404 E Stewart Ave · Opp, AL 36467

$59,900

2 bd · 1.0 ba · 2,538 sqft · SingleFamily · 124 Days on market

Built 1920 Fair condition 0.25 ac lot $24/sqft · 66% below area ↓ 8% since listing

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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
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investor special with serious upside! This 2,538 sq ft home is a prime opportunity to remodel and create your dream home or complete a profitable flip. With great bones and generous square footage, there’s plenty of room to reimagine the layout, expand living areas, add a luxurious primary suite, or design the open-concept space today’s buyers love. The property needs work, but it’s priced with potential in mind and located in an area where improvements can truly build equity. Whether you're looking to customize every detail for yourself or maximize resale value, this is the kind of project that pays off. Bring your vision, contractor, and creativity—opportunities like this don’t last long!

Key facts

• 0.25 acre lot
• Built 1920
• Listed 123 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $60k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $380 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Recommended offer: $53k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.9% vs local median 4.0% in Opp — 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 (#107 in AL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: amenities F, commute F, employment F.
• Opp City (town): math 26% / reading 50% proficiency, ranked #37 of 129 in AL (top 29%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Opp Elementary School (math 52% / reading 72%, grade B, #53 of 627 statewide, top 9%, 531 students, 65% FRL); Opp Middle School (math 16% / reading 48%, grade F, #110 of 257 statewide, top 44%, 405 students, 69% FRL); Opp High School (math 22% / reading 17%, grade F, #169 of 305 statewide, top 59%, 393 students, 62% FRL) — zoned schools average 65% FRL vs 48% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 63 active listings in the ZIP; 13 units permitted in Covington County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $414 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Covington County population projected to shrink 10% 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 $17k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 124 days — a 12% lower offer ($53k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% 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 $52,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 124 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.68% ✓
• Cap rate: 13.90%
• Cash-on-cash: 27.15%
• DSCR: 2.21
• GRM: 5.0

CMA / ARV

• ARV (median comp): $176,583
• List price: $59,900
• Delta: -66.08%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
122 Georgia Cir	0.17mi	3/2.0 (+1)	2,407 (-5%)	16mo	$240,000	$100	61
900 Old Perry Store Rd	0.71mi	3/3.0 (+1)	2,413 (-5%)	19mo	$170,000	$70	30

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: 21.1%
• Equity multiple: 1.86×
• Total profit: $14,480
• Equity at exit: $8,931

10-year hold

• IRR: 29.3%
• Equity multiple: 3.61×
• Total profit: $43,795
• Equity at exit: $5,179

Cash invested: $16,772 (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 36467

• Home prices YoY: -20.9%
• Active inventory: 63
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $1,004 medium
• Mortgage (P&I): −$314
• Tax est. 1.5%: −$75 /mo · $898/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$211
• Net cashflow: $380

Break-even live

Break-even rent $524

Max offer price $59,900

Occupancy floor 57%

Sensitivity live

Price	-10% $421	-5% $400	+0% $380	+5% $359	+10% $338
Rent	-10% $300	-5% $340	+0% $380	+5% $419	+10% $459
Rate	-1.0pp $410	-0.5pp $395	base $380	+0.5pp $364	+1.0pp $348

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: $14,975
• Closing costs: $1,797
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-21
   days on market $59,900 Active 124 DOM
2. 2026-06-19
   days on market $59,900 Active 122 DOM
3. 2026-06-18
   days on market $59,900 Active 121 DOM
4. 2026-06-17
   days on market $59,900 Active 120 DOM
5. 2026-06-16
   days on market $59,900 Active 119 DOM
6. 2026-06-15
   days on market $59,900 Active 118 DOM
7. 2026-06-14
   days on market $59,900 Active 116 DOM
8. 2026-06-12
   days on market $59,900 Active 115 DOM
9. 2026-06-09
   days on market $59,900 Active 112 DOM
10. 2026-06-08
    days on market $59,900 Active 111 DOM
11. 2026-06-07
    days on market $59,900 Active 110 DOM
12. 2026-06-05
    days on market $59,900 Active 108 DOM
13. 2026-06-04
    days on market $59,900 Active 106 DOM
14. 2026-06-02
    days on market $59,900 Active 105 DOM
15. 2026-06-01
    days on market $59,900 Active 104 DOM
16. 2026-05-31
    days on market $59,900 Active 103 DOM
17. 2026-05-31
    days on market $59,900 Active 102 DOM
18. 2026-04-16
    price $59,900 729-char remark

    Show marketing remark (729 chars)

    Investor special with serious upside! This 2,538 sq ft home is a prime opportunity to remodel and create your dream home or complete a profitable flip. With great bones and generous square footage, there’s plenty of room to reimagine the layout, expand living areas, add a luxurious primary suite, or design the open-concept space today’s buyers love. The property needs work, but it’s priced with potential in mind and located in an area where improvements can truly build equity. Whether you're looking to customize every detail for yourself or maximize resale value, this is the kind of project that pays off. Bring your vision, contractor, and creativity—opportunities like this don’t last long!

19. 2026-02-17
    listed $65,000 Active 729-char remark

    Show marketing remark (729 chars)

    Investor special with serious upside! This 2,538 sq ft home is a prime opportunity to remodel and create your dream home or complete a profitable flip. With great bones and generous square footage, there’s plenty of room to reimagine the layout, expand living areas, add a luxurious primary suite, or design the open-concept space today’s buyers love. The property needs work, but it’s priced with potential in mind and located in an area where improvements can truly build equity. Whether you're looking to customize every detail for yourself or maximize resale value, this is the kind of project that pays off. Bring your vision, contractor, and creativity—opportunities like this don’t last long!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥107°F today · 19 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,053
• − Mortgage interest: −$3,355
• − Property taxes: −$898
• − Insurance: −$300
• − Repairs & maintenance: −$964
• − Management: −$964
• − Depreciation: −$1,743
• Taxable income: $3,828
• Est. tax owed @ 24.0%: −$919
• After-tax cash flow: $3,635/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.

Condition & rehab AI · 13 photos

Fair 45/100 Moderate rehab

This 2,538 sq ft home requires moderate renovations to update its dated kitchen and bathrooms, repair the roof and exterior siding, and paint interior walls. With a fresh coat of paint and updated fixtures, it has the potential to become a move-in-ready home with significant resale and rental value.

Repairs flagged

• Major roof — visible wear
• Major exterior siding — some discoloration
• Major interior walls — paint peeling
• Major kitchen cabinets — dated design
• Major bathroom fixtures — dated design

Value-add opportunities

• Both update kitchen cabinets and fixtures — modernizing the kitchen would appeal to both buyers and renters
• Both paint interior walls and trim — fresh paint enhances curb appeal and interior aesthetics
• Both repair/replace roof — a new roof would significantly increase the home's value and reduce maintenance costs
• Both landscape and improve curb appeal — improved landscaping would enhance the home's curb appeal and attract more potential buyers

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · visible wear	Major	$15,000–50,000
exterior siding · some discoloration	Major	$15,000–50,000
interior walls · paint peeling	Major	$15,000–50,000
kitchen cabinets · dated design	Major	$15,000–50,000
bathroom fixtures · dated design	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both update kitchen cabinets and fixtures — modernizing the kitchen would appeal to both buyers and renters ↑
• Both paint interior walls and trim — fresh paint enhances curb appeal and interior aesthetics ↑
• Both repair/replace roof — a new roof would significantly increase the home's value and reduce maintenance costs ↑
• Both landscape and improve curb appeal — improved landscaping would enhance the home's curb appeal and attract more potential buyers ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Opp City
• NCES district ID: 0102610
• Math proficiency: 26% ▼ -19.00%
• Reading proficiency: 50% ▲ 5.00%
• Median HH income: $32,756
• Composite: 31.09/100
• National rank: #6073
• State rank: #37 of 129 in AL

Livability — Opp

• Score: 66/100
• State rank: #107
• US rank: #11901

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Opp, AL
• City population: 9,847
• Population (ZIP): 9,847

Population outlook (Covington County) Hauer SSP2

• Today (2025): 37,007 people
• By 2030: 36,401 · -1.6%
• By 2040: 34,983 · -5.5%
• By 2050: 33,437 · -9.6%
• By 2075: 29,753 · -19.6%
• By 2100: 25,109 · -32.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Black 12% Two or more races 4%
• Common ancestry: Serbian 1% Italian 1% Slovak 1%
• Foreign-born: 1% · South Korea
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Covington

• 2024 margin: Solid R (+72.4) · D 13.6% · R 86.0%
• 2008→2024 swing: -14.1pp toward R · 2008: -58.3pp · 2024: -72.4pp
• All cycles: 2024: R+72.4 2020: R+68.1 2016: R+68.5 2012: R+58.3 2008: R+58.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -39.82%
• Current HPI: 151.1871
• 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

-7.8% since first listed

2 events — show timeline

• 2026-04-16 Price Changed $59,900 CAOR
• 2026-02-17 Listed $65,000 CAOR