983 Co Rd 1664

Cullman, AL 35058

$199,900D-

3 bd · 2.0 ba · 1,313 sqft · Built 2026 · SingleFamily · Active · 142 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,559/mo
• Mortgage (P&I): −$1,048
• Tax + insurance: −$333
• HOA: −$0
• Vac / Maint / Mgmt: −$327
• Net cashflow: $-150/mo
• Annual: $-1,798/yr
• Cap rate: 5.39%
• Cash-on-cash: -3.21%
• DSCR: 0.86
• 1% rule: 0.78%
• Cash to close: $55,972

Investor read

• This is a 3-bed/2.0-bath single-family listed at $200k. Condition is rated excellent.
• At list price, monthly cash flow is $-150 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $178k (10.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $156k (22.0% below list).
• It's been on market 142 days — a 12% lower offer ($176k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $156k (22.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#36 in AL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: amenities C-, commute F, health & safety F.
• Cullman County (rural): math 19% / reading 49% proficiency, ranked #49 of 129 in AL (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Fairview Elementary School (math 16% / reading 54%, grade F, #291 of 627 statewide, top 47%, 614 students, 66% FRL); Fairview Middle School (math 12% / reading 53%, grade F, #105 of 257 statewide, top 42%, 305 students, 64% FRL); Fairview High School (math 37% / reading 22%, grade F, #70 of 305 statewide, top 27%, 501 students, 61% FRL).
• Market conditions: 190 active listings in the ZIP; 180 units permitted in Cullman County in 2024 (0 in 5+ unit buildings).
• Cap rate 5.4% vs local median 3.7% in Cullman — 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.
• This rent runs 30% of the median local income ($62k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• It's been on market 142 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-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?
• 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?
• 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.
• 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.