2812 Georgetown Dr #1515 · Hoover, AL 35216

$97,000

1 bd · 1.0 ba · 640 sqft · Condo public records · 116 Days on market

Built 1969 $152/sqft · 13% below area Est $112k · 13% under

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Why this score? — see what drove the C- 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).

• ARV discount +13.4/15.0
• Cash flow +12.4/30.0
• 1% rule +6.3/10.0
• 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 MLS

MAJOR PRICE REDUCTION. This is the one for you. Great first level unit with fresh paint and new carpet in bedroom installed in January. Beautiful hardwood floors in living and dining area. This home could be ideal for a single person or couple. Enjoy a nice sized den/living area with abundant natural light, a good sized dining area. The large bedroom suite features a walk in closet, and ensuite bath. All appliances, including the clothes washer and dryer in the laundry room, are to remain. This unit is move in ready and provides easy access to shopping, Hoover schools, and major roadways.

Key facts

• Fresh paint
• New carpet
• Dryer

Tags

• FRESH PAINT
• NEW CARPET
• HARDWOOD FLOORS
• CLOTHES WASHER
• DRYER
• MOVE IN READY

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $97k.

Deal economics

• At list price, monthly cash flow is $-16 ($-191/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $97k).
• Recommended offer: $88k (9.0% 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.
• Market conditions: Rents rising (+2.6%/yr); 135 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 45% 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).
• This rent is only 18% of the median local income ($75k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $671 of loan paydown is wiped out by about $3k 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 116 days — a 9% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $69k; 41% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 25% of rent.

Recommended offer $88,270 (9.0% 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 116 days. Have you received any prior offers? Is the seller open to a 9% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
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: 1.13% ✓
• Cap rate: 6.10%
• Cash-on-cash: -0.70%
• DSCR: 0.97
• GRM: 7.4

CMA / ARV

• ARV (median comp): $111,529
• List price: $97,000
• Delta: -13.03%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

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: $-17,034
• Equity at exit: $14,463

10-year hold

• IRR: -10.7%
• Equity multiple: 0.36×
• Total profit: $-17,375
• Equity at exit: $8,387

Cash invested: $27,160 (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: 135
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $1,091 high
• Mortgage (P&I): −$509
• Tax from tax record: −$54 /mo · $647/yr
• Insurance: −$40
• HOA est. from 1 same-building comp: −$275
• Vacancy / Maint / Mgmt: −$229
• Net cashflow: $-16

Break-even live

Break-even rent $1,111

Max offer price $94,194

Occupancy floor 96%

Sensitivity live

Price	-10% $39	-5% $12	+0% $-16	+5% $-43	+10% $-71
Rent	-10% $-102	-5% $-59	+0% $-16	+5% $27	+10% $70
Rate	-1.0pp $33	-0.5pp $9	base $-16	+0.5pp $-41	+1.0pp $-67

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: $24,250
• Closing costs: $2,910
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3101 Lorna Rd #1718 Hoover, AL	1.0	1.0	640	$1,095	$1.71	3d	1	0.08mi
2250 Little Valley Rd Hoover, AL	3.0	1.0–2.0	894	$1,137	$1.27	44d	1	0.45mi
2262-2284 Chapel Hill Rd Unit 2262-A Hoover, AL	1.0	1.0	686	$1,074	$1.57	44d	1	0.61mi
2014 Montreat Pkwy Vestavia Hills, AL	1.0	1.0	690	$1,045	$1.51	24d	1	0.72mi
2014 Montreat Pkwy Unit D Vestavia Hills, AL	1.0	1.0	690	$1,045	$1.51	4d	1	0.73mi
3400 Treeline Ct Hoover, AL	1.0–3.0	1.0–2.0	950	$960	$1.01	22d	13	0.87mi
1716 Vestawood Ct Unit 1722C Vestavia Hills, AL	1.0	1.0	697	$1,059	$1.52	44d	1	1.06mi
3565 Lorna Rd Hoover, AL	1.0–3.0	1.0–1.5	975	$775	$0.79	44d	1	1.30mi
2149 Emerald Pointe Dr Birmingham, AL	1.0–3.0	1.0–1.5	885	$899	$1.02	24d	1	1.35mi
2555 Mountain Lodge Cir Vestavia Hills, AL	1.0–3.0	1.0–2.0	1000	$899	$0.90	44d	1	1.42mi
3627 Cedarbrook Dr Hoover, AL	1.0–2.0	1.0–2.0	894	$865	$0.97	19d	1	1.45mi

HOA detail condo

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

Listing history 19 events

1. 2026-06-18
   days on market $97,000 Active 116 DOM
2. 2026-06-17
   days on market $97,000 Active 115 DOM
3. 2026-06-16
   days on market $97,000 Active 114 DOM
4. 2026-06-15
   days on market $97,000 Active 113 DOM
5. 2026-06-13
   days on market $97,000 Active 111 DOM
6. 2026-06-10
   days on market $97,000 Active 108 DOM
7. 2026-06-09
   days on market $97,000 Active 107 DOM
8. 2026-06-08
   days on market $97,000 Active 106 DOM
9. 2026-06-07
   days on market $97,000 Active 105 DOM
10. 2026-06-05
    days on market $97,000 Active 102 DOM
11. 2026-06-03
    days on market $97,000 Active 101 DOM
12. 2026-06-02
    days on market $97,000 Active 100 DOM
13. 2026-06-01
    days on market $97,000 Active 99 DOM
14. 2026-05-31
    days on market $97,000 Active 98 DOM
15. 2026-04-28
    price $97,000 595-char remark

    Show marketing remark (595 chars)

    MAJOR PRICE REDUCTION. This is the one for you. Great first level unit with fresh paint and new carpet in bedroom installed in January. Beautiful hardwood floors in living and dining area. This home could be ideal for a single person or couple. Enjoy a nice sized den/living area with abundant natural light, a good sized dining area. The large bedroom suite features a walk in closet, and ensuite bath. All appliances, including the clothes washer and dryer in the laundry room, are to remain. This unit is move in ready and provides easy access to shopping, Hoover schools, and major roadways.

16. 2026-02-23
    listed $109,000 Active 595-char remark

    Show marketing remark (595 chars)

    MAJOR PRICE REDUCTION. This is the one for you. Great first level unit with fresh paint and new carpet in bedroom installed in January. Beautiful hardwood floors in living and dining area. This home could be ideal for a single person or couple. Enjoy a nice sized den/living area with abundant natural light, a good sized dining area. The large bedroom suite features a walk in closet, and ensuite bath. All appliances, including the clothes washer and dryer in the laundry room, are to remain. This unit is move in ready and provides easy access to shopping, Hoover schools, and major roadways.

17. 2006-11-13
    soldstatus $69,000
18. 1997-05-02
    soldstatus $37,300
19. 1984-07-01
    soldstatus $28,900

ⓘ 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: $647 · $54/mo
• Projected year-2 tax: $647 · $54/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: $13,095
• − Mortgage interest: −$5,434
• − Property taxes: −$647
• − Insurance: −$485
• − Repairs & maintenance: −$1,048
• − Management: −$1,048
• − HOA: −$3,300
• − Depreciation: −$2,822
• Taxable loss: −$1,687
• Est. tax savings @ 24.0%: +$405
• After-tax cash flow: $214/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

+235.6% since first listed

5 events — show timeline

• 2026-04-28 Price Changed $97,000 Greater Alabama MLS
• 2026-02-23 Listed $109,000 Greater Alabama MLS
• 2006-11-13 Sold (Public Records) $69,000 Public Records
• 1997-05-02 Sold (Public Records) $37,300 Public Records
• 1984-07-01 Sold (Public Records) $28,900 Public Records

Property tax history

+7.1%/yr

Latest (2025): $647 · +7.5% YoY. Source: county tax records.