909 3rd Ave SW · Alabaster, AL 35007

$119,900

2 bd · 1.0 ba · 1,008 sqft · SingleFamily public records · 58 Days on market

Built 1974 0.46 ac lot $119/sqft · 43% below area Est $209k · 43% under ↓ 4% 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 +9.0/10.0
• Schools +3.9/10.0
• Livability +3.8/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Bring your floor plans and your imagination to this diamond in the rough! Located in the heart of Alabaster, this property has the rare opportunity to strip a house down to its bones and build the custom home you've always dreamed of. Situated on a substantial, level lot, there is plenty of room for a massive workshop, a pool, or a premier outdoor entertaining space. Skip the cookie-cutter neighborhoods and design a home that fits your lifestyle perfectly. This is your chance to gain immediate sweat equity in a highly competitive market. Sold "as-is"—the potential here is limitless!

Key facts

• Massive workshop
• Level lot
• 0.46 acre lot

Tags

• LEVEL LOT
• MASSIVE WORKSHOP
• OUTDOOR ENTERTAINING SPACE

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $429 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $116k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.3% vs local median 4.1% in Alabaster — 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 76/100 on livability (#14 in AL, #3,512 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, housing A+; Watch: amenities D-, commute F, health & safety F.
• Alabaster City (suburban): math 30% / reading 57% proficiency, ranked #17 of 129 in AL (top 13%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+2.2%/yr); 226 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 57% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 987 units permitted in Shelby County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $829 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Shelby County population projected at +23% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 2.2% rent growth), your $34k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 58 days — a 3% lower offer ($116k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk; major wind risk, 50% 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 $116,303 (3.0% below list)

Questions for the listing agent

1. It's been on market 58 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. 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.
7. 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.
8. 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: 1.40% ✓
• Cap rate: 11.25%
• Cash-on-cash: 17.71%
• DSCR: 1.79
• GRM: 6.0

CMA / ARV

• ARV (median comp): $208,782
• List price: $119,900
• Delta: -42.57%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
940 2nd Ave SW	0.12mi	3/1.0 (+1)	1,032 (+2%)	1mo	$90,000	$87	85
208 10th St SW	0.16mi	3/1.0 (+1)	1,121 (+11%)	2mo	$199,000	$178	67
925 5th Ave SW	0.17mi	2/1.0	864 (-14%)	7mo	$175,000	$203	62
300 10th St	0.16mi	2/1.0	1,105 (+10%)	18mo	$200,000	$181	61
204 2nd Pl SW	0.48mi	2/1.0	938 (-7%)	15mo	$128,500	$137	54

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 · 2.16% rent growth · sell at horizon

5-year hold

• IRR: 5.1%
• Equity multiple: 1.20×
• Total profit: $6,554
• Equity at exit: $17,877

10-year hold

• IRR: 13.7%
• Equity multiple: 2.06×
• Total profit: $35,489
• Equity at exit: $10,367

Cash invested: $33,572 (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 35007

• Home prices YoY: -35.0%
• Rents YoY: 2.2%
• Active inventory: 226
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $1,676 high
• Mortgage (P&I): −$629
• Tax est. 1.5%: −$150 /mo · $1,798/yr
• Insurance: −$50
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$352
• Net cashflow: $429

Break-even live

Break-even rent $1,133

Max offer price $119,900

Occupancy floor 69%

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
955 3rd Ave NW Alabaster, AL	3.0	2.0	1363	$1,875	$1.38	3d	1	0.29mi
403 3rd St NE Unit 508 Alabaster, AL	3.0	2.0	900	$1,350	$1.50	43d	1	0.89mi
403 3rd St NE Unit 422 Alabaster, AL	2.0	1.0	845	$1,250	$1.48	43d	1	0.89mi
203 Winterhaven Dr Alabaster, AL	3.0	2.0	1431	$1,550	$1.08	3d	1	0.93mi
213 Queens Gate Maylene, AL	3.0	2.0	1449	$1,846	$1.27	43d	1	1.32mi
108 Sugar Hill Ln Alabaster, AL	2.0	2.0	1147	$1,588	$1.38	14d	1	1.48mi
108 Willow Point Ln Alabaster, AL	3.0	2.0	1420	$1,575	$1.11	43d	1	1.48mi

Listing history 17 events

1. 2026-06-18
   days on market $119,900 Active 58 DOM
2. 2026-06-17
   days on market $119,900 Active 57 DOM
3. 2026-06-16
   days on market $119,900 Active 56 DOM
4. 2026-06-15
   days on market $119,900 Active 55 DOM
5. 2026-06-13
   days on market $119,900 Active 53 DOM
6. 2026-06-10
   days on market $119,900 Active 50 DOM
7. 2026-06-09
   days on market $119,900 Active 49 DOM
8. 2026-06-08
   days on market $119,900 Active 48 DOM
9. 2026-06-07
   pricedays on market $119,900 Active 47 DOM
10. 2026-06-03
    days on market $120,000 Active 43 DOM
11. 2026-06-02
    days on market $120,000 Active 42 DOM
12. 2026-06-01
    days on market $120,000 Active 41 DOM
13. 2026-05-31
    days on market $120,000 Active 40 DOM
14. 2026-05-13
    price $125,000 605-char remark

    Show marketing remark (605 chars)

    Bring your floor plans and your imagination to this diamond in the rough! Located in the heart of Alabaster, this property has the rare opportunity to strip a house down to its bones and build the custom home you've always dreamed of. Situated on a substantial, level lot, there is plenty of room for a massive workshop, a pool, or a premier outdoor entertaining space. Skip the cookie-cutter neighborhoods and design a home that fits your lifestyle perfectly. This is your chance to gain immediate sweat equity in a highly competitive market. Sold "as-is"—the potential here is limitless!

15. 2026-05-09
    price $129,800 605-char remark

    Show marketing remark (605 chars)

    Bring your floor plans and your imagination to this diamond in the rough! Located in the heart of Alabaster, this property has the rare opportunity to strip a house down to its bones and build the custom home you've always dreamed of. Situated on a substantial, level lot, there is plenty of room for a massive workshop, a pool, or a premier outdoor entertaining space. Skip the cookie-cutter neighborhoods and design a home that fits your lifestyle perfectly. This is your chance to gain immediate sweat equity in a highly competitive market. Sold "as-is"—the potential here is limitless!

16. 2026-04-28
    price $129,900 605-char remark

    Show marketing remark (605 chars)

    Bring your floor plans and your imagination to this diamond in the rough! Located in the heart of Alabaster, this property has the rare opportunity to strip a house down to its bones and build the custom home you've always dreamed of. Situated on a substantial, level lot, there is plenty of room for a massive workshop, a pool, or a premier outdoor entertaining space. Skip the cookie-cutter neighborhoods and design a home that fits your lifestyle perfectly. This is your chance to gain immediate sweat equity in a highly competitive market. Sold "as-is"—the potential here is limitless!

17. 2026-04-21
    listed $130,000 Active 605-char remark

    Show marketing remark (605 chars)

    Bring your floor plans and your imagination to this diamond in the rough! Located in the heart of Alabaster, this property has the rare opportunity to strip a house down to its bones and build the custom home you've always dreamed of. Situated on a substantial, level lot, there is plenty of room for a massive workshop, a pool, or a premier outdoor entertaining space. Skip the cookie-cutter neighborhoods and design a home that fits your lifestyle perfectly. This is your chance to gain immediate sweat equity in a highly competitive market. Sold "as-is"—the potential here is limitless!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (shaded) · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥106°F today · 19 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 50% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,112
• − Mortgage interest: −$6,716
• − Property taxes: −$1,798
• − Insurance: −$1,397
• − Repairs & maintenance: −$1,609
• − Management: −$1,609
• − Depreciation: −$3,488
• Taxable income: $3,494
• Est. tax owed @ 24.0%: −$839
• After-tax cash flow: $4,309/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: Alabaster City
• NCES district ID: 0100190
• Math proficiency: 30% ▼ -27.00%
• Reading proficiency: 57% ▲ 5.00%
• Median HH income: $68,690
• Composite: 39.07/100
• National rank: #4052
• State rank: #17 of 129 in AL

Livability — Alabaster

• Score: 76/100
• State rank: #14
• US rank: #3512

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Alabaster, AL
• County: Shelby County · 188,970 people
• City population: 28,586
• Metro: Birmingham-Hoover, AL
• Population (ZIP): 28,586
• Household income: $88,505
• Rent vs Own: 15.7% rent · 84.3% own
• Severe rent burden: 325.0

Population outlook (Shelby County) Hauer SSP2

• Today (2025): 237,024 people
• By 2030: 249,868 · +5.4%
• By 2040: 272,778 · +15.1%
• By 2050: 291,062 · +22.8%
• By 2075: 326,049 · +37.6%
• By 2100: 335,870 · +41.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (69%)
• Race & ethnicity: White 69% Black 14% Hispanic / Latino 13% Two or more races 6% Asian 2%
• Hispanic origin (detail): Mexican 6% Cuban 1%
• Common ancestry: Italian 3% Serbian 2% Lithuanian 1%
• Foreign-born: 6% · Canada, China
• Languages at home: 90% English-only · Spanish 8% Chinese 1%

Political lean MEDSL · Shelby

• 2024 margin: Solid R (+40.9) · D 29.0% · R 69.9% · Other 1.1%
• 2008→2024 swing: +12.6pp toward D · 2008: -53.4pp · 2024: -40.9pp
• All cycles: 2024: R+40.9 2020: R+40.4 2016: R+50.3 2012: R+55.6 2008: R+53.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -113.63%
• Current HPI: 211.0691
• Rent YoY: ▲ 2.16%
• 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

-3.8% since first listed

4 events — show timeline

• 2026-05-13 Price Changed $125,000 Greater Alabama MLS
• 2026-05-09 Price Changed $129,800 Greater Alabama MLS
• 2026-04-28 Price Changed $129,900 Greater Alabama MLS
• 2026-04-21 Listed $130,000 Greater Alabama MLS