104 John Walker Cir Unit A,B,C,D

Huntsville, AL 35749

$755,000F

None bd · None ba · — sqft · Built 1988 · Condo · Active · 674 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,818/mo
• Mortgage (P&I): −$3,959
• Tax + insurance: −$1,258
• HOA: −$0
• Vac / Maint / Mgmt: −$382
• Net cashflow: $-3,781/mo
• Annual: $-45,373/yr
• Cap rate: 0.28%
• Cash-on-cash: -21.46%
• DSCR: 0.05
• 1% rule: 0.24%
• Cash to close: $211,400

Investor read

• This is a condo listed at $755k. Condition is rated fair.
• At list price, monthly cash flow is $-4k ($-45k/yr) — negative.
• To cash-flow at today's rent, offer at most $208k (72.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $182k (75.9% below list).
• It's been on market 674 days — a 12% lower offer ($664k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $182k (75.9% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $23k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#3 in AL, #1,082 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: crime F.
• Madison County (rural): math 27% / reading 56% proficiency, ranked #19 of 129 in AL (top 15%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents flat; 666 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 4,709 units permitted in Madison County in 2024 (1,186 in 5+ unit buildings).
• Madison County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $40k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: extreme-heat days projected 6→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 0.3% vs local median 3.8% in Huntsville — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Questions for listing agent

• 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?
• It's been on market 674 days. Have you received any prior offers? Is the seller open to a 76% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?

Repairs flagged (vision-AI assessment)

• Minor: exterior brick — Weathered appearance
• Minor: interior walls/paint — No visible damage