1805 L Dr · Fultondale, AL 35068

$244,000

5 bd · 3.5 ba · 2,514 sqft · SingleFamily · 171 Days on market

Built 1973 Fair condition 0.66 ac lot $97/sqft · 14% below area Est $284k · 14% 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 +15.7/30.0
• ARV discount +13.8/15.0
• DSCR +4.9/10.0
• 1% rule +4.3/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great investment opportunity! Large home with an extra lot! Lots of potential!

Key facts

• 0.66 acre lot
• 2 parking spots
• Built 1973

What this means for you Summary

Snapshot

• This is a 5-bed/3.5-bath single-family listed at $244k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $109 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $227k (6.9% below list).
• Recommended offer: $215k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.8% vs local median 4.7% in Fultondale — 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 69/100 on livability (#51 in AL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B; Watch: crime D+, schools F, amenities F.
• Jefferson County (suburban): math 9% / reading 32% proficiency, ranked #104 of 129 in AL (top 81%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 105 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 2,114 units permitted in Jefferson County in 2024 (556 in 5+ unit buildings).
• This rent runs 37% of the median local income ($74k/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 $2k of loan paydown is wiped out by about $7k 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 171 days — a 12% lower offer ($215k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $214,720 (12.0% below list)

Questions for the listing agent

1. It's been on market 171 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. Crime grade is D 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.93% ✗
• Cap rate: 6.83%
• Cash-on-cash: 1.91%
• DSCR: 1.09
• GRM: 8.9

CMA / ARV

• ARV (median comp): $283,782
• List price: $244,000
• Delta: -14.02%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2008 Elkwood Dr	0.09mi	4/2.0 (-1)	2,538 (+1%)	15mo	$280,000	$110	71
108 Grace St	0.41mi	4/3.0 (-1)	2,545 (+1%)	15mo	$325,000	$128	59
1833 Maplecrest Ln	0.39mi	4/3.0 (-1)	2,318 (-8%)	13mo	$270,000	$116	51

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -13.2%
• Equity multiple: 0.52×
• Total profit: $-32,575
• Equity at exit: $36,381

10-year hold

• IRR: -4.3%
• Equity multiple: 0.72×
• Total profit: $-19,303
• Equity at exit: $21,097

Cash invested: $68,320 (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 35068

• Home prices YoY: -9.4%
• Active inventory: 105
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $2,272 medium
• Mortgage (P&I): −$1,280
• Tax est. 1.5%: −$305 /mo · $3,660/yr
• Insurance: −$102
• HOA: −$0
• Vacancy / Maint / Mgmt: −$477
• Net cashflow: $109

Break-even live

Break-even rent $2,134

Max offer price $244,000

Occupancy floor 90%

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: $61,000
• Closing costs: $7,320
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
465 W Park Dr Fultondale, AL	4.0	2.5	2159	$2,146	$0.99	16d	1	0.90mi
2938 Summit Dr Fultondale, AL	4.0	2.0	1956	$2,200	$1.12	1d	1	1.24mi

Listing history 14 events

1. 2026-06-18
   days on market $244,000 Active 171 DOM
2. 2026-06-17
   days on market $244,000 Active 170 DOM
3. 2026-06-16
   days on market $244,000 Active 169 DOM
4. 2026-06-15
   days on market $244,000 Active 168 DOM
5. 2026-06-13
   days on market $244,000 Active 166 DOM
6. 2026-06-10
   days on market $244,000 Active 163 DOM
7. 2026-06-09
   days on market $244,000 Active 162 DOM
8. 2026-06-08
   days on market $244,000 Active 161 DOM
9. 2026-06-07
   days on market $244,000 Active 160 DOM
10. 2026-06-03
    days on market $244,000 Active 156 DOM
11. 2026-06-02
    days on market $244,000 Active 155 DOM
12. 2026-06-01
    days on market $244,000 Active 154 DOM
13. 2026-05-31
    days on market $244,000 Active 153 DOM
14. 2025-12-29
    listed $244,000 Active 79-char remark

    Show marketing remark (79 chars)

    Great investment opportunity! Large home with an extra lot! Lots of potential!

ⓘ 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 ≥106°F today · 19 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 9 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,266
• − Mortgage interest: −$13,668
• − Property taxes: −$3,660
• − Insurance: −$1,220
• − Repairs & maintenance: −$2,181
• − Management: −$2,181
• − Depreciation: −$7,098
• Taxable loss: −$2,742
• Est. tax savings @ 24.0%: +$658
• After-tax cash flow: $1,964/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

Fair 45/100 Moderate rehab

The property requires significant exterior and interior repairs, including landscaping, flooring, and kitchen updates. These improvements will significantly enhance its resale and rental value.

Repairs flagged

• Major Overgrown vegetation — Needs trimming and clearing
• Major Debris — Needs removal
• Moderate Flooring — Worn-out and needs replacement

Value-add opportunities

• Both Landscaping and curb appeal — Enhances curb appeal and resale value
• Both Flooring replacement — Improves living space and rental value
• Both Kitchen appliances — Updates the kitchen and enhances resale value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Overgrown vegetation · Needs trimming and clearing	Major	$15,000–50,000
Debris · Needs removal	Major	$15,000–50,000
Flooring · Worn-out and needs replacement	Moderate	$3,000–15,000
Total estimated repair cost · 3 items		$33,000–115,000

Value-add ROI direction

• Both Landscaping and curb appeal — Enhances curb appeal and resale value ↑
• Both Flooring replacement — Improves living space and rental value ↑
• Both Kitchen appliances — Updates the kitchen and enhances resale value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Jefferson County
• NCES district ID: 0101920
• Math proficiency: 9% ▼ -24.00%
• Reading proficiency: 32% ▼ -5.00%
• Median HH income: $51,712
• Composite: 18.4/100
• National rank: #8937
• State rank: #104 of 129 in AL

Livability — Fultondale

• Score: 69/100
• State rank: #51
• US rank: #8334

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fultondale, AL
• County: Jefferson County · 527,445 people
• City population: 8,378
• Metro: Birmingham-Hoover, AL
• Population (ZIP): 8,378
• Household income: $73,750
• Rent vs Own: 32.4% rent · 67.6% own
• Severe rent burden: 302.0

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: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 49% Black 43% Hispanic / Latino 4% Two or more races 3%
• Common ancestry: Serbian 1% Iranian 1% Slovak 1%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 5%

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: ▼ -23.34%
• Current HPI: 224.4813
• 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

1 event — show timeline

• 2025-12-29 Listed $244,000 Greater Alabama MLS