1502 S Court St · Montgomery, AL 36104

$80,000

6 bd · 3.0 ba · 1,966 sqft · MultiFamily public records · 917 Days on market

Built 1875 ↓ 20% since listing

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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Duplex with income of $575 & $495. great investment property. No owner financing.

Key facts

• Parking
• Built 1875
• Listed 917 days

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/3.5-bath units multifamily listed at $80k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $726/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $80k).
• Recommended offer: $70k (12.0% below list) — sets the bar for market timing.
• Cap rate 28.1% 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: 53 active listings in the ZIP; lower-income renter base — watch delinquency; 460 units permitted in Montgomery County in 2024 (37 in 5+ unit buildings).
• At $2,474/mo this rent would consume 88% of the median local household income ($34k/yr) (locally 641% 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 + 3.0% rent growth), your $22k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 917 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 13y ago; this cycle's ask has dropped $5k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1875 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk; severe wind risk, 80% 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 $70,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 917 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1875 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 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: 3.09% ✓
• Cap rate: 28.07%
• Cash-on-cash: 77.78%
• DSCR: 4.46
• GRM: 2.7

CMA / ARV

• ARV (median comp): $209,474
• List price: $80,000
• Delta: -61.81%
• Verdict: UNDERPRICED
• Comps: 3 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 77.8%
• Equity multiple: 4.55×
• Total profit: $79,514
• Equity at exit: $11,928

10-year hold

• IRR: 81.4%
• Equity multiple: 9.41×
• Total profit: $188,337
• 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 36104

• Active inventory: 53
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $2,474 high
• Mortgage (P&I): −$420
• Tax from tax record: −$50 /mo · $597/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$520
• Net cashflow: $1,452

Break-even live

Break-even rent $636

Max offer price $80,000

Occupancy floor 36%

Sensitivity live

Price	-10% $1,497	-5% $1,475	+0% $1,452	+5% $1,429	+10% $1,407
Rent	-10% $1,256	-5% $1,354	+0% $1,452	+5% $1,550	+10% $1,647
Rate	-1.0pp $1,492	-0.5pp $1,472	base $1,452	+0.5pp $1,431	+1.0pp $1,410

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	3.5	$2,474
Total (2 units)			$2,474

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: —

Listing history 26 events

1. 2026-06-18
   days on market $80,000 Active 917 DOM
2. 2026-06-17
   days on market $80,000 Active 916 DOM
3. 2026-06-16
   days on market $80,000 Active 915 DOM
4. 2026-06-15
   days on market $80,000 Active 914 DOM
5. 2026-06-14
   days on market $80,000 Active 912 DOM
6. 2026-06-13
   days on market $80,000 Active 911 DOM
7. 2026-06-10
   days on market $80,000 Active 909 DOM
8. 2026-06-09
   days on market $80,000 Active 908 DOM
9. 2026-06-08
   days on market $80,000 Active 907 DOM
10. 2026-06-07
    days on market $80,000 Active 906 DOM
11. 2026-06-03
    days on market $80,000 Active 902 DOM
12. 2026-06-02
    days on market $80,000 Active 901 DOM
13. 2026-06-01
    days on market $80,000 Active 900 DOM
14. 2026-05-31
    days on market $80,000 Active 899 DOM
15. 2026-05-30
    days on market $80,000 Active 898 DOM
16. 2025-09-25
    price $80,000 87-char remark

    Show marketing remark (87 chars)

    Duplex with income of $575 & $495. great investment property. No owner financing.

17. 2025-07-18
    status Active 87-char remark

    Show marketing remark (87 chars)

    Duplex with income of $575 & $495. great investment property. No owner financing.

18. 2025-05-20
    historical Contingent 87-char remark

    Show marketing remark (87 chars)

    Duplex with income of $575 & $495. great investment property. No owner financing.

19. 2024-04-22
    status Active 87-char remark

    Show marketing remark (87 chars)

    Duplex with income of $575 & $495. great investment property. No owner financing.

20. 2024-04-17
    historical Contingent 87-char remark

    Show marketing remark (87 chars)

    Duplex with income of $575 & $495. great investment property. No owner financing.

21. 2023-12-13
    listed $85,000 Active 87-char remark

    Show marketing remark (87 chars)

    Duplex with income of $575 & $495. great investment property. No owner financing.

22. 2022-04-11
    price $600
23. 2022-02-01
    soldstatus $1,446,000
24. 2013-04-08
    soldstatus $16,000 666-char remark

    Show marketing remark (666 chars)

    Duplex located on the corner of Court St and Early St. Each unit has its own living room, dining room, kitchen and laundry area. Court St unit has 2 Bedrooms and 2 baths. Early St unit has 1 Bedroom and 1.5 baths. The two units share a common entry foyer from Court St. The units are currently open to each other but this could be corrected by installing independently locked doors from foyer. Each unit has its own water meter and electric meter. Court St has central gas heat and electric AC while Early St side has central electric heat and AC. Duplex needs exterior work but is in amazingly good condition on the inside. Parking in back yard off of Early Street.

25. 2013-02-10
    listed $19,900 666-char remark

    Show marketing remark (666 chars)

    Duplex located on the corner of Court St and Early St. Each unit has its own living room, dining room, kitchen and laundry area. Court St unit has 2 Bedrooms and 2 baths. Early St unit has 1 Bedroom and 1.5 baths. The two units share a common entry foyer from Court St. The units are currently open to each other but this could be corrected by installing independently locked doors from foyer. Each unit has its own water meter and electric meter. Court St has central gas heat and electric AC while Early St side has central electric heat and AC. Duplex needs exterior work but is in amazingly good condition on the inside. Parking in back yard off of Early Street.

26. 2007-10-29
    soldstatus $100,000

ⓘ 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: $597 · $50/mo
• Projected year-2 tax: $597 · $50/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 5/10 Major FEMA zone X (unshaded) · 48% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥107°F today · 20 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: $29,688
• − Mortgage interest: −$4,481
• − Property taxes: −$597
• − Insurance: −$400
• − Repairs & maintenance: −$2,375
• − Management: −$2,375
• − Depreciation: −$2,327
• Taxable income: $17,133
• Est. tax owed @ 24.0%: −$4,112
• After-tax cash flow: $13,311/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): 10,535
• Household income: $33,823
• Rent vs Own: 75.4% rent · 24.6% own
• Severe rent burden: 641.0

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: Predominantly Black (72%)
• Race & ethnicity: Black 72% White 20% Two or more races 6% Hispanic / Latino 2%
• Common ancestry: Swedish 2% Russian 1% Lithuanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1% Other Indo-European 1%

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: ▼ -101.13%
• Current HPI: 27.2384
• Rent YoY: —
• 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

-20.0% since first listed

11 events — show timeline

• 2025-09-25 Price Changed $80,000 MAAR
• 2025-07-18 Relisted — MAAR
• 2025-05-20 Contingent — MAAR
• 2024-04-22 Relisted — MAAR
• 2024-04-17 Contingent — MAAR
• 2023-12-13 Listed $85,000 MAAR
• 2022-04-11 Price Changed $600 RENT.
• 2022-02-01 Sold (Public Records) $1,446,000 Public Records
• 2013-04-08 Sold (MLS) $16,000 MAAR
• 2013-02-10 Listed $19,900 MAAR
• 2007-10-29 Sold (Public Records) $100,000 Public Records

Property tax history

+8.7%/yr

Latest (2025): $597 · +0.0% YoY. Source: county tax records.