53 Norwood Cir · Birmingham, AL 35234

$38,900

3 bd · 2.0 ba · 1,734 sqft · SingleFamily public records · 28 Days on market

Built 1930 0.30 ac lot $22/sqft · 61% below area

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.9/10.0
• Appreciation +0.1/10.0

Listing remarks

Located in the historic Norwood neighborhood just minutes from downtown Birmingham, this one is all about potential. Easy access to major highways, shopping, and dining, plus you’re right in an area that’s seeing solid growth and revitalization. You’ve got 1,700 sqft of living space plus a 1,400 sqft unfinished basement, so there’s a lot you can do here. Expand it, redesign it, maximize it… the upside is there. Perfect setup for a flip.

Key facts

• Shopping and dining
• 0.3 acre lot
• Built 1930

Tags

• HISTORIC NORWOOD NEIGHBORHOOD
• EASY ACCESS TO MAJOR HIGHWAYS
• SHOPPING AND DINING
• 400 SQFT UNFINISHED BASEMENT

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $39k.

Deal economics

• At list price, monthly cash flow is $786 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $39k).
• Recommended offer: $38k (1.5% below list) — sets the bar for market timing.
• Cap rate 30.5% 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: 54 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 47% 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 $269 of loan paydown is wiped out by about $1k 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 $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($38k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 3.4% of price; built in 1930 — 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 $38,316 (1.5% below list)

Questions for the listing agent

1. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 3.64% ✓
• Cap rate: 30.55%
• Cash-on-cash: 86.62%
• DSCR: 4.85
• GRM: 2.3

CMA / ARV

• ARV (median comp): $100,271
• List price: $38,900
• Delta: -61.21%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3627 15th Ave	0.18mi	3/2.0	1,644 (-5%)	8mo	$115,000	$70	76
1405 34th St	0.11mi	2/1.0 (-1)	1,574 (-9%)	0mo	$45,000	$29	70
1405 34th St N	0.11mi	2/1.0 (-1)	1,574 (-9%)	4mo	$45,000	$29	67
3535 17th Ave N	0.20mi	3/1.0	1,525 (-12%)	2mo	$55,000	$36	64
3514 17th Ave N	0.23mi	3/1.0	1,521 (-12%)	1mo	$39,500	$26	64
3624 Norwood Blvd	0.18mi	3/1.0	1,504 (-13%)	3mo	$80,000	$53	63
1431 28th St N	0.64mi	4/2.0 (+1)	1,746 (+1%)	6mo	$209,900	$120	59
1601 31st St N	0.47mi	4/2.0 (+1)	1,776 (+2%)	12mo	$95,000	$53	59
3600 15th Ave N	0.17mi	3/1.0	1,493 (-14%)	8mo	$70,000	$47	59
3100 Norwood Blvd	0.53mi	4/2.0 (+1)	1,598 (-8%)	12mo	$155,000	$97	47
2928 Norwood Blvd	0.66mi	3/1.0	1,624 (-6%)	15mo	$132,000	$81	42
2820 Norwood Blvd	0.68mi	3/2.0	1,506 (-13%)	9mo	$245,000	$163	38

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: 87.2%
• Equity multiple: 5.02×
• Total profit: $43,829
• Equity at exit: $5,800

10-year hold

• IRR: 90.3%
• Equity multiple: 10.45×
• Total profit: $102,886
• Equity at exit: $3,363

Cash invested: $10,892 (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 35234

• Home prices YoY: -3.8%
• Active inventory: 54
• Price-to-rent: 2.3×

Monthly cashflow live

• Estimated rent: $1,415 high
• Mortgage (P&I): −$204
• Tax from tax record: −$112 /mo · $1,338/yr
• Insurance: −$16
• HOA: −$0
• Vacancy / Maint / Mgmt: −$297
• Net cashflow: $786

Break-even live

Break-even rent $420

Max offer price $38,900

Occupancy floor 39%

Sensitivity live

Price	-10% $808	-5% $797	+0% $786	+5% $775	+10% $764
Rent	-10% $674	-5% $730	+0% $786	+5% $842	+10% $898
Rate	-1.0pp $806	-0.5pp $796	base $786	+0.5pp $776	+1.0pp $766

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: $9,725
• Closing costs: $1,167
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3601 Norwood Blvd Birmingham, AL	3.0	2.0	1558	$1,323	$0.85	4d	1	0.10mi
1515 36th Pl N Birmingham, AL	3.0	2.0	1204	$1,273	$1.06	45d	1	0.22mi
1720 34th Pl N Birmingham, AL	3.0	3.0	1861	$2,200	$1.18	3d	1	0.27mi
1319 31st St N Birmingham, AL	3.0	2.0	2074	$1,345	$0.65	22d	1	0.36mi
3001 Norwood Blvd Birmingham, AL	2.0	2.0	1092	$1,500	$1.37	4d	1	0.57mi
3920 11th Ave N Birmingham, AL	3.0	2.0	1200	$1,025	$0.85	3d	1	0.79mi
2807 34th St N Birmingham, AL	4.0	2.0	1556	$1,100	$0.71	45d	1	0.87mi
2223 28th St N Birmingham, AL	4.0	2.0	1836	$1,300	$0.71	45d	1	0.98mi
2108 25th St N Birmingham, AL	4.0	2.0	1446	$1,300	$0.90	45d	1	1.13mi
4108 7th Ave N Birmingham, AL	3.0	1.0	1100	$1,350	$1.23	25d	1	1.16mi
813 42nd Pl N Birmingham, AL	3.0	2.0	1424	$1,285	$0.90	45d	1	1.20mi
600 24th St N Birmingham, AL	1.0–3.0	1.0–2.0	1098	$1,499	$1.36	3d	13	1.28mi
1906 15th Ct N Birmingham, AL	2.0	1.0	1311	$1,000	$0.76	25d	1	1.47mi
1900 15th Ct N Birmingham, AL	4.0	2.0	1748	$1,425	$0.82	45d	1	1.48mi
2212 20th St N Birmingham, AL	3.0	1.0	1141	$895	$0.78	45d	1	1.48mi

Listing history 5 events

1. 2026-06-02
   days on market $38,900 Active 28 DOM
2. 2026-06-01
   days on market $38,900 Active 27 DOM
3. 2026-05-31
   days on market $38,900 Active 26 DOM
4. 2026-05-13
   price $38,900 471-char remark
5. 2026-05-05
   listed $49,900 Active 471-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: $1,338 · $112/mo
• Projected year-2 tax: $1,338 · $112/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 · 19 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 · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,981
• − Mortgage interest: −$2,179
• − Property taxes: −$1,338
• − Insurance: −$194
• − Repairs & maintenance: −$1,358
• − Management: −$1,358
• − Depreciation: −$1,132
• Taxable income: $9,421
• Est. tax owed @ 24.0%: −$2,261
• After-tax cash flow: $7,173/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): 3,828

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 (80%)
• Race & ethnicity: Black 80% White 15% Hispanic / Latino 3% Two or more races 1%
• Common ancestry: Slovak 1% Romanian 1%
• Foreign-born: 1% · 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: ▼ -9.89%
• Current HPI: 250.4724
• 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

1 event — show timeline

• 2026-05-13 Price Changed $38,900 Greater Alabama MLS

Property tax history

+9.5%/yr

Latest (2025): $1,338 · +2.2% YoY. Source: county tax records.