409 Oregon St · Birmingham, AL 35224

$100,000

3 bd · 1.0 ba · 864 sqft · SingleFamily public records · 39 Days on market

Built 1920 7,840 sqft lot $116/sqft · 85% above area Est $70k · 44% over

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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 +27.9/30.0
• DSCR +9.9/10.0
• 1% rule +6.5/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.9/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Fully renovated and move-in ready, this Wylam home is an ideal opportunity for first time buyers looking for turnkey property with no immediate repair costs. New central heating and air system and updated throughout, schedule your showing soon!

Key facts

• Move-in ready
• Fully renovated
• 7,840 sq ft lot

Tags

• CENTRAL HEATING AND AIR SYSTEM
• FULLY RENOVATED
• MOVE-IN READY

Property features AI

Finance

• Other: Lot size: 0.18 acres

Exterior

• Parking: Off-street parking; On-street parking; Unassigned parking
• Utilities: Public water; Connected sewer; Electric water heater; Internet service availability: unknown
• Home design: Existing construction; Subdivision: WYLAM
• Construction: Siding: Hardiplank, vinyl, wood, and other siding; Foundation: crawl space and slab
• Exterior features: Porch; No pool; No patio; No deck; No garden/patio; Not waterfront

Interior

• Kitchen: Laminate countertops; Gas cooktop
• Bedrooms: Bedroom on main level; Master bedroom on main level
• Flooring: Hardwood; Laminate
• Bathrooms: One full bathroom
• Heating & cooling: Central heat; Central air conditioning
• Interior features: Ceilings: other (see remarks); No attic; No loft; No interior special features listed
• Laundry & utility: Main-level laundry room; Washer hookup; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $308 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Recommended offer: $97k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.0% 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: Wylam Elementary School (math 2% / reading 12%, grade F, #601 of 627 statewide, top 98%, 371 students, 89% FRL).
• Market conditions: 43 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 64% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $691 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 + 3.0% rent growth), your $28k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($97k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• 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 $97,000 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.15% ✓
• Cap rate: 9.99%
• Cash-on-cash: 13.20%
• DSCR: 1.59
• GRM: 7.3

CMA / ARV

• ARV (median comp): $69,586
• List price: $100,000
• Delta: 43.71%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4322 6th Ct	0.55mi	2/1.0 (-1)	896 (+4%)	5mo	$40,000	$45	59
604 Lexington St	0.25mi	3/1.0	993 (+15%)	8mo	$50,000	$50	57
309 Memphis St	0.17mi	2/1.0 (-1)	799 (-8%)	22mo	$33,500	$42	56

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 3.1%
• Equity multiple: 1.12×
• Total profit: $3,372
• Equity at exit: $14,910

10-year hold

• IRR: 12.6%
• Equity multiple: 2.00×
• Total profit: $28,035
• Equity at exit: $8,646

Cash invested: $28,000 (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 35224

• Home prices YoY: -16.2%
• Active inventory: 43
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $1,148 high
• Mortgage (P&I): −$524
• Tax from tax record: −$33 /mo · $393/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$241
• Net cashflow: $308

Break-even live

Break-even rent $758

Max offer price $100,000

Occupancy floor 68%

Sensitivity live

Price	-10% $365	-5% $336	+0% $308	+5% $280	+10% $251
Rent	-10% $217	-5% $263	+0% $308	+5% $353	+10% $399
Rate	-1.0pp $358	-0.5pp $333	base $308	+0.5pp $282	+1.0pp $256

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
229 Oregon St Birmingham, AL	3.0	1.0	1044	$1,200	$1.15	17d	1	0.15mi
229 Oregon St Birmingham, AL	3.0	1.0	1044	$1,200	$1.15	15d	1	0.15mi
761 Crowne Rd Birmingham, AL	3.0	2.0	1068	$1,200	$1.12	3d	1	0.22mi
604 Lexington St Birmingham, AL	3.0	1.5	993	$1,200	$1.21	45d	1	0.24mi
538 Gulfport St Birmingham, AL	3.0	1.0	1036	$850	$0.82	45d	1	0.61mi
1400 Indiana St Birmingham, AL	3.0	1.0	1020	$1,200	$1.18	45d	1	0.86mi
1221 Frisco St Birmingham, AL	2.0	1.0	934	$950	$1.02	45d	1	0.89mi
4800 Norway Ave Birmingham, AL	3.0	1.0	1080	$1,200	$1.11	3d	1	1.30mi
1300 Yukon St Birmingham, AL	3.0	2.0	1038	$1,125	$1.08	45d	1	1.39mi
3015 Avenue C Unit C Birmingham, AL	2.0	1.0	1000	$825	$0.82	45d	1	1.40mi
3011 Avenue D Birmingham, AL	2.0	1.0	1000	$795	$0.80	45d	1	1.40mi

Listing history 18 events

1. 2026-06-21
   days on market $100,000 Active 39 DOM
2. 2026-06-18
   days on market $100,000 Active 36 DOM
3. 2026-06-17
   days on market $100,000 Active 35 DOM
4. 2026-06-16
   days on market $100,000 Active 34 DOM
5. 2026-06-15
   days on market $100,000 Active 33 DOM
6. 2026-06-13
   days on market $100,000 Active 31 DOM
7. 2026-06-10
   days on market $100,000 Active 28 DOM
8. 2026-06-09
   days on market $100,000 Active 27 DOM
9. 2026-06-08
   days on market $100,000 Active 26 DOM
10. 2026-06-07
    pricedays on market $100,000 Active 25 DOM
11. 2026-06-03
    days on market $110,000 Active 21 DOM
12. 2026-06-02
    days on market $110,000 Active 20 DOM
13. 2026-06-01
    days on market $110,000 Active 19 DOM
14. 2026-05-31
    days on market $110,000 Active 18 DOM
15. 2026-05-13
    listed $110,000 Active 244-char remark
16. 2026-05-12
    listed $94,500 Active 252-char remark
17. 2023-12-15
    price $14,500
18. 2023-12-06
    price $16,000

ⓘ 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: $393 · $33/mo
• Projected year-2 tax: $410 · $34/mo
• Expected delta: +$17/yr (+$1/mo · 4.3%)

ⓘ 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 · 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: $13,774
• − Mortgage interest: −$5,602
• − Property taxes: −$393
• − Insurance: −$500
• − Repairs & maintenance: −$1,102
• − Management: −$1,102
• − Depreciation: −$2,909
• Taxable income: $2,167
• Est. tax owed @ 24.0%: −$520
• After-tax cash flow: $3,176/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
• City population: 210,422
• Population (ZIP): 5,409

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 (69%)
• Race & ethnicity: Black 69% White 22% Two or more races 5% Hispanic / Latino 3% Native American 1%
• Common ancestry: Slovak 0%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 3%

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: ▼ -24.47%
• Current HPI: 126.3423
• Rent YoY: —
• Metro: —
• 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

+525.0% since first listed

4 events — show timeline

• 2026-06-06 Price Changed $100,000 Greater Alabama MLS
• 2026-05-13 Listed $110,000 Greater Alabama MLS
• 2023-12-15 Price Changed $14,500 Greater Alabama MLS
• 2023-12-06 Price Changed $16,000 Greater Alabama MLS

Property tax history

+14.7%/yr

Latest (2025): $393 · +0.0% YoY. Source: county tax records.