2312 23rd Street Ensley · Birmingham, AL 35208

$109,000

3 bd · 1.0 ba · 1,539 sqft · SingleFamily public records · 268 Days on market

Built 1923 6,534 sqft lot $71/sqft · 93% above area Est $83k · 31% 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 +28.0/30.0
• DSCR +9.9/10.0
• 1% rule +6.8/10.0
• Rent growth +4.3/5.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Schools +0.9/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

The front porch has been converted to a sun room with widows and Venetian blinds This home is in very good condition ready to move in

Key facts

• 6,534 sq ft lot
• Built 1923
• Listed 268 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $109k.

Deal economics

• At list price, monthly cash flow is $338 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $109k).
• Recommended offer: $96k (12.0% 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-, schools F, crime 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.
• Market conditions: Rents rising fast (+7.2%/yr); 122 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 45% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 2,114 units permitted in Jefferson County in 2024 (556 in 5+ unit buildings).
• This rent runs 40% of the median local income ($39k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $754 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 + 7.2% rent growth), your $31k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 268 days — a 12% lower offer ($96k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $53k; list at $109k implies a 106% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $95,920 (12.0% below list)

Questions for the listing agent

1. It's been on market 268 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 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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 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: 1.18% ✓
• Cap rate: 10.01%
• Cash-on-cash: 13.28%
• DSCR: 1.59
• GRM: 7.1

CMA / ARV

• ARV (median comp): $83,305
• List price: $109,000
• Delta: 30.84%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2309 22nd St Ensley	0.04mi	4/1.0 (+1)	1,495 (-3%)	4mo	$87,500	$59	86
2321 22nd St Ensley	0.06mi	3/1.5	1,388 (-10%)	0mo	$77,000	$55	79
2517 Avenue	0.20mi	4/1.5 (+1)	1,638 (+6%)	1mo	$114,429	$70	72
2436 29th St W	0.39mi	3/1.0	1,398 (-9%)	2mo	$98,100	$70	65
1319 Court R	0.45mi	3/2.0	1,450 (-6%)	6mo	$39,900	$28	60
2671 20th St W	0.46mi	3/2.0	1,428 (-7%)	2mo	$205,000	$144	60
2627 28th St	0.36mi	3/2.0	1,412 (-8%)	8mo	$179,900	$127	58
2908 Ensley Ave	0.64mi	3/2.0	1,558 (+1%)	9mo	$60,000	$39	57
2720 23rd St W	0.46mi	3/1.0	1,692 (+10%)	6mo	$45,000	$27	57
2728 20th Place Ensley	0.50mi	3/1.0	1,344 (-13%)	1mo	$47,000	$35	54
1633 29th St	0.67mi	3/1.5	1,658 (+8%)	8mo	$105,000	$63	47
2116 Warrior Rd	0.65mi	3/1.0	1,720 (+12%)	9mo	$50,000	$29	43

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 · 7.24% rent growth · sell at horizon

5-year hold

• IRR: 7.6%
• Equity multiple: 1.31×
• Total profit: $9,513
• Equity at exit: $16,252

10-year hold

• IRR: 20.1%
• Equity multiple: 3.01×
• Total profit: $61,376
• Equity at exit: $9,424

Cash invested: $30,520 (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 35208

• Home prices YoY: -18.1%
• Rents YoY: 7.2%
• Active inventory: 122
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,281 high
• Mortgage (P&I): −$572
• Tax from tax record: −$57 /mo · $685/yr
• Insurance: −$45
• HOA: −$0
• Vacancy / Maint / Mgmt: −$269
• Net cashflow: $338

Break-even live

Break-even rent $853

Max offer price $109,000

Occupancy floor 69%

Sensitivity live

Price	-10% $399	-5% $369	+0% $338	+5% $307	+10% $276
Rent	-10% $237	-5% $287	+0% $338	+5% $388	+10% $439
Rate	-1.0pp $393	-0.5pp $365	base $338	+0.5pp $309	+1.0pp $281

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: $27,250
• Closing costs: $3,270
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2337 23rd Street Ensley Birmingham, AL	3.0	1.0	1446	$1,295	$0.90	44d	1	0.08mi
2356 22nd Street Ensley Unit ENSLEY Birmingham, AL	3.0	1.0	1500	$985	$0.66	24d	1	0.12mi
2426 Avenue U Unit U Birmingham, AL	3.0	2.0	1260	$1,175	$0.93	20d	1	0.18mi
2108 25th Street Ensley Birmingham, AL	4.0	2.0	1446	$1,300	$0.90	44d	1	0.21mi
2213 25th Street Ensley Birmingham, AL	4.0	2.0	1197	$1,150	$0.96	11d	1	0.23mi
2528 25th Street Ensley Birmingham, AL	3.0	1.0	1563	$1,100	$0.70	44d	1	0.28mi
2037 26th Street Ensley Birmingham, AL	3.0	1.0	1074	$995	$0.93	44d	1	0.30mi
2436 Avenue S Birmingham, AL	4.0	2.0	1800	$1,400	$0.78	4d	1	0.30mi
2609 20th Street Ensley Birmingham, AL	3.0	2.0	1229	$1,550	$1.26	44d	1	0.31mi
2609 20th Street Ensley Birmingham, AL	3.0	2.0	1500	$1,550	$1.03	4d	1	0.31mi
2621 20th Street Ensley Birmingham, AL	3.0	1.0	1117	$1,295	$1.16	44d	1	0.35mi
2348 Court R Birmingham, AL	3.0	2.0	1792	$1,769	$0.99	2d	1	0.38mi
1825 18th Street Ensley Unit ENSLEY Birmingham, AL	3.0	1.0	1316	$1,123	$0.85	44d	1	0.43mi
2712 24th Street Ensley Unit ENSLEY Birmingham, AL	3.0	1.0	1232	$1,099	$0.89	24d	1	0.44mi
2720 23rd Street Ensley Birmingham, AL	4.0	2.0	1350	$1,500	$1.11	4d	1	0.45mi
2720 23rd Street Ensley Birmingham, AL	4.0	2.0	1692	$1,500	$0.89	20d	1	0.45mi
2714 17th Street Ensley Birmingham, AL	4.0	2.0	1976	$1,553	$0.79	4d	1	0.46mi
2523 16th street Ensley Unit ENSLEY Birmingham, AL	4.0	2.0	1584	$1,300	$0.82	44d	1	0.47mi
3017 Ensley Ave Birmingham, AL	3.0	1.0	1540	$1,400	$0.91	2d	1	0.55mi
2709 30th Street Ensley Birmingham, AL	4.0	2.0	1410	$1,323	$0.94	3d	1	0.55mi
1720 Cullman Ave Unit 2 Birmingham, AL	3.0	1.0	1174	$899	$0.77	22d	1	0.57mi
1720 Cullman Ave Unit 3 Birmingham, AL	3.0	2.0	1174	$950	$0.81	44d	1	0.57mi
2304 Eufaula Ave Birmingham, AL	3.0	1.0	1381	$980	$0.71	44d	1	0.64mi
1616 28th Street Ensley Birmingham, AL	3.0	1.0	1081	$1,100	$1.02	44d	1	0.66mi
1724 30th Street Ensley Birmingham, AL	4.0	2.0	1428	$1,395	$0.98	17d	1	0.66mi
2309 Eufaula Ave Birmingham, AL	4.0	2.0	1454	$1,395	$0.96	24d	1	0.67mi
3009 Prince Ave Birmingham, AL	3.0	2.0	1176	$1,095	$0.93	24d	1	0.68mi
1633 29th Street Ensley Birmingham, AL	3.0	2.0	1658	$1,200	$0.72	44d	1	0.70mi
2920 24th Street Ensley Unit ENSLEY Birmingham, AL	3.0	2.0	1800	$1,050	$0.58	24d	1	0.71mi
1521 27th Street Ensley Birmingham, AL	3.0	2.0	1120	$1,000	$0.89	44d	1	0.74mi
1545 29th Street Ensley Birmingham, AL	3.0	1.5	1331	$1,200	$0.90	44d	1	0.77mi
3221 Avenue S Birmingham, AL	3.0	2.0	1190	$1,250	$1.05	24d	1	0.78mi
1820 33rd St W Birmingham, AL	4.0	1.5	1212	$1,495	$1.23	44d	1	0.78mi
1701 Avenue I Unit I Birmingham, AL	4.0	2.0	1509	$1,225	$0.81	3d	1	0.80mi
1701 Avenue I Unit I Birmingham, AL	3.0	1.0	1140	$1,200	$1.05	4d	1	0.80mi
820 17th Street Ensley Birmingham, AL	3.0	2.0	1336	$1,250	$0.94	44d	1	0.82mi
1701 4th Ter W Birmingham, AL	4.0	2.5	1977	$1,550	$0.78	24d	1	0.83mi
2520 Avenue U Unit A Birmingham, AL	4.0	1.0	1260	$1,200	$0.95	44d	1	0.84mi
3113 Pike Rd Birmingham, AL	3.0	2.0	1143	$1,275	$1.12	44d	1	0.84mi
811 17th Aly Birmingham, AL	4.0	1.0	1146	$1,050	$0.92	11d	1	0.85mi

Listing history 19 events

1. 2026-06-18
   days on market $109,000 Active 268 DOM
2. 2026-06-17
   days on market $109,000 Active 267 DOM
3. 2026-06-16
   days on market $109,000 Active 266 DOM
4. 2026-06-15
   days on market $109,000 Active 265 DOM
5. 2026-06-13
   days on market $109,000 Active 263 DOM
6. 2026-06-10
   days on market $109,000 Active 260 DOM
7. 2026-06-09
   days on market $109,000 Active 259 DOM
8. 2026-06-08
   days on market $109,000 Active 258 DOM
9. 2026-06-07
   days on market $109,000 Active 257 DOM
10. 2026-06-03
    days on market $109,000 Active 253 DOM
11. 2026-06-02
    days on market $109,000 Active 252 DOM
12. 2026-06-01
    days on market $109,000 Active 251 DOM
13. 2026-05-31
    days on market $109,000 Active 250 DOM
14. 2026-04-07
    price $109,000 133-char remark

    Show marketing remark (133 chars)

    The front porch has been converted to a sun room with widows and Venetian blinds This home is in very good condition ready to move in

15. 2025-12-23
    price $119,000 133-char remark

    Show marketing remark (133 chars)

    The front porch has been converted to a sun room with widows and Venetian blinds This home is in very good condition ready to move in

16. 2025-11-01
    price $129,000 133-char remark

    Show marketing remark (133 chars)

    The front porch has been converted to a sun room with widows and Venetian blinds This home is in very good condition ready to move in

17. 2025-09-22
    listed $139,000 Active 133-char remark

    Show marketing remark (133 chars)

    The front porch has been converted to a sun room with widows and Venetian blinds This home is in very good condition ready to move in

18. 2000-09-05
    soldstatus $52,900
19. 1984-01-23
    soldstatus $35,900

ⓘ 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: $685 · $57/mo
• Projected year-2 tax: $685 · $57/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 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥106°F today · 18 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: $15,369
• − Mortgage interest: −$6,106
• − Property taxes: −$685
• − Insurance: −$545
• − Repairs & maintenance: −$1,230
• − Management: −$1,230
• − Depreciation: −$3,171
• Taxable income: $2,403
• Est. tax owed @ 24.0%: −$577
• After-tax cash flow: $3,475/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): 13,412
• Household income: $38,561
• Rent vs Own: 35.8% rent · 64.2% own
• Severe rent burden: 573.0

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 (94%)
• Race & ethnicity: Black 94% White 4% Hispanic / Latino 2% Two or more races 1%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 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: ▼ -33.99%
• Current HPI: 153.414
• Rent YoY: ▲ 7.24%
• 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

+203.6% since first listed

6 events — show timeline

• 2026-04-07 Price Changed $109,000 Greater Alabama MLS
• 2025-12-23 Price Changed $119,000 Greater Alabama MLS
• 2025-11-01 Price Changed $129,000 Greater Alabama MLS
• 2025-09-22 Listed $139,000 Greater Alabama MLS
• 2000-09-05 Sold (Public Records) $52,900 Public Records
• 1984-01-23 Sold (Public Records) $35,900 Public Records

Property tax history

+4.9%/yr

Latest (2025): $685 · +0.0% YoY. Source: county tax records.