at exit: $20,860

10-year hold

• IRR: 21.3%
• Equity multiple: 2.80×
• Total profit: $70,702
• Equity at exit: $12,096

Cash invested: $39,172 (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 36104

• Active inventory: 53
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $1,905 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$53 /mo · $641/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$400
• Net cashflow: $660

Break-even live

Break-even rent $1,070

Max offer price $139,900

Occupancy floor 60%

Sensitivity live

Price	-10% $739	-5% $699	+0% $660	+5% $620	+10% $580
Rent	-10% $509	-5% $584	+0% $660	+5% $735	+10% $810
Rate	-1.0pp $730	-0.5pp $695	base $660	+0.5pp $623	+1.0pp $586

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-18
   days on market $139,900 Active 401 DOM
2. 2026-06-17
   days on market $139,900 Active 400 DOM
3. 2026-06-16
   days on market $139,900 Active 399 DOM
4. 2026-06-15
   days on market $139,900 Active 398 DOM
5. 2026-06-14
   days on market $139,900 Active 396 DOM
6. 2026-06-13
   days on market $139,900 Active 395 DOM
7. 2026-06-10
   days on market $139,900 Active 393 DOM
8. 2026-06-09
   days on market $139,900 Active 392 DOM
9. 2026-06-08
   days on market $139,900 Active 391 DOM
10. 2026-06-07
    days on market $139,900 Active 390 DOM
11. 2026-06-03
    days on market $139,900 Active 386 DOM
12. 2026-06-02
    days on market $139,900 Active 385 DOM
13. 2026-06-01
    days on market $139,900 Active 384 DOM
14. 2026-05-31
    days on market $139,900 Active 383 DOM
15. 2026-05-30
    days on market $139,900 Active 382 DOM
16. 2026-02-28
    status Active
17. 2025-05-12
    listed $139,900 Active
18. 2023-05-10
    soldstatus $100,000
19. 2023-05-09
    soldstatus $100,000 Closed 501-char remark

    Show marketing remark (501 chars)

    Don't miss a great opportunity to own this historical building. Located on a corner lot, this historic commercial building is zoned under the "Smart Code" for mixed use. Built in 1915, it has many rich period details. It has over 3800 sq. ft of useable residential, office and retail space! Under smart code this corner location can have retail downstairs and office space upstairs. Great reception and conference areas up and downstairs. Conveniently located to the interstate and downtown.

20. 2023-04-20
    status Pending 501-char remark

    Show marketing remark (501 chars)

    Don't miss a great opportunity to own this historical building. Located on a corner lot, this historic commercial building is zoned under the "Smart Code" for mixed use. Built in 1915, it has many rich period details. It has over 3800 sq. ft of useable residential, office and retail space! Under smart code this corner location can have retail downstairs and office space upstairs. Great reception and conference areas up and downstairs. Conveniently located to the interstate and downtown.

21. 2023-03-25
    historical Contingent 501-char remark

    Show marketing remark (501 chars)

    Don't miss a great opportunity to own this historical building. Located on a corner lot, this historic commercial building is zoned under the "Smart Code" for mixed use. Built in 1915, it has many rich period details. It has over 3800 sq. ft of useable residential, office and retail space! Under smart code this corner location can have retail downstairs and office space upstairs. Great reception and conference areas up and downstairs. Conveniently located to the interstate and downtown.

22. 2023-02-25
    listed $180,000 Active 501-char remark

    Show marketing remark (501 chars)

    Don't miss a great opportunity to own this historical building. Located on a corner lot, this historic commercial building is zoned under the "Smart Code" for mixed use. Built in 1915, it has many rich period details. It has over 3800 sq. ft of useable residential, office and retail space! Under smart code this corner location can have retail downstairs and office space upstairs. Great reception and conference areas up and downstairs. Conveniently located to the interstate and downtown.

23. 2020-10-06
    soldstatus $147,000

ⓘ 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: $641 · $53/mo
• Projected year-2 tax: $641 · $53/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 ≥107°F today · 20 d/yr by 30 yrs out
• 💨 Wind 7/10 Severe 78% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,859
• − Mortgage interest: −$7,837
• − Property taxes: −$641
• − Insurance: −$700
• − Repairs & maintenance: −$1,829
• − Management: −$1,829
• − Depreciation: −$4,070
• Taxable income: $5,955
• Est. tax owed @ 24.0%: −$1,429
• After-tax cash flow: $6,485/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.

Condition & rehab AI · 1 photo

Poor 20/100 Extensive rehab

This property requires extensive repairs and maintenance, including major work on the driveway, exterior paint, and landscaping. Upgrades in these areas would significantly increase its resale and rental value.

Repairs flagged

• Major Driveway — Cracked concrete in poor condition
• Major Exterior paint — General disrepair and overgrown vegetation
• Major Landscaping — Overgrown vegetation and unkempt appearance

Value-add opportunities

• Both Landscaping and exterior paint — Improving curb appeal and general appearance
• Both Driveway repair — Enhances property value and makes it more attractive for potential buyers
• Both HVAC/mechanicals upgrade — Improves comfort and energy efficiency, attracting more tenants

Renovation cost estimate screening

Repair item	Severity	Est. cost
Driveway · Cracked concrete in poor condition	Major	$15,000–50,000
Exterior paint · General disrepair and overgrown vegetation	Major	$15,000–50,000
Landscaping · Overgrown vegetation and unkempt appearance	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both Landscaping and exterior paint — Improving curb appeal and general appearance ↑
• Both Driveway repair — Enhances property value and makes it more attractive for potential buyers ↑
• Both HVAC/mechanicals upgrade — Improves comfort and energy efficiency, attracting more tenants ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Montgomery County
• NCES district ID: 0102430
• Math proficiency: 9% ▼ -21.00%
• Reading proficiency: 31% ▼ -1.00%
• Median HH income: $43,902
• Composite: 17.24/100
• National rank: #9093
• State rank: #106 of 129 in AL

Livability — Montgomery

• Score: 65/100
• State rank: #138
• US rank: #13416

Category grades

Amenities D- Commute F Cost of living A+ Crime F Employment D Housing A+ Health & safety F User ratings D+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Montgomery, AL
• County: Montgomery County · 190,016 people
• City population: 175,913
• Metro: Montgomery, AL
• Population (ZIP): 10,535
• Household income: $33,823
• Rent vs Own: 75.4% rent · 24.6% own
• Severe rent burden: 641.0

Population outlook (Montgomery County) Hauer SSP2

• Today (2025): 224,008 people
• By 2030: 221,460 · -1.1%
• By 2040: 214,179 · -4.4%
• By 2050: 204,912 · -8.5%
• By 2075: 177,821 · -20.6%
• By 2100: 145,134 · -35.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (72%)
• Race & ethnicity: Black 72% White 20% Two or more races 6% Hispanic / Latino 2%
• Common ancestry: Swedish 2% Russian 1% Lithuanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1% Other Indo-European 1%

Political lean MEDSL · Montgomery

• 2024 margin: Solid D (+30.7) · D 64.8% · R 34.1% · Other 1.1%
• 2008→2024 swing: +11.5pp toward D · 2008: 19.2pp · 2024: 30.7pp
• All cycles: 2024: D+30.7 2020: D+31.5 2016: D+26.2 2012: D+24.3 2008: D+19.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -101.13%
• Current HPI: 27.2384
• Rent YoY: —
• Metro: Montgomery, 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

-4.8% since first listed

8 events — show timeline

• 2026-02-28 Relisted — MAAR
• 2025-05-12 Listed $139,900 MAAR
• 2023-05-10 Sold (Public Records) $100,000 Public Records
• 2023-05-09 Sold (MLS) $100,000 MAAR
• 2023-04-20 Pending — MAAR
• 2023-03-25 Contingent — MAAR
• 2023-02-25 Listed $180,000 MAAR
• 2020-10-06 Sold (Public Records) $147,000 Public Records

Property tax history

+4.5%/yr

Latest (2024): $641 · -56.7% YoY. Source: county tax records.