4001 28th Way N · Birmingham, AL 35207

$17,500

3 bd · 1.0 ba · 3,168 sqft · SingleFamily public records · 19 Days on market

Built 1935 0.33 ac lot

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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).

• Cash flow +15.0/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.9/10.0

Listing remarks

So much potential in this Craftsman Style home with three bedrooms and one full bath. Sitting on large lot. The rooms are spacious. Many of the rooms have fireplaces with historic details. Classic architectural details including the large front porch that has brick columns. The original hardwood floors are still there. The large windows bring in great light. You can imagine the families that made this their home. Your vision can bring it back for future generations to enjoy.

Key facts

• Large windows
• Craftsman style home
• Large front porch

Tags

• CRAFTSMAN STYLE HOME
• LARGE LOT
• LARGE FRONT PORCH
• BRICK COLUMNS
• ORIGINAL HARDWOOD FLOORS
• LARGE WINDOWS

Property features AI

Finance

• Other: 0.33-acre lot
• Financial info: Down payment assistance available

Exterior

• Parking: Driveway parking
• Utilities: Public water; Connected sewer; Internet service available; Gas water heater
• Home design: Existing construction; Wood construction; Crawl space foundation; Located in the Fairmont subdivision
• Construction: Wood construction; Crawl space foundation
• Exterior features: Front porch

Interior

• Kitchen: Laminate countertops; Gas stove
• Bedrooms: Three bedrooms on the main level
• Flooring: Hardwood
• Bathrooms: One full bathroom with tub/shower combo
• Heating & cooling: No heating; No air conditioning
• Interior features: Handyman special; Pull-down attic; Hardwood floors; Three wood-burning fireplaces with brick surrounds
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $18k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $18k).
• Recommended offer: $17k (1.5% below list) — sets the bar for market timing.
• Cap rate 80.8% vs local median 6.2% in Birmingham — 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 67/100 on livability (#78 in AL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities C-, crime F, employment F.
• Birmingham City (urban): math 4% / reading 20% proficiency, ranked #116 of 129 in AL (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 82% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Hudson Keight School (math 0% / reading 7%, grade F, #627 of 627 statewide, top 100%, 633 students, 94% FRL); George Washington Carver High School (math 2% / reading 17%, grade F, #252 of 305 statewide, top 84%, 531 students, 87% FRL).
• Market conditions: 42 active listings in the ZIP; 2,114 units permitted in Jefferson County in 2024 (556 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($121 loan paydown + $2k appreciation (10.0% local appreciation)).
• Jefferson County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $5k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($17k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.
• 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 $17,237 (1.5% below list)

Questions for the listing agent

1. Built in 1935 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 8.73% ✓
• Cap rate: 80.77%
• Cash-on-cash: 265.99%
• DSCR: 12.84
• GRM: 1.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 17.07×
• Total profit: $78,730
• Equity at exit: $15,765

10-year hold

• IRR: —
• Equity multiple: 37.22×
• Total profit: $177,494
• Equity at exit: $33,999

Cash invested: $4,900 (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 35207

• Home prices YoY: 18.7%
• Active inventory: 42
• Price-to-rent: 1.0×

Monthly cashflow live

• Estimated rent: $1,528 medium
• Mortgage (P&I): −$92
• Tax est. 1.5%: −$22 /mo · $262/yr
• Insurance: −$7
• HOA: −$0
• Vacancy / Maint / Mgmt: −$321
• Net cashflow: $1,086

Break-even live

Break-even rent $153

Max offer price $17,500

Occupancy floor 24%

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: $4,375
• Closing costs: $525
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-15
   status $17,500 Pending 19 DOM
2. 2026-06-15
   days on market $17,500 Active 19 DOM
3. 2026-06-13
   days on market $17,500 Active 17 DOM
4. 2026-06-10
   days on market $17,500 Active 14 DOM
5. 2026-06-09
   days on market $17,500 Active 13 DOM
6. 2026-06-08
   days on market $17,500 Active 12 DOM
7. 2026-06-07
   days on market $17,500 Active 11 DOM
8. 2026-06-03
   days on market $17,500 Active 7 DOM
9. 2026-06-02
   days on market $17,500 Active 6 DOM
10. 2026-06-01
    days on market $17,500 Active 5 DOM
11. 2026-05-31
    days on market $17,500 Active 4 DOM
12. 2026-05-29
    price $17,500
13. 2025-12-23
    listed $19,900 Active
14. 2025-12-03
    price $34,900
15. 2025-10-22
    price $39,900
16. 2025-10-01
    price $45,900
17. 2025-09-09
    price $49,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥106°F today · 19 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 9 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,335
• − Mortgage interest: −$980
• − Property taxes: −$262
• − Insurance: −$88
• − Repairs & maintenance: −$1,467
• − Management: −$1,467
• − Depreciation: −$509
• Taxable income: $13,562
• Est. tax owed @ 24.0%: −$3,255
• After-tax cash flow: $9,779/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: Birmingham City
• NCES district ID: 0100390
• Math proficiency: 4% ▼ -17.00%
• Reading proficiency: 20% ▼ -4.00%
• Median HH income: $31,988
• Composite: 9.49/100
• National rank: #9850
• State rank: #116 of 129 in AL

Livability — Birmingham

• Score: 67/100
• State rank: #78
• US rank: #10412

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Birmingham, AL
• City population: 210,422
• Population (ZIP): 6,824

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: Predominantly Black (86%)
• Race & ethnicity: Black 86% White 7% Hispanic / Latino 6%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Romanian 1% Hispanic 1%
• Foreign-born: 3% · Canada
• Languages at home: 92% English-only · Spanish 6% French/Haitian/Cajun 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: ▲ 35.95%
• Current HPI: 228.5664
• Rent YoY: —
• Metro: —
• 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

-64.9% since first listed

6 events — show timeline

• 2026-05-29 Price Changed $17,500 Greater Alabama MLS
• 2025-12-23 Listed $19,900 Greater Alabama MLS
• 2025-12-03 Price Changed $34,900 Greater Alabama MLS
• 2025-10-22 Price Changed $39,900 Greater Alabama MLS
• 2025-10-01 Price Changed $45,900 Greater Alabama MLS
• 2025-09-09 Price Changed $49,900 Greater Alabama MLS