3101 Lorna Rd #422 · Hoover, AL 35216

$144,500

2 bd · 2.0 ba · 1,023 sqft · Condo public records · 32 Days on market

Built 1969

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Why this score? — see what drove the D 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 +12.4/30.0
• ARV discount +7.5/15.0
• 1% rule +5.9/10.0
• Schools +5.0/10.0
• Livability +4.2/5.0
• DSCR +3.7/10.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Don’t miss this hard-to-come-by spacious 2nd floor 2 bedroom and 2 bathrooms move-in ready condo. Freshly painted wall and shampooed carpet, it is centrally located in the middle of the condominium complex, giving a quiet setting and the smell of fresh air. A great patio invites guests to your front door. Inside is a great living /dining room combination. It features a large master bedroom and a generous second bedroom. There is plenty of storage space, plus an outdoor storage room adjacent to the patio. Convenient to shopping, entertainment, dining, and interstate highways, this unit will be highly desirable. DMV office, Publix, Library, Samford University, UAB, and the hospital are

Key facts

• Quiet setting
• Shampooed carpet
• Freshly painted wall

Tags

• SPACIOUS 2ND FLOOR
• FRESHLY PAINTED WALL
• SHAMPOOED CARPET
• QUIET SETTING
• GREAT PATIO
• LIVING DINING ROOM COMBINATION

Property features AI

Finance

• Other: Subdivision: Four Seasons
• HOA & community: Monthly condo fee of $275; HOA covers garbage collection, common grounds maintenance, building insurance, management fee, pest control, sewage service, and water

Exterior

• Parking: Off-street parking
• Utilities: Public water; Connected sewer; Electric water heater; Internet service availability unknown
• Home design: Condo/Townhome; Unit 422; Existing (previously built); 4-side brick construction
• Construction: Crawl space foundation
• Exterior features: Porch; No pool; No patio; No decks; No garden/patio; Not waterfront

Interior

• Kitchen: Stone countertops; Dishwasher (built-in); Garbage disposal; Built-in microwave; Refrigerator; Electric stove
• Bedrooms: Master bedroom on main level; Additional bedroom on main level
• Flooring: Carpet; Tile flooring
• Bathrooms: Two full bathrooms; Tub/shower combo
• Heating & cooling: Central electric heating; Central electric cooling
• Interior features: Ceilings: Other (see remarks); Window treatments remain
• Laundry & utility: Main-level laundry room; Washer hookup; Electric dryer hookup; Pull-down attic access

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $144k.

Deal economics

• At list price, monthly cash flow is $-24 ($-292/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $144k).
• Recommended offer: $140k (3.0% below list) — sets the bar for market timing.
• Cap rate 6.1% vs local median 2.4% in Hoover — 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 84/100 on livability (#1 in AL, #630 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+.
• Hoover City (urban): math 45% / reading 66% proficiency, ranked #8 of 129 in AL (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 19% free/reduced lunch — higher-income household profile.
• Zoned schools: Green Valley Elementary School (math 37% / reading 57%, grade D-, #142 of 627 statewide, top 25%, 476 students, 55% FRL); Ira F Simmons Middle School (math 33% / reading 59%, grade D+, #36 of 257 statewide, top 14%, 882 students, 46% FRL); Hoover High School (math 46% / reading 47%, grade D-, #17 of 305 statewide, top 5%, 2,841 students, 32% FRL) — zoned schools average 44% FRL vs 19% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.6%/yr); 139 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,114 units permitted in Jefferson County in 2024 (556 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $999 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Jefferson County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($140k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $86k; list at $144k implies a 67% gain — meaningful room to come down on a strong offer.

Recommended offer $140,165 (3.0% below list)

Questions for the listing agent

1. 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?
2. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
3. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are A-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?
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.09% ✓
• Cap rate: 6.09%
• Cash-on-cash: -0.72%
• DSCR: 0.97
• GRM: 7.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.59% rent growth · sell at horizon

5-year hold

• IRR: -17.9%
• Equity multiple: 0.37×
• Total profit: $-25,424
• Equity at exit: $21,545

10-year hold

• IRR: -10.8%
• Equity multiple: 0.36×
• Total profit: $-26,001
• Equity at exit: $12,494

Cash invested: $40,460 (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 35216

• Rents YoY: 2.6%
• Active inventory: 139
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,569 high
• Mortgage (P&I): −$758
• Tax from tax record: −$171 /mo · $2,050/yr
• Insurance: −$60
• HOA est. from 3 same-building comps: −$275
• Vacancy / Maint / Mgmt: −$329
• Net cashflow: $-24

Break-even live

Break-even rent $1,600

Max offer price $140,199

Occupancy floor 97%

Sensitivity live

Price	-10% $57	-5% $17	+0% $-24	+5% $-65	+10% $-106
Rent	-10% $-148	-5% $-86	+0% $-24	+5% $38	+10% $100
Rate	-1.0pp $48	-0.5pp $12	base $-24	+0.5pp $-62	+1.0pp $-100

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: $36,125
• Closing costs: $4,335
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3101 Lorna Rd Unit ROAD924 Birmingham, AL	2.0	2.0	965	$1,750	$1.81	3d	1	0.02mi
3101 Lorna Rd #924 Hoover, AL	2.0	2.0	1023	$1,750	$1.71	20d	1	0.02mi
3101 Lorna Rd Hoover, AL	1.0–2.0	1.0–2.0	1023	$1,750	$1.71	45d	2	0.02mi
2250 Little Valley Rd Hoover, AL	3.0	1.0–2.0	894	$1,278	$1.43	45d	1	0.45mi
3299 Warringwood Dr Hoover, AL	2.0	1.5	960	$1,150	$1.20	22d	1	0.48mi
2076 Montreat Cir Vestavia Hills, AL	2.0	2.0	1034	$1,600	$1.55	45d	1	0.61mi
2105 Montreat Pkwy Unit D Vestavia Hills, AL	2.0	1.0	1100	$1,250	$1.14	46d	1	0.68mi
2209 Montreat Cir Unit D Vestavia Hills, AL	2.0	2.0	1085	$1,600	$1.47	4d	1	0.70mi
2116 Montreat Ln Apt C Vestavia Hills, AL	2.0	2.0	1148	$1,450	$1.26	45d	1	0.84mi
3400 Treeline Ct Hoover, AL	1.0–3.0	1.0–2.0	950	$1,140	$1.20	22d	13	0.86mi
990 Wisteria Pl Birmingham, AL	3.0	2.0	1450	$1,620	$1.12	3d	3	1.00mi
1716 Vestawood Ct Unit 1715H Vestavia Hills, AL	2.0	2.0	1080	$1,314	$1.22	45d	1	1.07mi
1000 Autumn Wood Dr Birmingham, AL	1.0–2.0	1.0–2.0	880	$1,230	$1.40	4d	12	1.14mi
2410 Yellow Hammer Hl Birmingham, AL	1.0–2.0	1.0–2.0	969	$1,275	$1.32	12d	4	1.22mi
3411 Cedar Crest Cir Hoover, AL	3.0	2.5	1336	$2,150	$1.61	3d	1	1.23mi
3565 Lorna Rd Hoover, AL	1.0–3.0	1.0–1.5	975	$938	$0.96	45d	1	1.28mi
2149 Emerald Pointe Dr Birmingham, AL	1.0–3.0	1.0–1.5	885	$1,074	$1.21	25d	1	1.31mi
2555 Mountain Lodge Cir Vestavia Hills, AL	1.0–3.0	1.0–2.0	1000	$1,149	$1.15	45d	1	1.42mi
3627 Cedarbrook Dr Hoover, AL	1.0–2.0	1.0–2.0	894	$1,070	$1.20	20d	1	1.43mi
2071 Alpine Vlg Birmingham, AL	1.0–3.0	1.0–2.0	1000	$1,010	$1.01	4d	9	1.49mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-22
   days on market $144,500 Active 32 DOM
2. 2026-06-18
   days on market $144,500 Active 29 DOM
3. 2026-06-17
   price $144,500 Active 28 DOM
4. 2026-06-17
   days on market $154,500 Active 28 DOM
5. 2026-06-16
   days on market $154,500 Active 27 DOM
6. 2026-06-15
   days on market $154,500 Active 26 DOM
7. 2026-06-13
   days on market $154,500 Active 24 DOM
8. 2026-06-10
   days on market $154,500 Active 21 DOM
9. 2026-06-09
   days on market $154,500 Active 20 DOM
10. 2026-06-08
    days on market $154,500 Active 19 DOM
11. 2026-06-07
    days on market $154,500 Active 18 DOM
12. 2026-06-05
    days on market $154,500 Active 15 DOM
13. 2026-06-03
    days on market $154,500 Active 14 DOM
14. 2026-06-02
    days on market $154,500 Active 13 DOM
15. 2026-06-01
    days on market $154,500 Active 12 DOM
16. 2026-05-31
    days on market $154,500 Active 11 DOM
17. 2026-05-21
    listed $154,500 Active
18. 2007-08-06
    soldstatus $86,500
19. 2005-11-03
    soldstatus $79,600
20. 1981-01-01
    soldstatus $44,500

ⓘ 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: $2,050 · $171/mo
• Projected year-2 tax: $2,050 · $171/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $18,828
• − Mortgage interest: −$8,094
• − Property taxes: −$2,050
• − Insurance: −$722
• − Repairs & maintenance: −$1,506
• − Management: −$1,506
• − HOA: −$3,300
• − Depreciation: −$4,204
• Taxable loss: −$2,555
• Est. tax savings @ 24.0%: +$613
• After-tax cash flow: $321/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: Hoover City
• NCES district ID: 0100007
• Math proficiency: 45% ▼ -25.00%
• Reading proficiency: 66% ▲ 1.00%
• Median HH income: $76,210
• Composite: 49.77/100
• National rank: #1960
• State rank: #8 of 129 in AL

Livability — Hoover

• Score: 84/100
• State rank: #1
• US rank: #630

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hoover, AL
• County: Jefferson County · 527,445 people
• City population: 76,805
• Metro: Birmingham-Hoover, AL
• Population (ZIP): 34,327
• Household income: $74,525
• Rent vs Own: 44.4% rent · 55.6% own
• Severe rent burden: 1747.0

Population outlook (Jefferson County) Hauer SSP2

• Today (2025): 669,185 people
• By 2030: 669,694 · +0.1%
• By 2040: 661,388 · -1.2%
• By 2050: 643,086 · -3.9%
• By 2075: 577,267 · -13.7%
• By 2100: 474,758 · -29.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: White 61% Black 24% Hispanic / Latino 8% Asian 5% Two or more races 4% Native American 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Slovak 3% Serbian 2% Italian 2%
• Foreign-born: 8% · Canada, China, South Korea
• Languages at home: 88% English-only · Spanish 6% Other Indo-European 2% Arabic 1%

Political lean MEDSL · Jefferson

• 2024 margin: D (+10.4) · D 54.6% · R 44.2% · Other 1.2%
• 2008→2024 swing: +5.4pp toward D · 2008: 5.1pp · 2024: 10.4pp
• All cycles: 2024: D+10.4 2020: D+13.2 2016: D+7.2 2012: D+6.0 2008: D+5.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -259.83%
• Current HPI: 239.8705
• Rent YoY: ▲ 2.59%
• 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

+224.7% since first listed

5 events — show timeline

• 2026-06-17 Price Changed $144,500 Greater Alabama MLS
• 2026-05-21 Listed $154,500 Greater Alabama MLS
• 2007-08-06 Sold (Public Records) $86,500 Public Records
• 2005-11-03 Sold (Public Records) $79,600 Public Records
• 1981-01-01 Sold (Public Records) $44,500 Public Records

Property tax history

+13.0%/yr

Latest (2025): $2,050 · +7.0% YoY. Source: county tax records.