510 Grove Park Dr · Montgomery, AL 36109

$185,000

4 bd · 2.0 ba · 2,569 sqft · SingleFamily public records · 110 Days on market

Built 1959 0.39 ac lot $72/sqft · 12% below area Est $215k · 14% under

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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 +18.5/30.0
• ARV discount +13.8/15.0
• DSCR +5.8/10.0
• 1% rule +4.0/10.0
• Rent growth +3.2/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

For Lovers of Mid Century! This 4 large- bedroom/2.5 bath, 2600 square feet + home has been meticulously kept to its original glory with beautiful dark wood and timeless tiled bathrooms. Space is no issue, with 2 living areas and an add-on bonus room, perfect for extra entertainment. The home sits on a large corner lot complete with back patio and detached garage/workshop. Just minutes away from Gunter AFB, schools, shopping, restaurants, the local YMCA, and just a few miles from Maxwell AFB! The craftmanship of the time can't be missed with this home! Schedule a showing today and step back in time to this retro residence!

Key facts

• Dark wood
• Large corner lot
• Bonus room

Tags

• MID CENTURY
• DARK WOOD
• TILED BATHROOMS
• TWO LIVING AREAS
• BONUS ROOM
• LARGE CORNER LOT

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $185k.

Deal economics

• At list price, monthly cash flow is $176 ($2k/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 $166k (10.5% below list).
• Recommended offer: $166k (10.5% below list) — sets the bar for 1% rule.
• Cap rate 7.4% vs local median 6.0% in Montgomery — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 65/100 on livability (#138 in AL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools C-, employment D, crime F.
• Montgomery County (urban): math 9% / reading 31% proficiency, ranked #106 of 129 in AL (top 82%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+2.6%/yr); 207 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; 460 units permitted in Montgomery County in 2024 (37 in 5+ unit buildings).
• This rent runs 34% of the median local income ($59k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Montgomery County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 110 days — a 9% lower offer ($168k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 20y ago; this cycle's ask has dropped $35k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $160k; 16% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1959 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% 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 $165,652 (10.5% below list)

Questions for the listing agent

1. It's been on market 110 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
2. Built in 1959 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 0.90% ✗
• Cap rate: 7.43%
• Cash-on-cash: 4.07%
• DSCR: 1.18
• GRM: 9.3

CMA / ARV

• ARV (median comp): $214,895
• List price: $185,000
• Delta: -13.91%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
526 Wakefield Dr	0.20mi	3/2.0 (-1)	2,470 (-4%)	3mo	$242,500	$98	77
532 Wakefield Dr	0.21mi	3/2.0 (-1)	2,549 (-1%)	9mo	$234,500	$92	76
504 Wakefield Dr	0.20mi	5/3.5 (+1)	2,625 (+2%)	0mo	$275,000	$105	76
3918 Marie Cook Dr	0.29mi	4/3.5	2,750 (+7%)	0mo	$268,000	$97	68
552 Chatsworth Dr	0.17mi	4/2.5	2,916 (+14%)	4mo	$269,000	$92	64
4245 Camellia Dr	0.44mi	4/2.5	2,784 (+8%)	1mo	$221,900	$80	63
3913 Marie Cook Dr	0.33mi	4/2.0	2,333 (-9%)	10mo	$260,000	$111	61
3764 Marie Cook Dr	0.58mi	3/2.5 (-1)	2,401 (-6%)	1mo	$219,000	$91	54
3943 Samantha Dr	0.43mi	4/2.0	2,265 (-12%)	8mo	$289,000	$128	54
3855 Marie Cook Dr	0.44mi	4/2.0	2,204 (-14%)	3mo	$225,000	$102	54
3748 Freeman Ct	0.56mi	3/2.0 (-1)	2,297 (-11%)	9mo	$270,000	$118	44
3741 Lewis Ln	0.70mi	4/3.0	2,850 (+11%)	6mo	$225,000	$79	40

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 · 2.65% rent growth · sell at horizon

5-year hold

• IRR: -10.3%
• Equity multiple: 0.62×
• Total profit: $-19,430
• Equity at exit: $27,584

10-year hold

• IRR: -1.5%
• Equity multiple: 0.90×
• Total profit: $-5,137
• Equity at exit: $15,995

Cash invested: $51,800 (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 36109

• Home prices YoY: -20.1%
• Rents YoY: 2.6%
• Active inventory: 207
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $1,657 high
• Mortgage (P&I): −$970
• Tax from tax record: −$86 /mo · $1,028/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$348
• Net cashflow: $176

Break-even live

Break-even rent $1,434

Max offer price $185,000

Occupancy floor 84%

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3944 Johnstown Dr Montgomery, AL	3.0	2.0	1912	$1,275	$0.67	44d	1	0.16mi
570 Chatsworth Dr Montgomery, AL	4.0	2.0	2845	$1,700	$0.60	13d	1	0.24mi
4056 Wares Ferry Rd Montgomery, AL	3.0	2.0	1800	$1,500	$0.83	13d	1	0.38mi
3806 Marie Cook Dr Montgomery, AL	3.0	2.0	1791	$1,675	$0.94	13d	1	0.54mi
3760 Dalraida Pkwy Montgomery, AL	4.0	2.5	1900	$1,850	$0.97	44d	1	0.54mi
3801 Cedar Ave Montgomery, AL	3.0	2.0	1818	$1,681	$0.92	21d	1	0.65mi
3614 Princess Ann St Montgomery, AL	4.0	2.0	1928	$1,581	$0.82	13d	1	0.86mi
1007 Highpoint Rd Montgomery, AL	4.0	2.0	2089	$1,581	$0.76	13d	1	1.18mi
3667 Willow Lane Dr Montgomery, AL	5.0	3.0	2565	$1,850	$0.72	44d	1	1.23mi
931 Whitehall Pkwy Montgomery, AL	4.0	3.0	2403	$1,800	$0.75	44d	1	1.31mi
560 Farmington Rd Montgomery, AL	4.0	2.0	2161	$1,695	$0.78	13d	1	1.39mi
572 Farmington Rd Montgomery, AL	3.0	2.0	2106	$1,495	$0.71	44d	1	1.42mi

Listing history 22 events

1. 2026-06-18
   status $185,000 Pending 110 DOM
2. 2026-06-17
   days on market $185,000 Contingent 110 DOM
3. 2026-06-16
   status $185,000 Contingent 109 DOM
4. 2026-06-16
   days on market $185,000 Active 109 DOM
5. 2026-06-15
   days on market $185,000 Active 108 DOM
6. 2026-06-14
   days on market $185,000 Active 106 DOM
7. 2026-06-13
   days on market $185,000 Active 105 DOM
8. 2026-06-10
   days on market $185,000 Active 103 DOM
9. 2026-06-09
   days on market $185,000 Active 102 DOM
10. 2026-06-08
    days on market $185,000 Active 101 DOM
11. 2026-06-07
    statusdays on market $185,000 Active 100 DOM
12. 2026-06-03
    days on market $185,000 Contingent 96 DOM
13. 2026-06-02
    days on market $185,000 Contingent 95 DOM
14. 2026-06-01
    days on market $185,000 Contingent 94 DOM
15. 2026-05-31
    days on market $185,000 Contingent 93 DOM
16. 2026-05-30
    days on market $185,000 Contingent 92 DOM
17. 2026-04-17
    price $185,000 630-char remark

    Show marketing remark (630 chars)

    For Lovers of Mid Century! This 4 large- bedroom/2.5 bath, 2600 square feet + home has been meticulously kept to its original glory with beautiful dark wood and timeless tiled bathrooms. Space is no issue, with 2 living areas and an add-on bonus room, perfect for extra entertainment. The home sits on a large corner lot complete with back patio and detached garage/workshop. Just minutes away from Gunter AFB, schools, shopping, restaurants, the local YMCA, and just a few miles from Maxwell AFB! The craftmanship of the time can't be missed with this home! Schedule a showing today and step back in time to this retro residence!

18. 2026-04-03
    price $199,900 630-char remark

    Show marketing remark (630 chars)

    For Lovers of Mid Century! This 4 large- bedroom/2.5 bath, 2600 square feet + home has been meticulously kept to its original glory with beautiful dark wood and timeless tiled bathrooms. Space is no issue, with 2 living areas and an add-on bonus room, perfect for extra entertainment. The home sits on a large corner lot complete with back patio and detached garage/workshop. Just minutes away from Gunter AFB, schools, shopping, restaurants, the local YMCA, and just a few miles from Maxwell AFB! The craftmanship of the time can't be missed with this home! Schedule a showing today and step back in time to this retro residence!

19. 2026-02-27
    listed $219,900 Active 630-char remark

    Show marketing remark (630 chars)

    For Lovers of Mid Century! This 4 large- bedroom/2.5 bath, 2600 square feet + home has been meticulously kept to its original glory with beautiful dark wood and timeless tiled bathrooms. Space is no issue, with 2 living areas and an add-on bonus room, perfect for extra entertainment. The home sits on a large corner lot complete with back patio and detached garage/workshop. Just minutes away from Gunter AFB, schools, shopping, restaurants, the local YMCA, and just a few miles from Maxwell AFB! The craftmanship of the time can't be missed with this home! Schedule a showing today and step back in time to this retro residence!

20. 2006-05-26
    soldstatus $160,000
21. 2006-05-12
    soldstatus $160,000 1325-char remark

    Show marketing remark (1325 chars)

    Lovely well maintained home with large, spacious rooms with many distinctive features. The living room/dining room combination has crown molding as well as the master bedroom. The dining room also has a chair rail. Unique flooring of seasoned brick graces the oversized family room, kitchen, and breakfast area. Open kitchen plan has oodles of counter space. Many built-ins are in this fine home. Huge laundry/pantry room has floor to ceiling cabinets plus laundry sink w/ additional cabinets. Adjacent room has a toilet and more cabinets. The fireplace in the family room is surrounded by a wall of ceramic tile and seating ledges. Two cedar closets are in the main hallway. There are over 1,000 feet of built in bookcases. The patio area is enclosed by wrought fencing, and the ard is framed with an additional privacy fence. 100 year old oak trees provide energy saving shade. The architectural roof is new, and the outside is freshly painted as are many rooms inside boasting new carpet. The front porch is marble, and the foyer is marble-terrazo. There is a security system, and an underground sprinkler system, and a well for horticultural purposes to help maintain a myriad of azaleas. There is fully enclosed two car carport with private off street entrance. The seller reserves the right to approve mortgage company.

22. 2006-02-02
    listed $162,500 1325-char remark

    Show marketing remark (1325 chars)

    Lovely well maintained home with large, spacious rooms with many distinctive features. The living room/dining room combination has crown molding as well as the master bedroom. The dining room also has a chair rail. Unique flooring of seasoned brick graces the oversized family room, kitchen, and breakfast area. Open kitchen plan has oodles of counter space. Many built-ins are in this fine home. Huge laundry/pantry room has floor to ceiling cabinets plus laundry sink w/ additional cabinets. Adjacent room has a toilet and more cabinets. The fireplace in the family room is surrounded by a wall of ceramic tile and seating ledges. Two cedar closets are in the main hallway. There are over 1,000 feet of built in bookcases. The patio area is enclosed by wrought fencing, and the ard is framed with an additional privacy fence. 100 year old oak trees provide energy saving shade. The architectural roof is new, and the outside is freshly painted as are many rooms inside boasting new carpet. The front porch is marble, and the foyer is marble-terrazo. There is a security system, and an underground sprinkler system, and a well for horticultural purposes to help maintain a myriad of azaleas. There is fully enclosed two car carport with private off street entrance. The seller reserves the right to approve mortgage company.

ⓘ 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: $1,028 · $86/mo
• Projected year-2 tax: $1,028 · $86/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 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥107°F today · 20 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,878
• − Mortgage interest: −$10,363
• − Property taxes: −$1,028
• − Insurance: −$925
• − Repairs & maintenance: −$1,590
• − Management: −$1,590
• − Depreciation: −$5,382
• Taxable loss: −$1,000
• Est. tax savings @ 24.0%: +$240
• After-tax cash flow: $2,349/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: Montgomery County
• NCES district ID: 0102430
• Math proficiency: 9% ▼ -21.00%
• Reading proficiency: 31% ▼ -1.00%
• Median HH income: $43,902
• Composite: 17.24/100
• National rank: #9093
• State rank: #106 of 129 in AL

Livability — Montgomery

• Score: 65/100
• State rank: #138
• US rank: #13416

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Montgomery, AL
• County: Montgomery County · 190,016 people
• City population: 175,913
• Metro: Montgomery, AL
• Population (ZIP): 23,581
• Household income: $59,193
• Rent vs Own: 35.1% rent · 64.9% own
• Severe rent burden: 1039.0

Population outlook (Montgomery County) Hauer SSP2

• Today (2025): 224,008 people
• By 2030: 221,460 · -1.1%
• By 2040: 214,179 · -4.4%
• By 2050: 204,912 · -8.5%
• By 2075: 177,821 · -20.6%
• By 2100: 145,134 · -35.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 49% Black 39% Hispanic / Latino 8% Two or more races 4%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Slovak 2% Lithuanian 1% Serbian 1%
• Foreign-born: 4% · Canada, South Korea
• Languages at home: 94% English-only · Spanish 5%

Political lean MEDSL · Montgomery

• 2024 margin: Solid D (+30.7) · D 64.8% · R 34.1% · Other 1.1%
• 2008→2024 swing: +11.5pp toward D · 2008: 19.2pp · 2024: 30.7pp
• All cycles: 2024: D+30.7 2020: D+31.5 2016: D+26.2 2012: D+24.3 2008: D+19.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -37.64%
• Current HPI: 149.3867
• Rent YoY: ▲ 2.65%
• Metro: Montgomery, 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

+13.8% since first listed

6 events — show timeline

• 2026-04-17 Price Changed $185,000 MAAR
• 2026-04-03 Price Changed $199,900 MAAR
• 2026-02-27 Listed $219,900 MAAR
• 2006-05-26 Sold (Public Records) $160,000 Public Records
• 2006-05-12 Sold (MLS) $160,000 MAAR
• 2006-02-02 Listed $162,500 MAAR

Property tax history

+5.5%/yr

Latest (2025): $1,028 · +0.0% YoY. Source: county tax records.