2008 3rd Ave N Unit 5C · Birmingham, AL 35203

$219,000

2 bd · 1.0 ba · 1,119 sqft · Condo public records · 56 Days on market

Built 1925 $196/sqft · 8% below area Est $237k · 8% under

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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 +10.9/15.0
• Cash flow +8.9/30.0
• 1% rule +5.2/10.0
• Appreciation +4.8/10.0
• Livability +3.4/5.0
• DSCR +2.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.9/10.0

Listing remarks MLS

The historic Watts Tower building is one of the oldest buildings in Birmingham. If you love historic charm, this unit might be for you! Right in the center of everything down town has to offer - you'll be hard pressed to find a better location. This unit is nicely updated with concrete floors throughout. This is a corner unit and gets great light! The kitchen is open to the living area, which makes for a good space to entertain friends! There is an in unit washer and dryer hookup. You'll also enjoy a gated parking lot with an assigned spot. This is a rare opportunity to be in the heart of the loft district at a great price point. Call today to schedule a tour!

Key facts

• Loft district
• Gated parking
• Corner unit condo

Tags

• CORNER UNIT CONDO
• LOFT DISTRICT
• HISTORIC WATTS BUILDING
• GATED PARKING
• ASSIGNED SPOT
• WASHER DRYER INCLUDED

Property features AI

Finance

• Financial info: Down payment assistance available
• HOA & community: Monthly condo fee of $550; HOA fees cover common grounds maintenance, garbage collection, building insurance, management fee, pest control, reserves for improvements, sewage service, utilities for common areas, and water

Exterior

• Parking: Assigned parking; Off-street parking; On-street parking
• Utilities: Public water; Connected sewer; Underground utilities; Electric water heater; Internet service available
• Home design: Condo unit (Unit 5C); Existing construction; Located in Watts Tower subdivision; Historic register listing
• Construction: Concrete/block construction; Slab foundation
• Exterior features: City view; No deck, patio, pool, or garden/patio; Not waterfront

Interior

• Kitchen: Stone countertops; Built-in dishwasher; Built-in microwave; Refrigerator; Electric stove
• Bedrooms: Two bedrooms on the main level
• Flooring: Concrete flooring; Tile flooring
• Bathrooms: One full bathroom with tub/shower combo (main level)
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Smooth ceilings; Concrete and tile floors; No special interior features listed
• Laundry & utility: Main level laundry room; Washer hookup; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $219k.

Deal economics

• At list price, monthly cash flow is $-176 ($-2k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $219k).
• Recommended offer: $212k (3.0% below list) — sets the bar for market timing.

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: 44 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); 2,114 units permitted in Jefferson County in 2024 (556 in 5+ unit buildings).
• At $2,240/mo this rent would consume 57% of the median local household income ($47k/yr) (locally 344% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $817 of equity ($2k loan paydown + $-697 appreciation (-0.3% local appreciation)).
• Jefferson County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 56 days — a 3% lower offer ($212k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $180k; 22% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 26% of rent; built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $212,430 (3.0% 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 56 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
3. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.02% ✓
• Cap rate: 5.33%
• Cash-on-cash: -3.43%
• DSCR: 0.85
• GRM: 8.1

CMA / ARV

• ARV (median comp): $236,886
• List price: $219,000
• Delta: -7.55%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-0.32% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -7.3%
• Equity multiple: 0.67×
• Total profit: $-20,542
• Equity at exit: $60,127

10-year hold

• IRR: -0.9%
• Equity multiple: 0.90×
• Total profit: $-5,962
• Equity at exit: $69,565

Cash invested: $61,320 (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 35203

• Home prices YoY: -0.2%
• Active inventory: 44
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $2,240 high
• Mortgage (P&I): −$1,148
• Tax from tax record: −$132 /mo · $1,584/yr
• Insurance: −$91
• HOA est. from 2 same-building comps: −$573
• Vacancy / Maint / Mgmt: −$470
• Net cashflow: $-176

Break-even live

Break-even rent $2,462

Max offer price $187,996

Occupancy floor —

Sensitivity live

Price	-10% $-52	-5% $-114	+0% $-176	+5% $-237	+10% $-299
Rent	-10% $-352	-5% $-264	+0% $-176	+5% $-87	+10% $1
Rate	-1.0pp $-65	-0.5pp $-120	base $-176	+0.5pp $-232	+1.0pp $-290

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: $54,750
• Closing costs: $6,570
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
201 20th St N Birmingham, AL	1.0	1.0	491	$1,619	$3.29	4d	30	0.10mi
2024 2nd Ave N #1801 Birmingham, AL	2.0	2.0	1340	$2,500	$1.87	25d	1	0.12mi
1816 3rd Ave N Birmingham, AL	1.0	1.0–1.5	1305	$2,865	$2.20	4d	15	0.16mi
120 19th St N Unit 312 Birmingham, AL	2.0	2.0	952	$3,495	$3.67	45d	1	0.20mi
120 19th St N Birmingham, AL	1.0–2.0	1.0–2.0	886	$2,190	$2.47	3d	14	0.20mi
600 19th St N Birmingham, AL	1.0–3.0	1.0–2.0	1120	$2,725	$2.43	17d	30	0.27mi
600 19th St N Birmingham, AL	1.0–3.0	1.0–3.0	1398	$3,008	$2.15	20d	83	0.27mi
600 19th St N Apt 202 Birmingham, AL	3.0	2.0	1248	$3,050	$2.44	13d	1	0.28mi
600 19th St N Unit 604 Birmingham, AL	2.0	2.0	1001	$2,895	$2.89	13d	1	0.28mi
600 19th St N Unit 601 Birmingham, AL	2.0	2.0	1001	$2,544	$2.54	13d	1	0.28mi
2412 2nd Ave N #11 Birmingham, AL	1.0	1.0	990	$1,800	$1.82	45d	1	0.39mi
600 24th St N Birmingham, AL	1.0–3.0	1.0–2.0	1098	$1,244	$1.13	3d	13	0.39mi
2000 2nd Ave S Birmingham, AL	2.0	1.0–2.0	980	$2,419	$2.47	4d	27	0.45mi
1701 1st Ave S Birmingham, AL	1.0–2.0	1.0–2.0	889	$2,506	$2.82	4d	21	0.49mi
2014 3rd Ave S Birmingham, AL	3.0	1.0–3.0	1107	$2,311	$2.09	4d	73	0.53mi
2400 1st Ave S Birmingham, AL	2.0	1.0–2.0	824	$1,968	$2.39	3d	29	0.62mi
1400 7th Ave N Birmingham, AL	1.0	1.0	730	$961	$1.32	25d	3	0.63mi
401 20th St S Birmingham, AL	2.0	2.0	1295	$2,000	$1.54	13d	2	0.66mi
401 20th St S Birmingham, AL	2.0–3.0	2.0	1163	$2,100	$1.81	17d	2	0.66mi
2020 5th Ave S Birmingham, AL	1.0–3.0	1.0–2.5	1108	$2,175	$1.96	16d	4	0.68mi
1508 4th Ave S Birmingham, AL	2.0	2.0	1142	$2,222	$1.95	4d	3	0.75mi
1113 15th St N Birmingham, AL	2.0	1.0	700	$880	$1.26	45d	2	0.88mi
2722 5th Ave S Birmingham, AL	2.0	1.0–2.0	794	$2,300	$2.90	3d	11	0.95mi
1305 16th St N Unit 1305 D Birmingham, AL	2.0	1.0	825	$595	$0.72	25d	1	1.02mi
2413 14th Ave N Birmingham, AL	2.0	1.0	720	$675	$0.94	3d	3	1.07mi
1428 F L Shuttlesworth Dr Fl Shuttlesworth Birmingham, AL	2.0	1.0	803	$825	$1.03	25d	3	1.08mi
1802 14th Ct N Birmingham, AL	2.0	1.0	700	$850	$1.21	20d	1	1.12mi
2808 7th Ave S Birmingham, AL	1.0–2.0	1.0–2.0	933	$1,714	$1.84	3d	11	1.15mi
2808 7th Ave S Birmingham, AL	1.0–2.0	1.0–2.0	933	$1,789	$1.92	12d	11	1.15mi
2900 7th Ave S Birmingham, AL	1.0–2.0	1.0–2.0	889	$1,858	$2.09	3d	15	1.18mi
1001 20th St S Birmingham, AL	4.0	1.0–4.0	824	$2,012	$2.44	3d	22	1.20mi
1906 15th Ct N Birmingham, AL	2.0	1.0	1311	$1,000	$0.76	25d	1	1.27mi
1608 18th Pl N Birmingham, AL	3.0	2.0	1243	$950	$0.76	45d	1	1.30mi
1500 12th St N Birmingham, AL	2.0	1.0	750	$800	$1.07	25d	1	1.30mi
1317 11th St N Birmingham, AL	3.0	1.0	1340	$1,200	$0.90	45d	1	1.30mi
2020 11th Ave S Birmingham, AL	1.0	1.0	515	$1,100	$2.14	4d	5	1.30mi
1576 20th St N Apt D Birmingham, AL	2.0	1.0	900	$725	$0.81	45d	1	1.34mi
1124 20th St S Birmingham, AL	1.0–2.0	1.0	1123	$1,243	$1.11	12d	2	1.35mi
2933 Clairmont Ave Apt 9 Birmingham, AL	2.0	2.0	830	$1,483	$1.79	12d	1	1.37mi
2933 Clairmont Ave Unit 4 Birmingham, AL	2.0	2.0	830	$1,513	$1.82	45d	1	1.37mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: security
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-21
   days on market $219,000 Active 56 DOM
2. 2026-06-18
   days on market $219,000 Active 53 DOM
3. 2026-06-17
   days on market $219,000 Active 52 DOM
4. 2026-06-16
   days on market $219,000 Active 51 DOM
5. 2026-06-15
   days on market $219,000 Active 50 DOM
6. 2026-06-13
   days on market $219,000 Active 48 DOM
7. 2026-06-10
   days on market $219,000 Active 45 DOM
8. 2026-06-09
   days on market $219,000 Active 44 DOM
9. 2026-06-08
   days on market $219,000 Active 43 DOM
10. 2026-06-07
    days on market $219,000 Active 42 DOM
11. 2026-06-03
    days on market $219,000 Active 38 DOM
12. 2026-06-02
    days on market $219,000 Active 37 DOM
13. 2026-06-01
    days on market $219,000 Active 36 DOM
14. 2026-05-31
    days on market $219,000 Active 35 DOM
15. 2026-04-26
    listed $219,000 Active 549-char remark
16. 2022-12-01
    soldstatus $180,000
17. 2022-11-23
    soldstatus $180,000 Sold 668-char remark

    Show marketing remark (668 chars)

    The historic Watts Tower building is one of the oldest buildings in Birmingham. If you love historic charm, this unit might be for you! Right in the center of everything down town has to offer - you'll be hard pressed to find a better location. This unit is nicely updated with concrete floors throughout. This is a corner unit and gets great light! The kitchen is open to the living area, which makes for a good space to entertain friends! There is an in unit washer and dryer hookup. You'll also enjoy a gated parking lot with an assigned spot. This is a rare opportunity to be in the heart of the loft district at a great price point. Call today to schedule a tour!

18. 2022-11-10
    status Pending 668-char remark

    Show marketing remark (668 chars)

    The historic Watts Tower building is one of the oldest buildings in Birmingham. If you love historic charm, this unit might be for you! Right in the center of everything down town has to offer - you'll be hard pressed to find a better location. This unit is nicely updated with concrete floors throughout. This is a corner unit and gets great light! The kitchen is open to the living area, which makes for a good space to entertain friends! There is an in unit washer and dryer hookup. You'll also enjoy a gated parking lot with an assigned spot. This is a rare opportunity to be in the heart of the loft district at a great price point. Call today to schedule a tour!

19. 2022-10-20
    listed $199,000 Active 668-char remark

    Show marketing remark (668 chars)

    The historic Watts Tower building is one of the oldest buildings in Birmingham. If you love historic charm, this unit might be for you! Right in the center of everything down town has to offer - you'll be hard pressed to find a better location. This unit is nicely updated with concrete floors throughout. This is a corner unit and gets great light! The kitchen is open to the living area, which makes for a good space to entertain friends! There is an in unit washer and dryer hookup. You'll also enjoy a gated parking lot with an assigned spot. This is a rare opportunity to be in the heart of the loft district at a great price point. Call today to schedule a tour!

20. 2022-10-13
    historical $199,000 668-char remark

    Show marketing remark (668 chars)

    The historic Watts Tower building is one of the oldest buildings in Birmingham. If you love historic charm, this unit might be for you! Right in the center of everything down town has to offer - you'll be hard pressed to find a better location. This unit is nicely updated with concrete floors throughout. This is a corner unit and gets great light! The kitchen is open to the living area, which makes for a good space to entertain friends! There is an in unit washer and dryer hookup. You'll also enjoy a gated parking lot with an assigned spot. This is a rare opportunity to be in the heart of the loft district at a great price point. Call today to schedule a tour!

ⓘ 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: $1,584 · $132/mo
• Projected year-2 tax: $1,584 · $132/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $26,874
• − Mortgage interest: −$12,267
• − Property taxes: −$1,584
• − Insurance: −$1,095
• − Repairs & maintenance: −$2,150
• − Management: −$2,150
• − HOA: −$6,876
• − Depreciation: −$6,371
• Taxable loss: −$5,619
• Est. tax savings @ 24.0%: +$1,349
• After-tax cash flow: $-757/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): 3,506
• Household income: $47,434
• Rent vs Own: 70.3% rent · 29.7% own
• Severe rent burden: 344.0

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: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: Black 49% White 43% Hispanic / Latino 6% Two or more races 3%
• Hispanic origin (detail): Mexican 1%
• Common ancestry: Slovak 3% Italian 2% Scotch-Irish 1%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 1% French/Haitian/Cajun 1%

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: ▼ -0.32%
• Current HPI: 187.0483
• Rent YoY: —
• 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

+10.1% since first listed

6 events — show timeline

• 2026-04-26 Listed $219,000 Greater Alabama MLS
• 2022-12-01 Sold (Public Records) $180,000 Public Records
• 2022-11-23 Sold (MLS) $180,000 Greater Alabama MLS
• 2022-11-10 Pending — Greater Alabama MLS
• 2022-10-20 Listed $199,000 Greater Alabama MLS
• 2022-10-13 Coming Soon $199,000 Greater Alabama MLS

Property tax history

+6.8%/yr

Latest (2025): $1,584 · +0.0% YoY. Source: county tax records.