504 Patton Chapel Way #504 · Hoover, AL 35226

$159,000

2 bd · 2.0 ba · 1,148 sqft · Condo · 183 Days on market

Built 1970 $139/sqft · 8% below area Est $172k · 8% under

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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).

• Cash flow +12.7/30.0
• ARV discount +11.0/15.0
• 1% rule +5.5/10.0
• Schools +5.0/10.0
• Livability +4.2/5.0
• DSCR +3.8/10.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Ideally situated in the heart of Hoover, this beautifully renovated 2-bedroom, 2-bath Condo in Patton Creek delivers an exceptional blend of style, comfort, and convenience. Hardwood flooring, kitchen has all stainless-steel appliances. The interior showcases modern finishes, generous living spaces, and a layout designed for effortless everyday living. Residents enjoy access to outstanding community amenities, including a fitness center, tennis courts, and a stunning swimming pool, perfect for both active and relaxed lifestyles. The location is equally impressive, within walking distance to a local elementary school and just minutes from Moss Rock Preserve for outdoor enjoyment. Riverchase Galleria is only a short drive away, offering premier shopping, dining, and entertainment. Ideal for first-time buyers, those looking to downsize, or anyone seeking low maintenance living in one of Hoover’s most sought-after communities, this home is truly a standout opportunity.

Key facts

• Built 1970
• Listed 182 days

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $159k.

Deal economics

• At list price, monthly cash flow is $-16 ($-195/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $159k).
• Recommended offer: $140k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.2% vs local median 2.4% in Hoover — 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 84/100 on livability (#1 in AL, #630 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+.
• Hoover City (urban): math 45% / reading 66% proficiency, ranked #8 of 129 in AL (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 19% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+3.7%/yr); 204 active listings in the ZIP; high-income renter base; 2,114 units permitted in Jefferson County in 2024 (556 in 5+ unit buildings).
• This rent is only 16% of the median local income ($125k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

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.
• Jefferson County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 183 days — a 12% lower offer ($140k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 7y 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 $110k; 45% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% 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 $139,920 (12.0% 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. It's been on market 183 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.05% ✓
• Cap rate: 6.17%
• Cash-on-cash: -0.44%
• DSCR: 0.98
• GRM: 7.9

CMA / ARV

• ARV (median comp): $172,369
• List price: $159,000
• Delta: -7.76%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.7% rent growth · sell at horizon

5-year hold

• IRR: -15.9%
• Equity multiple: 0.43×
• Total profit: $-25,444
• Equity at exit: $23,707

10-year hold

• IRR: -6.0%
• Equity multiple: 0.60×
• Total profit: $-17,867
• Equity at exit: $13,747

Cash invested: $44,520 (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 35226

• Rents YoY: 3.7%
• Active inventory: 204
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $1,669 medium
• Mortgage (P&I): −$834
• Tax est. 1.5%: −$199 /mo · $2,385/yr
• Insurance: −$66
• HOA est. from 2 same-building comps: −$236
• Vacancy / Maint / Mgmt: −$351
• Net cashflow: $-16

Break-even live

Break-even rent $1,690

Max offer price $156,653

Occupancy floor 96%

Sensitivity live

Price	-10% $94	-5% $39	+0% $-16	+5% $-71	+10% $-126
Rent	-10% $-148	-5% $-82	+0% $-16	+5% $50	+10% $116
Rate	-1.0pp $64	-0.5pp $24	base $-16	+0.5pp $-57	+1.0pp $-99

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: $39,750
• Closing costs: $4,770
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: poolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 36 events

1. 2026-06-18
   days on market $159,000 Active 183 DOM
2. 2026-06-17
   days on market $159,000 Active 182 DOM
3. 2026-06-16
   days on market $159,000 Active 181 DOM
4. 2026-06-15
   days on market $159,000 Active 180 DOM
5. 2026-06-13
   days on market $159,000 Active 178 DOM
6. 2026-06-10
   days on market $159,000 Active 175 DOM
7. 2026-06-09
   days on market $159,000 Active 174 DOM
8. 2026-06-08
   days on market $159,000 Active 173 DOM
9. 2026-06-07
   days on market $159,000 Active 172 DOM
10. 2026-06-05
    days on market $159,000 Active 169 DOM
11. 2026-06-03
    days on market $159,000 Active 168 DOM
12. 2026-06-02
    days on market $159,000 Active 167 DOM
13. 2026-06-01
    days on market $159,000 Active 166 DOM
14. 2026-05-31
    days on market $159,000 Active 165 DOM
15. 2026-02-03
    price $159,000 986-char remark

    Show marketing remark (986 chars)

    Ideally situated in the heart of Hoover, this beautifully renovated 2-bedroom, 2-bath Condo in Patton Creek delivers an exceptional blend of style, comfort, and convenience. Hardwood flooring, kitchen has all stainless-steel appliances. The interior showcases modern finishes, generous living spaces, and a layout designed for effortless everyday living. Residents enjoy access to outstanding community amenities, including a fitness center, tennis courts, and a stunning swimming pool, perfect for both active and relaxed lifestyles. The location is equally impressive, within walking distance to a local elementary school and just minutes from Moss Rock Preserve for outdoor enjoyment. Riverchase Galleria is only a short drive away, offering premier shopping, dining, and entertainment. Ideal for first-time buyers, those looking to downsize, or anyone seeking low maintenance living in one of Hoover’s most sought-after communities, this home is truly a standout opportunity.

16. 2025-12-18
    listed $159,900 Active 986-char remark

    Show marketing remark (986 chars)

    Ideally situated in the heart of Hoover, this beautifully renovated 2-bedroom, 2-bath Condo in Patton Creek delivers an exceptional blend of style, comfort, and convenience. Hardwood flooring, kitchen has all stainless-steel appliances. The interior showcases modern finishes, generous living spaces, and a layout designed for effortless everyday living. Residents enjoy access to outstanding community amenities, including a fitness center, tennis courts, and a stunning swimming pool, perfect for both active and relaxed lifestyles. The location is equally impressive, within walking distance to a local elementary school and just minutes from Moss Rock Preserve for outdoor enjoyment. Riverchase Galleria is only a short drive away, offering premier shopping, dining, and entertainment. Ideal for first-time buyers, those looking to downsize, or anyone seeking low maintenance living in one of Hoover’s most sought-after communities, this home is truly a standout opportunity.

17. 2025-12-16
    historical $159,900 986-char remark

    Show marketing remark (986 chars)

    Ideally situated in the heart of Hoover, this beautifully renovated 2-bedroom, 2-bath Condo in Patton Creek delivers an exceptional blend of style, comfort, and convenience. Hardwood flooring, kitchen has all stainless-steel appliances. The interior showcases modern finishes, generous living spaces, and a layout designed for effortless everyday living. Residents enjoy access to outstanding community amenities, including a fitness center, tennis courts, and a stunning swimming pool, perfect for both active and relaxed lifestyles. The location is equally impressive, within walking distance to a local elementary school and just minutes from Moss Rock Preserve for outdoor enjoyment. Riverchase Galleria is only a short drive away, offering premier shopping, dining, and entertainment. Ideal for first-time buyers, those looking to downsize, or anyone seeking low maintenance living in one of Hoover’s most sought-after communities, this home is truly a standout opportunity.

18. 2024-10-31
    historical $1,350
19. 2024-10-21
    price $159,000
20. 2024-09-26
    listed $1,350
21. 2024-09-19
    price $167,900
22. 2024-08-04
    historical $1,369
23. 2024-06-02
    price $1,369
24. 2024-05-23
    price $1,389
25. 2024-03-24
    price $1,395
26. 2024-02-22
    price $1,495
27. 2024-02-21
    listed $1,595
28. 2022-11-30
    soldstatus $110,000 Sold
29. 2022-11-15
    status Pending
30. 2022-11-12
    listed $159,900 Active
31. 2022-11-11
    historical $159,900
32. 2019-04-15
    soldstatus $75,000 Sold
33. 2019-03-29
    historical Contingent
34. 2019-03-25
    status Active
35. 2019-03-25
    historical Contingent
36. 2019-02-25
    listed $83,000 Active

ⓘ 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 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥107°F today · 20 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,029
• − Mortgage interest: −$8,906
• − Property taxes: −$2,385
• − Insurance: −$795
• − Repairs & maintenance: −$1,602
• − Management: −$1,602
• − HOA: −$2,832
• − Depreciation: −$4,625
• Taxable loss: −$2,719
• Est. tax savings @ 24.0%: +$653
• After-tax cash flow: $458/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: Hoover City
• NCES district ID: 0100007
• Math proficiency: 45% ▼ -25.00%
• Reading proficiency: 66% ▲ 1.00%
• Median HH income: $76,210
• Composite: 49.77/100
• National rank: #1960
• State rank: #8 of 129 in AL

Livability — Hoover

• Score: 84/100
• State rank: #1
• US rank: #630

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hoover, AL
• County: Jefferson County · 527,445 people
• City population: 76,805
• Metro: Birmingham-Hoover, AL
• Population (ZIP): 38,588
• Household income: $124,516
• Rent vs Own: 16.7% rent · 83.3% own
• Severe rent burden: 539.0

Population outlook (Jefferson County) Hauer SSP2

• Today (2025): 669,185 people
• By 2030: 669,694 · +0.1%
• By 2040: 661,388 · -1.2%
• By 2050: 643,086 · -3.9%
• By 2075: 577,267 · -13.7%
• By 2100: 474,758 · -29.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Black 13% Asian 8% Two or more races 4% Hispanic / Latino 4%
• Common ancestry: Italian 6% Slovak 3% Serbian 3%
• Foreign-born: 8% · Canada, China, South Korea
• Languages at home: 90% English-only · Spanish 2% Other Indo-European 2% Chinese 2%

Political lean MEDSL · Jefferson

• 2024 margin: D (+10.4) · D 54.6% · R 44.2% · Other 1.2%
• 2008→2024 swing: +5.4pp toward D · 2008: 5.1pp · 2024: 10.4pp
• All cycles: 2024: D+10.4 2020: D+13.2 2016: D+7.2 2012: D+6.0 2008: D+5.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -200.60%
• Current HPI: 214.5202
• Rent YoY: ▲ 3.70%
• Metro: Birmingham-Hoover, 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

+91.6% since first listed

22 events — show timeline

• 2026-02-03 Price Changed $159,000 Greater Alabama MLS
• 2025-12-18 Listed $159,900 Greater Alabama MLS
• 2025-12-16 Coming Soon $159,900 Greater Alabama MLS
• 2024-10-31 Rental Removed $1,350 GALMLS
• 2024-10-21 Price Changed $159,000 Greater Alabama MLS
• 2024-09-26 Listed for Rent $1,350 GALMLS
• 2024-09-19 Price Changed $167,900 Greater Alabama MLS
• 2024-08-04 Rental Removed $1,369 GALMLS
• 2024-06-02 Price Changed $1,369 GALMLS
• 2024-05-23 Price Changed $1,389 GALMLS
• 2024-03-24 Price Changed $1,395 GALMLS
• 2024-02-22 Price Changed $1,495 GALMLS
• 2024-02-21 Listed for Rent $1,595 GALMLS
• 2022-11-30 Sold (MLS) $110,000 Greater Alabama MLS
• 2022-11-15 Pending — Greater Alabama MLS
• 2022-11-12 Listed $159,900 Greater Alabama MLS
• 2022-11-11 Coming Soon $159,900 Greater Alabama MLS
• 2019-04-15 Sold (MLS) $75,000 Greater Alabama MLS
• 2019-03-29 Contingent — Greater Alabama MLS
• 2019-03-25 Relisted — Greater Alabama MLS
• 2019-03-25 Contingent — Greater Alabama MLS
• 2019-02-25 Listed $83,000 Greater Alabama MLS