1319 Fall City Rd

Jasper, AL 35503

$199,900B-

12 bd · 9.0 ba · 1,920 sqft · Built 1997 · MultiFamily · Active · 324 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,100/mo
• Mortgage (P&I): −$1,048
• Tax + insurance: −$135
• HOA: −$0
• Vac / Maint / Mgmt: −$1,071
• Net cashflow: $2,846/mo
• Annual: $34,147/yr
• Cap rate: 23.38%
• Cash-on-cash: 61.01%
• DSCR: 3.71
• 1% rule: 2.55%
• Cash to close: $55,972

Investor read

• This is a 3 × 4-bed/3.0-bath units multifamily listed at $200k.
• At list price, monthly cash flow is $3k ($34k/yr) — positive. Per door: $949/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $200k).
• It's been on market 324 days — a 12% lower offer ($176k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $176k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 62/100 on livability (#228 in AL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D+, crime F, amenities F.
• Walker County (rural): math 13% / reading 39% proficiency, ranked #89 of 129 in AL (top 69%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Curry Elementary School (math 12% / reading 57%, grade F, #296 of 627 statewide, top 49%, 547 students, 64% FRL); Curry Middle School (math 10% / reading 46%, grade F, #141 of 257 statewide, top 55%, 359 students, 68% FRL); Curry High School (math 12% / reading 22%, grade F, #195 of 305 statewide, top 68%, 368 students, 58% FRL).
• Market conditions: 111 active listings in the ZIP; 36 units permitted in Walker County in 2024 (0 in 5+ unit buildings).
• Walker County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 8 sale attempts since 4y ago; this cycle's ask has dropped $20k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $60k; list at $200k implies a 233% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $56k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 27% 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.
• Cap rate 23.4% vs local median 3.8% in Jasper — 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

• It's been on market 324 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• 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.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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?
• 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.