203 Harold Dr · Decatur, AL 35603

$159,999

3 bd · 2.0 ba · 1,120 sqft · Land · 34 Days on market

Built 1988 0.80 ac lot

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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 +13.8/30.0
• ARV discount +7.5/15.0
• DSCR +4.2/10.0
• 1% rule +3.9/10.0
• Livability +3.6/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Looking for space without giving up convenience? This one checks all the boxes! Sitting on . 8 acres, this 3 bed, 2 full bath home features an open floor plan, private master suite, huge front and back yards, storage building, and even a storm shelter. Country vibes with city access - don't miss this one!

Key facts

• Open floor plan
• Private master suite
• Storage building

Tags

• OPEN FLOOR PLAN
• PRIVATE MASTER SUITE
• HUGE FRONT AND BACK YARDS
• STORAGE BUILDING
• STORM SHELTER

Property features AI

Finance

• Other: Property includes 1,120 square feet of living area
• HOA & community: No association; Located in the Stone Acres subdivision

Exterior

• Parking: Gravel driveway
• Utilities: Septic tank
• Home design: Manufactured home (residential); Built in 1988
• Construction: See remarks for foundation details
• Exterior features: Covered patio; Front porch; Private pool; 0.8-acre lot

Interior

• Bathrooms: Two full bathrooms
• Heating & cooling: Central heating; Multiple window air conditioning units
• Interior features: Seven total rooms; Storm shelter

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath land listed at $160k.

Deal economics

• At list price, monthly cash flow is $15 ($182/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $142k (11.3% below list).
• Recommended offer: $142k (11.3% below list) — sets the bar for 1% rule.
• Cap rate 6.4% 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.
• Morgan County (rural): math 19% / reading 43% proficiency, ranked #61 of 129 in AL (top 47%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: West Morgan Elementary School (math 22% / reading 42%, grade F, #331 of 627 statewide, top 57%, 616 students, 70% FRL); West Morgan Middle School (math 9% / reading 34%, grade F, #185 of 257 statewide, top 73%, 426 students, 71% FRL); West Morgan High School (math 2% / reading 12%, grade F, #265 of 305 statewide, top 89%, 438 students, 65% FRL) — zoned schools average 69% FRL vs 44% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 403 active listings in the ZIP; solid renter incomes; 231 units permitted in Morgan County in 2024 (0 in 5+ unit buildings).

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.
• 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 34 days — a 3% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $23k; list at $160k implies a 596% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $141,883 (11.3% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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: 0.89% ✗
• Cap rate: 6.41%
• Cash-on-cash: 0.41%
• DSCR: 1.02
• GRM: 9.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -15.6%
• Equity multiple: 0.44×
• Total profit: $-24,940
• Equity at exit: $23,856

10-year hold

• IRR: -7.2%
• Equity multiple: 0.54×
• Total profit: $-20,387
• Equity at exit: $13,834

Cash invested: $44,800 (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: 403
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $1,419 medium
• Mortgage (P&I): −$839
• Tax est. 1.5%: −$200 /mo · $2,400/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$298
• Net cashflow: $15

Break-even live

Break-even rent $1,400

Max offer price $159,999

Occupancy floor 94%

Sensitivity live

Price	-10% $126	-5% $70	+0% $15	+5% $-40	+10% $-95
Rent	-10% $-97	-5% $-41	+0% $15	+5% $71	+10% $127
Rate	-1.0pp $96	-0.5pp $56	base $15	+0.5pp $-26	+1.0pp $-68

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: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-21
   days on market $159,999 Active 34 DOM
2. 2026-06-18
   days on market $159,999 Active 31 DOM
3. 2026-06-17
   days on market $159,999 Active 30 DOM
4. 2026-06-16
   days on market $159,999 Active 29 DOM
5. 2026-06-15
   days on market $159,999 Active 28 DOM
6. 2026-06-14
   days on market $159,999 Active 26 DOM
7. 2026-06-13
   days on market $159,999 Active 25 DOM
8. 2026-06-10
   days on market $159,999 Active 23 DOM
9. 2026-06-09
   days on market $159,999 Active 22 DOM
10. 2026-06-08
    days on market $159,999 Active 21 DOM
11. 2026-06-07
    days on market $159,999 Active 20 DOM
12. 2026-06-02
    days on market $159,999 Active 15 DOM
13. 2026-06-01
    days on market $159,999 Active 14 DOM
14. 2026-05-31
    days on market $159,999 Active 13 DOM
15. 2026-05-30
    days on market $159,999 Active 12 DOM
16. 2026-05-18
    listed $159,999 Active
17. 2002-01-28
    soldstatus $23,000

ⓘ 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 5/10 Major
• 🌡 Heat 5/10 Major 7 d/yr ≥105°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: $17,026
• − Mortgage interest: −$8,962
• − Property taxes: −$2,400
• − Insurance: −$800
• − Repairs & maintenance: −$1,362
• − Management: −$1,362
• − Depreciation: −$4,655
• Taxable loss: −$2,515
• Est. tax savings @ 24.0%: +$604
• After-tax cash flow: $786/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: Morgan County
• NCES district ID: 0102480
• Math proficiency: 19% ▼ -28.00%
• Reading proficiency: 43% ▼ -3.00%
• Median HH income: $47,362
• Composite: 26.68/100
• National rank: #7157
• State rank: #61 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

• 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

+595.6% since first listed

2 events — show timeline

• 2026-05-18 Listed $159,999 VMLS
• 2002-01-28 Sold (Public Records) $23,000 Public Records

Property tax history

+1.3%/yr

Latest (2025): $110 · +70.5% YoY. Source: county tax records.