2203 Allen Blvd · Gadsden, AL 35903

$222,500

4 bd · 1.0 ba · 2,160 sqft · Manufactured public records · 60 Days on market

Built 1996 0.34 ac lot $103/sqft · 11% below area Est $259k · 14% under ↓ 1% since listing

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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).

• ARV discount +13.8/15.0
• Cash flow +11.5/30.0
• DSCR +3.4/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• 1% rule +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks

Beautifully updated modular home on a permanent foundation! This move-in ready property features extensive upgrades throughout, including all-new plumbing, a new HVAC unit, and brand-new appliances. The interior has been refreshed with stylish LVP flooring, fresh paint, updated lighting, and new ceiling fans. Enjoy added comfort with new toilets, blinds, and a cozy wood-burning fireplace. Relax outdoors on the covered front porch/deck—perfect for morning coffee or evening unwinding. Don’t miss this turnkey home with modern updates and classic charm!

Key facts

• Covered front porch
• Updated modular home
• New hvac unit

Tags

• UPDATED MODULAR HOME
• NEW HVAC UNIT
• NEW APPLIANCES
• LVP FLOORING
• COZY WOOD-BURNING FIREPLACE
• COVERED FRONT PORCH

Property features AI

Finance

• Other: Subdivision: Metes And Bounds; Use GPS for directions
• HOA & community: No homeowners association

Exterior

• Parking: Gravel driveway
• Utilities: Septic tank sewer
• Home design: Single-family residence; One level; Modular construction; Built in 1996
• Construction: Modular construction; Built in 1996
• Exterior features: Public water; Lot approximately 155 x 95 (acres units listed)

Interior

• Kitchen: Range; Dishwasher
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Crawl space basement; One fireplace

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath manufactured listed at $222k.

Deal economics

• At list price, monthly cash flow is $-73 ($-875/yr) — negative.
• To cash-flow at today's rent, offer at most $210k (5.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $157k (29.4% below list).
• Recommended offer: $157k (29.4% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 59/100 on livability (#335 in AL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Gadsden City (urban): math 15% / reading 39% proficiency, ranked #87 of 129 in AL (top 67%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Adams Elementary School (math 8% / reading 22%, grade F, #508 of 627 statewide, top 84%, 423 students, 91% FRL); Litchfield Middle School (math 5% / reading 28%, grade F, #203 of 257 statewide, top 79%, 255 students, 91% FRL); Gadsden City High School (math 17% / reading 24%, grade F, #159 of 305 statewide, top 53%, 1,318 students, 76% FRL) — zoned schools average 86% FRL vs 66% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 101 active listings in the ZIP; 119 units permitted in Etowah County in 2024 (0 in 5+ unit buildings).

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.
• Etowah County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($216k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: moderate wind risk, 25% 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 $157,194 (29.4% 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. It's been on market 60 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
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. 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 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: 0.71% ✗
• Cap rate: 5.90%
• Cash-on-cash: -1.40%
• DSCR: 0.94
• GRM: 11.8

CMA / ARV

• ARV (median comp): $258,805
• List price: $222,500
• Delta: -14.03%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -18.7%
• Equity multiple: 0.34×
• Total profit: $-40,811
• Equity at exit: $33,175

10-year hold

• IRR: -11.2%
• Equity multiple: 0.33×
• Total profit: $-41,976
• Equity at exit: $19,238

Cash invested: $62,300 (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 35903

• Home prices YoY: -11.0%
• Active inventory: 101
• Price-to-rent: 11.8×

Monthly cashflow live

• Estimated rent: $1,572 medium
• Mortgage (P&I): −$1,167
• Tax from tax record: −$55 /mo · $662/yr
• Insurance: −$93
• HOA: −$0
• Vacancy / Maint / Mgmt: −$330
• Net cashflow: $-73

Break-even live

Break-even rent $1,664

Max offer price $209,623

Occupancy floor 100%

Sensitivity live

Price	-10% $53	-5% $-10	+0% $-73	+5% $-136	+10% $-199
Rent	-10% $-197	-5% $-135	+0% $-73	+5% $-11	+10% $51
Rate	-1.0pp $39	-0.5pp $-16	base $-73	+0.5pp $-131	+1.0pp $-189

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: $55,625
• Closing costs: $6,675
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-22
   days on market $222,500 Active 60 DOM
2. 2026-06-21
   days on market $222,500 Active 59 DOM
3. 2026-06-19
   days on market $222,500 Active 57 DOM
4. 2026-06-18
   days on market $222,500 Active 56 DOM
5. 2026-06-17
   days on market $222,500 Active 55 DOM
6. 2026-06-16
   days on market $222,500 Active 54 DOM
7. 2026-06-15
   days on market $222,500 Active 53 DOM
8. 2026-06-14
   days on market $222,500 Active 51 DOM
9. 2026-06-12
   days on market $222,500 Active 50 DOM
10. 2026-06-09
    days on market $222,500 Active 47 DOM
11. 2026-06-08
    days on market $222,500 Active 46 DOM
12. 2026-06-07
    days on market $222,500 Active 45 DOM
13. 2026-06-07
    days on market $222,500 Active 44 DOM
14. 2026-06-04
    days on market $222,500 Active 41 DOM
15. 2026-06-02
    days on market $222,500 Active 40 DOM
16. 2026-06-01
    days on market $222,500 Active 39 DOM
17. 2026-05-31
    days on market $222,500 Active 38 DOM
18. 2026-05-31
    days on market $222,500 Active 37 DOM
19. 2026-05-19
    price $222,500 567-char remark
20. 2026-05-18
    price $225,000 567-char remark
21. 2026-04-23
    listed $224,900 Active 567-char remark

ⓘ 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: $662 · $55/mo
• Projected year-2 tax: $912 · $76/mo
• Expected delta: +$250/yr (+$21/mo · 37.7%)

ⓘ 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 2/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥107°F today · 19 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 25% 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: $18,863
• − Mortgage interest: −$12,463
• − Property taxes: −$662
• − Insurance: −$1,112
• − Repairs & maintenance: −$1,509
• − Management: −$1,509
• − Depreciation: −$6,473
• Taxable loss: −$4,866
• Est. tax savings @ 24.0%: +$1,168
• After-tax cash flow: $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: Gadsden City
• NCES district ID: 0101620
• Math proficiency: 15% ▼ -27.00%
• Reading proficiency: 39% ▼ -2.00%
• Median HH income: $29,099
• Composite: 21.62/100
• National rank: #8292
• State rank: #87 of 129 in AL

Livability — Gadsden

• Score: 59/100
• State rank: #335
• US rank: #20131

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gadsden, AL
• Population (ZIP): 17,180

Population outlook (Etowah County) Hauer SSP2

• Today (2025): 100,500 people
• By 2030: 98,488 · -2.0%
• By 2040: 93,731 · -6.7%
• By 2050: 88,681 · -11.8%
• By 2075: 76,746 · -23.6%
• By 2100: 65,373 · -35.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (62%)
• Race & ethnicity: White 62% Black 31% Hispanic / Latino 4% Two or more races 4% Asian 1%
• Common ancestry: Italian 3% Slovak 2% Portuguese 1%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 4%

Political lean MEDSL · Etowah

• 2024 margin: Solid R (+55.7) · D 21.8% · R 77.5%
• 2008→2024 swing: -17.5pp toward R · 2008: -38.2pp · 2024: -55.7pp
• All cycles: 2024: R+55.7 2020: R+50.2 2016: R+50.1 2012: R+38.4 2008: R+38.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -29.07%
• Current HPI: 236.2537
• Rent YoY: —
• Metro: —
• 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

-1.1% since first listed

3 events — show timeline

• 2026-05-19 Price Changed $222,500 VMLS
• 2026-05-18 Price Changed $225,000 VMLS
• 2026-04-23 Listed $224,900 VMLS

Property tax history

+4.2%/yr

Latest (2025): $662 · -8.0% YoY. Source: county tax records.