201 8th Ave SW · Decatur, AL 35601

$399,999

8 bd · 1.0 ba · 3,448 sqft · MultiFamily public records · 20 Days on market

Built 1986

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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 +24.8/30.0
• DSCR +8.1/10.0
• ARV discount +7.5/15.0
• 1% rule +5.2/10.0
• Rent growth +3.7/5.0
• Livability +3.6/5.0
• Schools +2.6/10.0
• 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

Please do not disturb tenants. New roof and gutters, and one unit is currently undergoing full renovations and upgrades to include new granite countertops, appliances, paint, light fixtures, door knobs, and flooring, expected new lease rate of $750 or more. One unit currently occupied at $625/mo. Two more units can be leased at $625 without renovations. Tenants pay trash and electric. Owner pays water/sewer, lawn care, maintenance. Pre-approval letter and down payment proof of funds required with cash offers.

Key facts

• Fenced yard
• Modernized kitchens
• Back deck

Tags

• WELL MAINTAINED QUADPLEX
• VINYL PLANK FLOORING
• MODERNIZED KITCHENS
• AMPLE FRONT AND REAR PARKING
• FENCED YARD
• BACK DECK

Property features AI

Finance

• Other: 4 units total; Each unit approximately 850 square feet; Furnished: none
• Financial info: Expenses reported per year

Exterior

• Parking: 2 parking spaces per unit
• Utilities: Public water; Connected sewer; Electric water heater; Owner pays trash collection and water/sewer; Tenants pay cable/TV connection and electric
• Home design: Multi-unit building with 4 units; Units are existing construction
• Construction: Brick and frame construction
• Exterior features: Slab foundation; Property not in a flood plain; Minor subdivision: DALE HIGHTS

Interior

• Kitchen: Dishwasher; Refrigerator; Stove; Eating area in kitchen
• Bedrooms: Each unit has 2 bedrooms
• Flooring: Vinyl
• Bathrooms: Each unit has 1 full bathroom
• Heating & cooling: Central heating; Central cooling
• Interior features: Vinyl flooring; BBQ area; Recreation area; Pets allowed
• Laundry & utility: Washer/dryer connection in each unit

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $400k.

Deal economics

• At list price, monthly cash flow is $850 ($10k/yr) — positive. Per door: $213/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $400k).
• Recommended offer: $394k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.8% 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: West Decatur Elementary School (math 8% / reading 17%, grade F, #536 of 627 statewide, top 88%, 346 students, 89% FRL); Decatur High School (math 27% / reading 27%, grade F, #90 of 305 statewide, top 35%, 1,040 students, 67% FRL) — zoned schools average 78% FRL vs 57% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.7%/yr); 223 active listings in the ZIP; 231 units permitted in Morgan County in 2024 (0 in 5+ unit buildings).
• At $4,094/mo this rent would consume 96% of the median local household income ($51k/yr) (locally 1386% 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.
• At projected returns (-3.0% appreciation + 4.7% rent growth), your $112k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($394k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y 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: moderate wind risk, 23% 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 $393,999 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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 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: 1.02% ✓
• Cap rate: 8.84%
• Cash-on-cash: 9.11%
• DSCR: 1.41
• GRM: 8.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.67% rent growth · sell at horizon

5-year hold

• IRR: -0.9%
• Equity multiple: 0.97×
• Total profit: $-3,845
• Equity at exit: $59,641

10-year hold

• IRR: 10.3%
• Equity multiple: 1.85×
• Total profit: $95,373
• Equity at exit: $34,585

Cash invested: $112,000 (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 35601

• Home prices YoY: -26.5%
• Rents YoY: 4.7%
• Active inventory: 223
• Price-to-rent: 32.6×

Monthly cashflow live

• Estimated rent: $4,094 high
• Mortgage (P&I): −$2,098
• Tax from tax record: −$120 /mo · $1,437/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$860
• Net cashflow: $850

Break-even live

Break-even rent $3,018

Max offer price $399,999

Occupancy floor 74%

Sensitivity live

Price	-10% $1,077	-5% $963	+0% $850	+5% $737	+10% $624
Rent	-10% $527	-5% $688	+0% $850	+5% $1,012	+10% $1,174
Rate	-1.0pp $1,052	-0.5pp $952	base $850	+0.5pp $747	+1.0pp $641

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$4,096
Total (4 units)			$4,094

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: $100,000
• Closing costs: $12,000
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-19
   days on market $399,999 Active 20 DOM
2. 2026-06-18
   days on market $399,999 Active 19 DOM
3. 2026-06-17
   days on market $399,999 Active 18 DOM
4. 2026-06-16
   days on market $399,999 Active 17 DOM
5. 2026-06-15
   days on market $399,999 Active 16 DOM
6. 2026-06-14
   days on market $399,999 Active 14 DOM
7. 2026-06-13
   days on market $399,999 Active 13 DOM
8. 2026-06-10
   days on market $399,999 Active 11 DOM
9. 2026-06-09
   days on market $399,999 Active 10 DOM
10. 2026-06-08
    days on market $399,999 Active 9 DOM
11. 2026-06-07
    days on market $399,999 Active 8 DOM
12. 2026-06-05
    days on market $399,999 Active 5 DOM
13. 2026-06-03
    days on market $399,999 Active 4 DOM
14. 2026-06-02
    days on market $399,999 Active 3 DOM
15. 2026-06-01
    days on market $399,999 Active 2 DOM
16. 2026-05-31
    remarks 530-char remark
17. 2026-05-31
    listed $399,999 Active 1 DOM

ⓘ 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: $1,437 · $120/mo
• Projected year-2 tax: $1,640 · $137/mo
• Expected delta: +$203/yr (+$17/mo · 14.1%)

ⓘ 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 5/10 Major 7 d/yr ≥106°F today · 19 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 23% 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: $49,128
• − Mortgage interest: −$22,406
• − Property taxes: −$1,437
• − Insurance: −$2,000
• − Repairs & maintenance: −$3,930
• − Management: −$3,930
• − Depreciation: −$11,636
• Taxable income: $3,788
• Est. tax owed @ 24.0%: −$909
• After-tax cash flow: $9,293/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): 35,449
• Household income: $51,429
• Rent vs Own: 42.2% rent · 57.8% own
• Severe rent burden: 1386.0

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: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: White 47% Hispanic / Latino 24% Black 24% Two or more races 10% Native American 2%
• Hispanic origin (detail): Mexican 15% Puerto Rican 2%
• Common ancestry: Slovak 1% Italian 1% Lithuanian 1%
• Foreign-born: 10% · Canada
• Languages at home: 81% English-only · Spanish 18%

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: ▼ -89.26%
• Current HPI: 247.8437
• Rent YoY: ▲ 4.67%
• 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

+479.7% since first listed

14 events — show timeline

• 2026-05-30 Listed $399,999 Greater Alabama MLS
• 2026-03-31 Delisted — VMLS
• 2025-10-31 Price Changed $400,000 VMLS
• 2025-04-16 Price Changed $420,000 VMLS
• 2024-07-16 Listed $425,000 VMLS
• 2022-08-30 Sold (Public Records) $1,790,000 Public Records
• 2022-08-25 Sold (MLS) $400,000 VMLS
• 2022-06-27 Contingent — VMLS
• 2022-06-21 Listed $375,000 VMLS
• 2022-01-28 Sold (Public Records) $126,000 Public Records
• 2014-09-08 Sold (Public Records) $90,000 Public Records
• 2009-04-30 Sold (Public Records) $112,500 Public Records
• 2006-04-26 Sold (Public Records) $109,000 Public Records
• 2002-09-24 Sold (Public Records) $69,000 Public Records

Property tax history

+3.1%/yr

Latest (2025): $1,437 · +0.0% YoY. Source: county tax records.