188 Waters Edge Ln #188 · Madison, AL 35758

$140,000

2 bd · 1.0 ba · 732 sqft · Condo · 24 Days on market

Built 1988 Good condition $191/sqft · 10% below area Est $156k · 10% under $164/mo HOA · 14% of rent

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Why this score? — see what drove the D+ 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).

• ARV discount +12.2/15.0
• Appreciation +10.0/10.0
• Cash flow +6.8/30.0
• Schools +5.8/10.0
• Condition / age +4.0/5.0
• Livability +3.8/5.0
• 1% rule +3.3/10.0
• Rent growth +2.9/5.0
• DSCR +1.0/10.0

Listing remarks

Upstairs condo in the heart of Madison! This 2 bed, 1 bath unit features updated flooring, fresh neutral paint, and abundant natural light throughout. The living room showcases vaulted ceilings and a sleek electric fireplace, creating a warm and open gathering space. The kitchen offers modern cabinetry, stainless appliances, ample counter space, and a breakfast bar open to the main living area. Enjoy a charming outdoor sitting area at the private entrance, plus a spacious primary bedroom and renovated bath with a beautifully tiled walk-in shower. Convenient location with easy access to I-565, Research Park, Redstone Arsenal, shopping, and dining!

Key facts

• Modern cabinetry
• Stainless appliances
• Updated flooring

Tags

• UPDATED FLOORING
• ABUNDANT NATURAL LIGHT
• VAULTED CEILINGS
• ELECTRIC FIREPLACE
• MODERN CABINETRY
• STAINLESS APPLIANCES

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $140k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-218 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $108k (22.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $116k (17.4% below list).
• Recommended offer: $108k (22.5% below list) — sets the bar for cash-flow.
• Cap rate 4.4% vs local median 3.0% in Madison — 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 76/100 on livability (#12 in AL, #3,280 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime B+; Watch: amenities F, commute F.
• Madison City (suburban): math 51% / reading 71% proficiency, ranked #4 of 129 in AL (top 3%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 17% free/reduced lunch — higher-income household profile.
• Zoned schools: Midtown Elementary School (math 49% / reading 78%, grade B, #46 of 627 statewide, top 8%, 999 students, 26% FRL); Discovery Middle School (math 46% / reading 69%, grade B, #13 of 257 statewide, top 5%, 1,334 students, 25% FRL); Bob Jones High School (math 53% / reading 51%, grade D+, #11 of 305 statewide, top 4%, 1,920 students, 24% FRL).
• Market conditions: Rents rising (+1.6%/yr); 556 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 4,709 units permitted in Madison County in 2024 (1,186 in 5+ unit buildings).
• This rent is only 12% of the median local income ($117k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• In year one you build about $15k of equity ($968 loan paydown + $14k appreciation (10.0% local appreciation)).
• Madison County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 3, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($138k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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

• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $108,465 (22.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. 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.
8. 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.
9. 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: 0.83% ✗
• Cap rate: 4.42%
• Cash-on-cash: -6.67%
• DSCR: 0.70
• GRM: 10.1

CMA / ARV

• ARV (median comp): $156,230
• List price: $140,000
• Delta: -10.39%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
161 Unit 6 Waters Edge Ln #6	0.05mi	2/1.0	800 (+9%)	3mo	$150,000	$188	80
171 Waters Edge Ln #171	0.04mi	2/2.0	911 (+24%)	1mo	$190,000	$209	68
183 Waters Edge Ln	0.03mi	2/2.0	868 (+19%)	2mo	$140,000	$161	68
201 Waters Edge Ln Unit N/A	0.05mi	1/1.0 (-1)	614 (-16%)	1mo	$130,000	$212	67
112 Waters Edge Ln Bldg 1	0.08mi	2/1.0	776 (+6%)	24mo	$137,000	$177	66
144 Waters Edge Ln #144	0.05mi	1/1.0 (-1)	633 (-14%)	7mo	$127,000	$201	64
175 Waters Edge Ln #5	0.04mi	1/1.0 (-1)	867 (+18%)	18mo	$149,000	$172	53
2009 Liberty Dr #2009	1.31mi	2/2.0	908 (+24%)	8mo	$125,000	$138	29
206 Pension Row	1.30mi	1/1.0 (-1)	823 (+12%)	14mo	$155,000	$188	28
2101 Liberty Dr #2101	1.29mi	2/2.0	894 (+22%)	11mo	$155,000	$173	27
2002 Liberty Dr Unit n/a	1.32mi	2/2.0	908 (+24%)	19mo	$138,000	$152	20
4212 Sullivan St	1.24mi	3/1.0 (+1)	875 (+20%)	26mo	$197,000	$225	15

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

Projected returns pro-forma

10.0% appreciation · 1.58% rent growth · sell at horizon

5-year hold

• IRR: 19.1%
• Equity multiple: 2.55×
• Total profit: $60,857
• Equity at exit: $126,123

10-year hold

• IRR: 17.4%
• Equity multiple: 5.78×
• Total profit: $187,245
• Equity at exit: $271,989

Cash invested: $39,200 (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 →

Active competition Active MLS

• For sale now: 2 active
• Median asking: $145,000 ($182/sqft)
• Median days on market: 23 d
• This list price: lowest-priced of the active set
• ARV vs active asking: +17.2% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 35758

• Home prices YoY: 4.2%
• Rents YoY: 1.6%
• Active inventory: 556
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $1,156 medium
• Mortgage (P&I): −$734
• Tax est. 1.5%: −$175 /mo · $2,100/yr
• Insurance: −$58
• HOA: −$164
• Vacancy / Maint / Mgmt: −$243
• Net cashflow: $-218

Break-even live

Break-even rent $1,432

Max offer price $108,465

Occupancy floor —

Sensitivity live

Price	-10% $-121	-5% $-170	+0% $-218	+5% $-266	+10% $-315
Rent	-10% $-309	-5% $-264	+0% $-218	+5% $-172	+10% $-127
Rate	-1.0pp $-147	-0.5pp $-182	base $-218	+0.5pp $-254	+1.0pp $-291

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: $35,000
• Closing costs: $4,200
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
165 Waters Edge Ln #165 Madison, AL	1.0	1.0	650	$995	$1.53	6d	1	0.07mi
7584 Madison Pike Madison, AL	1.0–3.0	1.0–2.0	1023	$1,020	$1.00	0d	20	1.30mi

Property features AI

Finance

• Other: Living area approximately 732 square feetHas 5 total rooms
• HOA & community: HOA with monthly fee of $164Subdivision: Madison Towne Centre

Exterior

• Parking: Paved/asphalt drivewayParking lot
• Utilities: Public sewer
• Home design: Condominium (residential)Built in 1988
• Construction: Slab foundation
• Exterior features: Park nearbyPublic water

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Central heatingCentral cooling
• Interior features: Electric fireplace

HOA detail $164/mo · $1,968/yr condo

• Likely covers: electric
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-09-24
   days on market $140,000 Active 24 DOM
2. 2026-09-23
   days on market $140,000 Active 23 DOM
3. 2026-09-22
   days on market $140,000 Active 22 DOM
4. 2026-09-21
   days on market $140,000 Active 21 DOM
5. 2026-09-20
   days on market $140,000 Active 20 DOM
6. 2026-09-19
   days on market $140,000 Active 19 DOM
7. 2026-09-18
   days on market $140,000 Active 18 DOM
8. 2026-09-17
   days on market $140,000 Active 17 DOM
9. 2026-09-16
   days on market $140,000 Active 16 DOM
10. 2026-09-15
    days on market $140,000 Active 15 DOM
11. 2026-09-14
    days on market $140,000 Active 14 DOM
12. 2026-09-13
    days on market $140,000 Active 13 DOM
13. 2026-09-12
    days on market $140,000 Active 12 DOM
14. 2026-09-11
    days on market $140,000 Active 11 DOM
15. 2026-09-05
    days on market $140,000 Active 5 DOM
16. 2026-09-04
    days on market $140,000 Active 4 DOM
17. 2026-09-03
    days on market $140,000 Active 3 DOM
18. 2026-08-31
    days on marketlisting id $140,000 Active 1 DOM
19. 2026-08-30
    days on market $140,000 Active 108 DOM
20. 2026-08-29
    days on market $140,000 Active 107 DOM
21. 2026-08-28
    days on market $140,000 Active 106 DOM
22. 2026-08-27
    days on market $140,000 Active 105 DOM
23. 2026-08-25
    days on market $140,000 Active 103 DOM
24. 2026-08-24
    days on market $140,000 Active 102 DOM
25. 2026-08-23
    days on market $140,000 Active 101 DOM
26. 2026-08-22
    days on market $140,000 Active 100 DOM
27. 2026-08-21
    days on market $140,000 Active 99 DOM
28. 2026-08-20
    days on market $140,000 Active 98 DOM
29. 2026-08-19
    days on market $140,000 Active 97 DOM
30. 2026-08-18
    days on market $140,000 Active 96 DOM
31. 2026-08-17
    days on market $140,000 Active 95 DOM
32. 2026-08-16
    days on market $140,000 Active 94 DOM
33. 2026-08-15
    days on market $140,000 Active 93 DOM
34. 2026-08-15
    days on market $140,000 Active 92 DOM
35. 2026-08-13
    days on market $140,000 Active 91 DOM
36. 2026-08-12
    days on market $140,000 Active 90 DOM
37. 2026-08-11
    days on market $140,000 Active 89 DOM
38. 2026-08-10
    days on market $140,000 Active 88 DOM
39. 2026-08-09
    days on market $140,000 Active 87 DOM
40. 2026-08-08
    days on market $140,000 Active 86 DOM
41. 2026-08-07
    days on market $140,000 Active 85 DOM
42. 2026-08-06
    days on market $140,000 Active 84 DOM
43. 2026-08-05
    days on market $140,000 Active 83 DOM
44. 2026-08-04
    days on market $140,000 Active 82 DOM
45. 2026-08-03
    days on market $140,000 Active 81 DOM
46. 2026-07-31
    days on market $140,000 Active 78 DOM
47. 2026-07-30
    days on market $140,000 Active 77 DOM
48. 2026-07-29
    days on market $140,000 Active 76 DOM
49. 2026-07-27
    days on market $140,000 Active 74 DOM
50. 2026-07-25
    days on market $140,000 Active 72 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥106°F today · 19 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 19% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,877
• − Mortgage interest: −$7,842
• − Property taxes: −$2,100
• − Insurance: −$700
• − Repairs & maintenance: −$1,110
• − Management: −$1,110
• − HOA: −$1,968
• − Depreciation: −$4,073
• Taxable loss: −$5,026
• Est. tax savings @ 24.0%: +$1,206
• After-tax cash flow: $-1,409/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab Est. rehab $3,660–$10,980 screening

This well-maintained, updated condo is move-in ready with good condition and potential for further value enhancement through minor cosmetic upgrades.

Value-add opportunities

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics ↑
• Both Landscaping improvements — Enhances curb appeal and adds value ↑
• Both New flooring in bathrooms — Improves aesthetics and functionality ↑
• Both New kitchen appliances — Modernizes the kitchen and adds value ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

D Composite school gradezoned avg 58/100

Zoned Schools

Elementary Midtown Elementary School B AL #46/627 Nat'l #5,891/41,679 Middle Discovery Middle School B AL #13/257 Nat'l #2,146/14,009 High Bob Jones High School D+ AL #11/305 Nat'l #5,016/17,239

Schools (NCES district)

• District: Madison City
• NCES district ID: 0100008
• Math proficiency: 51% ▼ -25.00%
• Reading proficiency: 71% ▼ -2.00%
• Median HH income: $89,091
• Composite: 55.56/100
• National rank: #1238
• State rank: #4 of 129 in AL

B Composite livability gradescore 76/100

Livability — Madison

• Score: 76/100
• State rank: #12
• US rank: #3280

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Madison, AL
• County: Madison County · 392,086 people
• City population: 93,742
• Metro: Huntsville, AL
• Population (ZIP): 50,266
• Household income: $117,380
• Rent vs Own: 30.8% rent · 69.2% own
• Severe rent burden: 6% of renters

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Population outlook (Madison County) Hauer SSP2

• Today (2025): 392,086 people
• By 2030: 409,788 · +4.5%
• By 2040: 440,557 · +12.4%
• By 2050: 460,990 · +17.6%
• By 2075: 502,872 · +28.3%
• By 2100: 513,623 · +31.0%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Black 14% Hispanic / Latino 8% Asian 7% Two or more races 7%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Slovak 3% Italian 2% Lithuanian 2%
• Foreign-born: 9% · Canada, South Korea, Vietnam
• Languages at home: 87% English-only · Spanish 5% Other Asian/Pacific 2% Chinese 1%

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Political lean MEDSL · Madison

• 2024 margin: Lean R (+9.0) · D 44.7% · R 53.7% · Other 1.6%
• 2008→2024 swing: +6.0pp toward D · 2008: -14.9pp · 2024: -9.0pp
• All cycles: 2024: R+9.0 2020: R+8.0 2016: R+16.8 2012: R+18.7 2008: R+14.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 14.46%
• Current HPI: 355.2784
• Rent YoY: ▲ 1.58%
• Metro: Huntsville, AL
• State GDP YoY: ▲ 2.94%
• F500 in state: 4

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Industry mix (Fortune 500 HQ in AL)

Industry	F500 HQs	Revenue
▸Financial Services	1	$8B
▸Healthcare	1	$5B

Property features AI

Finance

• Other: Living area approximately 732 square feetHas 5 total rooms
• HOA & community: HOA with monthly fee of $164Subdivision: Madison Towne Centre

Exterior

• Parking: Paved/asphalt drivewayParking lot
• Utilities: Public sewer
• Home design: Condominium (residential)Built in 1988
• Construction: Slab foundation
• Exterior features: Park nearbyPublic water

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Central heatingCentral cooling
• Interior features: Electric fireplace

Price history

+0.0% since first listed

4 events — show timeline

• 2026-08-31 Listed $140,000 VMLS
• 2026-06-05 Relisted — VMLS
• 2026-05-30 Contingent — VMLS
• 2026-05-14 Listed $140,000 VMLS