2837 Spann Pl · Montgomery, AL 36107

$98,500

3 bd · 2.0 ba · 1,815 sqft · SingleFamily public records · 82 Days on market

Built 1948 8,712 sqft lot $54/sqft · 68% 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
• DSCR +10.0/10.0
• 1% rule +8.2/10.0
• 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

Two-Story Opportunity in Highland Park – Location, Space & Potential Welcome to this two-story home in the established Highland Park community, conveniently located near I-85 for an easy commute and just minutes from local schools, Midtown Plaza shopping, and Walmart. This home is full of Potential. The first floor features two bedrooms and a full bath. The main living areas downstairs showcase hardwood flooring, adding warmth and character to the space. Upstairs, you’ll find the spacious primary suite complete with a large en-suite bath featuring a garden tub, separate shower, and double vanity. The kitchen includes a stove and refrigerator, and the deck just off the kitchen provides the perfect setting for morning coffee or evening gatherings. This property does need some TLC, making it a wonderful opportunity for buyers-whether you're a first-time buyer, investor, or someone looking for space in a prime location, this home presents strong potential at an accessible price point.

Key facts

• Hardwood flooring
• Large en suite bath
• Separate shower

Tags

• TWO STORY HOME
• HARDWOOD FLOORING
• SPACIOUS PRIMARY SUITE
• LARGE EN SUITE BATH
• GARDEN TUB
• SEPARATE SHOWER

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $98k.

Deal economics

• At list price, monthly cash flow is $422 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $98k).
• Recommended offer: $93k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.4% 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; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 45% 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 $1,303/mo this rent would consume 48% 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 $681 of loan paydown is wiped out by about $3k 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 $28k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 82 days — a 6% lower offer ($93k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 20y 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.
• Current owner paid $28k; list at $98k implies a 252% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 6→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $92,590 (6.0% below list)

Questions for the listing agent

1. It's been on market 82 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 1948 — 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: 1.32% ✓
• Cap rate: 11.44%
• Cash-on-cash: 18.37%
• DSCR: 1.82
• GRM: 6.3

CMA / ARV

• ARV (median comp): $58,680
• List price: $98,500
• Delta: 67.86%
• 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
2219 St Charles Ave	0.52mi	3/2.0	1,736 (-4%)	2mo	$155,000	$89	67
446 Buford St	0.47mi	3/1.0	1,899 (+5%)	4mo	$108,000	$57	63
13 Brantwood Dr	0.63mi	3/2.5	1,909 (+5%)	0mo	$118,000	$62	59
421 Forest Park Dr	0.54mi	4/2.0 (+1)	1,864 (+3%)	8mo	$194,500	$104	59
3129 Willow Lane Dr	0.50mi	4/2.0 (+1)	1,706 (-6%)	4mo	$180,000	$106	58
441 Buford St	0.44mi	3/2.0	1,641 (-10%)	8mo	$40,000	$24	57
2100 Capitol Ave	0.45mi	3/2.0	2,056 (+13%)	2mo	$145,000	$71	56
109 Mimosa Dr	0.51mi	3/3.0	1,931 (+6%)	8mo	$165,000	$85	55
2134 Winona Ave	0.60mi	3/1.0	1,664 (-8%)	1mo	$101,700	$61	53
1835 James Ave	0.61mi	3/2.0	1,648 (-9%)	8mo	$142,000	$86	49
379 Forest Park Dr	0.61mi	3/2.0	1,631 (-10%)	7mo	$115,000	$71	49
20 Arden Rd	0.62mi	3/2.0	1,575 (-13%)	1mo	$165,000	$105	48

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: 12.2%
• Equity multiple: 1.49×
• Total profit: $13,640
• Equity at exit: $14,687

10-year hold

• IRR: 22.6%
• Equity multiple: 3.11×
• Total profit: $58,126
• Equity at exit: $8,516

Cash invested: $27,580 (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: 6.3×

Monthly cashflow live

• Estimated rent: $1,303 high
• Mortgage (P&I): −$517
• Tax from tax record: −$50 /mo · $596/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$274
• Net cashflow: $422

Break-even live

Break-even rent $769

Max offer price $98,500

Occupancy floor 63%

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: $24,625
• Closing costs: $2,955
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2113 Brewton St Montgomery, AL	3.0	1.0	1363	$1,150	$0.84	43d	1	0.36mi
15 Bradley Dr Montgomery, AL	3.0	2.0	1365	$1,500	$1.10	20d	1	0.48mi
18 Oak Forest Dr Montgomery, AL	3.0	2.0	1580	$1,050	$0.66	20d	1	0.50mi
2004 Capitol Ave Unit 1043879P Montgomery, AL	4.0	2.5	1797	$3,518	$1.96	13d	1	0.51mi
7 Bradley Dr Montgomery, AL	3.0	2.0	1529	$1,500	$0.98	13d	1	0.51mi
2009 Palmetto St Montgomery, AL	3.0	1.0	1487	$1,050	$0.71	43d	1	0.56mi
2243 Winona Ave Montgomery, AL	3.0	1.0	1492	$1,225	$0.82	20d	1	0.59mi
401 Ridgewood Ln Montgomery, AL	3.0	2.0	1513	$1,195	$0.79	20d	1	0.66mi
3136 Harrison Rd Montgomery, AL	3.0	1.5	1355	$1,025	$0.76	43d	1	0.71mi
19 Calhoun Rd Unit B Montgomery, AL	2.0	1.0	2022	$795	$0.39	43d	1	0.75mi
3233 Hillcrest Ln Montgomery, AL	3.0	2.0	1278	$1,395	$1.09	20d	1	0.75mi
128 S Capitol Pkwy Montgomery, AL	3.0	1.0	1550	$1,500	$0.97	43d	1	0.79mi
3329 Vermont Dr Montgomery, AL	3.0	1.5	1465	$1,395	$0.95	13d	1	0.83mi
3309 Hillcrest Ln Unit 1043908P Montgomery, AL	4.0	2.0	1625	$2,885	$1.78	20d	1	0.84mi
108 Calhoun Rd Unit 108B Montgomery, AL	2.0	1.0	1350	$750	$0.56	43d	1	0.87mi
239 Forest Hills Dr Montgomery, AL	4.0	1.5	1500	$1,450	$0.97	20d	1	0.94mi
926 Green Ridge Ct Montgomery, AL	3.0	2.0	1665	$1,381	$0.83	13d	1	0.96mi
2769 Pelzer Ave Montgomery, AL	3.0	2.0	1608	$1,325	$0.82	43d	1	0.98mi
3515 Cottonwood Dr Montgomery, AL	3.0	1.5	1246	$1,350	$1.08	43d	1	1.03mi
3359 Bedford Ln Montgomery, AL	4.0	2.0	1786	$1,600	$0.90	13d	1	1.05mi
2814 Ashley Ave Montgomery, AL	3.0	2.0	1683	$1,350	$0.80	13d	1	1.11mi
1501 Winona Ave Montgomery, AL	2.0	1.0	1930	$1,000	$0.52	20d	1	1.11mi
167 E Salem Dr Montgomery, AL	3.0	2.0	1700	$1,050	$0.62	43d	1	1.12mi
200 Eton Rd Montgomery, AL	3.0	1.5	1500	$895	$0.60	13d	1	1.13mi
3602 Little John Dr Montgomery, AL	4.0	1.0	1286	$1,400	$1.09	20d	1	1.16mi
2014 Commodore St Montgomery, AL	3.0	2.0	1613	$1,450	$0.90	13d	1	1.21mi
118 Nottingham Ct Montgomery, AL	3.0	2.0	1344	$1,275	$0.95	43d	1	1.21mi
817 Dumont Dr Montgomery, AL	3.0	2.0	1635	$1,800	$1.10	13d	1	1.22mi
3105 Pelzer Ave Montgomery, AL	4.0	2.0	1605	$1,425	$0.89	43d	1	1.22mi
1827 Pinecrest Dr Montgomery, AL	4.0	3.0	1893	$1,550	$0.82	13d	1	1.22mi
2941 Ashley Ave Unit 6616 Montgomery, AL	3.0	2.0	2340	$1,250	$0.53	43d	1	1.23mi
1117 Karen Rd Montgomery, AL	3.0	1.0	1308	$1,195	$0.91	43d	1	1.24mi
2822 Sumter Ave Montgomery, AL	3.0	2.5	1617	$1,300	$0.80	20d	1	1.26mi
844 Sir Michael Dr Montgomery, AL	4.0	2.0	1502	$1,650	$1.10	43d	1	1.26mi
688 Joryne Dr Montgomery, AL	3.0	2.0	1500	$1,200	$0.80	43d	1	1.27mi
2045 Bullard St Unit 1043526P Montgomery, AL	3.0	2.0	1797	$2,198	$1.22	43d	1	1.28mi
2053 Gorgas St Montgomery, AL	3.0	1.0	1955	$1,200	$0.61	20d	1	1.28mi
2043 Hazel Hedge Ln Montgomery, AL	4.0	3.0	2001	$1,650	$0.82	13d	1	1.30mi
1008 Pelham St Montgomery, AL	4.0	2.0	1288	$1,300	$1.01	43d	1	1.32mi
2226 Carter Hill Rd Montgomery, AL	2.0	1.0	1506	$905	$0.60	43d	1	1.33mi

Listing history 10 events

1. 2026-02-28
   listed $98,500 Active 1014-char remark

   Show marketing remark (1014 chars)

   Two-Story Opportunity in Highland Park – Location, Space & Potential Welcome to this two-story home in the established Highland Park community, conveniently located near I-85 for an easy commute and just minutes from local schools, Midtown Plaza shopping, and Walmart. This home is full of Potential. The first floor features two bedrooms and a full bath. The main living areas downstairs showcase hardwood flooring, adding warmth and character to the space. Upstairs, you’ll find the spacious primary suite complete with a large en-suite bath featuring a garden tub, separate shower, and double vanity. The kitchen includes a stove and refrigerator, and the deck just off the kitchen provides the perfect setting for morning coffee or evening gatherings. This property does need some TLC, making it a wonderful opportunity for buyers-whether you're a first-time buyer, investor, or someone looking for space in a prime location, this home presents strong potential at an accessible price point.

2. 2026-02-25
   listed $98,500 Active 1014-char remark

   Show marketing remark (1014 chars)

   Two-Story Opportunity in Highland Park – Location, Space & Potential Welcome to this two-story home in the established Highland Park community, conveniently located near I-85 for an easy commute and just minutes from local schools, Midtown Plaza shopping, and Walmart. This home is full of Potential. The first floor features two bedrooms and a full bath. The main living areas downstairs showcase hardwood flooring, adding warmth and character to the space. Upstairs, you’ll find the spacious primary suite complete with a large en-suite bath featuring a garden tub, separate shower, and double vanity. The kitchen includes a stove and refrigerator, and the deck just off the kitchen provides the perfect setting for morning coffee or evening gatherings. This property does need some TLC, making it a wonderful opportunity for buyers- whether you're a first-time buyer, investor, or someone looking for space in a prime location, this home presents strong potential at an accessible price point.

3. 2019-05-24
   soldstatus $28,000
4. 2019-04-12
   listed $33,000
5. 2018-09-26
   listed $39,900
6. 2017-04-18
   soldstatus $19,154
7. 2017-01-20
   listed $18,000
8. 2006-08-01
   soldstatus $75,000
9. 2006-07-27
   soldstatus $75,000
10. 2006-07-08
    listed $64,000

ⓘ 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: $596 · $50/mo
• Projected year-2 tax: $596 · $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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 6 d/yr ≥107°F today · 18 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: $15,635
• − Mortgage interest: −$5,518
• − Property taxes: −$596
• − Insurance: −$492
• − Repairs & maintenance: −$1,251
• − Management: −$1,251
• − Depreciation: −$2,865
• Taxable income: $3,663
• Est. tax owed @ 24.0%: −$879
• After-tax cash flow: $4,186/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

+53.9% since first listed

10 events — show timeline

• 2026-02-28 Listed $98,500 MAAR
• 2026-02-25 Listed $98,500 Greater Alabama MLS
• 2019-05-24 Sold (MLS) $28,000 MAAR
• 2019-04-12 Listed $33,000 MAAR
• 2018-09-26 Listed $39,900 MAAR
• 2017-04-18 Sold (MLS) $19,154 MAAR
• 2017-01-20 Listed $18,000 MAAR
• 2006-08-01 Sold (Public Records) $75,000 Public Records
• 2006-07-27 Sold (MLS) $75,000 MAAR
• 2006-07-08 Listed $64,000 MAAR

Property tax history

+11.1%/yr

Latest (2025): $596 · +6.4% YoY. Source: county tax records.