2650 Ray St · Birmingham, AL 35224

$99,900

3 bd · 2.0 ba · 2,080 sqft · SingleFamily · 7 Days on market

Built 1998 2.00 ac lot

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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 +27.3/30.0
• DSCR +9.5/10.0
• ARV discount +7.5/15.0
• 1% rule +6.2/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome home to this well-maintained 3-bedroom, 2-bath 1998 Belmont manufactured home situated on approximately 1.7 acres in Birmingham! This property is set to qualify for FHA financing and offers the perfect combination of space, comfort, and affordability. Inside, you'll find an open-concept living room and kitchen that creates a welcoming atmosphere for everyday living and entertaining. The desirable split-bedroom floor plan provides added privacy for the primary suite. Updates include newer vinyl windows, a new HVAC system installed in 2025, and a newly constructed covered back deck—perfect for relaxing and enjoying the outdoors. Outside, the expansive lot features several storage buildings offering plenty of room for tools, hobbies, and equipment, along with an above-ground pool for summertime fun. Enjoy country-style living with convenient access to Birmingham amenities.

Key facts

• 2 acre lot
• Pool
• Built 1998

Property features AI

Finance

• Financial info: Fire fee included; Garbage fee included
• HOA & community: No association fee

Exterior

• Parking: Driveway parking
• Utilities: Public water; Septic system; Electric water heater; Internet service available
• Home design: Existing property; Siding (vinyl); Crawl space foundation; Property view: none; Flood plain: yes; Lot size: 2 acres; Subdivision: Minor
• Construction: Vinyl siding construction
• Exterior features: Covered deck; Above-ground personal pool; Storage building; No patio; No garden/patio

Interior

• Kitchen: Laminate countertops; Dishwasher (built-in); Electric oven; Electric stove; Refrigerator; Some stainless appliances
• Bedrooms: Master bedroom on main level; Two additional bedrooms on main level
• Flooring: Hardwood laminate; Tile; Vinyl
• Bathrooms: Two full bathrooms; Tub/shower combo
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Split bedroom layout; Workshop (exterior); Ceilings: Other (see remarks)
• Laundry & utility: Washer hookup; Electric dryer hookup; Laundry located on main level (closet)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $290 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Cap rate 9.8% vs local median 6.2% in Birmingham — 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 67/100 on livability (#78 in AL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities C-, crime F, employment F.
• Jefferson County (suburban): math 9% / reading 32% proficiency, ranked #104 of 129 in AL (top 81%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Minor Community School (math 2% / reading 17%, grade F, #568 of 627 statewide, top 94%, 409 students, 84% FRL); Minor High School (math 4% / reading 8%, grade F, #275 of 305 statewide, top 90%, 915 students, 84% FRL) — zoned schools average 84% FRL vs 49% district-wide (35 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 8% at this address vs 20% district-wide (-13 pts) — the specific schools serving this property underperform the Jefferson County average; the district grade overstates school quality for this exact location.
• Market conditions: 42 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 2,114 units permitted in Jefferson County in 2024 (556 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Jefferson County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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.
• Current owner paid $72k; 39% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $99,900

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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. 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.
5. 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.
6. 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: 1.12% ✓
• Cap rate: 9.78%
• Cash-on-cash: 12.46%
• DSCR: 1.55
• GRM: 7.4

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: 2.1%
• Equity multiple: 1.08×
• Total profit: $2,268
• Equity at exit: $14,895

10-year hold

• IRR: 11.7%
• Equity multiple: 1.92×
• Total profit: $25,621
• Equity at exit: $8,638

Cash invested: $27,972 (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 35224

• Home prices YoY: -16.2%
• Active inventory: 42
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $1,119 medium
• Mortgage (P&I): −$524
• Tax from tax record: −$28 /mo · $334/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$235
• Net cashflow: $290

Break-even live

Break-even rent $751

Max offer price $99,900

Occupancy floor 69%

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5320 Java Ave Birmingham, AL	3.0	1.0	1950	$1,100	$0.56	43d	1	0.81mi
5804 Norway Ave Birmingham, AL	2.0	2.0	1564	$1,200	$0.77	23d	1	1.00mi
504 Templeton Rd Birmingham, AL	3.0	2.0	1508	$950	$0.63	3d	1	1.03mi
1050 McDonald Chapel Rd Birmingham, AL	3.0	1.5	1454	$1,250	$0.86	23d	1	1.16mi

Listing history 6 events

1. 2026-06-18
   days on market $99,900 Active 7 DOM
2. 2026-06-17
   days on market $99,900 Active 6 DOM
3. 2026-06-16
   days on market $99,900 Active 5 DOM
4. 2026-06-15
   days on market $99,900 Active 4 DOM
5. 2026-06-13
   remarks 41-char remark
6. 2026-06-13
   listed $99,900 Active 2 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: $334 · $28/mo
• Projected year-2 tax: $410 · $34/mo
• Expected delta: +$76/yr (+$6/mo · 22.8%)

ⓘ 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 · 20 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 · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,424
• − Mortgage interest: −$5,596
• − Property taxes: −$334
• − Insurance: −$500
• − Repairs & maintenance: −$1,074
• − Management: −$1,074
• − Depreciation: −$2,906
• Taxable income: $1,941
• Est. tax owed @ 24.0%: −$466
• After-tax cash flow: $3,020/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: Jefferson County
• NCES district ID: 0101920
• Math proficiency: 9% ▼ -24.00%
• Reading proficiency: 32% ▼ -5.00%
• Median HH income: $51,712
• Composite: 18.4/100
• National rank: #8937
• State rank: #104 of 129 in AL

Livability — Birmingham

• Score: 67/100
• State rank: #78
• US rank: #10412

Category grades

Amenities C- Commute A+ 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

• City population: 210,422
• Population (ZIP): 5,409

Population outlook (Jefferson County) Hauer SSP2

• Today (2025): 669,185 people
• By 2030: 669,694 · +0.1%
• By 2040: 661,388 · -1.2%
• By 2050: 643,086 · -3.9%
• By 2075: 577,267 · -13.7%
• By 2100: 474,758 · -29.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (69%)
• Race & ethnicity: Black 69% White 22% Two or more races 5% Hispanic / Latino 3% Native American 1%
• Common ancestry: Slovak 0%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 3%

Political lean MEDSL · Jefferson

• 2024 margin: D (+10.4) · D 54.6% · R 44.2% · Other 1.2%
• 2008→2024 swing: +5.4pp toward D · 2008: 5.1pp · 2024: 10.4pp
• All cycles: 2024: D+10.4 2020: D+13.2 2016: D+7.2 2012: D+6.0 2008: D+5.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -24.47%
• Current HPI: 126.3423
• 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

+732.5% since first listed

4 events — show timeline

• 2026-06-11 Listed $99,900 SAARMLS
• 2026-06-11 Listed $99,900 Greater Alabama MLS
• 2019-09-09 Sold (Public Records) $72,000 Public Records
• 2011-02-09 Sold (Public Records) $12,000 Public Records

Property tax history

+4.7%/yr

Latest (2025): $334 · +0.0% YoY. Source: county tax records.