2403 Falcon Pl #2403 · Hoover, AL 35216

$109,000

2 bd · 2.5 ba · 1,157 sqft · Condo public records · 27 Days on market

Built 1975

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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
• DSCR +10.0/10.0
• 1% rule +7.6/10.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

for comps only

Key facts

• Community pool
• Built 1975
• Listed 27 days

Property features AI

Finance

• Other: Driving directions available
• Financial info: Down payment assistance available; Annual fire fee applies
• HOA & community: Monthly condo/townhome fee ($750); Community amenities include pool and maintained grounds

Exterior

• Parking: Off-street parking
• Utilities: Public water; Connected sewer; Gas water heater; Internet service availability
• Home design: Condo/Townhome unit (Condo level 1); Existing construction; Siding (wood)
• Construction: Crawl space foundation
• Exterior features: Community in-ground pool with perimeter fencing; Lighting system; Garden/yard area; Open deck

Interior

• Kitchen: Dishwasher (built-in); Electric oven; Electric stove; Breakfast bar; Pantry; Solid surface countertops
• Bedrooms: Two bedrooms located on upper level
• Flooring: Carpet; Hardwood; Tile
• Bathrooms: Two full bathrooms; One half bathroom; Tub/shower combo; Linen closet
• Heating & cooling: Central heating; Central air conditioning
• Interior features: 9 ft. + and cathedral/vaulted ceilings; Recessed lighting; Split bedroom layout; Stone woodburning fireplace in the den; Window treatments (some to remain); Solid surface kitchen countertops; Breakfast bar; Pantry
• Laundry & utility: Laundry on main level in a closet; Washer hookup; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath condo listed at $109k.

Deal economics

• At list price, monthly cash flow is $425 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $109k).
• Recommended offer: $107k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.0% 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+.
• Jefferson County (suburban): math 9% / reading 32% proficiency, ranked #104 of 129 in AL (top 81%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Grantswood Community School (math 8% / reading 34%, grade F, #451 of 627 statewide, top 72%, 418 students, 52% FRL); Shades Valley High School (math 29% / reading 39%, grade F, #53 of 305 statewide, top 18%, 1,200 students, 68% FRL).
• Market conditions: Rents rising (+2.6%/yr); 135 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $754 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.
• At projected returns (-3.0% appreciation + 2.6% rent growth), your $31k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($107k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y 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.

Risks & watch-outs

• 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.

Recommended offer $107,365 (1.5% below list)

Questions for the listing agent

1. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.26% ✓
• Cap rate: 10.97%
• Cash-on-cash: 16.71%
• DSCR: 1.74
• GRM: 6.6

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: 7.4%
• Equity multiple: 1.29×
• Total profit: $8,811
• Equity at exit: $16,252

10-year hold

• IRR: 16.4%
• Equity multiple: 2.31×
• Total profit: $40,091
• Equity at exit: $9,424

Cash invested: $30,520 (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: 6.6×

Monthly cashflow live

• Estimated rent: $1,373 high
• Mortgage (P&I): −$572
• Tax from tax record: −$43 /mo · $510/yr
• Insurance: −$45
• HOA: −$0
• Vacancy / Maint / Mgmt: −$288
• Net cashflow: $425

Break-even live

Break-even rent $835

Max offer price $109,000

Occupancy floor 64%

Sensitivity live

Price	-10% $487	-5% $456	+0% $425	+5% $394	+10% $363
Rent	-10% $317	-5% $371	+0% $425	+5% $479	+10% $534
Rate	-1.0pp $480	-0.5pp $453	base $425	+0.5pp $397	+1.0pp $368

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: $27,250
• Closing costs: $3,270
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2149 Emerald Pointe Dr Birmingham, AL	1.0–3.0	1.0–1.5	885	$1,074	$1.21	24d	1	0.63mi
3741 Chestnut Ridge Ln Vestavia Hills, AL	1.0–3.0	1.0–2.0	1450	$1,232	$0.85	2d	61	0.64mi
4248 Ashwood Cv Vestavia Hills, AL	3.0	2.5	1428	$1,850	$1.30	3d	1	0.66mi
3400 Chestnut Ridge Ln Birmingham, AL	2.0–3.0	2.0	1263	$1,389	$1.10	2d	8	0.68mi
3411 Cedar Crest Cir Hoover, AL	3.0	2.5	1336	$2,150	$1.61	2d	1	0.70mi
601 Wildbrook Ln Hoover, AL	1.0–3.0	1.0–2.0	1340	$1,200	$0.90	2d	4	0.74mi
1000 Autumn Wood Dr Birmingham, AL	1.0–2.0	1.0–2.0	880	$1,230	$1.40	3d	12	0.76mi
6100 Rime Village Dr E Vestavia Hills, AL	1.0–2.0	1.5–2.0	1307	$1,446	$1.11	2d	10	0.82mi
2139 Rocky Ridge Ranch Rd Hoover, AL	1.0–3.0	1.0–2.0	1044	$1,249	$1.20	2d	4	0.90mi
3627 Cedarbrook Dr Hoover, AL	1.0–2.0	1.0–2.0	894	$1,070	$1.20	19d	1	1.04mi
3565 Lorna Rd Hoover, AL	1.0–3.0	1.0–1.5	975	$938	$0.96	44d	1	1.08mi
2135 Centennial Dr Birmingham, AL	3.0	1.0–2.0	955	$1,066	$1.12	2d	21	1.13mi
990 Wisteria Pl Birmingham, AL	3.0	2.0	1450	$1,620	$1.12	2d	3	1.14mi
2071 Alpine Vlg Birmingham, AL	1.0–3.0	1.0–2.0	1000	$1,010	$1.01	3d	9	1.22mi
3400 Treeline Ct Hoover, AL	1.0–3.0	1.0–2.0	950	$1,140	$1.20	21d	13	1.30mi
200 River Haven Ln Hoover, AL	1.0–3.0	1.5–2.5	1485	$1,470	$0.99	2d	32	1.32mi
3299 Warringwood Dr Hoover, AL	2.0	1.5	960	$1,150	$1.20	21d	1	1.37mi

HOA detail condo

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

Listing history 21 events

1. 2026-06-18
   days on market $109,000 Active 27 DOM
2. 2026-06-17
   days on market $109,000 Active 26 DOM
3. 2026-06-16
   days on market $109,000 Active 25 DOM
4. 2026-06-15
   days on market $109,000 Active 24 DOM
5. 2026-06-13
   days on market $109,000 Active 22 DOM
6. 2026-06-10
   days on market $109,000 Active 19 DOM
7. 2026-06-09
   days on market $109,000 Active 18 DOM
8. 2026-06-08
   days on market $109,000 Active 17 DOM
9. 2026-06-07
   days on market $109,000 Active 16 DOM
10. 2026-06-03
    days on market $109,000 Active 12 DOM
11. 2026-06-02
    days on market $109,000 Active 11 DOM
12. 2026-06-01
    days on market $109,000 Active 10 DOM
13. 2026-05-31
    days on market $109,000 Active 9 DOM
14. 2026-05-22
    listed $109,000 Active
15. 2026-05-21
    historical $109,000
16. 2025-02-05
    price $109,900
17. 2020-05-07
    soldstatus $115,750
18. 2020-05-05
    soldstatus $115,750 14-char remark

    Show marketing remark (14 chars)

    for comps only

19. 2020-05-05
    listed $115,750 14-char remark

    Show marketing remark (14 chars)

    for comps only

20. 2006-03-30
    soldstatus $85,000
21. 1995-06-30
    soldstatus $69,900

ⓘ 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: $510 · $43/mo
• Projected year-2 tax: $510 · $43/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 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥107°F today · 19 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,476
• − Mortgage interest: −$6,106
• − Property taxes: −$510
• − Insurance: −$545
• − Repairs & maintenance: −$1,318
• − Management: −$1,318
• − Depreciation: −$3,171
• Taxable income: $3,508
• Est. tax owed @ 24.0%: −$842
• After-tax cash flow: $4,259/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: Jefferson County
• NCES district ID: 0101920
• Math proficiency: 9% ▼ -24.00%
• Reading proficiency: 32% ▼ -5.00%
• Median HH income: $51,712
• Composite: 18.4/100
• National rank: #8937
• State rank: #104 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

• 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

+55.9% since first listed

8 events — show timeline

• 2026-05-22 Listed $109,000 Greater Alabama MLS
• 2026-05-21 Coming Soon $109,000 Greater Alabama MLS
• 2025-02-05 Price Changed $109,900 Greater Alabama MLS
• 2020-05-07 Sold (Public Records) $115,750 Public Records
• 2020-05-05 Listed $115,750 Greater Alabama MLS
• 2020-05-05 Sold (MLS) $115,750 Greater Alabama MLS
• 2006-03-30 Sold (Public Records) $85,000 Public Records
• 1995-06-30 Sold (Public Records) $69,900 Public Records

Property tax history

+3.5%/yr

Latest (2025): $510 · +0.0% YoY. Source: county tax records.