2437 Waterstone Cir · Auburn, AL 36832

$299,900

3 bd · 2.0 ba · 1,250 sqft · SingleFamily public records · 3 Days on market

Built 2009 9,583 sqft lot Est $272k · 10% over

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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 +12.7/30.0
• Schools +5.0/10.0
• Rent growth +4.0/5.0
• Livability +4.0/5.0
• DSCR +3.8/10.0
• ARV discount +3.0/15.0
• 1% rule +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this charming 3-bedroom, 2-bathroom home nestled within the desirable Lundy Chase subdivision. Ideal for first-time home buyers, new families, and investors alike, this property offers a blend of comfort and convenience. The low-maintenance design ensures ease of living, while the exquisite granite countertops and modern stainless steel appliances in the kitchen add a touch of luxury. The warmth of wood flooring in the living area creates an inviting atmosphere, complemented by plush carpeting in the bedrooms for added coziness. The true master bedroom boasts a generously sized suite bathroom, providing a private retreat. Step outside to discover a beautiful backyard oasis with ample space for relaxation and entertainment. This home, is being utilized as a rental property, presents a fantastic investment opportunity.

Key facts

• New exterior paint
• Neighborhood pool
• New roof

Tags

• NEW ROOF
• NEW EXTERIOR PAINT
• LARGE FENCED BACKYARD
• NEIGHBORHOOD POOL
• PLAYGROUND

Property features AI

Finance

• HOA & community: Homeowners association with pool and other community amenities

Exterior

• Utilities: Cable available; Electricity available; Water available
• Home design: Residential property; One-story
• Construction: Cement siding; Slab foundation; Built as single-level (one story)
• Exterior features: Storage; Front porch; Patio; Back yard fencing; Community pool

Interior

• Kitchen: Cooktop; Electric range; Oven; Microwave; Dishwasher; Disposal
• Flooring: Carpet; Ceramic tile; Wood
• Bathrooms: 2 full bathrooms; 2 main-level bathrooms
• Heating & cooling: Heat pump heating; Heat pump cooling; Ceiling fan cooling
• Interior features: Ceiling fans; Pantry; Window treatments
• Laundry & utility: Washer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $300k.

Deal economics

• At list price, monthly cash flow is $-30 ($-366/yr) — negative.
• To cash-flow at today's rent, offer at most $295k (1.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $225k (25.1% below list).
• Recommended offer: $225k (25.1% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 2.7% in Auburn — 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 80/100 on livability (#6 in AL, #1,842 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, health & safety A+; Watch: commute F.
• Auburn City (urban): math 51% / reading 69% proficiency, ranked #7 of 129 in AL (top 5%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Margaret Yarbrough Elementary School (math 56% / reading 74%, grade B+, #40 of 627 statewide, top 7%, 518 students, 34% FRL); Drake Middle School (math 44% / reading 69%, grade B, #16 of 257 statewide, top 6%, 711 students, 31% FRL); Auburn High School (math 54% / reading 50%, grade D+, #11 of 305 statewide, top 4%, 2,143 students, 27% FRL).
• Market conditions: Rents rising fast (+6.2%/yr); 368 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 1,858 units permitted in Lee County in 2024 (113 in 5+ unit buildings).
• At $2,246/mo this rent would consume 63% of the median local household income ($43k/yr) (locally 2503% 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 $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Lee County population projected at +54% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 3y 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.
• Current owner paid $250k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 65% chance of damaging wind over 30y; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $224,627 (25.1% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 0.75% ✗
• Cap rate: 6.17%
• Cash-on-cash: -0.44%
• DSCR: 0.98
• GRM: 11.1

CMA / ARV

• ARV (on-the-fly): $272,500
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2437 Waterstone Cir	0.00mi	3/2.0	1,259 (+1%)	1mo	$299,900	$238	98
2475 Waterstone Cir	0.04mi	3/2.0	1,260 (+1%)	12mo	$275,000	$218	86
2381 Waterstone Cir	0.05mi	3/2.0	1,200 (-4%)	10mo	$276,500	$230	83
837 Berkshire Ct	0.70mi	3/2.0	1,401 (+12%)	9mo	$301,000	$215	40
2431 Churchill Cir	0.64mi	3/2.0	1,427 (+14%)	16mo	$295,000	$207	34

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 6.18% rent growth · sell at horizon

5-year hold

• IRR: -14.0%
• Equity multiple: 0.48×
• Total profit: $-43,252
• Equity at exit: $44,716

10-year hold

• IRR: -1.3%
• Equity multiple: 0.90×
• Total profit: $-8,206
• Equity at exit: $25,930

Cash invested: $83,972 (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 36832

• Home prices YoY: -23.3%
• Rents YoY: 6.2%
• Active inventory: 368
• Price-to-rent: 11.1×

Monthly cashflow live

• Estimated rent: $2,246 medium
• Mortgage (P&I): −$1,573
• Tax from tax record: −$107 /mo · $1,288/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$472
• Net cashflow: $-30

Break-even live

Break-even rent $2,285

Max offer price $294,516

Occupancy floor 96%

Sensitivity live

Price	-10% $139	-5% $54	+0% $-30	+5% $-115	+10% $-200
Rent	-10% $-208	-5% $-119	+0% $-30	+5% $58	+10% $147
Rate	-1.0pp $121	-0.5pp $46	base $-30	+0.5pp $-108	+1.0pp $-187

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: $74,975
• Closing costs: $8,997
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1550 Richland Rd Auburn, AL	4.0	1.0–3.5	1157	$2,650	$2.29	15d	97	1.08mi
577 Piper Ave Auburn, AL	3.0	2.0	1289	$2,550	$1.98	23d	1	1.34mi
Northpointe Dr Auburn, AL	4.0	4.0	1800	$1,450	$0.81	45d	1	1.37mi
981 Pleasant Ave Auburn, AL	3.0	2.0	1268	$1,650	$1.30	45d	1	1.47mi

Listing history 6 events

1. 2026-05-06
   status Pending
2. 2026-05-03
   listed $299,900 Active
3. 2023-10-31
   soldstatus $250,000 Closed 839-char remark

   Show marketing remark (839 chars)

   Welcome to this charming 3-bedroom, 2-bathroom home nestled within the desirable Lundy Chase subdivision. Ideal for first-time home buyers, new families, and investors alike, this property offers a blend of comfort and convenience. The low-maintenance design ensures ease of living, while the exquisite granite countertops and modern stainless steel appliances in the kitchen add a touch of luxury. The warmth of wood flooring in the living area creates an inviting atmosphere, complemented by plush carpeting in the bedrooms for added coziness. The true master bedroom boasts a generously sized suite bathroom, providing a private retreat. Step outside to discover a beautiful backyard oasis with ample space for relaxation and entertainment. This home, is being utilized as a rental property, presents a fantastic investment opportunity.

4. 2023-09-05
   status Pending 839-char remark

   Show marketing remark (839 chars)

   Welcome to this charming 3-bedroom, 2-bathroom home nestled within the desirable Lundy Chase subdivision. Ideal for first-time home buyers, new families, and investors alike, this property offers a blend of comfort and convenience. The low-maintenance design ensures ease of living, while the exquisite granite countertops and modern stainless steel appliances in the kitchen add a touch of luxury. The warmth of wood flooring in the living area creates an inviting atmosphere, complemented by plush carpeting in the bedrooms for added coziness. The true master bedroom boasts a generously sized suite bathroom, providing a private retreat. Step outside to discover a beautiful backyard oasis with ample space for relaxation and entertainment. This home, is being utilized as a rental property, presents a fantastic investment opportunity.

5. 2023-08-28
   listed $259,900 Active 839-char remark

   Show marketing remark (839 chars)

   Welcome to this charming 3-bedroom, 2-bathroom home nestled within the desirable Lundy Chase subdivision. Ideal for first-time home buyers, new families, and investors alike, this property offers a blend of comfort and convenience. The low-maintenance design ensures ease of living, while the exquisite granite countertops and modern stainless steel appliances in the kitchen add a touch of luxury. The warmth of wood flooring in the living area creates an inviting atmosphere, complemented by plush carpeting in the bedrooms for added coziness. The true master bedroom boasts a generously sized suite bathroom, providing a private retreat. Step outside to discover a beautiful backyard oasis with ample space for relaxation and entertainment. This home, is being utilized as a rental property, presents a fantastic investment opportunity.

6. 2022-04-08
   price $1,500

ⓘ 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: $1,288 · $107/mo
• Projected year-2 tax: $1,288 · $107/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 ≥104°F today · 21 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 65% 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: $26,955
• − Mortgage interest: −$16,799
• − Property taxes: −$1,288
• − Insurance: −$1,500
• − Repairs & maintenance: −$2,156
• − Management: −$2,156
• − Depreciation: −$8,724
• Taxable loss: −$5,669
• Est. tax savings @ 24.0%: +$1,361
• After-tax cash flow: $995/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: Auburn City
• NCES district ID: 0100210
• Math proficiency: 51% ▼ -21.00%
• Reading proficiency: 69% ▲ 5.00%
• Median HH income: $38,126
• Composite: 49.87/100
• National rank: #1944
• State rank: #7 of 129 in AL

Livability — Auburn

• Score: 80/100
• State rank: #6
• US rank: #1842

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Auburn, AL
• County: Lee County · 144,175 people
• City population: 80,251
• Metro: Auburn-Opelika, AL
• Population (ZIP): 30,959
• Household income: $42,717
• Rent vs Own: 49.4% rent · 50.6% own
• Severe rent burden: 2503.0

Population outlook (Lee County) Hauer SSP2

• Today (2025): 196,440 people
• By 2030: 217,417 · +10.7%
• By 2040: 259,467 · +32.1%
• By 2050: 301,557 · +53.5%
• By 2075: 402,186 · +104.7%
• By 2100: 474,503 · +141.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 59% Black 26% Asian 6% Hispanic / Latino 6% Two or more races 4%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Italian 3% Slovak 2% Serbian 1%
• Foreign-born: 8% · South Korea, Canada, China
• Languages at home: 89% English-only · Spanish 4% Korean 2% Chinese 1%

Political lean MEDSL · Lee

• 2024 margin: Strong R (+27.8) · D 35.5% · R 63.3% · Other 1.2%
• 2008→2024 swing: -8.1pp toward R · 2008: -19.8pp · 2024: -27.8pp
• All cycles: 2024: R+27.8 2020: R+20.1 2016: R+23.1 2012: R+19.9 2008: R+19.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -75.65%
• Current HPI: 248.9059
• Rent YoY: ▲ 6.18%
• Metro: Auburn-Opelika, 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

+19893.3% since first listed

6 events — show timeline

• 2026-05-06 Pending — LCMLS
• 2026-05-03 Listed $299,900 LCMLS
• 2023-10-31 Sold (MLS) $250,000 LCMLS
• 2023-09-05 Pending — LCMLS
• 2023-08-28 Listed $259,900 LCMLS
• 2022-04-08 Price Changed $1,500 RENT.

Property tax history

+5.8%/yr

Latest (2025): $1,288 · -46.0% YoY. Source: county tax records.