413 N 15th St · Gadsden, AL 35903

$44,900

2 bd · 1.0 ba · 1,168 sqft · SingleFamily public records · 62 Days on market

Built 1945 8,276 sqft lot $38/sqft · at area comps Est $45k · at est. ↓ 33% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.4/15.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Cute and roomy bungalow with hardwood floors, fireplace, 2 bedrooms, spacious living room, dining room, kitchen, and a bonus room/flex space. 2 car detached garage in rear. One car carport, paved driveway with extra parking in back. Fenced in yard. Covered front porch. New Roof 2026

Key facts

• Kitchen
• Bonus room
• Dining room

Tags

• HARDWOOD FLOORS
• FIREPLACE
• SPACIOUS LIVING ROOM
• DINING ROOM
• KITCHEN
• BONUS ROOM

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $45k.

Deal economics

• At list price, monthly cash flow is $840 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $45k).
• Recommended offer: $42k (6.0% below list) — sets the bar for market timing.
• Cap rate 28.7% vs local median 5.1% in Gadsden — 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 59/100 on livability (#335 in AL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: schools C-, crime F, amenities F.
• Gadsden City (urban): math 15% / reading 39% proficiency, ranked #87 of 129 in AL (top 67%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 97 active listings in the ZIP; 119 units permitted in Etowah County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $310 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Etowah County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($42k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk; moderate wind risk, 25% 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 $42,206 (6.0% below list)

Questions for the listing agent

1. It's been on market 62 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1945 — 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. 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?
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: 3.13% ✓
• Cap rate: 28.74%
• Cash-on-cash: 80.17%
• DSCR: 4.57
• GRM: 2.7

CMA / ARV

• ARV (median comp): $44,814
• List price: $44,900
• Delta: 0.19%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1213 Slusser Ave	0.32mi	2/1.0	1,088 (-7%)	7mo	$44,000	$40	68
1305 Tennessee Ave	0.45mi	2/1.0	1,094 (-6%)	3mo	$89,900	$82	66
619 Raley St	0.27mi	3/1.0 (+1)	1,256 (+8%)	11mo	$75,000	$60	61
1210 Paden Dr	0.66mi	3/1.0 (+1)	1,156 (-1%)	2mo	$72,500	$63	60
1218 Kentucky Ave	0.55mi	3/1.5 (+1)	1,199 (+3%)	5mo	$55,000	$46	59
1342 Stillman Ave	0.08mi	3/1.0 (+1)	1,004 (-14%)	12mo	$47,500	$47	58
920 Wilson Ave	0.45mi	3/2.0 (+1)	1,250 (+7%)	4mo	$178,000	$142	55
918 Wilson Ave	0.46mi	3/2.0 (+1)	1,250 (+7%)	4mo	$178,000	$142	54
1054 Treadwell Rd	0.61mi	3/1.0 (+1)	1,134 (-3%)	9mo	$89,500	$79	54
302 Richardson St	0.30mi	3/1.0 (+1)	1,312 (+12%)	11mo	$146,900	$112	52
924 Wilson Ave	0.43mi	3/2.0 (+1)	1,250 (+7%)	10mo	$179,900	$144	51
615 Doyle St	0.58mi	2/1.0	1,021 (-13%)	8mo	$38,000	$37	46

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: 80.3%
• Equity multiple: 4.68×
• Total profit: $46,219
• Equity at exit: $6,695

10-year hold

• IRR: 83.8%
• Equity multiple: 9.68×
• Total profit: $109,124
• Equity at exit: $3,882

Cash invested: $12,572 (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 35903

• Home prices YoY: -11.0%
• Active inventory: 97
• Price-to-rent: 2.7×

Monthly cashflow live

• Estimated rent: $1,408 medium
• Mortgage (P&I): −$235
• Tax from tax record: −$18 /mo · $215/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$296
• Net cashflow: $840

Break-even live

Break-even rent $344

Max offer price $44,900

Occupancy floor 35%

Sensitivity live

Price	-10% $865	-5% $853	+0% $840	+5% $827	+10% $815
Rent	-10% $729	-5% $784	+0% $840	+5% $896	+10% $951
Rate	-1.0pp $863	-0.5pp $851	base $840	+0.5pp $828	+1.0pp $816

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: $11,225
• Closing costs: $1,347
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-14
   statusdays on market $44,900 Pending 62 DOM
2. 2026-06-12
   days on market $44,900 Active 61 DOM
3. 2026-06-09
   days on market $44,900 Active 58 DOM
4. 2026-06-08
   days on market $44,900 Active 57 DOM
5. 2026-06-07
   days on market $44,900 Active 56 DOM
6. 2026-06-07
   days on market $44,900 Active 55 DOM
7. 2026-06-04
   pricestatus $44,900 Active 52 DOM
8. 2026-05-03
   status Pending 283-char remark

   Show marketing remark (283 chars)

   Cute and roomy bungalow with hardwood floors, fireplace, 2 bedrooms, spacious living room, dining room, kitchen, and a bonus room/flex space. 2 car detached garage in rear. One car carport, paved driveway with extra parking in back. Fenced in yard. Covered front porch. New Roof 2026

9. 2026-04-24
   price $49,900 283-char remark

   Show marketing remark (283 chars)

   Cute and roomy bungalow with hardwood floors, fireplace, 2 bedrooms, spacious living room, dining room, kitchen, and a bonus room/flex space. 2 car detached garage in rear. One car carport, paved driveway with extra parking in back. Fenced in yard. Covered front porch. New Roof 2026

10. 2026-04-16
    price $59,900 283-char remark

    Show marketing remark (283 chars)

    Cute and roomy bungalow with hardwood floors, fireplace, 2 bedrooms, spacious living room, dining room, kitchen, and a bonus room/flex space. 2 car detached garage in rear. One car carport, paved driveway with extra parking in back. Fenced in yard. Covered front porch. New Roof 2026

11. 2026-04-08
    price $64,900 283-char remark

    Show marketing remark (283 chars)

    Cute and roomy bungalow with hardwood floors, fireplace, 2 bedrooms, spacious living room, dining room, kitchen, and a bonus room/flex space. 2 car detached garage in rear. One car carport, paved driveway with extra parking in back. Fenced in yard. Covered front porch. New Roof 2026

12. 2026-03-22
    price $69,900 283-char remark

    Show marketing remark (283 chars)

    Cute and roomy bungalow with hardwood floors, fireplace, 2 bedrooms, spacious living room, dining room, kitchen, and a bonus room/flex space. 2 car detached garage in rear. One car carport, paved driveway with extra parking in back. Fenced in yard. Covered front porch. New Roof 2026

13. 2026-03-12
    listed $75,000 Active 283-char remark

    Show marketing remark (283 chars)

    Cute and roomy bungalow with hardwood floors, fireplace, 2 bedrooms, spacious living room, dining room, kitchen, and a bonus room/flex space. 2 car detached garage in rear. One car carport, paved driveway with extra parking in back. Fenced in yard. Covered front porch. New Roof 2026

ⓘ 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: $215 · $18/mo
• Projected year-2 tax: $215 · $18/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 5/10 Major FEMA zone X (unshaded) · 66% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥107°F today · 19 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 25% 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: $16,891
• − Mortgage interest: −$2,515
• − Property taxes: −$215
• − Insurance: −$224
• − Repairs & maintenance: −$1,351
• − Management: −$1,351
• − Depreciation: −$1,306
• Taxable income: $9,928
• Est. tax owed @ 24.0%: −$2,383
• After-tax cash flow: $7,697/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: Gadsden City
• NCES district ID: 0101620
• Math proficiency: 15% ▼ -27.00%
• Reading proficiency: 39% ▼ -2.00%
• Median HH income: $29,099
• Composite: 21.62/100
• National rank: #8292
• State rank: #87 of 129 in AL

Livability — Gadsden

• Score: 59/100
• State rank: #335
• US rank: #20131

Category grades

Amenities F Commute F 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: Gadsden, AL
• Population (ZIP): 17,180

Population outlook (Etowah County) Hauer SSP2

• Today (2025): 100,500 people
• By 2030: 98,488 · -2.0%
• By 2040: 93,731 · -6.7%
• By 2050: 88,681 · -11.8%
• By 2075: 76,746 · -23.6%
• By 2100: 65,373 · -35.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (62%)
• Race & ethnicity: White 62% Black 31% Hispanic / Latino 4% Two or more races 4% Asian 1%
• Common ancestry: Italian 3% Slovak 2% Portuguese 1%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 4%

Political lean MEDSL · Etowah

• 2024 margin: Solid R (+55.7) · D 21.8% · R 77.5%
• 2008→2024 swing: -17.5pp toward R · 2008: -38.2pp · 2024: -55.7pp
• All cycles: 2024: R+55.7 2020: R+50.2 2016: R+50.1 2012: R+38.4 2008: R+38.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -29.07%
• Current HPI: 236.2537
• Rent YoY: —
• Metro: —
• 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

-33.5% since first listed

6 events — show timeline

• 2026-05-03 Pending — VMLS
• 2026-04-24 Price Changed $49,900 VMLS
• 2026-04-16 Price Changed $59,900 VMLS
• 2026-04-08 Price Changed $64,900 VMLS
• 2026-03-22 Price Changed $69,900 VMLS
• 2026-03-12 Listed $75,000 VMLS

Property tax history

-8.1%/yr

Latest (2025): $215 · +0.0% YoY. Source: county tax records.