1837 Center Way · Birmingham, AL 35205

$44,900

2 bd · 1.0 ba · 837 sqft · SingleFamily public records · 2 Days on market

Built 1949 4,791 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.4/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Schools +0.9/10.0
• Appreciation +0.0/10.0

Listing remarks

Well cared for house in a dsirable area. Situated on a corner that gives you plenty of yardspace. Schedule your showing today and come see this wonderful property for yourself. Septic tank was serviced in 2022. Kitchen-Living Room-Dining Room combo. Seller is requesting HIGHEST and BEST offer by Friday 2/3, 12:00 (Noon)

Key facts

• 4,791 sq ft lot
• Built 1949
• Listed 2 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $45k.

Deal economics

• At list price, monthly cash flow is $575 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $45k).
• Cap rate 21.7% 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: Phillips Academy (math 18% / reading 61%, grade F, #243 of 627 statewide, top 41%, 654 students, 58% FRL); Parker High School (math 2% / reading 2%, grade F, #291 of 305 statewide, top 100%, 826 students, 90% FRL).
• Market conditions: Rents rising (+2.6%/yr); 125 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 16d 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 $310 of loan paydown is wiped out by about $1k 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 $13k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% 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 $44,900

Questions for the listing agent

1. Built in 1949 — 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: 2.49% ✓
• Cap rate: 21.66%
• Cash-on-cash: 54.87%
• DSCR: 3.44
• GRM: 3.3

CMA / ARV

• ARV (on-the-fly): $92,070
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
52 17th Ct S	0.19mi	2/1.0	864 (+3%)	4mo	$75,000	$87	82
40 20th Ave S	0.10mi	3/1.0 (+1)	853 (+2%)	7mo	$92,500	$108	81
1609 Center St S	0.30mi	2/1.0	852 (+2%)	17mo	$38,900	$46	69
44 17th Ct S	0.19mi	2/1.0	946 (+13%)	2mo	$49,000	$52	68
407 Green Springs Ave S	0.57mi	2/1.0	866 (+4%)	2mo	$200,000	$231	66
1717 Center Way S	0.19mi	2/1.5	912 (+9%)	10mo	$125,000	$137	66
2021 Hollins Dr	0.16mi	3/1.0 (+1)	956 (+14%)	17mo	$105,000	$110	49
28 24th Ave S	0.67mi	2/1.0	803 (-4%)	18mo	$90,000	$112	47
1512 Mccary St SW	0.57mi	3/1.0 (+1)	884 (+6%)	15mo	$125,000	$141	47
1401 Mccary St	0.48mi	3/1.0 (+1)	888 (+6%)	19mo	$120,900	$136	46
2345 Center Way S	0.60mi	3/1.0 (+1)	777 (-7%)	14mo	$51,500	$66	44
804 S Beta St	0.50mi	3/1.0 (+1)	936 (+12%)	18mo	$56,500	$60	37

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 · 2.59% rent growth · sell at horizon

5-year hold

• IRR: 52.7%
• Equity multiple: 3.30×
• Total profit: $28,895
• Equity at exit: $6,695

10-year hold

• IRR: 57.7%
• Equity multiple: 6.61×
• Total profit: $70,503
• Equity at exit: $3,882

Cash invested: $12,572 (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 35205

• Rents YoY: 2.6%
• Active inventory: 125
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $1,120 high
• Mortgage (P&I): −$235
• Tax from tax record: −$56 /mo · $668/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$235
• Net cashflow: $575

Break-even live

Break-even rent $392

Max offer price $44,900

Occupancy floor 44%

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: $11,225
• Closing costs: $1,347
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
741 Center Pl SW Birmingham, AL	3.0	1.0	1101	$1,250	$1.14	16d	1	0.22mi
2049 Green Springs Hwy Unit 2 Birmingham, AL	1.0	1.0	605	$750	$1.24	43d	1	0.44mi
407 Green Springs Ave S Birmingham, AL	2.0	1.0	866	$2,000	$2.31	1d	1	0.59mi
2217-2249 Green Springs Hwy Unit 2249-E Birmingham, AL	2.0	1.0	900	$910	$1.01	43d	1	0.60mi
2217-2249 Green Springs Hwy Unit 2241-M Birmingham, AL	3.0	2.0	1100	$1,109	$1.01	21d	1	0.60mi
261 3rd Ave SW Birmingham, AL	1.0–2.0	1.0	634	$850	$1.34	3d	14	0.68mi
633 Idlewild Cir Unit A1 Birmingham, AL	1.0	1.0	750	$1,052	$1.40	43d	1	0.73mi
633 Idlewild Cir Unit A7 Birmingham, AL	1.0	1.0	750	$1,044	$1.39	16d	1	0.73mi
2418 Green Springs Hwy Birmingham, AL	1.0	1.0	750	$895	$1.19	43d	5	0.76mi
609 Idlewild Cir Apt B Birmingham, AL	2.0	1.0	705	$875	$1.24	3d	1	0.79mi
1010 Beacon Pkwy E Birmingham, AL	1.0–2.0	1.0–2.0	945	$2,275	$2.41	1d	18	0.83mi
310 Gamma St S Birmingham, AL	3.0	1.5	1001	$1,200	$1.20	16d	1	0.83mi
313 Beta St S Unit 317A Birmingham, AL	2.0	1.0	850	$799	$0.94	1d	1	0.83mi
506 Alpha St S Birmingham, AL	3.0	1.0	944	$1,373	$1.45	43d	1	0.87mi
700 Aspen Dr Birmingham, AL	1.0	1.0	786	$1,045	$1.33	43d	1	0.87mi
112 Kappa Ave S Birmingham, AL	3.0	2.0	1034	$1,100	$1.06	43d	1	0.87mi
731 16th Ave S Birmingham, AL	1.0	1.0	590	$954	$1.62	1d	4	0.88mi
401 Skyview Dr Birmingham, AL	2.0	1.0	864	$950	$1.10	43d	1	0.89mi
691 Idlewild Cir Birmingham, AL	2.0	2.0	777	$1,382	$1.78	3d	3	0.89mi
1000 Beacon Pkwy E Unit 1035D Birmingham, AL	1.0	1.0	750	$975	$1.30	43d	1	0.94mi
925 Beacon Pkwy E Birmingham, AL	1.0–3.0	1.0–2.0	1259	$974	$0.77	43d	1	0.97mi
1229 Beacon Pkwy E Birmingham, AL	1.0–3.0	1.0–2.0	1130	$1,088	$0.96	3d	16	0.98mi
1412 10th Pl S Unit 1414-N Birmingham, AL	1.0	1.0	580	$825	$1.42	23d	1	1.02mi
834 Golden Gate Ln Birmingham, AL	1.0–3.0	1.0–2.0	1050	$1,175	$1.12	43d	12	1.04mi
834 Golden Gate Ln Birmingham, AL	1.0–3.0	1.0–2.0	1050	$1,150	$1.10	1d	13	1.04mi
840 Beacon Pkwy E Unit C Birmingham, AL	2.0	1.0	925	$1,200	$1.30	43d	1	1.05mi
513 Valley Ave Birmingham, AL	3.0	1.0–2.0	1012	$1,233	$1.22	43d	1	1.11mi
1101 10th Pl S Birmingham, AL	1.0–2.0	1.0–2.0	986	$1,825	$1.85	3d	11	1.12mi
741 Barcelona Ct Birmingham, AL	1.0	1.0	699	$950	$1.36	3d	5	1.16mi
1721 11th Pl S Unit 1721F Birmingham, AL	1.0	1.0	683	$926	$1.36	2d	1	1.16mi
1639 11th Pl S Unit K Birmingham, AL	2.0	1.0	845	$875	$1.04	11d	1	1.17mi
1639 11th Pl S Apt D Birmingham, AL	2.0	1.0	845	$895	$1.06	11d	1	1.17mi
218 Olympia Dr Homewood, AL	1.0–3.0	1.0–2.5	958	$1,190	$1.24	1d	33	1.18mi
316 Beacon Crest Ln Birmingham, AL	1.0–2.0	1.0	850	$1,099	$1.29	1d	7	1.19mi
1131 16th Ave S Unit A Birmingham, AL	2.0	1.0	900	$1,215	$1.35	2d	1	1.19mi
1700 Cullom St S Unit 1704-B Birmingham, AL	1.0	1.0	650	$860	$1.32	23d	1	1.20mi
915 Valley Ridge Dr Birmingham, AL	1.0–3.0	1.0–2.5	1087	$1,230	$1.13	1d	34	1.20mi
1413 11th Pl S Birmingham, AL	2.0	1.0	829	$1,282	$1.55	43d	4	1.21mi
1508 Dennison Ave SW Birmingham, AL	2.0	1.0	924	$890	$0.96	43d	1	1.22mi
1144 16th Ave S Birmingham, AL	1.0–2.0	1.0–1.5	720	$1,119	$1.55	3d	6	1.24mi

Listing history 2 events

1. 2023-02-03
   status Pending
2. 2023-02-01
   listed $44,900 Active

ⓘ 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: $668 · $56/mo
• Projected year-2 tax: $668 · $56/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 ≥106°F today · 20 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 · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,439
• − Mortgage interest: −$2,515
• − Property taxes: −$668
• − Insurance: −$224
• − Repairs & maintenance: −$1,075
• − Management: −$1,075
• − Depreciation: −$1,306
• Taxable income: $6,575
• Est. tax owed @ 24.0%: −$1,578
• After-tax cash flow: $5,321/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): 18,858
• Household income: $51,158
• Rent vs Own: 67.2% rent · 32.8% own
• Severe rent burden: 1468.0

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 60% Black 26% Hispanic / Latino 5% Asian 5% Two or more races 4%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Slovak 3% Italian 2% Serbian 2%
• Foreign-born: 9% · Canada, China, Vietnam
• Languages at home: 90% English-only · Spanish 4% Other Indo-European 2% Chinese 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: ▼ -199.42%
• Current HPI: 291.38
• 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

2 events — show timeline

• 2023-02-03 Pending — Greater Alabama MLS
• 2023-02-01 Listed $44,900 Greater Alabama MLS

Property tax history

+2.3%/yr

Latest (2025): $668 · +7.0% YoY. Source: county tax records.