1105 Rainbow Dr NE · Birmingham, AL 35215

$122,500

3 bd · 1.5 ba · 1,392 sqft · SingleFamily public records · 130 Days on market

Built 1966 0.30 ac lot $88/sqft · 7% above area Est $115k · 7% over

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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 +22.8/30.0
• DSCR +7.3/10.0
• 1% rule +5.8/10.0
• ARV discount +4.4/15.0
• Livability +3.4/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Schools +0.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

OWNER OCCUPANT OR INVESTOR OPPORTUNITY. Turnkey property. This full brick 1-story home located in a quite neighborhood, features 3 bedrooms and 2 bathrooms with almost 1,400 sqft of living space. Updated kitchen, hall bath, master bath, laundry room, large bonus room with walk in closet that could be a needed 4th bedroom/office. This home also feature a fabulous screened in porch and fenced back yard. Currently leased for $1,300, lease end 03/30/2026.

Key facts

• Screened in porch
• Turnkey property
• Fenced back yard

Tags

• TURNKEY PROPERTY
• UPDATED KITCHEN
• SCREENED IN PORCH
• FENCED BACK YARD

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $122k.

Deal economics

• At list price, monthly cash flow is $212 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $122k).
• Recommended offer: $108k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.4% vs local median 6.2% in Birmingham — 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 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: Rents rising (+3.0%/yr); 334 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 2,114 units permitted in Jefferson County in 2024 (556 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $847 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• 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 130 days — a 12% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 6y ago; this cycle's ask is 9323% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% 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 $107,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 130 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1966 — 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 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: 1.08% ✓
• Cap rate: 8.37%
• Cash-on-cash: 7.43%
• DSCR: 1.33
• GRM: 7.7

CMA / ARV

• ARV (median comp): $114,567
• List price: $122,500
• Delta: 6.92%
• 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
1105 Rainbow Dr NE	0.00mi	3/2.0	1,392 (0%)	1mo	$107,500	$77	97
852 Twin Lake Dr NE	0.42mi	3/1.5	1,364 (-2%)	6mo	$115,000	$84	72
1341 Hatfield Ln	0.48mi	3/1.5	1,318 (-5%)	6mo	$100,500	$76	63
960 Edwards Lake Rd	0.57mi	3/2.0	1,318 (-5%)	6mo	$135,000	$102	57
1705 Lake Park Cir	0.66mi	2/2.0 (-1)	1,339 (-4%)	1mo	$125,000	$93	55
901 Hagwood Rd	0.60mi	3/1.0	1,450 (+4%)	11mo	$127,000	$88	54
1404 Five Mile Rd	0.50mi	3/2.0	1,263 (-9%)	11mo	$81,000	$64	51
937 Eldorado Dr	0.51mi	3/2.0	1,240 (-11%)	9mo	$130,000	$105	48
917 Hagwood Rd	0.66mi	3/1.5	1,217 (-13%)	1mo	$134,900	$111	48
536 Camellia Rd	0.73mi	3/1.0	1,288 (-8%)	7mo	$69,999	$54	46
1108 Terry Ln	0.67mi	3/2.0	1,535 (+10%)	9mo	$135,000	$88	42
1312 Five Mile Rd	0.62mi	3/2.0	1,600 (+15%)	8mo	$185,000	$116	38

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 · 3.04% rent growth · sell at horizon

5-year hold

• IRR: -4.9%
• Equity multiple: 0.82×
• Total profit: $-6,268
• Equity at exit: $18,265

10-year hold

• IRR: 4.8%
• Equity multiple: 1.36×
• Total profit: $12,207
• Equity at exit: $10,592

Cash invested: $34,300 (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 35215

• Home prices YoY: -34.4%
• Rents YoY: 3.0%
• Active inventory: 334
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,319 high
• Mortgage (P&I): −$642
• Tax from tax record: −$137 /mo · $1,640/yr
• Insurance: −$51
• HOA: −$0
• Vacancy / Maint / Mgmt: −$277
• Net cashflow: $212

Break-even live

Break-even rent $1,051

Max offer price $122,500

Occupancy floor 79%

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: $30,625
• Closing costs: $3,675
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1259 Huffman Rd Center Point, AL	3.0	2.0	1662	$1,556	$0.94	43d	1	0.24mi
224 13th Ave NE Birmingham, AL	3.0	1.5	1213	$1,273	$1.05	21d	1	0.39mi
901 Eldorado Dr Birmingham, AL	4.0	2.0	1680	$1,415	$0.84	14d	1	0.41mi
120 Shawnee Ln NW Birmingham, AL	3.0	1.0	1120	$1,075	$0.96	43d	1	0.43mi
108 13th Ave NW Center Point, AL	4.0	2.0	1444	$1,265	$0.88	23d	1	0.45mi
925 Eldorado Dr Birmingham, AL	3.0	1.0	1312	$1,231	$0.94	43d	1	0.48mi
933 Edwards Lake Rd Birmingham, AL	3.0	2.0	1684	$1,360	$0.81	3d	1	0.51mi
1153 Linwood St Birmingham, AL	3.0	2.0	1250	$1,295	$1.04	3d	1	0.53mi
1237 Linwood St Birmingham, AL	3.0	1.5	1066	$995	$0.93	43d	1	0.58mi
837 Wear Dr Birmingham, AL	3.0	2.0	936	$1,295	$1.38	2d	1	0.61mi
239 Lake Drive Cir NE Birmingham, AL	3.0	1.0	1159	$1,125	$0.97	3d	1	0.62mi
1225 Birchwood St Birmingham, AL	3.0	2.0	1092	$1,175	$1.08	3d	1	0.62mi
405 13th Ct NW Center Point, AL	4.0	1.5	1248	$1,415	$1.13	21d	1	0.63mi
241 Lake Drive Cir NE Birmingham, AL	2.0	1.0	1358	$1,025	$0.75	2d	1	0.64mi
1340 Orlando Cir NE Birmingham, AL	3.0	2.0	1329	$1,166	$0.88	23d	1	0.64mi
324 13th Ter NW Center Point, AL	3.0	1.5	1418	$1,295	$0.91	23d	1	0.66mi
1541 Charter East Cir NE Birmingham, AL	1.0–2.0	1.0–1.5	807	$1,095	$1.36	2d	8	0.68mi
1360 Orlando Cir NE Birmingham, AL	3.0	2.0	1489	$1,455	$0.98	23d	1	0.71mi
1232 Oakwood St Birmingham, AL	3.0	1.5	1301	$1,223	$0.94	23d	1	0.71mi
1037 Dawn Dr Birmingham, AL	4.0	1.0	1532	$1,295	$0.85	11d	1	0.73mi
433 Orchid Rd Birmingham, AL	3.0	1.0	1162	$1,255	$1.08	16d	1	0.76mi
520 Camellia Rd Birmingham, AL	3.0	1.0	1053	$1,100	$1.04	3d	1	0.76mi
400 13th Ave NW Birmingham, AL	2.0	1.0	1100	$890	$0.81	43d	1	0.79mi
213 Meadwood Dr NE Center Point, AL	3.0	1.0	1194	$995	$0.83	43d	1	0.80mi
1301 5th Pl NW Center Point, AL	3.0	1.0	1170	$1,100	$0.94	3d	1	0.83mi
1305 5th Pl NW Center Point, AL	3.0	2.0	1092	$1,200	$1.10	43d	1	0.83mi
341 Argonne Dr NE Center Point, AL	3.0	1.0	1040	$1,300	$1.25	3d	1	0.84mi
1112 Violet Dr Birmingham, AL	3.0	2.0	1414	$1,600	$1.13	11d	1	0.85mi
1333 5th Pl NW Center Point, AL	3.0	2.0	1056	$1,275	$1.21	43d	1	0.87mi
1177 Five Mile Rd Birmingham, AL	3.0	2.0	1636	$1,100	$0.67	43d	1	0.88mi
1328 5th Pl NW Center Point, AL	3.0	1.0	1250	$1,050	$0.84	16d	1	0.88mi
1028 Broadmoor Dr Birmingham, AL	3.0	1.0	1079	$1,085	$1.01	3d	1	0.91mi
1356 5th Pl NW Center Point, AL	3.0	1.0	1064	$1,105	$1.04	43d	1	0.93mi
744 Vaughn Cir Birmingham, AL	4.0	2.0	1516	$1,561	$1.03	23d	1	0.93mi
1628 1st St NE Center Point, AL	3.0	1.0	1027	$1,165	$1.13	43d	1	0.94mi
428 15th Ter NW Center Point, AL	3.0	2.0	1528	$1,795	$1.17	3d	1	0.97mi
434 15th Ter NW Center Point, AL	3.0	2.0	1053	$1,200	$1.14	43d	1	0.99mi
1617 3rd Pl NW Center Point, AL	3.0	2.0	1404	$1,150	$0.82	23d	1	1.02mi
1629 1st St NW Center Point, AL	3.0	1.0	900	$1,025	$1.14	23d	1	1.03mi
500 15th Ave NW Center Point, AL	3.0	1.0	1079	$1,050	$0.97	3d	1	1.03mi

Listing history 19 events

1. 2026-03-13
   historical $1,300
2. 2026-03-04
   price $122,500 455-char remark

   Show marketing remark (455 chars)

   OWNER OCCUPANT OR INVESTOR OPPORTUNITY. Turnkey property. This full brick 1-story home located in a quite neighborhood, features 3 bedrooms and 2 bathrooms with almost 1,400 sqft of living space. Updated kitchen, hall bath, master bath, laundry room, large bonus room with walk in closet that could be a needed 4th bedroom/office. This home also feature a fabulous screened in porch and fenced back yard. Currently leased for $1,300, lease end 03/30/2026.

3. 2026-02-25
   listed $1,300
4. 2026-01-12
   listed $130,000 Active 455-char remark

   Show marketing remark (455 chars)

   OWNER OCCUPANT OR INVESTOR OPPORTUNITY. Turnkey property. This full brick 1-story home located in a quite neighborhood, features 3 bedrooms and 2 bathrooms with almost 1,400 sqft of living space. Updated kitchen, hall bath, master bath, laundry room, large bonus room with walk in closet that could be a needed 4th bedroom/office. This home also feature a fabulous screened in porch and fenced back yard. Currently leased for $1,300, lease end 03/30/2026.

5. 2024-05-14
   soldstatus $117,000
6. 2024-05-08
   soldstatus $117,000 Sold 512-char remark

   Show marketing remark (512 chars)

   Great investment opportunity. Investors only until current lease ends. 06/30/2024 3 BR/2 BA full brick one story home in quiet neighborhood. Huge front porch. Features include: Updated kitchen, hall bath, master bath, laundry room, large bonus room with walk in closet that could be a needed 4th bedroom/office/den/media room or gaming room. Plus fabulous screened in porch and fenced yard in the back. Call today to schedule a private showing. 24 hr notice required. Owner installed a 50 Year Roof on this home.

7. 2024-04-25
   historical Contingent 512-char remark

   Show marketing remark (512 chars)

   Great investment opportunity. Investors only until current lease ends. 06/30/2024 3 BR/2 BA full brick one story home in quiet neighborhood. Huge front porch. Features include: Updated kitchen, hall bath, master bath, laundry room, large bonus room with walk in closet that could be a needed 4th bedroom/office/den/media room or gaming room. Plus fabulous screened in porch and fenced yard in the back. Call today to schedule a private showing. 24 hr notice required. Owner installed a 50 Year Roof on this home.

8. 2024-04-09
   listed $120,000 Active 512-char remark

   Show marketing remark (512 chars)

   Great investment opportunity. Investors only until current lease ends. 06/30/2024 3 BR/2 BA full brick one story home in quiet neighborhood. Huge front porch. Features include: Updated kitchen, hall bath, master bath, laundry room, large bonus room with walk in closet that could be a needed 4th bedroom/office/den/media room or gaming room. Plus fabulous screened in porch and fenced yard in the back. Call today to schedule a private showing. 24 hr notice required. Owner installed a 50 Year Roof on this home.

9. 2021-03-02
   soldstatus $87,500
10. 2021-02-26
    soldstatus $87,500 Sold
11. 2021-01-20
    status Pending
12. 2020-11-06
    status Active
13. 2020-10-28
    historical Contingent
14. 2020-10-27
    price $99,900
15. 2020-09-11
    price $105,900
16. 2020-07-17
    price $109,900
17. 2020-05-20
    listed $114,900 Active
18. 2004-01-02
    soldstatus $68,900
19. 1979-10-01
    soldstatus $45,900

ⓘ 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: $1,640 · $137/mo
• Projected year-2 tax: $1,640 · $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 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥106°F today · 19 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 7 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,833
• − Mortgage interest: −$6,862
• − Property taxes: −$1,640
• − Insurance: −$612
• − Repairs & maintenance: −$1,267
• − Management: −$1,267
• − Depreciation: −$3,564
• Taxable income: $622
• Est. tax owed @ 24.0%: −$149
• After-tax cash flow: $2,398/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): 43,903
• Household income: $52,793
• Rent vs Own: 43.4% rent · 56.6% own
• Severe rent burden: 1729.0

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: Predominantly Black (75%)
• Race & ethnicity: Black 75% White 15% Hispanic / Latino 7% Two or more races 3%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Lithuanian 1% Italian 1% Slovak 1%
• Foreign-born: 4% · Canada
• Languages at home: 92% English-only · Spanish 7%

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: ▼ -112.97%
• Current HPI: 215.0607
• Rent YoY: ▲ 3.04%
• 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

-97.2% since first listed

19 events — show timeline

• 2026-03-13 Rental Removed $1,300 TURBOTENANT
• 2026-03-04 Price Changed $122,500 Greater Alabama MLS
• 2026-02-25 Listed for Rent $1,300 TURBOTENANT
• 2026-01-12 Listed $130,000 Greater Alabama MLS
• 2024-05-14 Sold (Public Records) $117,000 Public Records
• 2024-05-08 Sold (MLS) $117,000 Greater Alabama MLS
• 2024-04-25 Contingent — Greater Alabama MLS
• 2024-04-09 Listed $120,000 Greater Alabama MLS
• 2021-03-02 Sold (Public Records) $87,500 Public Records
• 2021-02-26 Sold (MLS) $87,500 Greater Alabama MLS
• 2021-01-20 Pending — Greater Alabama MLS
• 2020-11-06 Relisted — Greater Alabama MLS
• 2020-10-28 Contingent — Greater Alabama MLS
• 2020-10-27 Price Changed $99,900 Greater Alabama MLS
• 2020-09-11 Price Changed $105,900 Greater Alabama MLS
• 2020-07-17 Price Changed $109,900 Greater Alabama MLS
• 2020-05-20 Listed $114,900 Greater Alabama MLS
• 2004-01-02 Sold (Public Records) $68,900 Public Records
• 1979-10-01 Sold (Public Records) $45,900 Public Records

Property tax history

+16.5%/yr

Latest (2025): $1,640 · +119.0% YoY. Source: county tax records.