17232 Calcite Dr

Athens, AL 35613

$330,000D-

4 bd · 2.0 ba · 1,838 sqft · Built 2020 · SingleFamily · Active · 109 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,364/mo
• Mortgage (P&I): −$1,731
• Tax + insurance: −$233
• HOA: −$13
• Vac / Maint / Mgmt: −$497
• Net cashflow: $-109/mo
• Annual: $-1,306/yr
• Cap rate: 5.90%
• Cash-on-cash: -1.41%
• DSCR: 0.94
• 1% rule: 0.72%
• Cash to close: $92,400

Investor read

• This is a 4-bed/2.0-bath single-family listed at $330k.
• At list price, monthly cash flow is $-109 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $311k (5.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $236k (28.4% below list).
• It's been on market 109 days — a 9% lower offer ($300k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $236k (28.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• 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: Julian Newman Elementary School (math 42% / reading 57%, grade D, #121 of 627 statewide, top 21%, 371 students, 43% 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: 821 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 494 units permitted in Limestone County in 2024 (0 in 5+ unit buildings).
• Limestone County population projected at +43% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 6y 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 $231k; 43% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 5.9% vs local median 3.6% 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.

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 109 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.
• 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?
• 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.