2020 Bullard St · Montgomery, AL 36106

$165,000

4 bd · 2.0 ba · 2,578 sqft · MultiFamily public records · 29 Days on market

Built 1945 10,018 sqft lot Est $309k · 47% under

---

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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.9/10.0
• Rent growth +4.1/5.0
• Livability +3.2/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Corporate owned, NOT A SHORT SALE. Sold as is, where is. No seller disclosures available. Buyer to pay $2225 fee at closing. Investor financing available.

Key facts

• Laundry area
• Nice backyard
• Outdoor space

Tags

• TWO SEPARATE RENTABLE UNITS
• COMFORTABLE LIVING ROOM
• LAUNDRY AREA
• NICE BACKYARD
• OUTDOOR SPACE
• LOCAL PARKS

Property features AI

Finance

• Other: City lot in a subdivision; Lot dimensions approximately 60 x 170 (0.23 acres)

Exterior

• Parking: Driveway
• Utilities: Public water; Public sewer; Cable available; Electricity available
• Home design: 2 stories; Vinyl and wood siding; Slab foundation
• Construction: Vinyl siding; Wood siding; Built (year per public records)
• Exterior features: Balcony; Outdoor storage

Interior

• Flooring: Tile; Vinyl; Wood
• Bathrooms: Three full bathrooms
• Heating & cooling: Central heating (electric, multiple heating units); Central air conditioning (electric, multi units)
• Interior features: Tile, vinyl, and wood flooring; Multiple water heaters; Electric water heater
• Laundry & utility: Washer hookup; Dryer hookup

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $165k.

Deal economics

• At list price, monthly cash flow is $896 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• Recommended offer: $163k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.8% 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 (+6.3%/yr); 137 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 460 units permitted in Montgomery County in 2024 (37 in 5+ unit buildings).
• This rent runs 43% of the median local income ($69k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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 + 6.3% rent growth), your $46k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 12y 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 1945 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: 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 $162,525 (1.5% below list)

Questions for the listing agent

1. Built in 1945 — 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. 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?
4. 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.
5. 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.
6. 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: 1.49% ✓
• Cap rate: 12.81%
• Cash-on-cash: 23.29%
• DSCR: 2.04
• GRM: 5.6

CMA / ARV

• ARV (on-the-fly): $309,360
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1131 Magnolia Curv	0.71mi	4/2.0	2,200 (-15%)	3mo	$265,000	$120	40

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 · 6.29% rent growth · sell at horizon

5-year hold

• IRR: 19.8%
• Equity multiple: 1.84×
• Total profit: $38,763
• Equity at exit: $24,602

10-year hold

• IRR: 30.2%
• Equity multiple: 4.12×
• Total profit: $144,178
• Equity at exit: $14,266

Cash invested: $46,200 (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 →

ZIP-level market 36106

• Home prices YoY: -13.1%
• Rents YoY: 6.3%
• Active inventory: 137
• Price-to-rent: 11.2×

Monthly cashflow live

• Estimated rent: $2,463 high
• Mortgage (P&I): −$865
• Tax from tax record: −$115 /mo · $1,383/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$517
• Net cashflow: $896

Break-even live

Break-even rent $1,328

Max offer price $165,000

Occupancy floor 59%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,464
Total (2 units)			$2,463

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2009 Bullard St Montgomery, AL	5.0	2.0	1992	$1,975	$0.99	21d	1	0.05mi
2045 Bullard St Unit 1043526P Montgomery, AL	3.0	2.0	1797	$2,198	$1.22	43d	1	0.09mi
2053 Gorgas St Montgomery, AL	3.0	1.0	1955	$1,200	$0.61	21d	1	0.15mi
2043 Hazel Hedge Ln Montgomery, AL	4.0	3.0	2001	$1,650	$0.82	13d	1	0.46mi
1355 Magnolia Curv Montgomery, AL	3.0	3.0	2260	$1,800	$0.80	13d	1	0.53mi
1827 Pinecrest Dr Montgomery, AL	4.0	3.0	1893	$1,550	$0.82	13d	1	0.59mi
1121 Felder Ave Unit 1043909P Montgomery, AL	4.0	2.5	2647	$3,152	$1.19	21d	1	0.70mi
1814 Sylvan Dr Montgomery, AL	3.0	2.0	1785	$1,400	$0.78	21d	1	0.75mi
1029 Magnolia Curv Montgomery, AL	3.0	2.5	3134	$2,695	$0.86	13d	1	0.83mi
2988 Old Farm Rd Montgomery, AL	3.0	2.5	2314	$1,900	$0.82	43d	1	0.87mi
2983 Old Farm Rd Montgomery, AL	3.0	2.0	2000	$1,725	$0.86	21d	1	0.90mi
2929 Canterbury Ct Unit 1043474P Montgomery, AL	4.0	2.5	2464	$2,667	$1.08	21d	1	0.90mi
3332 Allendale Pl Montgomery, AL	3.0	2.0	2741	$2,250	$0.82	13d	1	1.02mi
3359 Bedford Ln Montgomery, AL	4.0	2.0	1786	$1,600	$0.90	13d	1	1.31mi
3510 Bankhead Ave Montgomery, AL	3.0	3.0	2210	$2,250	$1.02	43d	1	1.32mi
640 Plymouth St Montgomery, AL	5.0	3.0	3224	$2,400	$0.74	21d	1	1.36mi
334 Felder Ave Montgomery, AL	3.0	2.0	2223	$2,395	$1.08	43d	1	1.39mi
3485 Wellington Rd Montgomery, AL	3.0	2.0	2437	$1,395	$0.57	21d	1	1.40mi
3352 Ridgefield Dr Montgomery, AL	3.0	2.0	1932	$1,761	$0.91	21d	1	1.43mi
3235 Norman Bridge Rd Montgomery, AL	3.0	1.0	1873	$900	$0.48	43d	1	1.43mi
2004 Capitol Ave Unit 1043879P Montgomery, AL	4.0	2.5	1797	$3,518	$1.96	13d	1	1.45mi

Listing history 28 events

1. 2026-06-18
   days on market $165,000 Active 29 DOM
2. 2026-06-17
   days on market $165,000 Active 28 DOM
3. 2026-06-16
   days on market $165,000 Active 27 DOM
4. 2026-06-15
   days on market $165,000 Active 26 DOM
5. 2026-06-14
   days on market $165,000 Active 24 DOM
6. 2026-06-13
   days on market $165,000 Active 23 DOM
7. 2026-06-10
   days on market $165,000 Active 21 DOM
8. 2026-06-09
   days on market $165,000 Active 20 DOM
9. 2026-06-08
   days on market $165,000 Active 19 DOM
10. 2026-06-07
    days on market $165,000 Active 18 DOM
11. 2026-06-03
    days on market $165,000 Active 14 DOM
12. 2026-06-02
    days on market $165,000 Active 13 DOM
13. 2026-06-01
    days on market $165,000 Active 12 DOM
14. 2026-05-31
    days on market $165,000 Active 11 DOM
15. 2026-05-30
    days on market $165,000 Active 10 DOM
16. 2026-05-20
    listed $165,000 Active
17. 2024-05-23
    historical $675
18. 2024-04-11
    listed $675
19. 2024-04-10
    historical $675
20. 2024-03-27
    price $675
21. 2024-03-13
    listed $750
22. 2023-09-23
    historical $995
23. 2023-09-07
    listed $995
24. 2023-08-11
    soldstatus $153,000
25. 2022-12-07
    historical
26. 2020-02-05
    soldstatus $35,000
27. 2015-02-24
    soldstatus $15,000 156-char remark

    Show marketing remark (156 chars)

    Corporate owned, NOT A SHORT SALE. Sold as is, where is. No seller disclosures available. Buyer to pay $2225 fee at closing. Investor financing available.

28. 2014-07-01
    listed $25,900 156-char remark

    Show marketing remark (156 chars)

    Corporate owned, NOT A SHORT SALE. Sold as is, where is. No seller disclosures available. Buyer to pay $2225 fee at closing. Investor financing available.

ⓘ 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: $1,383 · $115/mo
• Projected year-2 tax: $1,383 · $115/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 ≥108°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: $29,556
• − Mortgage interest: −$9,243
• − Property taxes: −$1,383
• − Insurance: −$825
• − Repairs & maintenance: −$2,364
• − Management: −$2,364
• − Depreciation: −$4,800
• Taxable income: $8,576
• Est. tax owed @ 24.0%: −$2,058
• After-tax cash flow: $8,699/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): 14,065
• Household income: $69,087
• Rent vs Own: 43.8% rent · 56.2% own
• Severe rent burden: 876.0

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 0.58)
• Race & ethnicity: White 47% Black 43% Hispanic / Latino 5% Two or more races 4% Asian 1%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Serbian 2% Slovak 2% Italian 1%
• Foreign-born: 4% · Canada, China, South Korea
• Languages at home: 94% English-only · Spanish 3%

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: ▼ -22.82%
• Current HPI: 151.1822
• Rent YoY: ▲ 6.29%
• 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

+537.1% since first listed

13 events — show timeline

• 2026-05-20 Listed $165,000 MAAR
• 2024-05-23 Rental Removed $675 APPFOLIO
• 2024-04-11 Listed for Rent $675 APPFOLIO
• 2024-04-10 Rental Removed $675 APPFOLIO
• 2024-03-27 Price Changed $675 APPFOLIO
• 2024-03-13 Listed for Rent $750 APPFOLIO
• 2023-09-23 Rental Removed $995 APPFOLIO
• 2023-09-07 Listed for Rent $995 APPFOLIO
• 2023-08-11 Sold (Public Records) $153,000 Public Records
• 2022-12-07 Rental Removed — APPFOLIO
• 2020-02-05 Sold (Public Records) $35,000 Public Records
• 2015-02-24 Sold (MLS) $15,000 MAAR
• 2014-07-01 Listed $25,900 MAAR

Property tax history

+7.2%/yr

Latest (2025): $1,383 · +0.8% YoY. Source: county tax records.