1440 Matt Leonard Dr SW · Birmingham, AL 35211

$89,900

3 bd · 1.0 ba · 1,554 sqft · SingleFamily public records · 1 Days on market

Built 1963 9,147 sqft lot Est $90k · at est.

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Why this score? — see what drove the B- 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.9/10.0
• ARV discount +7.6/15.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.9/10.0
• Appreciation +0.0/10.0

Listing remarks

STOP!!! Look no more because you have found the perfect investment property or project for a 1st time home buyer! This property boasts 3 bedrooms and 1 full bath on a generous lot. There is potential for additional bedrooms/bath in the basement. It needs some love but could be a jewel! Don't miss this opportunity to expand your portfolio or put your own stamp on this home. Hurry and make your appointment today!

Key facts

• 9,147 sq ft lot
• Garage
• Built 1963

Property features AI

Exterior

• Parking: Attached garage with front entry; Basement/lower-level parking — 1 garage space
• Security: Security system
• Utilities: Public water; Connected sewer; Gas water heater; Internet service availability unknown
• Home design: Existing home; Four-sided brick construction
• Construction: Basement foundation; Concrete block basement
• Exterior features: Open deck; No pool, patio, or garden; Not waterfront

Interior

• Kitchen: Gas cooktop and gas oven; Refrigerator included; Laminate countertops
• Bedrooms: Three bedrooms on main level
• Flooring: Carpet; Hardwood; Vinyl
• Bathrooms: One full bathroom with tub/shower combo on main level
• Heating & cooling: Gas heating; Central cooling plus window units
• Interior features: Security system; Pull-down attic; Full, unfinished concrete block basement; Ceilings: other (see remarks)
• Laundry & utility: Washer hookup; Gas dryer hookup; Main-level laundry

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $405 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Cap rate 11.7% 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.
• Birmingham City (urban): math 4% / reading 20% proficiency, ranked #116 of 129 in AL (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 82% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Wenonah High School (math 2% / reading 2%, grade F, #291 of 305 statewide, top 100%, 656 students, 85% FRL) — zoned schools at 85% FRL track the district average.
• Market conditions: Rents soft (-0.0%/yr); 152 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 2,114 units permitted in Jefferson County in 2024 (556 in 5+ unit buildings).
• At $1,343/mo this rent would consume 46% of the median local household income ($35k/yr) (locally 2161% 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 $622 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 + 0.0% rent growth), your $25k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $89,900

Questions for the listing agent

1. Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
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: 1.49% ✓
• Cap rate: 11.70%
• Cash-on-cash: 19.32%
• DSCR: 1.86
• GRM: 5.6

CMA / ARV

• ARV (on-the-fly): $90,132
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1908 14th Pl SW	0.17mi	3/1.5	1,390 (-11%)	13mo	$72,500	$52	61
1633 Mims St SW	0.73mi	3/1.0	1,518 (-2%)	3mo	$88,000	$58	60
1620 Pine Ave SW	0.35mi	4/2.5 (+1)	1,528 (-2%)	23mo	$38,000	$25	50
1624 16th Way SW	0.57mi	4/2.0 (+1)	1,690 (+9%)	22mo	$152,000	$90	31
1745 Grant Ave SW	0.58mi	4/2.0 (+1)	1,320 (-15%)	12mo	$107,000	$81	29
1545 16th Way SW	0.68mi	3/1.0	1,320 (-15%)	20mo	$69,500	$53	27

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 7.7%
• Equity multiple: 1.29×
• Total profit: $7,348
• Equity at exit: $13,404

10-year hold

• IRR: 14.2%
• Equity multiple: 1.98×
• Total profit: $24,592
• Equity at exit: $7,773

Cash invested: $25,172 (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 35211

• Rents YoY: -0.0%
• Active inventory: 152
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $1,343 high
• Mortgage (P&I): −$471
• Tax from tax record: −$147 /mo · $1,762/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$282
• Net cashflow: $405

Break-even live

Break-even rent $830

Max offer price $89,900

Occupancy floor 65%

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
108 E Ann Dr SW Birmingham, AL	4.0	2.0	1628	$1,495	$0.92	24d	1	0.71mi
218 Olympia Dr Homewood, AL	1.0–3.0	1.0–2.5	958	$1,659	$1.73	2d	33	0.92mi
2432 Ishkooda Rd SW Birmingham, AL	3.0	1.0	1075	$1,150	$1.07	44d	1	0.92mi
1408 16th St SW Birmingham, AL	3.0	2.0	2076	$1,150	$0.55	44d	1	0.93mi
2005 Henry Crumpton Dr Birmingham, AL	4.0	2.0	1377	$1,300	$0.94	44d	1	0.94mi
80 W Oxmoor Rd Birmingham, AL	1.0–3.0	1.0–2.0	1074	$2,839	$2.64	2d	19	0.97mi
1669 19th Pl SW Birmingham, AL	4.0	2.0	1373	$1,325	$0.97	24d	1	1.01mi
2005 Snavely Ave SW Birmingham, AL	3.0	2.0	1380	$1,150	$0.83	44d	1	1.05mi
2005 Dawson Ave SW Birmingham, AL	4.0	1.0	1508	$1,250	$0.83	19d	1	1.05mi
1698 Dennison Ave SW Birmingham, AL	4.0	2.0	1780	$1,300	$0.73	44d	1	1.08mi
1319 18th Way SW Birmingham, AL	4.0	2.0	1337	$1,345	$1.01	24d	1	1.09mi
1332 15th Pl SW Birmingham, AL	2.0	1.0	1115	$950	$0.85	3d	1	1.10mi
1501 21st St SW Birmingham, AL	3.0	2.0	1758	$1,250	$0.71	44d	1	1.12mi
1233 15th Way SW Birmingham, AL	3.0	1.0	1119	$1,050	$0.94	44d	1	1.17mi
2128 Mayfield Ave SW Birmingham, AL	3.0	1.0	1196	$1,200	$1.00	24d	1	1.20mi
1256 15th St SW Birmingham, AL	3.0	1.0	1206	$1,300	$1.08	3d	1	1.20mi
1204 15th Way SW Birmingham, AL	4.0	3.0	1715	$1,400	$0.82	44d	1	1.21mi
1209 19th Pl SW Birmingham, AL	3.0	1.0	1050	$1,275	$1.21	44d	1	1.22mi
1620 Alemeda Ave SW Birmingham, AL	3.0	2.0	1314	$1,295	$0.99	2d	1	1.26mi
1000 17th Pl SW Birmingham, AL	3.0	2.0	1200	$1,275	$1.06	19d	1	1.28mi
1609 Jefferson Ave SW Birmingham, AL	4.0	1.0	1572	$1,300	$0.83	3d	1	1.33mi
1136 15th St SW Birmingham, AL	4.0	2.0	1296	$1,395	$1.08	24d	1	1.35mi
2304 Beulah Ave SW Birmingham, AL	3.0	1.0	1283	$1,025	$0.80	2d	1	1.43mi
2516 Powderly Ave SW Birmingham, AL	3.0	1.0	1236	$1,050	$0.85	44d	1	1.44mi
195 Oxmoor Rd Birmingham, AL	2.0–3.0	2.0–2.5	1187	$3,300	$2.78	3d	8	1.47mi
2320 Wesley Ave SW Birmingham, AL	4.0	1.0	1865	$1,200	$0.64	10d	1	1.49mi

Listing history 2 events

1. 2026-06-19
   remarks 417-char remark
2. 2026-06-19
   listed $89,900 Active 1 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: $1,762 · $147/mo
• Projected year-2 tax: $1,762 · $147/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 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥106°F today · 19 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: $16,116
• − Mortgage interest: −$5,036
• − Property taxes: −$1,762
• − Insurance: −$450
• − Repairs & maintenance: −$1,289
• − Management: −$1,289
• − Depreciation: −$2,615
• Taxable income: $3,675
• Est. tax owed @ 24.0%: −$882
• After-tax cash flow: $3,981/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: Birmingham City
• NCES district ID: 0100390
• Math proficiency: 4% ▼ -17.00%
• Reading proficiency: 20% ▼ -4.00%
• Median HH income: $31,988
• Composite: 9.49/100
• National rank: #9850
• State rank: #116 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

• Census place: Birmingham, AL
• County: Jefferson County · 527,445 people
• City population: 210,422
• Metro: Birmingham-Hoover, AL
• Population (ZIP): 24,924
• Household income: $34,884
• Rent vs Own: 59.7% rent · 40.3% own
• Severe rent burden: 2161.0

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 (77%)
• Race & ethnicity: Black 77% White 10% Hispanic / Latino 10% Two or more races 4%
• Hispanic origin (detail): Mexican 7%
• Foreign-born: 6% · Canada
• Languages at home: 91% English-only · Spanish 8% French/Haitian/Cajun 1%

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: ▼ -49.29%
• Current HPI: 91.2903
• Rent YoY: ▬ -0.01%
• Metro: Birmingham-Hoover, 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

1 event — show timeline

• 2026-06-18 Listed $89,900 Greater Alabama MLS

Property tax history

+3.6%/yr

Latest (2025): $1,762 · +0.0% YoY. Source: county tax records.