1809 Graymont Ln · Decatur, AL 35603

$409,000

None bd · 3.0 ba · 1,840 sqft · MultiFamily public records · 182 Days on market

Built 1985 0.29 ac lot Est $370k · 11% over

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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 +20.7/30.0
• DSCR +6.6/10.0
• 1% rule +4.4/10.0
• Livability +3.6/5.0
• ARV discount +2.7/15.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

***PRICE ADJUSTMENT*** ***Investor alert*** Income-producing fourplex in a convenient Decatur SW location, offering four identical 2-bedroom, 1-bath units with solid occupancy and investor-friendly fundamentals. Each unit features an efficient layout that appeals to long-term renters. Great Opportunity. Located in the Glenmier area of Decatur with quick access to shopping and dining.

Key facts

• Efficient layout
• 0.29 acre lot
• 8 parking spots

Tags

• INCOME-PRODUCING FOURPLEX
• EFFICIENT LAYOUT
• QUICK ACCESS TO SHOPPING
• QUICK ACCESS TO DINING

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1-bath units multifamily listed at $409k.

Deal economics

• At list price, monthly cash flow is $556 ($7k/yr) — positive. Per door: $139/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $386k (5.5% below list).
• Recommended offer: $360k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.9% vs local median 4.0% in Decatur — 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 72/100 on livability (#28 in AL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, crime F, amenities F.
• Decatur City (urban): math 22% / reading 40% proficiency, ranked #66 of 129 in AL (top 51%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Austinville Elementary School (math 12% / reading 27%, grade F, #467 of 627 statewide, top 76%, 416 students, 88% FRL); Austin Middle School (math 18% / reading 39%, grade F, #138 of 257 statewide, top 54%, 714 students, 77% FRL); Austin High School (math 20% / reading 24%, grade F, #142 of 305 statewide, top 51%, 1,025 students, 66% FRL) — zoned schools average 77% FRL vs 57% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 404 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 71% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 231 units permitted in Morgan County in 2024 (0 in 5+ unit buildings).
• At $3,865/mo this rent would consume 57% of the median local household income ($81k/yr) (locally 467% 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 $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Morgan County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 182 days — a 12% lower offer ($360k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y 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.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $359,920 (12.0% below list)

Questions for the listing agent

1. It's been on market 182 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
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. 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. 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?
8. 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.
9. 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.
10. 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: 0.94% ✗
• Cap rate: 7.93%
• Cash-on-cash: 5.83%
• DSCR: 1.26
• GRM: 8.8

CMA / ARV

• ARV (median comp): $369,562
• List price: $409,000
• Delta: 10.67%
• Verdict: OVERPRICED
• Comps: 10 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -7.3%
• Equity multiple: 0.73×
• Total profit: $-30,980
• Equity at exit: $60,983

10-year hold

• IRR: 2.2%
• Equity multiple: 1.16×
• Total profit: $18,072
• Equity at exit: $35,363

Cash invested: $114,520 (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 35603

• Active inventory: 404
• Price-to-rent: 35.3×

Monthly cashflow live

• Estimated rent: $3,865 medium
• Mortgage (P&I): −$2,145
• Tax from tax record: −$182 /mo · $2,180/yr
• Insurance: −$170
• HOA: −$0
• Vacancy / Maint / Mgmt: −$812
• Net cashflow: $556

Break-even live

Break-even rent $3,161

Max offer price $409,000

Occupancy floor 81%

Sensitivity live

Price	-10% $788	-5% $672	+0% $556	+5% $441	+10% $325
Rent	-10% $251	-5% $404	+0% $556	+5% $709	+10% $862
Rate	-1.0pp $762	-0.5pp $660	base $556	+0.5pp $450	+1.0pp $343

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$3,864
Total (4 units)			$3,865

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: $102,250
• Closing costs: $12,270
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2025 Danville Park Dr SW Decatur, AL	1.0–2.0	1.0–2.0	938	$1,325	$1.41	25d	8	0.23mi
1242 Beltline Rd SW Decatur, AL	1.0–3.0	1.0–2.0	1118	$922	$0.83	45d	5	0.48mi
2151 Westmead Dr SW Unit na Decatur, AL	2.0	1.5	1300	$1,445	$1.11	46d	1	1.00mi
2151 Westmead Dr SW Decatur, AL	2.0	2.5	1300	$1,445	$1.11	45d	1	1.00mi
1518 15th Ave SW Decatur, AL	3.0	2.0	1440	$1,600	$1.11	45d	1	1.27mi
1805 8th Ave SW Decatur, AL	3.0	2.0	1725	$1,750	$1.01	45d	1	1.30mi
1812 Kathy Lane Ct SW Decatur, AL	3.0	2.0	1366	$1,700	$1.24	25d	1	1.45mi

Listing history 32 events

1. 2026-06-22
   days on market $409,000 Active 182 DOM
2. 2026-06-21
   days on market $409,000 Active 181 DOM
3. 2026-06-19
   days on market $409,000 Active 179 DOM
4. 2026-06-18
   days on market $409,000 Active 178 DOM
5. 2026-06-17
   days on market $409,000 Active 177 DOM
6. 2026-06-16
   days on market $409,000 Active 176 DOM
7. 2026-06-15
   days on market $409,000 Active 175 DOM
8. 2026-06-14
   days on market $409,000 Active 173 DOM
9. 2026-06-13
   days on market $409,000 Active 172 DOM
10. 2026-06-10
    days on market $409,000 Active 170 DOM
11. 2026-06-09
    days on market $409,000 Active 169 DOM
12. 2026-06-08
    days on market $409,000 Active 168 DOM
13. 2026-06-07
    days on market $409,000 Active 167 DOM
14. 2026-06-05
    days on market $409,000 Active 164 DOM
15. 2026-06-03
    days on market $409,000 Active 163 DOM
16. 2026-06-02
    days on market $409,000 Active 162 DOM
17. 2026-06-01
    days on market $409,000 Active 161 DOM
18. 2026-05-31
    days on market $409,000 Active 160 DOM
19. 2026-05-30
    days on market $409,000 Active 159 DOM
20. 2026-03-08
    price $409,000 387-char remark

    Show marketing remark (387 chars)

    ***PRICE ADJUSTMENT*** ***Investor alert*** Income-producing fourplex in a convenient Decatur SW location, offering four identical 2-bedroom, 1-bath units with solid occupancy and investor-friendly fundamentals. Each unit features an efficient layout that appeals to long-term renters. Great Opportunity. Located in the Glenmier area of Decatur with quick access to shopping and dining.

21. 2025-12-22
    listed $415,000 Active 387-char remark

    Show marketing remark (387 chars)

    ***PRICE ADJUSTMENT*** ***Investor alert*** Income-producing fourplex in a convenient Decatur SW location, offering four identical 2-bedroom, 1-bath units with solid occupancy and investor-friendly fundamentals. Each unit features an efficient layout that appeals to long-term renters. Great Opportunity. Located in the Glenmier area of Decatur with quick access to shopping and dining.

22. 2024-12-23
    soldstatus $370,000
23. 2024-12-20
    soldstatus $370,000 Sold 192-char remark

    Show marketing remark (192 chars)

    Recently updated fourplex available with 2 units occupied. Do NOT disturb the tenants. All units are 2 bedroom and 1 bath. Fresh paint and new flooring in each unit. Tenants pay all utilities.

24. 2024-11-18
    status Pending 192-char remark

    Show marketing remark (192 chars)

    Recently updated fourplex available with 2 units occupied. Do NOT disturb the tenants. All units are 2 bedroom and 1 bath. Fresh paint and new flooring in each unit. Tenants pay all utilities.

25. 2024-10-04
    listed $399,000 Active 192-char remark

    Show marketing remark (192 chars)

    Recently updated fourplex available with 2 units occupied. Do NOT disturb the tenants. All units are 2 bedroom and 1 bath. Fresh paint and new flooring in each unit. Tenants pay all utilities.

26. 2024-03-14
    historical $820
27. 2024-01-31
    listed $820
28. 2024-01-26
    historical $820
29. 2023-10-27
    listed $820
30. 2019-07-01
    soldstatus $145,000
31. 2006-01-24
    soldstatus $139,000
32. 2002-09-30
    soldstatus $100,000

ⓘ 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: $2,180 · $182/mo
• Projected year-2 tax: $2,180 · $182/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 4/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥107°F today · 19 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 21% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $46,380
• − Mortgage interest: −$22,910
• − Property taxes: −$2,180
• − Insurance: −$2,045
• − Repairs & maintenance: −$3,710
• − Management: −$3,710
• − Depreciation: −$11,898
• Taxable loss: −$74
• Est. tax savings @ 24.0%: +$18
• After-tax cash flow: $6,695/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: Decatur City
• NCES district ID: 0101170
• Math proficiency: 22% ▼ -27.00%
• Reading proficiency: 40% ▼ -1.00%
• Median HH income: $42,170
• Composite: 26.21/100
• National rank: #7261
• State rank: #66 of 129 in AL

Livability — Decatur

• Score: 72/100
• State rank: #28
• US rank: #5989

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Decatur, AL
• County: Morgan County · 67,628 people
• City population: 67,628
• Metro: Decatur, AL
• Population (ZIP): 32,179
• Household income: $81,490
• Rent vs Own: 26.1% rent · 73.9% own
• Severe rent burden: 467.0

Population outlook (Morgan County) Hauer SSP2

• Today (2025): 118,775 people
• By 2030: 116,979 · -1.5%
• By 2040: 111,800 · -5.9%
• By 2050: 105,181 · -11.4%
• By 2075: 87,736 · -26.1%
• By 2100: 67,624 · -43.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Black 15% Hispanic / Latino 6% Two or more races 5%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Italian 2% Slovak 2% Serbian 1%
• Foreign-born: 5% · Canada, Vietnam
• Languages at home: 92% English-only · Spanish 5% Arabic 2%

Political lean MEDSL · Morgan

• 2024 margin: Solid R (+52.6) · D 23.2% · R 75.8%
• 2008→2024 swing: -8.8pp toward R · 2008: -43.8pp · 2024: -52.6pp
• All cycles: 2024: R+52.6 2020: R+49.2 2016: R+52.4 2012: R+44.5 2008: R+43.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -141.07%
• Current HPI: 243.157
• Rent YoY: —
• Metro: Decatur, 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

+309.0% since first listed

13 events — show timeline

• 2026-03-08 Price Changed $409,000 VMLS
• 2025-12-22 Listed $415,000 VMLS
• 2024-12-23 Sold (Public Records) $370,000 Public Records
• 2024-12-20 Sold (MLS) $370,000 VMLS
• 2024-11-18 Pending — VMLS
• 2024-10-04 Listed $399,000 VMLS
• 2024-03-14 Rental Removed $820 APPFOLIO
• 2024-01-31 Listed for Rent $820 APPFOLIO
• 2024-01-26 Rental Removed $820 APPFOLIO
• 2023-10-27 Listed for Rent $820 APPFOLIO
• 2019-07-01 Sold (Public Records) $145,000 Public Records
• 2006-01-24 Sold (Public Records) $139,000 Public Records
• 2002-09-30 Sold (Public Records) $100,000 Public Records

Property tax history

+5.0%/yr

Latest (2025): $2,180 · +0.0% YoY. Source: county tax records.