2828 23rd Street Ensley · Birmingham, AL 35218

$34,900

1 bd · 1.0 ba · 504 sqft · SingleFamily public records · 174 Days on market

Built 1940 0.26 ac lot $69/sqft · 18% above area Est $30k · 18% over

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Why this score? — see what drove the C+ 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
• Appreciation +4.2/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.9/10.0
• ARV discount +0.0/15.0

Listing remarks MLS

Great investment opportunity in Ensley! This 1-bedroom, 1-bath home is currently used as a rental and offers an excellent option for investors or first-time buyers. Featuring a vinyl siding exterior and a large, level front yard, this property provides low-maintenance living with room to add value. The simple, functional floor plan makes it easy to maintain and rent. Conveniently located with easy access to local amenities. A solid opportunity to own an affordable home with income potential!

Key facts

• 0.26 acre lot
• Built 1940
• Listed 173 days

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $35k.

Deal economics

• At list price, monthly cash flow is $359 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($785 rent vs $35k).
• Recommended offer: $31k (12.0% below list) — sets the bar for market timing.
• Cap rate 18.6% vs local median 6.2% in Birmingham — 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 67/100 on livability (#78 in AL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities C-, schools F, crime F.
• Birmingham City (urban): math 4% / reading 20% proficiency, ranked #116 of 129 in AL (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 82% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 50 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 2,114 units permitted in Jefferson County in 2024 (556 in 5+ unit buildings).
• This rent runs 31% of the median local income ($31k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-1.5%/yr); year-one equity from $241 of loan paydown is wiped out by about $537 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.
• At projected returns (-1.5% appreciation + 3.0% rent growth), your $10k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 174 days — a 12% lower offer ($31k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 6→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $30,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 174 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — 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. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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?
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 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: 2.25% ✓
• Cap rate: 18.63%
• Cash-on-cash: 44.05%
• DSCR: 2.96
• GRM: 3.7

CMA / ARV

• ARV (median comp): $29,500
• List price: $34,900
• Delta: 18.31%
• Verdict: OVERPRICED
• Comps: 3 within 2.0 mi

Projected returns pro-forma

-1.54% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 43.1%
• Equity multiple: 2.99×
• Total profit: $19,401
• Equity at exit: $7,529

10-year hold

• IRR: 47.7%
• Equity multiple: 5.95×
• Total profit: $48,406
• Equity at exit: $7,167

Cash invested: $9,772 (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 35218

• Home prices YoY: -0.9%
• Active inventory: 50
• Price-to-rent: 3.7×

Monthly cashflow live

• Estimated rent: $785 high
• Mortgage (P&I): −$183
• Tax from tax record: −$64 /mo · $763/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$165
• Net cashflow: $359

Break-even live

Break-even rent $331

Max offer price $34,900

Occupancy floor 49%

Sensitivity live

Price	-10% $378	-5% $369	+0% $359	+5% $349	+10% $339
Rent	-10% $297	-5% $328	+0% $359	+5% $390	+10% $421
Rate	-1.0pp $376	-0.5pp $368	base $359	+0.5pp $350	+1.0pp $340

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: $8,725
• Closing costs: $1,047
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
132 17th St SW Birmingham, AL	2.0	1.0	738	$945	$1.28	45d	1	0.94mi
908 4th Ave W Birmingham, AL	2.0	1.0	700	$745	$1.06	25d	1	1.00mi
908 4th Ave W Birmingham, AL	1.0	1.0	500	$595	$1.19	45d	1	1.00mi
1624 19th Street Ensley Apt B Birmingham, AL	2.0	1.0	676	$875	$1.29	25d	1	1.11mi
1521 22nd Street Ensley Unit B Birmingham, AL	2.0	1.0	750	$875	$1.17	25d	1	1.20mi
1001 21st Street Ensley Unit B Birmingham, AL	2.0	1.0	700	$725	$1.04	17d	1	1.38mi

Listing history 16 events

1. 2026-06-21
   days on market $34,900 Active 174 DOM
2. 2026-06-18
   days on market $34,900 Active 171 DOM
3. 2026-06-17
   days on market $34,900 Active 170 DOM
4. 2026-06-16
   days on market $34,900 Active 169 DOM
5. 2026-06-15
   days on market $34,900 Active 168 DOM
6. 2026-06-13
   days on market $34,900 Active 166 DOM
7. 2026-06-10
   days on market $34,900 Active 163 DOM
8. 2026-06-09
   days on market $34,900 Active 162 DOM
9. 2026-06-08
   days on market $34,900 Active 161 DOM
10. 2026-06-07
    days on market $34,900 Active 160 DOM
11. 2026-06-03
    days on market $34,900 Active 156 DOM
12. 2026-06-02
    days on market $34,900 Active 155 DOM
13. 2026-06-01
    days on market $34,900 Active 154 DOM
14. 2026-05-31
    days on market $34,900 Active 153 DOM
15. 2025-12-30
    listed $34,900 Active 496-char remark

    Show marketing remark (496 chars)

    Great investment opportunity in Ensley! This 1-bedroom, 1-bath home is currently used as a rental and offers an excellent option for investors or first-time buyers. Featuring a vinyl siding exterior and a large, level front yard, this property provides low-maintenance living with room to add value. The simple, functional floor plan makes it easy to maintain and rent. Conveniently located with easy access to local amenities. A solid opportunity to own an affordable home with income potential!

16. 2025-12-15
    historical $34,900 496-char remark

    Show marketing remark (496 chars)

    Great investment opportunity in Ensley! This 1-bedroom, 1-bath home is currently used as a rental and offers an excellent option for investors or first-time buyers. Featuring a vinyl siding exterior and a large, level front yard, this property provides low-maintenance living with room to add value. The simple, functional floor plan makes it easy to maintain and rent. Conveniently located with easy access to local amenities. A solid opportunity to own an affordable home with income potential!

ⓘ 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: $763 · $64/mo
• Projected year-2 tax: $763 · $64/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 6/10 Major 6 d/yr ≥106°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $9,415
• − Mortgage interest: −$1,955
• − Property taxes: −$763
• − Insurance: −$174
• − Repairs & maintenance: −$753
• − Management: −$753
• − Depreciation: −$1,015
• Taxable income: $4,001
• Est. tax owed @ 24.0%: −$960
• After-tax cash flow: $3,344/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: Birmingham City
• NCES district ID: 0100390
• Math proficiency: 4% ▼ -17.00%
• Reading proficiency: 20% ▼ -4.00%
• Median HH income: $31,988
• Composite: 9.49/100
• National rank: #9850
• State rank: #116 of 129 in AL

Livability — Birmingham

• Score: 67/100
• State rank: #78
• US rank: #10412

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Birmingham, AL
• County: Jefferson County · 527,445 people
• City population: 210,422
• Metro: Birmingham-Hoover, AL
• Population (ZIP): 6,981
• Household income: $30,739
• Rent vs Own: 63.9% rent · 36.1% own
• Severe rent burden: 621.0

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 Black (76%)
• Race & ethnicity: Black 76% Two or more races 17% White 5% Hispanic / Latino 4%
• Foreign-born: 2% · Canada, South Korea
• Languages at home: 97% English-only · Spanish 1%

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: ▼ -1.54%
• Current HPI: 170.4053
• Rent YoY: —
• 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

+0.0% since first listed

2 events — show timeline

• 2025-12-30 Listed $34,900 Greater Alabama MLS
• 2025-12-15 Coming Soon $34,900 Greater Alabama MLS

Property tax history

+2.8%/yr

Latest (2025): $763 · +0.0% YoY. Source: county tax records.