1109 Noccalula Rd · Gadsden, AL 35904

$150,000

3 bd · 2.0 ba · 2,855 sqft · MultiFamily public records · 65 Days on market

Built 1950 0.49 ac lot $53/sqft · 29% below area Est $216k · 30% 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 +24.1/30.0
• ARV discount +15.0/15.0
• DSCR +7.8/10.0
• 1% rule +5.0/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

This property has so much potential! With some TLC, it could be transformed into a truly unique home or even converted back into a business. Originally Clayton’s Diner, it was also a consignment shop & a duplex before becoming a single-family residence. The home features 3 beds & 2 baths, 2 large living rooms-one with a beautiful vaulted ceiling, office, bar area with built in bar, dining room, dedicated laundry room, & more. The property is adorned with large white hydrangea bushes, 8 beautiful weeping willows, as well as peach & pistachio trees. Additional features include a fully fenced yard with automatic gate, garage & a storage building with loft space, for plenty of storage.

Key facts

• Vaulted ceiling
• Bar area
• Large living rooms

Tags

• DUPLEX
• SINGLE-FAMILY RESIDENCE
• LARGE LIVING ROOMS
• VAULTED CEILING
• BAR AREA
• DEDICATED LAUNDRY ROOM

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $150k.

Deal economics

• At list price, monthly cash flow is $297 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $141k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.7% vs local median 5.0% in Gadsden — 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 59/100 on livability (#335 in AL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Gadsden City (urban): math 15% / reading 39% proficiency, ranked #87 of 129 in AL (top 67%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Mitchell Elementary School (math 17% / reading 62%, grade F, #243 of 627 statewide, top 41%, 255 students, 70% FRL); Sansom Middle School (math 7% / reading 38%, grade F, #180 of 257 statewide, top 70%, 376 students, 84% FRL); Gadsden City High School (math 17% / reading 24%, grade F, #159 of 305 statewide, top 53%, 1,318 students, 76% FRL).
• Market conditions: 88 active listings in the ZIP; 119 units permitted in Etowah County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Etowah County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($141k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wind risk, 25% 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 $141,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 65 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 1950 — 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 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: 1.00% ✓
• Cap rate: 8.67%
• Cash-on-cash: 8.47%
• DSCR: 1.38
• GRM: 8.3

CMA / ARV

• ARV (median comp): $215,811
• List price: $150,000
• Delta: -30.49%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -3.5%
• Equity multiple: 0.87×
• Total profit: $-5,484
• Equity at exit: $22,365

10-year hold

• IRR: 6.2%
• Equity multiple: 1.46×
• Total profit: $19,271
• Equity at exit: $12,969

Cash invested: $42,000 (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 35904

• Home prices YoY: -17.1%
• Active inventory: 88
• Price-to-rent: 16.7×

Monthly cashflow live

• Estimated rent: $1,500 medium
• Mortgage (P&I): −$787
• Tax from tax record: −$39 /mo · $471/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$315
• Net cashflow: $297

Break-even live

Break-even rent $1,125

Max offer price $150,000

Occupancy floor 75%

Sensitivity live

Price	-10% $382	-5% $339	+0% $297	+5% $254	+10% $212
Rent	-10% $178	-5% $237	+0% $297	+5% $356	+10% $415
Rate	-1.0pp $372	-0.5pp $335	base $297	+0.5pp $258	+1.0pp $218

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$1,500
Total (2 units)			$1,500

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-21
   days on market $150,000 Active 65 DOM
2. 2026-06-19
   days on market $150,000 Active 63 DOM
3. 2026-06-18
   days on market $150,000 Active 62 DOM
4. 2026-06-17
   days on market $150,000 Active 61 DOM
5. 2026-06-16
   days on market $150,000 Active 60 DOM
6. 2026-06-15
   days on market $150,000 Active 59 DOM
7. 2026-06-14
   days on market $150,000 Active 57 DOM
8. 2026-06-12
   days on market $150,000 Active 56 DOM
9. 2026-06-09
   days on market $150,000 Active 53 DOM
10. 2026-06-08
    days on market $150,000 Active 52 DOM
11. 2026-06-07
    days on market $150,000 Active 51 DOM
12. 2026-06-07
    days on market $150,000 Active 50 DOM
13. 2026-06-04
    days on market $150,000 Active 47 DOM
14. 2026-06-02
    days on market $150,000 Active 46 DOM
15. 2026-06-01
    price $150,000 Active 45 DOM
16. 2026-06-01
    days on market $200,000 Active 45 DOM
17. 2026-05-31
    days on market $200,000 Active 44 DOM
18. 2026-05-31
    days on market $200,000 Active 43 DOM
19. 2026-04-17
    listed $200,000 Active 716-char remark

    Show marketing remark (716 chars)

    This property has so much potential! With some TLC, it could be transformed into a truly unique home or even converted back into a business. Originally Clayton’s Diner, it was also a consignment shop & a duplex before becoming a single-family residence. The home features 3 beds & 2 baths, 2 large living rooms-one with a beautiful vaulted ceiling, office, bar area with built in bar, dining room, dedicated laundry room, & more. The property is adorned with large white hydrangea bushes, 8 beautiful weeping willows, as well as peach & pistachio trees. Additional features include a fully fenced yard with automatic gate, garage & a storage building with loft space, for plenty of storage.

ⓘ 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: $471 · $39/mo
• Projected year-2 tax: $615 · $51/mo
• Expected delta: +$144/yr (+$12/mo · 30.5%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥106°F today · 19 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 25% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,000
• − Mortgage interest: −$8,402
• − Property taxes: −$471
• − Insurance: −$750
• − Repairs & maintenance: −$1,440
• − Management: −$1,440
• − Depreciation: −$4,364
• Taxable income: $1,133
• Est. tax owed @ 24.0%: −$272
• After-tax cash flow: $3,287/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: Gadsden City
• NCES district ID: 0101620
• Math proficiency: 15% ▼ -27.00%
• Reading proficiency: 39% ▼ -2.00%
• Median HH income: $29,099
• Composite: 21.62/100
• National rank: #8292
• State rank: #87 of 129 in AL

Livability — Gadsden

• Score: 59/100
• State rank: #335
• US rank: #20131

Category grades

Amenities F Commute F 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: Gadsden, AL
• Population (ZIP): 13,571

Population outlook (Etowah County) Hauer SSP2

• Today (2025): 100,500 people
• By 2030: 98,488 · -2.0%
• By 2040: 93,731 · -6.7%
• By 2050: 88,681 · -11.8%
• By 2075: 76,746 · -23.6%
• By 2100: 65,373 · -35.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Black 13% Hispanic / Latino 8% Two or more races 2%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Slovak 3% Serbian 1% Iranian 1%
• Foreign-born: 3% · Canada
• Languages at home: 93% English-only · Spanish 6%

Political lean MEDSL · Etowah

• 2024 margin: Solid R (+55.7) · D 21.8% · R 77.5%
• 2008→2024 swing: -17.5pp toward R · 2008: -38.2pp · 2024: -55.7pp
• All cycles: 2024: R+55.7 2020: R+50.2 2016: R+50.1 2012: R+38.4 2008: R+38.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -44.06%
• Current HPI: 213.3981
• 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

1 event — show timeline

• 2026-04-17 Listed $200,000 VMLS

Property tax history

-3.0%/yr

Latest (2025): $471 · -9.4% YoY. Source: county tax records.