1013 Cathedral Cir #1013 · Madison, AL 35758

$285,000

3 bd · 1.0 ba · 1,464 sqft · Condo public records · 42 Days on market

Built 2001 $195/sqft · 6% below area Est $305k · 7% under $320/mo HOA · 20% of rent

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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).

• ARV discount +10.5/15.0
• Appreciation +10.0/10.0
• Schools +5.6/10.0
• Cash flow +3.8/30.0
• Livability +3.8/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• 1% rule +0.5/10.0
• DSCR +0.0/10.0

Listing remarks

A charming condo in the heart of Madison, Alabama. Ideally located near shopping, restaurants, parks, Toyota Field, Costco and more. This home features 3 bedrooms, 2 baths, 2-car attached garage (w battery back-up garage opener) and a spacious living area with a cozy gas fireplace. The custom shelving and window seat are great for a study/office, if desired. Vaulted ceilings fill the space with natural light, while the open-concept kitchen comes fully equipped with all appliances (5-7 years old, except for gas range). All new blinds throughout the house with two(2) new window arches as well. New bathroom vanity tops, bathroom mirrors, lights and chair-height toilets, hardware and faucets.

Key facts

• $320 HOA
• Garage
• Built 2001

Property features AI

Finance

• Other: The Villas At Madison subdivision
• HOA & community: Monthly association fee of $320; Association maintained community clubhouse; Association present

Exterior

• Parking: Garage door opener
• Utilities: Public water; Public sewer
• Home design: Condominium; One level; Built in 2001
• Construction: Slab foundation
• Exterior features: Public water; Public sewer; Clubhouse (community)

Interior

• Kitchen: Range; Dishwasher; Microwave; Refrigerator
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (natural gas); Central cooling
• Interior features: Gas log fireplace

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath condo listed at $285k.

Deal economics

• At list price, monthly cash flow is $-826 ($-10k/yr) — negative.
• To cash-flow at today's rent, offer at most $139k (51.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $158k (44.7% below list).
• Recommended offer: $139k (51.2% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 76/100 on livability (#12 in AL, #3,280 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime B+; Watch: amenities F, commute F.
• Madison City (suburban): math 51% / reading 71% proficiency, ranked #4 of 129 in AL (top 3%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 17% free/reduced lunch — higher-income household profile.
• Zoned schools: Mill Creek Elementary School (math 61% / reading 77%, grade A-, #29 of 627 statewide, top 5%, 940 students, 22% FRL); Discovery Middle School (math 46% / reading 69%, grade B, #13 of 257 statewide, top 5%, 1,334 students, 25% FRL); Bob Jones High School (math 53% / reading 51%, grade D+, #11 of 305 statewide, top 4%, 1,920 students, 24% FRL).
• Market conditions: Rents rising (+1.6%/yr); 382 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 58% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 4,709 units permitted in Madison County in 2024 (1,186 in 5+ unit buildings).
• This rent is only 16% of the median local income ($117k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• In year one you build about $30k of equity ($2k loan paydown + $28k appreciation (10.0% local appreciation)).
• Madison County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$49k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 42 days — a 3% lower offer ($276k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 20% of rent.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $139,159 (51.2% 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. It's been on market 42 days. Have you received any prior offers? Is the seller open to a 51% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
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. 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?
8. 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.
9. 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.
10. 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: 0.55% ✗
• Cap rate: 2.82%
• Cash-on-cash: -12.41%
• DSCR: 0.45
• GRM: 15.1

CMA / ARV

• ARV (median comp): $305,078
• List price: $285,000
• Delta: -6.58%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 1.58% rent growth · sell at horizon

5-year hold

• IRR: 15.3%
• Equity multiple: 2.26×
• Total profit: $100,503
• Equity at exit: $256,751

10-year hold

• IRR: 14.7%
• Equity multiple: 5.18×
• Total profit: $333,235
• Equity at exit: $553,692

Cash invested: $79,800 (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 35758

• Home prices YoY: 4.2%
• Rents YoY: 1.6%
• Active inventory: 382
• Price-to-rent: 15.1×

Monthly cashflow live

• Estimated rent: $1,576 high
• Mortgage (P&I): −$1,495
• Tax from tax record: −$137 /mo · $1,647/yr
• Insurance: −$119
• HOA: −$320
• Vacancy / Maint / Mgmt: −$331
• Net cashflow: $-826

Break-even live

Break-even rent $2,621

Max offer price $139,159

Occupancy floor —

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: $71,250
• Closing costs: $8,550
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
210 Waters Edge Ln #6 Madison, AL	2.0	2.0	1060	$1,075	$1.01	43d	1	0.42mi
200 Millstone Ln Madison, AL	3.0	2.0	1425	$2,000	$1.40	43d	1	0.42mi
262 Waters Edge Ln Unit 262 Madison, AL	2.0	2.0	1055	$1,175	$1.11	43d	1	0.42mi
349 Waters Edge Ln Unit n/a Madison, AL	2.0	2.0	1055	$1,050	$1.00	43d	1	0.45mi
712 Marion Dr Madison, AL	3.0	1.0	1253	$1,450	$1.16	43d	1	0.58mi
416 Walton Rd Madison, AL	3.0	2.0	1306	$1,795	$1.37	14d	1	0.76mi
106 Teal Park Ln Madison, AL	3.0	2.0	1707	$1,950	$1.14	14d	1	0.77mi
180 Hughes Rd Madison, AL	1.0–4.0	1.0–3.5	1373	$2,250	$1.64	14d	45	0.77mi
114 Telluride Dr Madison, AL	3.0	2.0	1578	$1,795	$1.14	43d	1	0.84mi
127 Philadelphia Dr Madison, AL	3.0	2.0	1404	$1,650	$1.18	23d	1	0.87mi
105 Whisperbrook Cir Madison, AL	3.0	2.0	1608	$1,800	$1.12	23d	1	0.87mi
510 Clift Dr Madison, AL	3.0	2.0	1197	$1,600	$1.34	43d	1	0.89mi
109 Michael Ave Unit 106B Madison, AL	2.0	1.0	950	$1,199	$1.26	43d	1	0.92mi
109 Michael Ave Unit 112D Madison, AL	2.0	1.0	950	$1,199	$1.26	23d	1	0.92mi
134 Michli Rd Madison, AL	2.0	2.5	1564	$1,595	$1.02	43d	1	0.96mi
104 Village Ln Madison, AL	2.0	2.0	960	$995	$1.04	23d	1	0.97mi
104 Village Ln Madison, AL	2.0	2.0	960	$995	$1.04	14d	1	0.97mi
104 Village Ln Madison, AL	2.0	2.0	960	$995	$1.04	43d	1	0.97mi
128 Michli Rd Madison, AL	2.0	3.0	1564	$1,550	$0.99	43d	1	0.98mi
104 Kathy Cir Madison, AL	3.0	2.0	1768	$1,995	$1.13	43d	1	0.98mi
106 Village Ln Madison, AL	2.0	2.0	960	$995	$1.04	43d	1	0.98mi
108 Village Ln Madison, AL	2.0	2.0	960	$995	$1.04	43d	1	0.99mi
425 Falls PT SW Unit 1 Madison, AL	3.0	3.0	1375	$1,615	$1.17	43d	1	0.99mi
110 Village Ln Madison, AL	2.0	2.0	960	$995	$1.04	43d	1	1.00mi
5142 Wall Triana Hwy Madison, AL	2.0–3.0	1.0–1.5	1000	$1,250	$1.25	43d	2	1.03mi
1105 Woodbine Rd Madison, AL	3.0	1.5	1254	$1,500	$1.20	23d	1	1.04mi
113 Claytor Ln Madison, AL	3.0	2.0	1650	$1,795	$1.09	14d	1	1.06mi
1110 Liberty Dr Unit 1110 Madison, AL	2.0	2.0	1100	$1,200	$1.09	23d	1	1.08mi
7584 Madison Pike Madison, AL	1.0–3.0	1.0–2.0	1023	$1,299	$1.27	14d	17	1.10mi
101 Springfield Ln Madison, AL	3.0	2.0	1640	$2,350	$1.43	43d	1	1.10mi
121 Betty Garrett Dr Madison, AL	4.0	2.0	1841	$2,000	$1.09	43d	1	1.11mi
115 Betty Garrett Dr Madison, AL	4.0	2.0	1841	$2,090	$1.14	23d	1	1.15mi
139 Angela Dr Madison, AL	2.0	2.0	1160	$995	$0.86	14d	1	1.16mi
112 Betty Garrett Dr Madison, AL	4.0	2.0	1841	$2,049	$1.11	43d	1	1.17mi
90 High St Unit 100A Madison, AL	2.0	1.0	900	$995	$1.11	43d	1	1.17mi
4286 Sullivan St Madison, AL	3.0	2.0	1815	$2,100	$1.16	21d	1	1.17mi
144 Angela Dr Unit C Madison, AL	2.0	2.0	923	$950	$1.03	23d	1	1.18mi
149 Angela Dr Unit D Madison, AL	2.0	2.0	1000	$1,100	$1.10	43d	1	1.23mi
103 Betty Garrett Dr Madison, AL	4.0	2.0	1537	$2,600	$1.69	43d	1	1.23mi
102 McDermotts Way Madison, AL	3.0	2.0	1462	$1,675	$1.15	14d	1	1.29mi

HOA detail condo

• Monthly dues: $320 · $3,840/yr
• Likely covers: gas
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 15 events

1. 2026-06-18
   days on market $285,000 Active 42 DOM
2. 2026-06-17
   days on market $285,000 Active 41 DOM
3. 2026-06-16
   days on market $285,000 Active 40 DOM
4. 2026-06-15
   days on market $285,000 Active 39 DOM
5. 2026-06-14
   days on market $285,000 Active 37 DOM
6. 2026-06-10
   days on market $285,000 Active 34 DOM
7. 2026-06-09
   days on market $285,000 Active 33 DOM
8. 2026-06-08
   days on market $285,000 Active 32 DOM
9. 2026-06-07
   days on market $285,000 Active 31 DOM
10. 2026-06-03
    days on market $285,000 Active 27 DOM
11. 2026-06-02
    days on market $285,000 Active 26 DOM
12. 2026-06-01
    days on market $285,000 Active 25 DOM
13. 2026-05-31
    days on market $285,000 Active 24 DOM
14. 2026-05-30
    days on market $285,000 Active 23 DOM
15. 2026-05-07
    listed $285,000 Active 699-char remark

ⓘ 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: $1,647 · $137/mo
• Projected year-2 tax: $1,647 · $137/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 · 20 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 19% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,912
• − Mortgage interest: −$15,964
• − Property taxes: −$1,647
• − Insurance: −$1,425
• − Repairs & maintenance: −$1,513
• − Management: −$1,513
• − HOA: −$3,840
• − Depreciation: −$8,291
• Taxable loss: −$15,282
• Est. tax savings @ 24.0%: +$3,668
• After-tax cash flow: $-6,239/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: Madison City
• NCES district ID: 0100008
• Math proficiency: 51% ▼ -25.00%
• Reading proficiency: 71% ▼ -2.00%
• Median HH income: $89,091
• Composite: 55.56/100
• National rank: #1238
• State rank: #4 of 129 in AL

Livability — Madison

• Score: 76/100
• State rank: #12
• US rank: #3280

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Madison, AL
• County: Madison County · 380,832 people
• City population: 93,742
• Metro: Huntsville, AL
• Population (ZIP): 50,266
• Household income: $117,380
• Rent vs Own: 30.8% rent · 69.2% own
• Severe rent burden: 875.0

Population outlook (Madison County) Hauer SSP2

• Today (2025): 392,086 people
• By 2030: 409,788 · +4.5%
• By 2040: 440,557 · +12.4%
• By 2050: 460,990 · +17.6%
• By 2075: 502,872 · +28.3%
• By 2100: 513,623 · +31.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Black 14% Hispanic / Latino 8% Asian 7% Two or more races 7%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Slovak 3% Italian 2% Lithuanian 2%
• Foreign-born: 9% · Canada, South Korea, Vietnam
• Languages at home: 87% English-only · Spanish 5% Other Asian/Pacific 2% Chinese 1%

Political lean MEDSL · Madison

• 2024 margin: Lean R (+9.0) · D 44.7% · R 53.7% · Other 1.6%
• 2008→2024 swing: +6.0pp toward D · 2008: -14.9pp · 2024: -9.0pp
• All cycles: 2024: R+9.0 2020: R+8.0 2016: R+16.8 2012: R+18.7 2008: R+14.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 14.46%
• Current HPI: 355.2784
• Rent YoY: ▲ 1.58%
• Metro: Huntsville, 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

• 2026-05-07 Listed $285,000 VMLS

Property tax history

+8.4%/yr

Latest (2024): $1,647 · +11.6% YoY. Source: county tax records.