1605 Morning Sun Cir #1605 · Meadowbrook, AL 35242

$175,000

2 bd · 2.0 ba · 1,136 sqft · Condo · 2 Days on market

Built 1985 Good condition

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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 +13.2/30.0
• ARV discount +7.5/15.0
• DSCR +4.0/10.0
• Condition / age +4.0/5.0
• Schools +3.9/10.0
• 1% rule +3.7/10.0
• Livability +3.2/5.0
• Rent growth +2.7/5.0
• Appreciation +0.0/10.0

Listing remarks

Beautifully updated main-level condo nestled in the heart of Meadow Brook. Offering 2 bedrooms and 2 full baths with sand and finish hardwood floors and new windows throughout! The kitchen features granite countertops and an open floorplan. Enjoy your morning coffee or unwind after a long day on the screened porch overlooking a peaceful, wooded setting. Located just minutes from Hwy 280, Valleydale Rd, shopping, dining, and entertainment, this community also offers access to neighborhood amenities, including a community pool and tennis courts. With no stairs to navigate and an unbeatable location, this home is ideal for first-time buyers, downsizers, investors, or anyone seeking easy living

Key facts

• Easy living
• Community pool
• Tennis courts

Tags

• UPDATED MAIN-LEVEL CONDO
• SCREENED PORCH
• WOODED SETTING
• COMMUNITY POOL
• TENNIS COURTS
• EASY LIVING

Property features AI

Finance

• Other: Property access via curb and gutters on paved road
• Financial info: Annual fire fee ($495); Annual library fee ($15)
• HOA & community: Monthly condo fee of $311; Fees cover garbage collection, common grounds maintenance, building insurance, management fee, recreation facility, reserves for improvements, and utilities for common areas

Exterior

• Parking: Unassigned uncovered parking
• Utilities: Public water; Connected sewer; Underground utilities; Electric water heater; Internet service available
• Home design: Condominium unit (Unit 1605); Single-story living (all main-level rooms listed); One condo level; Existing construction; Subdivision: Horizon Condominiums; 1 side brick and wood siding exterior
• Construction: Crawl space foundation
• Exterior features: Community in-ground pool with perimeter fencing; Covered, screened deck; No patio; No garden/patio; Clubhouse; Sidewalks; Street lights; Tennis courts; Curb and gutters; Paved road; Flood plain: No

Interior

• Kitchen: Stone countertops; Breakfast bar; Pantry; Built-in dishwasher; Built-in microwave; Electric oven; Electric stove; Some stainless steel appliances
• Bedrooms: Master bedroom on main level; Additional bedroom on main level
• Flooring: Carpet; Hardwood; Tile
• Bathrooms: Two full bathrooms; Tub/shower combo
• Heating & cooling: Central heating; Central cooling
• Interior features: Smooth ceilings; No attic; Has laundry
• Laundry & utility: Washer hookup; Electric dryer hookup; Laundry located on main level in a closet

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $175k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-4 ($-54/yr) — negative.
• To cash-flow at today's rent, offer at most $174k (0.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $153k (12.8% below list).
• Recommended offer: $153k (12.8% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 4.0% in Meadowbrook — 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 63/100 on livability (#172 in AL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Shelby County (suburban): math 30% / reading 58% proficiency, ranked #16 of 129 in AL (top 12%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Inverness Elementary School (math 47% / reading 72%, grade B-, #63 of 627 statewide, top 10%, 582 students, 29% FRL); Oak Mountain High School (math 52% / reading 52%, grade D+, #11 of 305 statewide, top 4%, 1,561 students, 22% FRL) — zoned schools at 26% FRL track the district average.
• Market conditions: Rents flat; 399 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 987 units permitted in Shelby County in 2024 (0 in 5+ unit buildings).
• This rent is only 16% of the median local income ($117k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Shelby County population projected at +23% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

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 $152,521 (12.8% 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. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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?
6. 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.
7. 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.
8. 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: 0.87% ✗
• Cap rate: 6.26%
• Cash-on-cash: -0.11%
• DSCR: 1.00
• GRM: 9.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.81% rent growth · sell at horizon

5-year hold

• IRR: -19.0%
• Equity multiple: 0.35×
• Total profit: $-31,908
• Equity at exit: $26,093

10-year hold

• IRR: -16.7%
• Equity multiple: 0.16×
• Total profit: $-40,975
• Equity at exit: $15,131

Cash invested: $49,000 (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 35242

• Home prices YoY: -32.7%
• Rents YoY: 0.8%
• Active inventory: 399
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $1,525 high
• Mortgage (P&I): −$918
• Tax est. 1.5%: −$219 /mo · $2,625/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$320
• Net cashflow: $-4

Break-even live

Break-even rent $1,531

Max offer price $174,353

Occupancy floor 95%

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
817 Morning Sun Dr Birmingham, AL	2.0	1.0	882	$1,300	$1.47	23d	1	0.10mi
3 Greenhill Pkwy Birmingham, AL	2.0	1.0–2.0	650	$1,299	$2.00	3d	8	0.72mi
100 Inverness Ln Birmingham, AL	1.0–3.0	1.0–2.0	1175	$1,208	$1.03	1d	1	0.83mi
1 Eagle Ridge Dr Birmingham, AL	1.0–2.0	1.0–2.0	914	$1,413	$1.55	1d	17	0.84mi
1 Brook Highland Ln Birmingham, AL	1.0–3.0	1.0–2.0	1153	$1,288	$1.12	43d	1	0.89mi
1 Meadow Dr Birmingham, AL	1.0–3.0	1.0–2.0	1153	$1,294	$1.12	43d	1	0.91mi
3100 Heatherbrooke Rd Birmingham, AL	1.0–3.0	1.0–2.0	995	$1,562	$1.57	1d	50	1.00mi
1164 Windsor Sq Birmingham, AL	3.0	3.0	1435	$2,399	$1.67	1d	1	1.01mi
1022 Windsor Dr Birmingham, AL	3.0	3.0	1380	$2,123	$1.54	43d	1	1.03mi
1026 Windsor Dr Unit 1026 Meadowbrook, AL	3.0	3.0	1430	$2,390	$1.67	19d	1	1.03mi
1026 Windsor Dr Meadowbrook, AL	3.0	3.0	1435	$2,295	$1.60	1d	1	1.05mi
850 Shoal Run Trl Birmingham, AL	1.0–2.0	1.0–2.0	875	$1,299	$1.48	43d	1	1.20mi
1 Lake Heather Reserve Birmingham, AL	1.0–3.0	1.0–2.0	1119	$1,684	$1.50	1d	16	1.21mi
801 Cahaba Forest Cv Birmingham, AL	1.0–3.0	1.0–2.0	1054	$1,252	$1.19	3d	24	1.42mi
120 Whitby Ln Birmingham, AL	1.0–3.0	1.0–3.0	1130	$2,650	$2.34	1d	51	1.45mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 3 events

1. 2026-06-18
   days on market $175,000 Active 2 DOM
2. 2026-06-17
   remarks 699-char remark
3. 2026-06-17
   listed $175,000 Active 1 DOM

ⓘ 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 2/10 Low
• 🌡 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 4/10 Moderate 5 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,303
• − Mortgage interest: −$9,803
• − Property taxes: −$2,625
• − Insurance: −$875
• − Repairs & maintenance: −$1,464
• − Management: −$1,464
• − Depreciation: −$5,091
• Taxable loss: −$3,020
• Est. tax savings @ 24.0%: +$725
• After-tax cash flow: $671/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

Good 80/100 Cosmetic rehab

This beautifully updated townhouse in Meadow Brook offers 2 bedrooms and 2 full baths with hardwood floors and new windows. The location is ideal for first-time buyers, downsizers, and investors.

Value-add opportunities

• Both Paint exterior brick — Enhances curb appeal and value
• Both Replace ceiling fans with modern fixtures — Modernizes the space and adds value
• Both Install smart home devices — Improves convenience and adds value

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior brick — Enhances curb appeal and value ↑
• Both Replace ceiling fans with modern fixtures — Modernizes the space and adds value ↑
• Both Install smart home devices — Improves convenience and adds 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: Shelby County
• NCES district ID: 0103030
• Math proficiency: 30% ▼ -28.00%
• Reading proficiency: 58% ▲ 2.00%
• Median HH income: $66,672
• Composite: 39.29/100
• National rank: #3995
• State rank: #16 of 129 in AL

Livability — Meadowbrook

• Score: 63/100
• State rank: #172
• US rank: #14884

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Meadowbrook, AL
• County: Shelby County · 188,970 people
• Metro: Birmingham-Hoover, AL
• Population (ZIP): 57,374
• Household income: $117,047
• Rent vs Own: 26.8% rent · 73.2% own
• Severe rent burden: 1518.0

Population outlook (Shelby County) Hauer SSP2

• Today (2025): 237,024 people
• By 2030: 249,868 · +5.4%
• By 2040: 272,778 · +15.1%
• By 2050: 291,062 · +22.8%
• By 2075: 326,049 · +37.6%
• By 2100: 335,870 · +41.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Black 10% Two or more races 4% Asian 4% Hispanic / Latino 4%
• Common ancestry: Slovak 4% Lithuanian 3% Italian 2%
• Foreign-born: 6% · Canada, China, Vietnam
• Languages at home: 93% English-only · Spanish 3% Other Indo-European 1% Chinese 1%

Political lean MEDSL · Shelby

• 2024 margin: Solid R (+40.9) · D 29.0% · R 69.9% · Other 1.1%
• 2008→2024 swing: +12.6pp toward D · 2008: -53.4pp · 2024: -40.9pp
• All cycles: 2024: R+40.9 2020: R+40.4 2016: R+50.3 2012: R+55.6 2008: R+53.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -101.14%
• Current HPI: 208.0564
• Rent YoY: ▲ 0.81%
• 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

• 2026-06-16 Listed $175,000 Greater Alabama MLS