1607 College St SE · Decatur, AL 35601

$134,900

2 bd · 1.0 ba · 988 sqft · SingleFamily public records · 39 Days on market

Built 1952 0.28 ac lot $137/sqft · at area comps Est $136k · at est.

---

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).

• Cash flow +13.2/30.0
• ARV discount +8.0/15.0
• DSCR +4.0/10.0
• Rent growth +3.7/5.0
• Livability +3.6/5.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Why rent when you can own this charming 2 Bedroom 1 Bath home in a large lot.Great for investors as rental or great first home. New Roof and HVAC in 2021, new water heater 2024

Key facts

• New hvac
• Large lot
• New water heater

Tags

• LARGE LOT
• NEW ROOF
• NEW HVAC
• NEW WATER HEATER

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $-2 ($-26/yr) — negative.
• To cash-flow at today's rent, offer at most $135k (0.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $99k (26.4% below list).
• Recommended offer: $99k (26.4% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 4.0% in Decatur — 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 72/100 on livability (#28 in AL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, crime F, amenities F.
• Decatur City (urban): math 22% / reading 40% proficiency, ranked #66 of 129 in AL (top 51%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Walter Jackson Elementary School (math 47% / reading 62%, grade C, #87 of 627 statewide, top 15%, 244 students, 73% FRL); Decatur Middle School (math 17% / reading 36%, grade F, #150 of 257 statewide, top 60%, 815 students, 77% FRL); Decatur High School (math 27% / reading 27%, grade F, #90 of 305 statewide, top 35%, 1,040 students, 67% FRL) — zoned schools average 72% FRL vs 57% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.7%/yr); 225 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 73% of comp listings sitting > 30 days — soft ceiling on asking rent; 231 units permitted in Morgan County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Morgan County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $38k; list at $135k implies a 255% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $99,298 (26.4% 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 39 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
3. Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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. 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?
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 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: 0.74% ✗
• Cap rate: 6.27%
• Cash-on-cash: -0.07%
• DSCR: 1.00
• GRM: 11.3

CMA / ARV

• ARV (median comp): $136,323
• List price: $134,900
• Delta: -1.04%
• 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
1607 College St SE	0.00mi	2/1.0	988 (0%)	0mo	$134,900	$137	100
1406 20th Ave SE	0.45mi	3/1.0 (+1)	975 (-1%)	3mo	$151,000	$155	70
2004 Harrison St	0.51mi	3/1.0 (+1)	945 (-4%)	4mo	$99,000	$105	60
1628 8th St SE	0.68mi	2/1.0	1,012 (+2%)	8mo	$155,000	$153	57
1907 Harrison St	0.44mi	3/1.0 (+1)	1,075 (+9%)	10mo	$154,900	$144	52
1804 Enolam Blvd SE	0.75mi	3/1.0 (+1)	1,032 (+4%)	2mo	$164,900	$160	51
2006 13th St	0.36mi	3/1.0 (+1)	1,106 (+12%)	10mo	$166,500	$151	50
2107 Harrison St SE	0.62mi	3/1.0 (+1)	1,022 (+3%)	13mo	$115,000	$113	50
1907 SE Enolam Blvd	0.75mi	2/1.0	1,020 (+3%)	14mo	$141,000	$138	48
1607 10th Avenue Ct SE	0.56mi	3/1.5 (+1)	1,095 (+11%)	10mo	$175,000	$160	40
1216 Seton Ave	0.67mi	3/1.5 (+1)	1,110 (+12%)	8mo	$157,000	$141	35
1304 Pennylane	0.68mi	3/1.5 (+1)	1,102 (+12%)	11mo	$140,000	$127	33

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 · 4.67% rent growth · sell at horizon

5-year hold

• IRR: -14.9%
• Equity multiple: 0.46×
• Total profit: $-20,374
• Equity at exit: $20,114

10-year hold

• IRR: -4.2%
• Equity multiple: 0.71×
• Total profit: $-11,017
• Equity at exit: $11,664

Cash invested: $37,772 (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 35601

• Home prices YoY: -26.5%
• Rents YoY: 4.7%
• Active inventory: 225
• Price-to-rent: 11.3×

Monthly cashflow live

• Estimated rent: $993 high
• Mortgage (P&I): −$707
• Tax from tax record: −$23 /mo · $275/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$209
• Net cashflow: $-2

Break-even live

Break-even rent $996

Max offer price $134,523

Occupancy floor 95%

Sensitivity live

Price	-10% $74	-5% $36	+0% $-2	+5% $-194	+10% $-241
Rent	-10% $-81	-5% $-41	+0% $-2	+5% $37	+10% $76
Rate	-1.0pp $66	-0.5pp $32	base $-2	+0.5pp $-37	+1.0pp $-73

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: $33,725
• Closing costs: $4,047
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1221 North St SE Decatur, AL	2.0	1.0	937	$775	$0.83	46d	2	0.26mi
1314 Pennylane SE Decatur, AL	3.0	1.5	1100	$1,198	$1.09	25d	1	0.60mi
1628 8th St SE Decatur, AL	2.0	1.0	1012	$1,200	$1.19	46d	1	0.66mi
1821 7th St SE Decatur, AL	3.0	1.0	908	$1,100	$1.21	25d	1	0.76mi
2234 Harrison St SE Decatur, AL	2.0	1.0	850	$925	$1.09	16d	1	0.91mi
201 Bluebird Ln SW Decatur, AL	2.0	1.0	950	$898	$0.94	46d	11	1.19mi
2115 Central Pkwy SW Decatur, AL	1.0–3.0	1.0	821	$850	$1.03	46d	1	1.22mi
324 Cardinal Dr SW Decatur, AL	2.0	1.0	681	$952	$1.40	46d	14	1.30mi
1602 Brookridge Dr SW Decatur, AL	1.0–2.0	1.0–2.0	797	$1,174	$1.47	46d	13	1.35mi
719 5th Ave SE #1 Decatur, AL	1.0	1.0	700	$850	$1.21	46d	1	1.47mi
1220 2nd Ave SW Unit 2nd 7 Decatur, AL	2.0	1.0	850	$825	$0.97	46d	1	1.48mi

Listing history 4 events

1. 2026-05-08
   status Pending 176-char remark

   Show marketing remark (176 chars)

   Why rent when you can own this charming 2 Bedroom 1 Bath home in a large lot.Great for investors as rental or great first home. New Roof and HVAC in 2021, new water heater 2024

2. 2026-04-24
   price $134,900 176-char remark

   Show marketing remark (176 chars)

   Why rent when you can own this charming 2 Bedroom 1 Bath home in a large lot.Great for investors as rental or great first home. New Roof and HVAC in 2021, new water heater 2024

3. 2026-03-30
   listed $139,900 Active 176-char remark

   Show marketing remark (176 chars)

   Why rent when you can own this charming 2 Bedroom 1 Bath home in a large lot.Great for investors as rental or great first home. New Roof and HVAC in 2021, new water heater 2024

4. 2001-03-23
   soldstatus $38,000

ⓘ 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: $275 · $23/mo
• Projected year-2 tax: $553 · $46/mo
• Expected delta: +$278/yr (+$23/mo · 100.8%)

ⓘ 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 5/10 Major 7 d/yr ≥106°F today · 18 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 22% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,916
• − Mortgage interest: −$7,556
• − Property taxes: −$275
• − Insurance: −$674
• − Repairs & maintenance: −$953
• − Management: −$953
• − Depreciation: −$3,924
• Taxable loss: −$2,422
• Est. tax savings @ 24.0%: +$581
• After-tax cash flow: $556/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: Decatur City
• NCES district ID: 0101170
• Math proficiency: 22% ▼ -27.00%
• Reading proficiency: 40% ▼ -1.00%
• Median HH income: $42,170
• Composite: 26.21/100
• National rank: #7261
• State rank: #66 of 129 in AL

Livability — Decatur

• Score: 72/100
• State rank: #28
• US rank: #5989

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Decatur, AL
• County: Morgan County · 67,628 people
• City population: 67,628
• Metro: Decatur, AL
• Population (ZIP): 35,449
• Household income: $51,429
• Rent vs Own: 42.2% rent · 57.8% own
• Severe rent burden: 1386.0

Population outlook (Morgan County) Hauer SSP2

• Today (2025): 118,775 people
• By 2030: 116,979 · -1.5%
• By 2040: 111,800 · -5.9%
• By 2050: 105,181 · -11.4%
• By 2075: 87,736 · -26.1%
• By 2100: 67,624 · -43.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: White 47% Hispanic / Latino 24% Black 24% Two or more races 10% Native American 2%
• Hispanic origin (detail): Mexican 15% Puerto Rican 2%
• Common ancestry: Slovak 1% Italian 1% Lithuanian 1%
• Foreign-born: 10% · Canada
• Languages at home: 81% English-only · Spanish 18%

Political lean MEDSL · Morgan

• 2024 margin: Solid R (+52.6) · D 23.2% · R 75.8%
• 2008→2024 swing: -8.8pp toward R · 2008: -43.8pp · 2024: -52.6pp
• All cycles: 2024: R+52.6 2020: R+49.2 2016: R+52.4 2012: R+44.5 2008: R+43.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -89.26%
• Current HPI: 247.8437
• Rent YoY: ▲ 4.67%
• Metro: Decatur, 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

+255.0% since first listed

4 events — show timeline

• 2026-05-08 Pending — VMLS
• 2026-04-24 Price Changed $134,900 VMLS
• 2026-03-30 Listed $139,900 VMLS
• 2001-03-23 Sold (Public Records) $38,000 Public Records

Property tax history

-3.2%/yr

Latest (2025): $275 · +20.9% YoY. Source: county tax records.