2413 Palmetto St · Montgomery, AL 36107

$79,999

4 bd · 2.0 ba · 1,216 sqft · SingleFamily public records · 70 Days on market

Built 1928 7,405 sqft lot $66/sqft · 66% above area

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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
• Rent growth +3.8/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

4 Bed / 2 Bath (Renovated + New Tenant May 2026) Recently renovated 4BR/2BA investment property with roof replaced in 2020 and a new tenant scheduled to move in May 20266, providing immediate income. Part of a performing Section 8 rental portfolio, this turnkey asset offer strong cash flow potential with minimal upfront work. Ideal for investors seeking a stabilized property with consistent rental demand and long-term upside

Key facts

• 7,405 sq ft lot
• Built 1928
• Listed 70 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $80k.

Deal economics

• At list price, monthly cash flow is $491 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• Recommended offer: $75k (6.0% below list) — sets the bar for market timing.
• Cap rate 13.7% vs local median 6.0% in Montgomery — 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 65/100 on livability (#138 in AL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools C-, employment D, crime F.
• Montgomery County (urban): math 9% / reading 31% proficiency, ranked #106 of 129 in AL (top 82%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+5.0%/yr); 67 active listings in the ZIP; 31 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 52% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 460 units permitted in Montgomery County in 2024 (37 in 5+ unit buildings).
• At $1,235/mo this rent would consume 46% of the median local household income ($32k/yr) (locally 642% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $553 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Montgomery County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 5.0% rent growth), your $22k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 70 days — a 6% lower offer ($75k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 21y 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

• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% 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 $75,199 (6.0% below list)

Questions for the listing agent

1. It's been on market 70 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1928 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.54% ✓
• Cap rate: 13.65%
• Cash-on-cash: 26.29%
• DSCR: 2.17
• GRM: 5.4

CMA / ARV

• ARV (median comp): $48,055
• List price: $79,999
• Delta: 66.47%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2301 Cherry St	0.25mi	3/1.0 (-1)	1,248 (+3%)	9mo	$52,000	$42	68
3010 Althea St	0.46mi	3/1.5 (-1)	1,186 (-2%)	7mo	$40,000	$34	61
111 Bradley Dr	0.63mi	3/2.0 (-1)	1,222 (+0%)	8mo	$8,000	$7	58
2430 Plum St	0.19mi	3/2.0 (-1)	1,388 (+14%)	6mo	$89,000	$64	58
2148 Madison Ave	0.45mi	3/1.0 (-1)	1,350 (+11%)	4mo	$60,000	$44	48
2468 Spruce Cur Curv	0.67mi	3/1.0 (-1)	1,263 (+4%)	6mo	$10,000	$8	48
13 Bradley Dr	0.72mi	3/1.0 (-1)	1,264 (+4%)	6mo	$110,000	$87	46
116 S Lewis St	0.64mi	3/2.0 (-1)	1,320 (+9%)	10mo	$15,000	$11	42
2441 Spruce Curv	0.69mi	3/1.0 (-1)	1,290 (+6%)	10mo	$71,400	$55	40
2050 Yancey Ave	0.70mi	3/2.0 (-1)	1,040 (-14%)	8mo	$95,000	$91	32
1525 Bryan St	0.66mi	3/1.0 (-1)	1,052 (-14%)	13mo	$37,500	$36	27
1902 Yancey Ave	0.74mi	3/2.0 (-1)	1,368 (+12%)	15mo	$100,000	$73	27

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 · 5.05% rent growth · sell at horizon

5-year hold

• IRR: 22.2%
• Equity multiple: 1.93×
• Total profit: $20,865
• Equity at exit: $11,928

10-year hold

• IRR: 31.4%
• Equity multiple: 4.10×
• Total profit: $69,440
• Equity at exit: $6,917

Cash invested: $22,400 (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 36107

• Home prices YoY: -10.9%
• Rents YoY: 5.0%
• Active inventory: 67
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $1,235 high
• Mortgage (P&I): −$420
• Tax from tax record: −$32 /mo · $386/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$259
• Net cashflow: $491

Break-even live

Break-even rent $614

Max offer price $79,999

Occupancy floor 55%

Sensitivity live

Price	-10% $536	-5% $513	+0% $491	+5% $468	+10% $445
Rent	-10% $393	-5% $442	+0% $491	+5% $539	+10% $588
Rate	-1.0pp $531	-0.5pp $511	base $491	+0.5pp $470	+1.0pp $449

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: $20,000
• Closing costs: $2,400
• Reserves months: —
• Total cash needed: —

Rent comps 31 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2009 Palmetto St Montgomery, AL	3.0	1.0	1487	$1,050	$0.71	44d	1	0.26mi
2113 Brewton St Montgomery, AL	3.0	1.0	1363	$1,150	$0.84	44d	1	0.27mi
311 Bradley Dr Montgomery, AL	3.0	1.0	1104	$825	$0.75	44d	1	0.58mi
2243 Winona Ave Montgomery, AL	3.0	1.0	1492	$1,225	$0.82	22d	1	0.65mi
122 Oak Forest Dr Montgomery, AL	3.0	1.0	1092	$975	$0.89	22d	1	0.66mi
2310 Yancey Ave Montgomery, AL	3.0	1.0	1212	$1,250	$1.03	44d	1	0.70mi
2009 Yancey Ave Montgomery, AL	3.0	1.0	1140	$1,080	$0.95	22d	1	0.71mi
15 Bradley Dr Montgomery, AL	3.0	2.0	1365	$1,500	$1.10	22d	1	0.71mi
2454 Spruce Curv Montgomery, AL	3.0	1.0	988	$1,100	$1.11	44d	1	0.76mi
3136 Harrison Rd Montgomery, AL	3.0	1.5	1355	$1,025	$0.76	44d	1	0.87mi
2205 E 5th St Montgomery, AL	3.0	1.0	1020	$800	$0.78	44d	1	0.89mi
1008 Pelham St Montgomery, AL	4.0	2.0	1288	$1,300	$1.01	44d	1	1.04mi
3233 Hillcrest Ln Montgomery, AL	3.0	2.0	1278	$1,395	$1.09	22d	1	1.05mi
3319 Willow Lane Dr Montgomery, AL	3.0	2.0	1032	$1,200	$1.16	44d	1	1.11mi
3329 Vermont Dr Montgomery, AL	3.0	1.5	1465	$1,395	$0.95	14d	1	1.12mi
3334 Cottonwood Dr Montgomery, AL	3.0	2.0	1025	$1,295	$1.26	14d	1	1.17mi
3323 Bedford Ln Montgomery, AL	3.0	2.0	1134	$1,200	$1.06	22d	1	1.17mi
1814 Pinecrest Dr Montgomery, AL	3.0	1.0	1053	$990	$0.94	44d	1	1.23mi
3346 Bedford Ln Montgomery, AL	3.0	1.0	1134	$1,295	$1.14	14d	1	1.23mi
3318 Habersham Rd Montgomery, AL	3.0	2.0	1134	$1,250	$1.10	14d	1	1.24mi
239 Forest Hills Dr Montgomery, AL	4.0	1.5	1500	$1,450	$0.97	22d	1	1.24mi
2736 Chevy Chase Dr Montgomery, AL	3.0	1.0	1100	$1,300	$1.18	44d	1	1.24mi
3515 Cottonwood Dr Montgomery, AL	3.0	1.5	1246	$1,350	$1.08	44d	1	1.33mi
67 Holliday Dr Montgomery, AL	3.0	1.0	1156	$1,200	$1.04	44d	1	1.37mi
200 Eton Rd Montgomery, AL	3.0	1.5	1500	$895	$0.60	14d	1	1.37mi
1839 Robison Hill Rd Montgomery, AL	4.0	2.0	1370	$1,550	$1.13	22d	1	1.37mi
186 E Salem Dr Montgomery, AL	3.0	1.0	1040	$1,195	$1.15	22d	1	1.40mi
2006 Harmon St Unit 3 Montgomery, AL	3.0	1.0	800	$500	$0.62	44d	1	1.43mi
3456 Harrison Rd Montgomery, AL	3.0	1.0	1008	$1,300	$1.29	44d	1	1.45mi
3602 Little John Dr Montgomery, AL	4.0	1.0	1286	$1,400	$1.09	22d	1	1.46mi
1117 Karen Rd Montgomery, AL	3.0	1.0	1308	$1,195	$0.91	44d	1	1.47mi

Listing history 20 events

1. 2026-06-18
   days on market $79,999 Active 70 DOM
2. 2026-06-17
   days on market $79,999 Active 69 DOM
3. 2026-06-16
   days on market $79,999 Active 68 DOM
4. 2026-06-15
   days on market $79,999 Active 67 DOM
5. 2026-06-14
   days on market $79,999 Active 65 DOM
6. 2026-06-13
   days on market $79,999 Active 64 DOM
7. 2026-06-10
   days on market $79,999 Active 62 DOM
8. 2026-06-09
   days on market $79,999 Active 61 DOM
9. 2026-06-08
   days on market $79,999 Active 60 DOM
10. 2026-06-07
    days on market $79,999 Active 59 DOM
11. 2026-06-03
    days on market $79,999 Active 55 DOM
12. 2026-06-02
    days on market $79,999 Active 54 DOM
13. 2026-06-01
    days on market $79,999 Active 53 DOM
14. 2026-05-31
    days on market $79,999 Active 52 DOM
15. 2026-05-30
    days on market $79,999 Active 51 DOM
16. 2026-04-08
    listed $79,999 Active 428-char remark

    Show marketing remark (428 chars)

    4 Bed / 2 Bath (Renovated + New Tenant May 2026) Recently renovated 4BR/2BA investment property with roof replaced in 2020 and a new tenant scheduled to move in May 20266, providing immediate income. Part of a performing Section 8 rental portfolio, this turnkey asset offer strong cash flow potential with minimal upfront work. Ideal for investors seeking a stabilized property with consistent rental demand and long-term upside

17. 2024-04-03
    historical Contingent
18. 2024-03-27
    listed $82,800 Active
19. 2022-05-05
    listed $84,900
20. 2005-09-18
    listed $65,000

ⓘ 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: $386 · $32/mo
• Projected year-2 tax: $386 · $32/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 4/10 Moderate FEMA zone X (unshaded) · 22% 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 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,821
• − Mortgage interest: −$4,481
• − Property taxes: −$386
• − Insurance: −$400
• − Repairs & maintenance: −$1,186
• − Management: −$1,186
• − Depreciation: −$2,327
• Taxable income: $4,855
• Est. tax owed @ 24.0%: −$1,165
• After-tax cash flow: $4,723/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: Montgomery County
• NCES district ID: 0102430
• Math proficiency: 9% ▼ -21.00%
• Reading proficiency: 31% ▼ -1.00%
• Median HH income: $43,902
• Composite: 17.24/100
• National rank: #9093
• State rank: #106 of 129 in AL

Livability — Montgomery

• Score: 65/100
• State rank: #138
• US rank: #13416

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Montgomery, AL
• County: Montgomery County · 190,016 people
• City population: 175,913
• Metro: Montgomery, AL
• Population (ZIP): 8,001
• Household income: $32,492
• Rent vs Own: 61.8% rent · 38.2% own
• Severe rent burden: 642.0

Population outlook (Montgomery County) Hauer SSP2

• Today (2025): 224,008 people
• By 2030: 221,460 · -1.1%
• By 2040: 214,179 · -4.4%
• By 2050: 204,912 · -8.5%
• By 2075: 177,821 · -20.6%
• By 2100: 145,134 · -35.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.69)
• Race & ethnicity: Black 43% White 27% Hispanic / Latino 23% Two or more races 20%
• Hispanic origin (detail): Mexican 8% Cuban 3%
• Common ancestry: Slovak 1% Iranian 1% Serbian 1%
• Foreign-born: 11% · Canada
• Languages at home: 83% English-only · Spanish 13%

Political lean MEDSL · Montgomery

• 2024 margin: Solid D (+30.7) · D 64.8% · R 34.1% · Other 1.1%
• 2008→2024 swing: +11.5pp toward D · 2008: 19.2pp · 2024: 30.7pp
• All cycles: 2024: D+30.7 2020: D+31.5 2016: D+26.2 2012: D+24.3 2008: D+19.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -18.16%
• Current HPI: 147.8065
• Rent YoY: ▲ 5.05%
• Metro: Montgomery, 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

+23.1% since first listed

5 events — show timeline

• 2026-04-08 Listed $79,999 Greater Alabama MLS
• 2024-04-03 Contingent — MAAR
• 2024-03-27 Listed $82,800 MAAR
• 2022-05-05 Listed $84,900 MAAR
• 2005-09-18 Listed $65,000 MAAR

Property tax history

+4.3%/yr

Latest (2025): $386 · +5.9% YoY. Source: county tax records.