1009 Patton Creek Ln #1009 · Hoover, AL 35226

$168,000

3 bd · 2.0 ba · 1,414 sqft · Condo public records · 451 Days on market

Built 1970 $119/sqft · at area comps Est $173k · 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 +28.7/30.0
• DSCR +10.0/10.0
• ARV discount +8.9/15.0
• 1% rule +7.1/10.0
• Schools +5.0/10.0
• Livability +4.2/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This property is located in the heart of Hoover, just minutes away from shopping, dining, and elementary and middle schools, all within walking distance. Enjoy your evenings on a covered balcony, spend summer days lounging by the beautiful pool, or stay active with a workout in the clubhouse gym. Whether you're a first-time homebuyer or an empty nester, Patton Creek Condominiums has something for everyone. Don't miss out and schedule your showing today.

Key facts

• Clubhouse gym
• Covered balcony
• Walking distance

Tags

• COVERED BALCONY
• BEAUTIFUL POOL
• CLUBHOUSE GYM
• WALKING DISTANCE

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $168k.

Deal economics

• At list price, monthly cash flow is $560 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $168k).
• Recommended offer: $148k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.3% vs local median 2.4% in Hoover — 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 84/100 on livability (#1 in AL, #630 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+.
• Hoover City (urban): math 45% / reading 66% proficiency, ranked #8 of 129 in AL (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 19% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+3.7%/yr); 203 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 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 $1k of loan paydown is wiped out by about $5k 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 + 3.7% rent growth), your $47k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 451 days — a 12% lower offer ($148k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 8y ago; this cycle's ask has dropped $12k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $88k; list at $168k implies a 91% gain — meaningful room to come down on a strong offer.

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 $147,840 (12.0% below list)

Questions for the listing agent

1. It's been on market 451 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.21% ✓
• Cap rate: 10.29%
• Cash-on-cash: 14.29%
• DSCR: 1.64
• GRM: 6.9

CMA / ARV

• ARV (median comp): $173,269
• List price: $168,000
• Delta: -3.04%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.7% rent growth · sell at horizon

5-year hold

• IRR: 5.4%
• Equity multiple: 1.21×
• Total profit: $9,861
• Equity at exit: $25,049

10-year hold

• IRR: 15.4%
• Equity multiple: 2.28×
• Total profit: $60,379
• Equity at exit: $14,526

Cash invested: $47,040 (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 35226

• Rents YoY: 3.7%
• Active inventory: 203
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $2,035 medium
• Mortgage (P&I): −$881
• Tax from tax record: −$96 /mo · $1,155/yr
• Insurance: −$70
• HOA: −$0
• Vacancy / Maint / Mgmt: −$427
• Net cashflow: $560

Break-even live

Break-even rent $1,326

Max offer price $168,000

Occupancy floor 67%

Sensitivity live

Price	-10% $655	-5% $608	+0% $560	+5% $513	+10% $465
Rent	-10% $399	-5% $480	+0% $560	+5% $641	+10% $721
Rate	-1.0pp $645	-0.5pp $603	base $560	+0.5pp $517	+1.0pp $472

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: $42,000
• Closing costs: $5,040
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1755 Napier Dr Hoover, AL	4.0	3.0	1722	$2,250	$1.31	44d	1	0.47mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: poolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 25 events

1. 2026-06-18
   days on market $168,000 Active 451 DOM
2. 2026-06-17
   days on market $168,000 Active 450 DOM
3. 2026-06-16
   days on market $168,000 Active 449 DOM
4. 2026-06-15
   days on market $168,000 Active 448 DOM
5. 2026-06-13
   days on market $168,000 Active 446 DOM
6. 2026-06-10
   days on market $168,000 Active 443 DOM
7. 2026-06-09
   days on market $168,000 Active 442 DOM
8. 2026-06-08
   days on market $168,000 Active 441 DOM
9. 2026-06-07
   days on market $168,000 Active 440 DOM
10. 2026-06-05
    days on market $168,000 Active 437 DOM
11. 2026-06-03
    days on market $168,000 Active 436 DOM
12. 2026-06-02
    days on market $168,000 Active 435 DOM
13. 2026-06-01
    days on market $168,000 Active 434 DOM
14. 2026-05-31
    days on market $168,000 Active 433 DOM
15. 2026-04-17
    price $168,000 457-char remark

    Show marketing remark (457 chars)

    This property is located in the heart of Hoover, just minutes away from shopping, dining, and elementary and middle schools, all within walking distance. Enjoy your evenings on a covered balcony, spend summer days lounging by the beautiful pool, or stay active with a workout in the clubhouse gym. Whether you're a first-time homebuyer or an empty nester, Patton Creek Condominiums has something for everyone. Don't miss out and schedule your showing today.

16. 2026-04-17
    status Active 457-char remark

    Show marketing remark (457 chars)

    This property is located in the heart of Hoover, just minutes away from shopping, dining, and elementary and middle schools, all within walking distance. Enjoy your evenings on a covered balcony, spend summer days lounging by the beautiful pool, or stay active with a workout in the clubhouse gym. Whether you're a first-time homebuyer or an empty nester, Patton Creek Condominiums has something for everyone. Don't miss out and schedule your showing today.

17. 2026-03-21
    historical 457-char remark

    Show marketing remark (457 chars)

    This property is located in the heart of Hoover, just minutes away from shopping, dining, and elementary and middle schools, all within walking distance. Enjoy your evenings on a covered balcony, spend summer days lounging by the beautiful pool, or stay active with a workout in the clubhouse gym. Whether you're a first-time homebuyer or an empty nester, Patton Creek Condominiums has something for everyone. Don't miss out and schedule your showing today.

18. 2025-08-29
    price $170,000 457-char remark

    Show marketing remark (457 chars)

    This property is located in the heart of Hoover, just minutes away from shopping, dining, and elementary and middle schools, all within walking distance. Enjoy your evenings on a covered balcony, spend summer days lounging by the beautiful pool, or stay active with a workout in the clubhouse gym. Whether you're a first-time homebuyer or an empty nester, Patton Creek Condominiums has something for everyone. Don't miss out and schedule your showing today.

19. 2025-02-25
    listed $180,000 Active 457-char remark

    Show marketing remark (457 chars)

    This property is located in the heart of Hoover, just minutes away from shopping, dining, and elementary and middle schools, all within walking distance. Enjoy your evenings on a covered balcony, spend summer days lounging by the beautiful pool, or stay active with a workout in the clubhouse gym. Whether you're a first-time homebuyer or an empty nester, Patton Creek Condominiums has something for everyone. Don't miss out and schedule your showing today.

20. 2024-02-06
    price $178,000
21. 2018-12-17
    soldstatus $88,000
22. 2018-12-15
    soldstatus $87,500 Sold
23. 2018-11-17
    historical Contingent
24. 2018-10-17
    listed $90,000 Active
25. 2017-09-06
    soldstatus $679,389

ⓘ 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: $1,155 · $96/mo
• Projected year-2 tax: $1,155 · $96/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 ≥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 6 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,417
• − Mortgage interest: −$9,411
• − Property taxes: −$1,155
• − Insurance: −$840
• − Repairs & maintenance: −$1,953
• − Management: −$1,953
• − Depreciation: −$4,887
• Taxable income: $4,218
• Est. tax owed @ 24.0%: −$1,012
• After-tax cash flow: $5,710/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: Hoover City
• NCES district ID: 0100007
• Math proficiency: 45% ▼ -25.00%
• Reading proficiency: 66% ▲ 1.00%
• Median HH income: $76,210
• Composite: 49.77/100
• National rank: #1960
• State rank: #8 of 129 in AL

Livability — Hoover

• Score: 84/100
• State rank: #1
• US rank: #630

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hoover, AL
• County: Jefferson County · 527,445 people
• City population: 76,805
• Metro: Birmingham-Hoover, AL
• Population (ZIP): 38,588
• Household income: $124,516
• Rent vs Own: 16.7% rent · 83.3% own
• Severe rent burden: 539.0

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 White (73%)
• Race & ethnicity: White 73% Black 13% Asian 8% Two or more races 4% Hispanic / Latino 4%
• Common ancestry: Italian 6% Slovak 3% Serbian 3%
• Foreign-born: 8% · Canada, China, South Korea
• Languages at home: 90% English-only · Spanish 2% Other Indo-European 2% Chinese 2%

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: ▼ -200.60%
• Current HPI: 214.5202
• Rent YoY: ▲ 3.70%
• 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

-75.3% since first listed

11 events — show timeline

• 2026-04-17 Price Changed $168,000 Greater Alabama MLS
• 2026-04-17 Relisted — Greater Alabama MLS
• 2026-03-21 Delisted — Greater Alabama MLS
• 2025-08-29 Price Changed $170,000 Greater Alabama MLS
• 2025-02-25 Listed $180,000 Greater Alabama MLS
• 2024-02-06 Price Changed $178,000 Greater Alabama MLS
• 2018-12-17 Sold (Public Records) $88,000 Public Records
• 2018-12-15 Sold (MLS) $87,500 Greater Alabama MLS
• 2018-11-17 Contingent — Greater Alabama MLS
• 2018-10-17 Listed $90,000 Greater Alabama MLS
• 2017-09-06 Sold (Public Records) $679,389 Public Records

Property tax history

-2.0%/yr

Latest (2025): $1,155 · +0.0% YoY. Source: county tax records.