304 Plum St · Florence, AL 35630

$264,900

None bd · None ba · 3,078 sqft · MultiFamily public records · 58 Days on market

Built 1935 5,663 sqft lot $86/sqft · 11% below area Est $299k · 11% under

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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 +26.5/30.0
• ARV discount +12.7/15.0
• DSCR +9.1/10.0
• 1% rule +6.2/10.0
• Livability +4.1/5.0
• Rent growth +4.0/5.0
• Schools +3.0/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 3 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Looking for a great investment opportunity? This is it! Within close proximity to UNA and downtown Florence. All three units have been fully renovated, and have tenants. All appliances remain with units. There are also 2 mobile A/C units, and 4 Blink security cameras at entry doors that will convey with the property.

Key facts

• Fully renovated
• 5,663 sq ft lot
• Built 1935

Tags

• FULLY RENOVATED
• INVESTMENT OPPORTUNITY

What this means for you Summary

Snapshot

• This is a 3 × 1-bed/1-bath units multifamily listed at $265k.

Deal economics

• At list price, monthly cash flow is $704 ($8k/yr) — positive. Per door: $235/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $265k).
• Recommended offer: $257k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.5% vs local median 3.6% in Florence — 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 82/100 on livability (#4 in AL, #1,140 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime F, employment F.
• Florence City (urban): math 28% / reading 44% proficiency, ranked #44 of 129 in AL (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+6.2%/yr); 268 active listings in the ZIP; 164 units permitted in Lauderdale County in 2024 (72 in 5+ unit buildings).
• At $2,955/mo this rent would consume 77% of the median local household income ($46k/yr) (locally 1516% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.2% rent growth), your $74k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 58 days — a 3% lower offer ($257k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 5y 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 $90k; list at $265k implies a 194% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wind risk, 23% chance of damaging wind over 30y; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $256,953 (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. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1935 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.12% ✓
• Cap rate: 9.48%
• Cash-on-cash: 11.38%
• DSCR: 1.51
• GRM: 7.5

CMA / ARV

• ARV (median comp): $299,194
• List price: $264,900
• Delta: -11.46%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 6.18% rent growth · sell at horizon

5-year hold

• IRR: 3.9%
• Equity multiple: 1.16×
• Total profit: $11,570
• Equity at exit: $39,497

10-year hold

• IRR: 16.0%
• Equity multiple: 2.49×
• Total profit: $110,204
• Equity at exit: $22,904

Cash invested: $74,172 (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 35630

• Home prices YoY: -33.7%
• Rents YoY: 6.2%
• Active inventory: 268
• Price-to-rent: 22.4×

Monthly cashflow live

• Estimated rent: $2,955 high
• Mortgage (P&I): −$1,389
• Tax from tax record: −$131 /mo · $1,575/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$621
• Net cashflow: $704

Break-even live

Break-even rent $2,064

Max offer price $264,900

Occupancy floor 71%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$2,955
Total (3 units)			$2,955

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: $66,225
• Closing costs: $7,947
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-19
   days on market $264,900 Active 58 DOM
2. 2026-06-18
   days on market $264,900 Active 57 DOM
3. 2026-06-17
   days on market $264,900 Active 56 DOM
4. 2026-06-16
   days on market $264,900 Active 55 DOM
5. 2026-06-15
   days on market $264,900 Active 54 DOM
6. 2026-06-14
   days on market $264,900 Active 52 DOM
7. 2026-06-13
   days on market $264,900 Active 51 DOM
8. 2026-06-10
   days on market $264,900 Active 49 DOM
9. 2026-06-09
   days on market $264,900 Active 48 DOM
10. 2026-06-08
    days on market $264,900 Active 47 DOM
11. 2026-06-05
    days on market $264,900 Active 43 DOM
12. 2026-06-03
    price $264,900 Active 41 DOM
13. 2026-06-02
    days on market $269,900 Active 41 DOM
14. 2026-06-01
    days on market $269,900 Active 40 DOM
15. 2026-05-31
    days on market $269,900 Active 39 DOM
16. 2026-05-30
    days on market $269,900 Active 38 DOM
17. 2026-04-21
    listed $269,900 Active 320-char remark

    Show marketing remark (320 chars)

    Looking for a great investment opportunity? This is it! Within close proximity to UNA and downtown Florence. All three units have been fully renovated, and have tenants. All appliances remain with units. There are also 2 mobile A/C units, and 4 Blink security cameras at entry doors that will convey with the property.

18. 2025-09-05
    listed $275,000 Active
19. 2024-07-30
    price $299,900
20. 2024-05-17
    listed $309,900 Active
21. 2024-04-04
    historical $850
22. 2024-03-19
    listed $850
23. 2021-12-17
    soldstatus $90,000
24. 2021-09-30
    listed $132,500
25. 2020-09-16
    soldstatus $65,000

ⓘ 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: $1,575 · $131/mo
• Projected year-2 tax: $1,575 · $131/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥107°F today · 20 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 23% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,460
• − Mortgage interest: −$14,839
• − Property taxes: −$1,575
• − Insurance: −$1,324
• − Repairs & maintenance: −$2,837
• − Management: −$2,837
• − Depreciation: −$7,706
• Taxable income: $4,342
• Est. tax owed @ 24.0%: −$1,042
• After-tax cash flow: $7,402/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: Florence City
• NCES district ID: 0101530
• Math proficiency: 28% ▼ -28.00%
• Reading proficiency: 44% ▼ -4.00%
• Median HH income: $34,997
• Composite: 29.69/100
• National rank: #6456
• State rank: #44 of 129 in AL

Livability — Florence

• Score: 82/100
• State rank: #4
• US rank: #1140

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Florence, AL
• County: Lauderdale County · 47,988 people
• City population: 34,028
• Metro: Florence-Muscle Shoals, AL
• Population (ZIP): 34,028
• Household income: $46,304
• Rent vs Own: 54.7% rent · 45.3% own
• Severe rent burden: 1516.0

Population outlook (Lauderdale County) Hauer SSP2

• Today (2025): 93,386 people
• By 2030: 93,634 · +0.3%
• By 2040: 93,114 · -0.3%
• By 2050: 91,586 · -1.9%
• By 2075: 88,667 · -5.1%
• By 2100: 81,098 · -13.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (70%)
• Race & ethnicity: White 70% Black 18% Two or more races 6% Hispanic / Latino 6%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Slovak 3% Serbian 2% Romanian 1%
• Foreign-born: 4% · Canada, Vietnam, Guatemala
• Languages at home: 92% English-only · Spanish 6% Vietnamese 1%

Political lean MEDSL · Lauderdale

• 2024 margin: Solid R (+51.5) · D 23.8% · R 75.3%
• 2008→2024 swing: -23.3pp toward R · 2008: -28.2pp · 2024: -51.5pp
• All cycles: 2024: R+51.5 2020: R+44.7 2016: R+46.0 2012: R+30.9 2008: R+28.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -104.78%
• Current HPI: 206.1364
• Rent YoY: ▲ 6.18%
• Metro: Florence-Muscle Shoals, 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

+315.2% since first listed

9 events — show timeline

• 2026-04-21 Listed $269,900 SAARMLS
• 2025-09-05 Listed $275,000 SAARMLS
• 2024-07-30 Price Changed $299,900 SAARMLS
• 2024-05-17 Listed $309,900 SAARMLS
• 2024-04-04 Rental Removed $850 TURBOTENANT
• 2024-03-19 Listed for Rent $850 TURBOTENANT
• 2021-12-17 Sold (MLS) $90,000 SAARMLS
• 2021-09-30 Listed $132,500 SAARMLS
• 2020-09-16 Sold (Public Records) $65,000 Public Records

Property tax history

+6.4%/yr

Latest (2025): $1,575 · +7.0% YoY. Source: county tax records.