104 Protestant Dr · Madison, AL 35758

$293,650

3 bd · 2.0 ba · 1,850 sqft · Townhouse · 1 Days on market

Built 2026 Est $285k · at est.

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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).

• Appreciation +10.0/10.0
• ARV discount +6.1/15.0
• Cash flow +5.9/30.0
• Schools +5.6/10.0
• Livability +3.8/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• 1% rule +1.3/10.0
• DSCR +0.3/10.0

Listing remarks

This single-story residence delivers modern convenience with ample room to grow. At the center is a seamless open layout featuring a well-equipped kitchen, dining room and spacious Great Room with a fireplace and porch access, perfect for family living and entertaining. Framing the foyer are two comfortable bedrooms, each with a sizable closet. In a privately situated corner is the lavish owner's suite with a spa-style bathroom and abundant wardrobe room. A versatile two-bay garage completes the home.

Key facts

• 2 garage spots
• Built 2026

Property features AI

Finance

• Other: Address: 104 Protestant Dr, Madison AL 35758; Listing provided by Zillow
• Financial info: List price $293,650

Exterior

• Parking: 2 parking spaces (including 2-car garage)
• Home design: Townhome, interior unit; Active listing
• Exterior features: Living area approximately 1850

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Interior features: Spec build — Traditional Townhome Interior plan

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath townhouse listed at $294k.

Deal economics

• At list price, monthly cash flow is $-575 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $210k (28.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $184k (37.3% below list).
• Recommended offer: $184k (37.3% below list) — sets the bar for 1% rule.
• Cap rate 3.9% vs local median 2.6% in Madison — 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 76/100 on livability (#12 in AL, #3,280 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime B+; Watch: amenities F, commute F.
• Madison City (suburban): math 51% / reading 71% proficiency, ranked #4 of 129 in AL (top 3%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 17% free/reduced lunch — higher-income household profile.
• Zoned schools: Madison Elementary School (math 53% / reading 72%, grade B, #51 of 627 statewide, top 8%, 505 students, 27% FRL); Liberty Middle School (math 45% / reading 77%, grade B+, #9 of 257 statewide, top 3%, 1,493 students, 22% FRL); James Clemens High School (math 50% / reading 53%, grade D+, #14 of 305 statewide, top 4%, 2,149 students, 21% FRL).
• Market conditions: Rents rising (+1.6%/yr); 390 active listings in the ZIP; 31 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 45% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 4,709 units permitted in Madison County in 2024 (1,186 in 5+ unit buildings).

Forward outlook

• In year one you build about $31k of equity ($2k loan paydown + $29k appreciation (10.0% local appreciation)).
• Madison County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$50k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $184,106 (37.3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 0.63% ✗
• Cap rate: 3.94%
• Cash-on-cash: -8.39%
• DSCR: 0.63
• GRM: 13.3

CMA / ARV

• ARV (on-the-fly): $284,900
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
185 Rugby Dr	0.14mi	3/2.0	1,850 (0%)	1mo	$319,900	$173	93
166 Rugby Dr	0.08mi	3/2.0	1,837 (-1%)	6mo	$330,000	$180	90
163 Protestant Dr	0.28mi	3/2.0	1,850 (0%)	2mo	$270,000	$146	86
159 Protestant Dr	0.28mi	3/2.0	1,837 (-1%)	1mo	$288,650	$157	85
161 Protestant Dr	0.28mi	3/2.0	1,837 (-1%)	2mo	$283,400	$154	84
167 Protestant Dr	0.28mi	3/2.0	1,837 (-1%)	2mo	$282,150	$154	84
166 Little Britain St	0.30mi	3/2.0	1,850 (0%)	4mo	$295,000	$159	83
179 Protestant Dr	0.31mi	3/2.0	1,850 (0%)	4mo	$280,000	$151	82
175 Protestant Dr	0.30mi	3/2.0	1,837 (-1%)	4mo	$269,515	$147	82
184 Little Britain St	0.33mi	3/2.0	1,837 (-1%)	4mo	$266,745	$145	80
110 Maple Spring Trl	0.37mi	3/2.5	1,775 (-4%)	5mo	$264,470	$149	70
152 Maple Spring Trl	0.39mi	4/2.5 (+1)	1,969 (+6%)	5mo	$268,000	$136	60

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 1.58% rent growth · sell at horizon

5-year hold

• IRR: 18.0%
• Equity multiple: 2.47×
• Total profit: $120,747
• Equity at exit: $264,543

10-year hold

• IRR: 16.6%
• Equity multiple: 5.62×
• Total profit: $379,466
• Equity at exit: $570,497

Cash invested: $82,222 (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 35758

• Home prices YoY: 4.2%
• Rents YoY: 1.6%
• Active inventory: 390
• Price-to-rent: 13.3×

Monthly cashflow live

• Estimated rent: $1,841 high
• Mortgage (P&I): −$1,540
• Tax est. 1.5%: −$367 /mo · $4,405/yr
• Insurance: −$122
• HOA: −$0
• Vacancy / Maint / Mgmt: −$387
• Net cashflow: $-575

Break-even live

Break-even rent $2,569

Max offer price $210,459

Occupancy floor —

Sensitivity live

Price	-10% $-372	-5% $-473	+0% $-575	+5% $-676	+10% $-778
Rent	-10% $-720	-5% $-648	+0% $-575	+5% $-502	+10% $-429
Rate	-1.0pp $-427	-0.5pp $-500	base $-575	+0.5pp $-651	+1.0pp $-728

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: $73,412
• Closing costs: $8,810
• Reserves months: —
• Total cash needed: —

Rent comps 31 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
162 Rugby Dr Madison, AL	3.0	2.0	1850	$1,980	$1.07	45d	1	0.05mi
107 Little Britain ST Triana, AL	3.0	2.0	1837	$2,050	$1.12	45d	1	0.06mi
139 Little Britain St Madison, AL	3.0	2.0	1850	$1,950	$1.05	25d	1	0.16mi
111 Little Britain St Madison, AL	3.0	2.0	1850	$1,850	$1.00	45d	1	0.17mi
244 Kyser Blvd Madison, AL	1.0–3.0	1.5–2.0	1315	$1,729	$1.31	45d	23	0.22mi
130 Cresent Cir Madison, AL	3.0	2.0	1380	$1,500	$1.09	25d	1	0.23mi
130 Cresent Cir Madison, AL	3.0	2.0	1380	$1,500	$1.09	45d	1	0.23mi
169 Protestant Dr Triana, AL	3.0	2.0	1837	$1,995	$1.09	45d	1	0.28mi
169 Protestant Dr Triana, AL	3.0	2.0	1837	$1,895	$1.03	25d	1	0.28mi
161 Protestant Dr Madison, AL	3.0	2.0	1837	$2,050	$1.12	25d	1	0.28mi
129 Royal Dr Madison, AL	3.0	2.5	1380	$1,870	$1.36	15d	4	0.29mi
159 Little Britain St Madison, AL	3.0	2.0	1837	$1,950	$1.06	15d	1	0.30mi
169 Little Britain St Madison, AL	3.0	2.0	1850	$1,850	$1.00	25d	1	0.31mi
161 Little Britain St Madison, AL	3.0	2.0	1837	$1,850	$1.01	25d	1	0.31mi
109 Maple Spring Trl Madison, AL	3.0	2.5	1775	$1,823	$1.03	25d	1	0.39mi
85 Shorter St Madison, AL	3.0	1.0–3.0	1182	$1,799	$1.52	45d	13	0.60mi
250 Cork Aly Madison, AL	3.0	3.0	1932	$1,775	$0.92	25d	1	0.63mi
128 Lewis Ln Madison, AL	3.0	2.0	1680	$1,700	$1.01	45d	1	0.66mi
133 Lewis Ln Madison, AL	3.0	2.0	1547	$1,945	$1.26	45d	1	0.69mi
315 Cork Aly Madison, AL	2.0	2.0	1500	$1,550	$1.03	15d	1	0.70mi
4286 Sullivan St Madison, AL	3.0	2.0	1815	$2,100	$1.16	23d	1	0.85mi
128 Michli Rd Madison, AL	2.0	3.0	1564	$1,550	$0.99	45d	1	1.03mi
134 Michli Rd Madison, AL	2.0	2.5	1564	$1,595	$1.02	45d	1	1.04mi
425 Falls PT SW Unit 1 Madison, AL	3.0	3.0	1375	$1,615	$1.17	45d	1	1.06mi
105 Whisperbrook Cir Madison, AL	3.0	2.0	1608	$1,800	$1.12	25d	1	1.14mi
129 Telluride Dr Madison, AL	3.0	2.0	1912	$1,885	$0.99	25d	1	1.17mi
114 Telluride Dr Madison, AL	3.0	2.0	1578	$1,795	$1.14	45d	1	1.25mi
180 Hughes Rd Madison, AL	1.0–4.0	1.0–3.5	1373	$2,250	$1.64	15d	45	1.34mi
227 Park Stone Dr Madison, AL	4.0	2.5	2516	$2,300	$0.91	25d	1	1.39mi
350 Lime Quarry Rd Madison, AL	1.0–3.0	1.0–2.5	1137	$2,450	$2.15	45d	1	1.40mi
7584 Madison Pike Madison, AL	1.0–3.0	1.0–2.0	1023	$1,299	$1.27	15d	17	1.46mi

Listing history 2 events

1. 2026-06-14
   remarks 506-char remark
2. 2026-06-14
   listed $293,650 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $22,093
• − Mortgage interest: −$16,449
• − Property taxes: −$4,405
• − Insurance: −$1,468
• − Repairs & maintenance: −$1,767
• − Management: −$1,767
• − Depreciation: −$8,543
• Taxable loss: −$12,307
• Est. tax savings @ 24.0%: +$2,954
• After-tax cash flow: $-3,945/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: Madison City
• NCES district ID: 0100008
• Math proficiency: 51% ▼ -25.00%
• Reading proficiency: 71% ▼ -2.00%
• Median HH income: $89,091
• Composite: 55.56/100
• National rank: #1238
• State rank: #4 of 129 in AL

Livability — Madison

• Score: 76/100
• State rank: #12
• US rank: #3280

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Madison, AL
• County: Madison County · 380,832 people
• City population: 93,742
• Metro: Huntsville, AL
• Population (ZIP): 50,266
• Household income: $117,380
• Rent vs Own: 30.8% rent · 69.2% own
• Severe rent burden: 875.0

Population outlook (Madison County) Hauer SSP2

• Today (2025): 392,086 people
• By 2030: 409,788 · +4.5%
• By 2040: 440,557 · +12.4%
• By 2050: 460,990 · +17.6%
• By 2075: 502,872 · +28.3%
• By 2100: 513,623 · +31.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Black 14% Hispanic / Latino 8% Asian 7% Two or more races 7%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Slovak 3% Italian 2% Lithuanian 2%
• Foreign-born: 9% · Canada, South Korea, Vietnam
• Languages at home: 87% English-only · Spanish 5% Other Asian/Pacific 2% Chinese 1%

Political lean MEDSL · Madison

• 2024 margin: Lean R (+9.0) · D 44.7% · R 53.7% · Other 1.6%
• 2008→2024 swing: +6.0pp toward D · 2008: -14.9pp · 2024: -9.0pp
• All cycles: 2024: R+9.0 2020: R+8.0 2016: R+16.8 2012: R+18.7 2008: R+14.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 14.46%
• Current HPI: 355.2784
• Rent YoY: ▲ 1.58%
• Metro: Huntsville, 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