117 Lake Dr NE · Birmingham, AL 35215

$117,000

3 bd · 1.0 ba · 1,130 sqft · SingleFamily public records · 98 Days on market

Built 1958 0.36 ac lot $104/sqft · 9% below area Est $128k · 9% 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).

• Cash flow +23.1/30.0
• ARV discount +11.4/15.0
• DSCR +7.4/10.0
• 1% rule +5.7/10.0
• Livability +3.4/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Schools +0.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Looking for a great way to start or add to a rental home portfolio? Here's your chance!! This home is being sold as part of a portfolio of rental homes and it is not for individual sale. There are 28 rental homes in the portfolio for $2,699,000.00.

Key facts

• 0.36 acre lot
• Parking
• Built 1958

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $117k.

Deal economics

• At list price, monthly cash flow is $144 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $117k).
• Recommended offer: $106k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.5% 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-, schools F, crime 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.
• Market conditions: Rents rising (+3.0%/yr); 334 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 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 $809 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 98 days — a 9% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y 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 $85k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk; 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 $106,470 (9.0% below list)

Questions for the listing agent

1. It's been on market 98 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.07% ✓
• Cap rate: 8.46%
• Cash-on-cash: 7.72%
• DSCR: 1.34
• GRM: 7.8

CMA / ARV

• ARV (median comp): $128,187
• List price: $117,000
• Delta: -8.73%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1640 1st St NE	0.40mi	3/1.0	1,090 (-4%)	4mo	$105,000	$96	72
1628 1st St NW	0.44mi	3/1.0	1,124 (-0%)	7mo	$79,900	$71	72
424 13th Ct NW	0.63mi	3/1.0	1,118 (-1%)	1mo	$92,500	$83	68
409 13th Ct NW	0.60mi	3/1.5	1,118 (-1%)	6mo	$98,672	$88	63
1720 2nd St NE	0.58mi	3/1.5	1,099 (-3%)	4mo	$65,000	$59	63
308 13th Ave NW	0.69mi	3/1.0	1,144 (+1%)	7mo	$87,500	$76	60
341 Argonne Dr NE	0.52mi	3/1.0	1,040 (-8%)	3mo	$94,000	$90	60
1640 4th Way NW	0.74mi	3/1.0	1,144 (+1%)	4mo	$149,900	$131	60
1637 1st St NE	0.39mi	3/1.0	1,296 (+15%)	9mo	$115,300	$89	50
232 Navajo Trl	0.49mi	3/1.5	1,000 (-12%)	8mo	$116,500	$117	49
1317 Glenwood St NW	0.73mi	4/1.0 (+1)	1,176 (+4%)	9mo	$95,000	$81	46
1341 Glenwood St NW	0.71mi	3/1.0	1,040 (-8%)	9mo	$85,000	$82	46

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.04% rent growth · sell at horizon

5-year hold

• IRR: -8.0%
• Equity multiple: 0.70×
• Total profit: $-9,672
• Equity at exit: $17,445

10-year hold

• IRR: 1.6%
• Equity multiple: 1.12×
• Total profit: $3,796
• Equity at exit: $10,116

Cash invested: $32,760 (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 35215

• Home prices YoY: -34.4%
• Rents YoY: 3.0%
• Active inventory: 334
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $1,255 high
• Mortgage (P&I): −$614
• Tax from tax record: −$118 /mo · $1,418/yr
• Insurance: −$49
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$264
• Net cashflow: $144

Break-even live

Break-even rent $1,072

Max offer price $117,000

Occupancy floor 84%

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: $29,250
• Closing costs: $3,510
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1541 Charter East Cir NE Birmingham, AL	1.0–2.0	1.0–1.5	807	$1,095	$1.36	2d	8	0.08mi
1628 1st St NE Center Point, AL	3.0	1.0	1027	$1,165	$1.13	43d	1	0.33mi
239 Lake Drive Cir NE Birmingham, AL	3.0	1.0	1159	$1,125	$0.97	3d	1	0.34mi
241 Lake Drive Cir NE Birmingham, AL	2.0	1.0	1358	$1,025	$0.75	2d	1	0.35mi
224 13th Ave NE Birmingham, AL	3.0	1.5	1213	$1,273	$1.05	21d	1	0.39mi
1629 1st St NW Center Point, AL	3.0	1.0	900	$1,025	$1.14	23d	1	0.40mi
213 Meadwood Dr NE Center Point, AL	3.0	1.0	1194	$995	$0.83	43d	1	0.41mi
1628 1st St NW Center Point, AL	3.0	1.0	1124	$1,150	$1.02	43d	1	0.41mi
108 13th Ave NW Center Point, AL	4.0	2.0	1444	$1,265	$0.88	23d	1	0.47mi
1617 3rd Pl NW Center Point, AL	3.0	2.0	1404	$1,150	$0.82	23d	1	0.50mi
324 13th Ter NW Center Point, AL	3.0	1.5	1418	$1,295	$0.91	23d	1	0.54mi
341 Argonne Dr NE Center Point, AL	3.0	1.0	1040	$1,300	$1.25	2d	1	0.54mi
1720 2nd St NE Center Point, AL	3.0	2.0	1100	$1,400	$1.27	43d	1	0.56mi
405 13th Ct NW Center Point, AL	4.0	1.5	1248	$1,415	$1.13	21d	1	0.58mi
434 15th Ter NW Center Point, AL	3.0	2.0	1053	$1,200	$1.14	43d	1	0.59mi
1237 Linwood St Birmingham, AL	3.0	1.5	1066	$995	$0.93	43d	1	0.61mi
1225 Birchwood St Birmingham, AL	3.0	2.0	1092	$1,175	$1.08	3d	1	0.68mi
1153 Linwood St Birmingham, AL	3.0	2.0	1250	$1,295	$1.04	2d	1	0.70mi
1340 Orlando Cir NE Birmingham, AL	3.0	2.0	1329	$1,166	$0.88	23d	1	0.72mi
405 18th Ave NW Center Point, AL	3.0	2.0	1162	$1,299	$1.12	43d	1	0.72mi
1232 Oakwood St Birmingham, AL	3.0	1.5	1301	$1,223	$0.94	23d	1	0.74mi
305 18th Ct NW Center Point, AL	3.0	1.5	1270	$1,100	$0.87	43d	1	0.75mi
1700 4th Pl NW Center Point, AL	3.0	1.0	914	$1,075	$1.18	23d	1	0.75mi
1333 5th Pl NW Center Point, AL	3.0	2.0	1056	$1,275	$1.21	43d	1	0.75mi
500 15th Ave NW Center Point, AL	3.0	1.0	1079	$1,050	$0.97	2d	1	0.75mi
400 13th Ave NW Birmingham, AL	2.0	1.0	1100	$890	$0.81	43d	1	0.76mi
120 Shawnee Ln NW Birmingham, AL	3.0	1.0	1120	$1,075	$0.96	43d	1	0.76mi
1712 4th Pl NW Center Point, AL	3.0	1.0	1182	$1,150	$0.97	23d	1	0.76mi
1356 5th Pl NW Center Point, AL	3.0	1.0	1064	$1,105	$1.04	43d	1	0.76mi
113 19th Ave NW Center Point, AL	3.0	2.0	1407	$1,250	$0.89	11d	1	0.77mi
1360 Orlando Cir NE Birmingham, AL	3.0	2.0	1489	$1,455	$0.98	23d	1	0.78mi
1305 5th Pl NW Center Point, AL	3.0	2.0	1092	$1,200	$1.10	43d	1	0.79mi
1328 5th Pl NW Center Point, AL	3.0	1.0	1250	$1,050	$0.84	16d	1	0.79mi
1612 Glenwood St NW Center Point, AL	4.0	3.0	1344	$1,480	$1.10	23d	1	0.80mi
1301 5th Pl NW Center Point, AL	3.0	1.0	1170	$1,100	$0.94	3d	1	0.80mi
1905 2nd St NW Center Point, AL	3.0	1.0	1258	$1,395	$1.11	43d	1	0.83mi
107 Sterling Ct NW Center Point, AL	2.0	1.5–2.0	1026	$1,062	$1.04	2d	4	0.85mi
621 15th Ave NW Birmingham, AL	4.0	2.0	1070	$1,200	$1.12	16d	1	0.96mi
433 Orchid Rd Birmingham, AL	3.0	1.0	1162	$1,255	$1.08	16d	1	1.00mi
1732 6th St NW Center Point, AL	3.0	1.5	1300	$1,250	$0.96	2d	1	1.03mi

Listing history 23 events

1. 2026-06-18
   days on market $117,000 Active 98 DOM
2. 2026-06-17
   days on market $117,000 Active 97 DOM
3. 2026-06-16
   days on market $117,000 Active 96 DOM
4. 2026-06-15
   days on market $117,000 Active 95 DOM
5. 2026-06-13
   days on market $117,000 Active 93 DOM
6. 2026-06-10
   days on market $117,000 Active 90 DOM
7. 2026-06-09
   days on market $117,000 Active 89 DOM
8. 2026-06-08
   days on market $117,000 Active 88 DOM
9. 2026-06-07
   days on market $117,000 Active 87 DOM
10. 2026-06-03
    days on market $117,000 Active 83 DOM
11. 2026-06-02
    days on market $117,000 Active 82 DOM
12. 2026-06-01
    days on market $117,000 Active 81 DOM
13. 2026-05-31
    days on market $117,000 Active 80 DOM
14. 2026-03-11
    listed $117,000 Active 250-char remark

    Show marketing remark (250 chars)

    Looking for a great way to start or add to a rental home portfolio? Here's your chance!! This home is being sold as part of a portfolio of rental homes and it is not for individual sale. There are 28 rental homes in the portfolio for $2,699,000.00.

15. 2025-05-07
    price $109,000
16. 2024-11-08
    historical $995
17. 2024-09-24
    listed $995
18. 2024-03-14
    historical $925
19. 2024-01-18
    listed $925
20. 2019-03-05
    soldstatus $85,000
21. 2009-01-30
    soldstatus $27,000
22. 2004-04-02
    soldstatus $75,000
23. 1995-07-14
    soldstatus $54,900

ⓘ 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: $1,418 · $118/mo
• Projected year-2 tax: $1,418 · $118/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 8/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 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 7 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,058
• − Mortgage interest: −$6,554
• − Property taxes: −$1,418
• − Insurance: −$1,382
• − Repairs & maintenance: −$1,205
• − Management: −$1,205
• − Depreciation: −$3,404
• Taxable loss: −$110
• Est. tax savings @ 24.0%: +$26
• After-tax cash flow: $1,758/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
• County: Jefferson County · 527,445 people
• City population: 210,422
• Metro: Birmingham-Hoover, AL
• Population (ZIP): 43,903
• Household income: $52,793
• Rent vs Own: 43.4% rent · 56.6% own
• Severe rent burden: 1729.0

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: Predominantly Black (75%)
• Race & ethnicity: Black 75% White 15% Hispanic / Latino 7% Two or more races 3%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Lithuanian 1% Italian 1% Slovak 1%
• Foreign-born: 4% · Canada
• Languages at home: 92% English-only · Spanish 7%

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: ▼ -112.97%
• Current HPI: 215.0607
• Rent YoY: ▲ 3.04%
• 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

+113.1% since first listed

10 events — show timeline

• 2026-03-11 Listed $117,000 Greater Alabama MLS
• 2025-05-07 Price Changed $109,000 Greater Alabama MLS
• 2024-11-08 Rental Removed $995 APPFOLIO
• 2024-09-24 Listed for Rent $995 APPFOLIO
• 2024-03-14 Rental Removed $925 APPFOLIO
• 2024-01-18 Listed for Rent $925 APPFOLIO
• 2019-03-05 Sold (Public Records) $85,000 Public Records
• 2009-01-30 Sold (Public Records) $27,000 Public Records
• 2004-04-02 Sold (Public Records) $75,000 Public Records
• 1995-07-14 Sold (Public Records) $54,900 Public Records

Property tax history

+8.0%/yr

Latest (2025): $1,418 · +0.0% YoY. Source: county tax records.