181 Lee Road 232 · Smiths Station, AL 36870

$199,000

3 bd · 1.0 ba · 1,562 sqft · SingleFamily public records · 90 Days on market

Built 1964 0.46 ac lot $127/sqft · at area comps Est $195k · at est.

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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 +23.6/30.0
• DSCR +7.6/10.0
• ARV discount +6.7/15.0
• 1% rule +5.4/10.0
• Livability +3.2/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

3 BEDROOMS - 3 BATHS! CONVENIENT LEE COUNTY LOCATION, LOTS OF RENOVATIONS, SIDE PORCH, LARGE LOT, GRANITE KITCHEN COUNTERS, APPLIANCES INCLUDE KITCHEN REFRIGERATOR, NEW HVAC.

Key facts

• Lee county location
• New hvac
• Large lot

Tags

• LEE COUNTY LOCATION
• SIDE PORCH
• LARGE LOT
• GRANITE KITCHEN COUNTERS
• NEW HVAC

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $199k.

Deal economics

• At list price, monthly cash flow is $376 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $199k).
• Recommended offer: $187k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.6% vs local median 3.5% in Smiths Station — 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 65/100 on livability (#129 in AL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: schools C-, employment D, amenities F.
• Lee County (rural): math 23% / reading 47% proficiency, ranked #40 of 129 in AL (top 31%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 132 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,858 units permitted in Lee County in 2024 (113 in 5+ unit buildings).
• This rent runs 34% of the median local income ($72k/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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Lee County population projected at +54% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 90 days — a 6% lower offer ($187k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 5y 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 $162k; 23% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 76% 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 $187,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 90 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 1964 — 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. 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.
6. 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.
7. 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: 1.04% ✓
• Cap rate: 8.56%
• Cash-on-cash: 8.09%
• DSCR: 1.36
• GRM: 8.0

CMA / ARV

• ARV (median comp): $195,440
• List price: $199,000
• Delta: 1.82%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
121 Lee Road 0850	0.46mi	3/2.0	1,537 (-2%)	6mo	$250,000	$163	66
95 Lee Road 517	0.74mi	3/2.0	1,537 (-2%)	1mo	$255,000	$166	58
265 Lee Road 2111	0.60mi	3/2.0	1,630 (+4%)	10mo	$245,000	$150	52
20 Lee Rd 530	0.71mi	4/2.0 (+1)	1,576 (+1%)	5mo	$250,000	$159	52
208 Lee Road 209	0.34mi	3/2.0	1,796 (+15%)	7mo	$208,000	$116	49
200 Lee Road 520	0.58mi	3/2.0	1,440 (-8%)	8mo	$219,900	$153	49
31 Lee Road 233	0.53mi	4/3.0 (+1)	1,638 (+5%)	8mo	$267,000	$163	47
66 Lee Road 502	0.68mi	3/2.0	1,400 (-10%)	0mo	$235,000	$168	46
143 Lee Road 2059	0.51mi	3/2.0	1,376 (-12%)	9mo	$225,000	$164	45
240 Lee Road 2111	0.64mi	3/2.0	1,414 (-10%)	10mo	$240,000	$170	42
745 Lee Road 2095	0.60mi	3/2.0	1,332 (-15%)	7mo	$222,000	$167	38
125 Lee Road 0477	0.63mi	3/2.0	1,346 (-14%)	8mo	$227,500	$169	37

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: -4.0%
• Equity multiple: 0.85×
• Total profit: $-8,354
• Equity at exit: $29,672

10-year hold

• IRR: 5.7%
• Equity multiple: 1.42×
• Total profit: $23,387
• Equity at exit: $17,206

Cash invested: $55,720 (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 36870

• Home prices YoY: -10.5%
• Active inventory: 132
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $2,075 medium
• Mortgage (P&I): −$1,044
• Tax from tax record: −$137 /mo · $1,647/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$436
• Net cashflow: $376

Break-even live

Break-even rent $1,600

Max offer price $199,000

Occupancy floor 77%

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
393 Lee Rd Unit 554 Phenix City, AL	4.0	2.0	1745	$2,000	$1.15	21d	1	0.57mi
567 Mill Pond Dr Phenix City, AL	3.0	2.0	1240	$1,400	$1.13	13d	1	1.41mi

Listing history 30 events

1. 2026-06-18
   days on market $199,000 Active 90 DOM
2. 2026-06-17
   days on market $199,000 Active 89 DOM
3. 2026-06-16
   days on market $199,000 Active 88 DOM
4. 2026-06-15
   days on market $199,000 Active 87 DOM
5. 2026-06-14
   days on market $199,000 Active 85 DOM
6. 2026-06-13
   days on market $199,000 Active 84 DOM
7. 2026-06-10
   days on market $199,000 Active 82 DOM
8. 2026-06-09
   days on market $199,000 Active 81 DOM
9. 2026-06-08
   days on market $199,000 Active 80 DOM
10. 2026-06-07
    days on market $199,000 Active 79 DOM
11. 2026-06-05
    days on market $199,000 Active 76 DOM
12. 2026-06-03
    days on market $199,000 Active 75 DOM
13. 2026-06-02
    days on market $199,000 Active 74 DOM
14. 2026-06-01
    days on market $199,000 Active 73 DOM
15. 2026-05-31
    days on market $199,000 Active 72 DOM
16. 2026-05-30
    days on market $199,000 Active 71 DOM
17. 2026-05-15
    price $199,000 175-char remark

    Show marketing remark (175 chars)

    3 BEDROOMS - 3 BATHS! CONVENIENT LEE COUNTY LOCATION, LOTS OF RENOVATIONS, SIDE PORCH, LARGE LOT, GRANITE KITCHEN COUNTERS, APPLIANCES INCLUDE KITCHEN REFRIGERATOR, NEW HVAC.

18. 2026-04-06
    price $206,000 175-char remark

    Show marketing remark (175 chars)

    3 BEDROOMS - 3 BATHS! CONVENIENT LEE COUNTY LOCATION, LOTS OF RENOVATIONS, SIDE PORCH, LARGE LOT, GRANITE KITCHEN COUNTERS, APPLIANCES INCLUDE KITCHEN REFRIGERATOR, NEW HVAC.

19. 2026-03-19
    listed $209,000 Active 175-char remark

    Show marketing remark (175 chars)

    3 BEDROOMS - 3 BATHS! CONVENIENT LEE COUNTY LOCATION, LOTS OF RENOVATIONS, SIDE PORCH, LARGE LOT, GRANITE KITCHEN COUNTERS, APPLIANCES INCLUDE KITCHEN REFRIGERATOR, NEW HVAC.

20. 2024-03-14
    historical $1,325
21. 2024-02-04
    listed $1,325
22. 2023-07-29
    historical $1,325
23. 2023-07-21
    price $1,325
24. 2023-07-19
    listed $1,400
25. 2022-04-11
    soldstatus $162,000 1231-char remark

    Show marketing remark (1231 chars)

    Come and take a look at this completely remodeled home. This place is cute!! Brand new waterproof flooring throughout the house. All new modern light fixtures. New Upgraded electrical, New appliances, and water heater. Kitchen is excited to boast its new update, with a large granite island for prep and entertainment and subway backsplash. There are 3 full bathrooms, large closets. Large primary bedroom with an abundance of light, boasting his and her closets! Enjoy your morning on the Covered patio or your covered back porch. Mud room and laundry room ad the extra space you need to stay organized. Children and pets will love the large back yard. This home sits in Lee county and zoned for Smiths Station Schools. Very convenient to restaurants and grocery stores. You must take a look at this charming home! Come and take a look at this completely remodeled home. This place is cute!! Brand new waterproof flooring throughout the house. All new modern light fixtures. New microwave, water heater, and stove. Kitchen boast a large island for prep and entertainment! There are 3 full bathrooms, large closets, and a large master bedroom with lots of light with his and her closets. Enjoy your morning on the Covered patio

26. 2022-04-11
    soldstatus $162,000

    Show marketing remark (1231 chars)

    Come and take a look at this completely remodeled home. This place is cute!! Brand new waterproof flooring throughout the house. All new modern light fixtures. New Upgraded electrical, New appliances, and water heater. Kitchen is excited to boast its new update, with a large granite island for prep and entertainment and subway backsplash. There are 3 full bathrooms, large closets. Large primary bedroom with an abundance of light, boasting his and her closets! Enjoy your morning on the Covered patio or your covered back porch. Mud room and laundry room ad the extra space you need to stay organized. Children and pets will love the large back yard. This home sits in Lee county and zoned for Smiths Station Schools. Very convenient to restaurants and grocery stores. You must take a look at this charming home! Come and take a look at this completely remodeled home. This place is cute!! Brand new waterproof flooring throughout the house. All new modern light fixtures. New microwave, water heater, and stove. Kitchen boast a large island for prep and entertainment! There are 3 full bathrooms, large closets, and a large master bedroom with lots of light with his and her closets. Enjoy your morning on the Covered patio

27. 2022-04-08
    soldstatus $162,000
28. 2021-12-10
    listed $159,999

    Show marketing remark (1231 chars)

    Come and take a look at this completely remodeled home. This place is cute!! Brand new waterproof flooring throughout the house. All new modern light fixtures. New Upgraded electrical, New appliances, and water heater. Kitchen is excited to boast its new update, with a large granite island for prep and entertainment and subway backsplash. There are 3 full bathrooms, large closets. Large primary bedroom with an abundance of light, boasting his and her closets! Enjoy your morning on the Covered patio or your covered back porch. Mud room and laundry room ad the extra space you need to stay organized. Children and pets will love the large back yard. This home sits in Lee county and zoned for Smiths Station Schools. Very convenient to restaurants and grocery stores. You must take a look at this charming home! Come and take a look at this completely remodeled home. This place is cute!! Brand new waterproof flooring throughout the house. All new modern light fixtures. New microwave, water heater, and stove. Kitchen boast a large island for prep and entertainment! There are 3 full bathrooms, large closets, and a large master bedroom with lots of light with his and her closets. Enjoy your morning on the Covered patio

29. 2021-12-10
    listed $159,999 1231-char remark

    Show marketing remark (1231 chars)

    Come and take a look at this completely remodeled home. This place is cute!! Brand new waterproof flooring throughout the house. All new modern light fixtures. New Upgraded electrical, New appliances, and water heater. Kitchen is excited to boast its new update, with a large granite island for prep and entertainment and subway backsplash. There are 3 full bathrooms, large closets. Large primary bedroom with an abundance of light, boasting his and her closets! Enjoy your morning on the Covered patio or your covered back porch. Mud room and laundry room ad the extra space you need to stay organized. Children and pets will love the large back yard. This home sits in Lee county and zoned for Smiths Station Schools. Very convenient to restaurants and grocery stores. You must take a look at this charming home! Come and take a look at this completely remodeled home. This place is cute!! Brand new waterproof flooring throughout the house. All new modern light fixtures. New microwave, water heater, and stove. Kitchen boast a large island for prep and entertainment! There are 3 full bathrooms, large closets, and a large master bedroom with lots of light with his and her closets. Enjoy your morning on the Covered patio

30. 2015-09-04
    soldstatus $83,500

ⓘ 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: $1,647 · $137/mo
• Projected year-2 tax: $1,647 · $137/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 4/10 Moderate
• 🌡 Heat 7/10 Severe 7 d/yr ≥106°F today · 19 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 76% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,903
• − Mortgage interest: −$11,147
• − Property taxes: −$1,647
• − Insurance: −$995
• − Repairs & maintenance: −$1,992
• − Management: −$1,992
• − Depreciation: −$5,789
• Taxable income: $1,340
• Est. tax owed @ 24.0%: −$322
• After-tax cash flow: $4,187/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: Lee County
• NCES district ID: 0102070
• Math proficiency: 23% ▼ -27.00%
• Reading proficiency: 47% ▬ 0.00%
• Median HH income: $47,786
• Composite: 30.04/100
• National rank: #6355
• State rank: #40 of 129 in AL

Livability — Smiths Station

• Score: 65/100
• State rank: #129
• US rank: #13134

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Lee County · 144,175 people
• Metro: Auburn-Opelika, AL
• Population (ZIP): 17,951
• Household income: $72,500
• Rent vs Own: 19.3% rent · 80.7% own
• Severe rent burden: 500.0

Population outlook (Lee County) Hauer SSP2

• Today (2025): 196,440 people
• By 2030: 217,417 · +10.7%
• By 2040: 259,467 · +32.1%
• By 2050: 301,557 · +53.5%
• By 2075: 402,186 · +104.7%
• By 2100: 474,503 · +141.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (72%)
• Race & ethnicity: White 72% Black 18% Two or more races 4% Hispanic / Latino 4%
• Common ancestry: Slovak 3% Romanian 2% Portuguese 2%
• Foreign-born: 3% · Canada, South Korea, Jamaica
• Languages at home: 95% English-only · Spanish 3% Korean 1%

Political lean MEDSL · Lee

• 2024 margin: Strong R (+27.8) · D 35.5% · R 63.3% · Other 1.2%
• 2008→2024 swing: -8.1pp toward R · 2008: -19.8pp · 2024: -27.8pp
• All cycles: 2024: R+27.8 2020: R+20.1 2016: R+23.1 2012: R+19.9 2008: R+19.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -28.19%
• Current HPI: 241.1403
• Rent YoY: —
• Metro: Auburn-Opelika, 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

+138.3% since first listed

14 events — show timeline

• 2026-05-15 Price Changed $199,000 EABOR
• 2026-04-06 Price Changed $206,000 EABOR
• 2026-03-19 Listed $209,000 EABOR
• 2024-03-14 Rental Removed $1,325 APPFOLIO
• 2024-02-04 Listed for Rent $1,325 APPFOLIO
• 2023-07-29 Rental Removed $1,325 APPFOLIO
• 2023-07-21 Price Changed $1,325 APPFOLIO
• 2023-07-19 Listed for Rent $1,400 APPFOLIO
• 2022-04-11 Sold (MLS) $162,000 EABOR
• 2022-04-11 Sold (MLS) $162,000 EABOR
• 2022-04-08 Sold (Public Records) $162,000 Public Records
• 2021-12-10 Listed $159,999 EABOR
• 2021-12-10 Listed $159,999 EABOR
• 2015-09-04 Sold (Public Records) $83,500 Public Records

Property tax history

+6.3%/yr

Latest (2025): $1,647 · +6.8% YoY. Source: county tax records.