5205 23RD Boulevard · Valley, AL 36854

$159,000

5 bd · 1.0 ba · 2,289 sqft · MultiFamily public records · 67 Days on market

Built 1925 0.35 ac lot $69/sqft · 59% below area ↓ 6% since listing

---

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 +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Very Unique Property, Originally constructed as a Duplex BUT CAN BE easily converted back to duplex for crazy ROI $$$$$$$$. The current layout is 5 bedrooms 2 Bath Living Room, Bonus Room, Utility Room, unfinished basement, Super nice kitchen. House is move in ready, Bring your Vision and Plans. This house is a can't miss, centrally located, close to medical services, City Services, School and Shopping. nice large back yard, The home has two AC units, Newer roof, newer window, some electrical and plumbing updates. Call your favorite realtor or give me a call!!

Key facts

• Close to school
• Centrally located
• Large back yard

Tags

• CENTRALLY LOCATED
• CLOSE TO MEDICAL SERVICES
• CLOSE TO CITY SERVICES
• CLOSE TO SCHOOL
• CLOSE TO SHOPPING
• LARGE BACK YARD

What this means for you Summary

Snapshot

• This is a 5-bed/1.0-bath multifamily listed at $159k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $159k).
• Recommended offer: $149k (6.0% below list) — sets the bar for market timing.
• Cap rate 14.7% vs local median 2.9% in Valley — 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 66/100 on livability (#96 in AL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety B; Watch: crime F, amenities F, commute F.
• Chambers County (town): math 10% / reading 37% proficiency, ranked #101 of 129 in AL (top 78%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Lafayette Lanier Elementary School (math 8% / reading 45%); W F Burns Middle School (math 7% / reading 37%, grade F, #182 of 257 statewide, top 71%, 528 students, 62% FRL); Valley High School (math 12% / reading 17%, grade F, #220 of 305 statewide, top 77%, 642 students, 28% FRL) — zoned schools average 45% FRL vs 63% district-wide (18 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 156 active listings in the ZIP; 43 units permitted in Chambers County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Chambers County population projected to shrink 7% 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 $45k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 67 days — a 6% lower offer ($149k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 64% 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 $149,460 (6.0% below list)

Questions for the listing agent

1. It's been on market 67 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1925 — 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 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: 1.66% ✓
• Cap rate: 14.69%
• Cash-on-cash: 29.99%
• DSCR: 2.33
• GRM: 5.0

CMA / ARV

• ARV (median comp): $331,852
• List price: $159,000
• Delta: -52.09%
• Verdict: UNDERPRICED
• Comps: 20 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 24.5%
• Equity multiple: 2.01×
• Total profit: $45,061
• Equity at exit: $23,707

10-year hold

• IRR: 32.3%
• Equity multiple: 3.93×
• Total profit: $130,336
• Equity at exit: $13,747

Cash invested: $44,520 (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 36854

• Active inventory: 156
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $2,642 medium
• Mortgage (P&I): −$834
• Tax from tax record: −$75 /mo · $894/yr
• Insurance: −$66
• HOA: −$0
• Vacancy / Maint / Mgmt: −$555
• Net cashflow: $1,113

Break-even live

Break-even rent $1,234

Max offer price $159,000

Occupancy floor 53%

Sensitivity live

Price	-10% $1,203	-5% $1,158	+0% $1,113	+5% $1,068	+10% $1,023
Rent	-10% $904	-5% $1,008	+0% $1,113	+5% $1,217	+10% $1,321
Rate	-1.0pp $1,193	-0.5pp $1,153	base $1,113	+0.5pp $1,071	+1.0pp $1,029

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,285
1× unit	3	1	$1,357
Total (2 units)			$2,642

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: $39,750
• Closing costs: $4,770
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-21
   days on market $159,000 Active 67 DOM
2. 2026-06-19
   days on market $159,000 Active 65 DOM
3. 2026-06-18
   days on market $159,000 Active 64 DOM
4. 2026-06-17
   days on market $159,000 Active 63 DOM
5. 2026-06-16
   days on market $159,000 Active 62 DOM
6. 2026-06-15
   days on market $159,000 Active 61 DOM
7. 2026-06-14
   days on market $159,000 Active 59 DOM
8. 2026-06-12
   days on market $159,000 Active 58 DOM
9. 2026-06-09
   days on market $159,000 Active 55 DOM
10. 2026-06-08
    days on market $159,000 Active 54 DOM
11. 2026-06-07
    days on market $159,000 Active 53 DOM
12. 2026-06-05
    days on market $159,000 Active 50 DOM
13. 2026-06-02
    days on market $159,000 Active 48 DOM
14. 2026-06-01
    days on market $159,000 Active 47 DOM
15. 2026-05-31
    days on market $159,000 Active 46 DOM
16. 2026-05-30
    days on market $159,000 Active 45 DOM
17. 2026-05-12
    price $159,000 567-char remark

    Show marketing remark (567 chars)

    Very Unique Property, Originally constructed as a Duplex BUT CAN BE easily converted back to duplex for crazy ROI $$$$$$$$. The current layout is 5 bedrooms 2 Bath Living Room, Bonus Room, Utility Room, unfinished basement, Super nice kitchen. House is move in ready, Bring your Vision and Plans. This house is a can't miss, centrally located, close to medical services, City Services, School and Shopping. nice large back yard, The home has two AC units, Newer roof, newer window, some electrical and plumbing updates. Call your favorite realtor or give me a call!!

18. 2026-04-28
    price $164,900 567-char remark

    Show marketing remark (567 chars)

    Very Unique Property, Originally constructed as a Duplex BUT CAN BE easily converted back to duplex for crazy ROI $$$$$$$$. The current layout is 5 bedrooms 2 Bath Living Room, Bonus Room, Utility Room, unfinished basement, Super nice kitchen. House is move in ready, Bring your Vision and Plans. This house is a can't miss, centrally located, close to medical services, City Services, School and Shopping. nice large back yard, The home has two AC units, Newer roof, newer window, some electrical and plumbing updates. Call your favorite realtor or give me a call!!

19. 2026-04-23
    price $167,900 567-char remark

    Show marketing remark (567 chars)

    Very Unique Property, Originally constructed as a Duplex BUT CAN BE easily converted back to duplex for crazy ROI $$$$$$$$. The current layout is 5 bedrooms 2 Bath Living Room, Bonus Room, Utility Room, unfinished basement, Super nice kitchen. House is move in ready, Bring your Vision and Plans. This house is a can't miss, centrally located, close to medical services, City Services, School and Shopping. nice large back yard, The home has two AC units, Newer roof, newer window, some electrical and plumbing updates. Call your favorite realtor or give me a call!!

20. 2026-04-14
    listed $169,900 New 567-char remark

    Show marketing remark (567 chars)

    Very Unique Property, Originally constructed as a Duplex BUT CAN BE easily converted back to duplex for crazy ROI $$$$$$$$. The current layout is 5 bedrooms 2 Bath Living Room, Bonus Room, Utility Room, unfinished basement, Super nice kitchen. House is move in ready, Bring your Vision and Plans. This house is a can't miss, centrally located, close to medical services, City Services, School and Shopping. nice large back yard, The home has two AC units, Newer roof, newer window, some electrical and plumbing updates. Call your favorite realtor or give me a call!!

ⓘ 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: $894 · $75/mo
• Projected year-2 tax: $894 · $75/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 2/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥105°F today · 19 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 64% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,704
• − Mortgage interest: −$8,906
• − Property taxes: −$894
• − Insurance: −$795
• − Repairs & maintenance: −$2,536
• − Management: −$2,536
• − Depreciation: −$4,625
• Taxable income: $11,410
• Est. tax owed @ 24.0%: −$2,738
• After-tax cash flow: $10,613/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: Chambers County
• NCES district ID: 0100600
• Math proficiency: 10% ▼ -26.00%
• Reading proficiency: 37% ▼ -1.00%
• Median HH income: $36,011
• Composite: 19.37/100
• National rank: #8785
• State rank: #101 of 129 in AL

Livability — Valley

• Score: 66/100
• State rank: #96
• US rank: #11347

Category grades

Amenities F Commute F Cost of living A+ Crime F Employment C Housing A+ Health & safety B User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Valley, AL
• Population (ZIP): 15,913

Population outlook (Chambers County) Hauer SSP2

• Today (2025): 33,868 people
• By 2030: 33,504 · -1.1%
• By 2040: 32,594 · -3.8%
• By 2050: 31,422 · -7.2%
• By 2075: 29,054 · -14.2%
• By 2100: 25,431 · -24.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (67%)
• Race & ethnicity: White 67% Black 28% Hispanic / Latino 2% Two or more races 2%
• Common ancestry: Slovak 2% Italian 1% Serbian 1%
• Foreign-born: 3% · Canada, South Korea
• Languages at home: 96% English-only · Spanish 2% Other Indo-European 1% Korean 1%

Political lean MEDSL · Chambers

• 2024 margin: Strong R (+23.2) · D 38.0% · R 61.2%
• 2008→2024 swing: -14.8pp toward R · 2008: -8.5pp · 2024: -23.2pp
• All cycles: 2024: R+23.2 2020: R+15.6 2016: R+14.8 2012: R+5.1 2008: R+8.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -149.05%
• Current HPI: 186.0298
• 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

-6.4% since first listed

4 events — show timeline

• 2026-05-12 Price Changed $159,000 GAMLS
• 2026-04-28 Price Changed $164,900 GAMLS
• 2026-04-23 Price Changed $167,900 GAMLS
• 2026-04-14 Listed $169,900 GAMLS

Property tax history

+16.0%/yr

Latest (2025): $894 · +6.9% YoY. Source: county tax records.