1006 Morning Sun Dr #1006 · Meadowbrook, AL 35242

$145,000

1 bd · 1.0 ba · 835 sqft · Condo · 44 Days on market

Built 1985 Good condition $174/sqft · 9% below area Est $159k · 9% under ↓ 15% since listing

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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).

• ARV discount +11.4/15.0
• Cash flow +10.6/30.0
• Schools +3.9/10.0
• Condition / age +3.8/5.0
• Livability +3.2/5.0
• 1% rule +3.1/10.0
• DSCR +3.1/10.0
• Rent growth +2.7/5.0
• Appreciation +0.0/10.0

Listing remarks

Cute and clean main level condo recently updated. New paint, new tub and shower liner, new appliances to remain and washer/dryer to remain. Living room with wood burning fireplace. Dining room just off kitchen. Clubhouse, tennis courts and a sparkling pool. Easy access to Hwy 280, shopping and restaurants. Check out the pictures. You won't be disappointed

Key facts

• Clubhouse
• Tennis courts
• Main level condo

Tags

• MAIN LEVEL CONDO
• WOOD BURNING FIREPLACE
• CLUBHOUSE
• TENNIS COURTS
• EASY ACCESS TO HWY 280

Property features AI

Finance

• Other: Subdivision: Horizon Condominiums
• Financial info: Yearly fire fee ($600) and yearly library fee ($10)
• HOA & community: Monthly condo fee of $217 covering building insurance, sewage service, garbage collection, common grounds maintenance, pest control, reserves for improvements, and utilities for common areas

Exterior

• Parking: Parking at main level
• Utilities: Public water; Connected sewer; Electric water heater; Underground utilities; Internet service available
• Home design: Condominium (unit 1006); Existing construction
• Construction: 4-side brick and vinyl siding exterior; Crawl space foundation
• Exterior features: Covered and open decks; Covered patio/porch; Lighting system; Community in-ground pool with cleaning system and perimeter fencing

Interior

• Kitchen: Laminate countertops; Breakfast bar; Electric cooktop, electric oven, electric stove; Built-in dishwasher; Refrigerator; Some stainless appliances
• Bedrooms: Master bedroom on main level
• Flooring: Tile flooring; Vinyl flooring
• Bathrooms: One full bathroom with tub/shower combo; Linen closet
• Heating & cooling: Central electric heating (forced air); Central electric cooling
• Interior features: Cathedral/vaulted and smooth ceilings; Brick fireplace in the living room (woodburning)
• Laundry & utility: Laundry on main level in a closet; Washer hookup and electric dryer hookup

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $145k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-72 ($-860/yr) — negative.
• To cash-flow at today's rent, offer at most $135k (7.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $118k (18.8% below list).
• Recommended offer: $118k (18.8% below list) — sets the bar for 1% rule.
• Cap rate 5.7% vs local median 4.0% in Meadowbrook — 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 63/100 on livability (#172 in AL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Shelby County (suburban): math 30% / reading 58% proficiency, ranked #16 of 129 in AL (top 12%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Inverness Elementary School (math 47% / reading 72%, grade B-, #63 of 627 statewide, top 10%, 582 students, 29% FRL); Oak Mountain High School (math 52% / reading 52%, grade D+, #11 of 305 statewide, top 4%, 1,561 students, 22% FRL) — zoned schools at 26% FRL track the district average.
• Market conditions: Rents flat; 399 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 987 units permitted in Shelby County in 2024 (0 in 5+ unit buildings).
• This rent is only 12% of the median local income ($117k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Shelby County population projected at +23% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($141k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 6→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $117,770 (18.8% 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 44 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 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: 0.81% ✗
• Cap rate: 5.70%
• Cash-on-cash: -2.12%
• DSCR: 0.91
• GRM: 10.3

CMA / ARV

• ARV (median comp): $158,865
• List price: $145,000
• Delta: -8.73%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.81% rent growth · sell at horizon

5-year hold

• IRR: -22.3%
• Equity multiple: 0.25×
• Total profit: $-30,583
• Equity at exit: $21,620

10-year hold

• IRR: -22.9%
• Equity multiple: -0.04×
• Total profit: $-42,411
• Equity at exit: $12,537

Cash invested: $40,600 (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 35242

• Home prices YoY: -32.7%
• Rents YoY: 0.8%
• Active inventory: 399
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $1,178 high
• Mortgage (P&I): −$760
• Tax est. 1.5%: −$181 /mo · $2,175/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$247
• Net cashflow: $-72

Break-even live

Break-even rent $1,268

Max offer price $134,628

Occupancy floor —

Sensitivity live

Price	-10% $29	-5% $-22	+0% $-72	+5% $-122	+10% $-172
Rent	-10% $-165	-5% $-118	+0% $-72	+5% $-25	+10% $21
Rate	-1.0pp $1	-0.5pp $-35	base $-72	+0.5pp $-109	+1.0pp $-147

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
817 Morning Sun Dr Birmingham, AL	2.0	1.0	882	$1,300	$1.47	24d	1	0.06mi
3 Greenhill Pkwy Birmingham, AL	2.0	1.0–2.0	650	$1,062	$1.63	4d	8	0.68mi
100 Inverness Ln Birmingham, AL	1.0–3.0	1.0–2.0	1175	$965	$0.82	2d	1	0.74mi
1 Eagle Ridge Dr Birmingham, AL	1.0–2.0	1.0–2.0	914	$953	$1.04	2d	17	0.89mi
1 Brook Highland Ln Birmingham, AL	1.0–3.0	1.0–2.0	1153	$999	$0.87	44d	1	0.97mi
3100 Heatherbrooke Rd Birmingham, AL	1.0–3.0	1.0–2.0	995	$816	$0.82	2d	50	0.97mi
1 Meadow Dr Birmingham, AL	1.0–3.0	1.0–2.0	1153	$999	$0.87	44d	1	0.99mi
1 Lake Heather Reserve Birmingham, AL	1.0–3.0	1.0–2.0	1119	$1,195	$1.07	2d	16	1.10mi
850 Shoal Run Trl Birmingham, AL	1.0–2.0	1.0–2.0	875	$949	$1.08	44d	1	1.31mi
801 Cahaba Forest Cv Birmingham, AL	1.0–3.0	1.0–2.0	1054	$1,009	$0.96	4d	24	1.36mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 16 events

1. 2026-06-18
   days on market $145,000 Active 44 DOM
2. 2026-06-17
   days on market $145,000 Active 43 DOM
3. 2026-06-16
   days on market $145,000 Active 42 DOM
4. 2026-06-15
   days on market $145,000 Active 41 DOM
5. 2026-06-13
   days on market $145,000 Active 39 DOM
6. 2026-06-13
   pricedays on market $145,000 Active 38 DOM
7. 2026-06-10
   days on market $159,900 Active 36 DOM
8. 2026-06-09
   days on market $159,900 Active 35 DOM
9. 2026-06-08
   days on market $159,900 Active 34 DOM
10. 2026-06-07
    days on market $159,900 Active 33 DOM
11. 2026-06-05
    days on market $159,900 Active 30 DOM
12. 2026-06-03
    days on market $159,900 Active 29 DOM
13. 2026-06-02
    days on market $159,900 Active 28 DOM
14. 2026-06-01
    days on market $159,900 Active 27 DOM
15. 2026-05-31
    days on market $159,900 Active 26 DOM
16. 2026-05-05
    listed $169,900 Active 357-char remark

ⓘ 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 6/10 Major 6 d/yr ≥106°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,132
• − Mortgage interest: −$8,122
• − Property taxes: −$2,175
• − Insurance: −$725
• − Repairs & maintenance: −$1,131
• − Management: −$1,131
• − Depreciation: −$4,218
• Taxable loss: −$3,369
• Est. tax savings @ 24.0%: +$809
• After-tax cash flow: $-52/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 · 2 photos

Good 75/100 Cosmetic rehab

A well-maintained townhouse with fresh paint and good curb appeal, ready for a new owner or renter.

Value-add opportunities

• Both Paint touch-ups — Fresh paint enhances curb appeal and interior aesthetics
• Both Landscaping improvements — Well-maintained landscaping can increase curb appeal and property value
• Both Interior cleaning — A clean interior can attract more potential buyers or renters

Renovation cost estimate screening

Value-add ROI direction

• Both Paint touch-ups — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Landscaping improvements — Well-maintained landscaping can increase curb appeal and property value ↑
• Both Interior cleaning — A clean interior can attract more potential buyers or renters ↑

ⓘ 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: Shelby County
• NCES district ID: 0103030
• Math proficiency: 30% ▼ -28.00%
• Reading proficiency: 58% ▲ 2.00%
• Median HH income: $66,672
• Composite: 39.29/100
• National rank: #3995
• State rank: #16 of 129 in AL

Livability — Meadowbrook

• Score: 63/100
• State rank: #172
• US rank: #14884

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Meadowbrook, AL
• County: Shelby County · 188,970 people
• Metro: Birmingham-Hoover, AL
• Population (ZIP): 57,374
• Household income: $117,047
• Rent vs Own: 26.8% rent · 73.2% own
• Severe rent burden: 1518.0

Population outlook (Shelby County) Hauer SSP2

• Today (2025): 237,024 people
• By 2030: 249,868 · +5.4%
• By 2040: 272,778 · +15.1%
• By 2050: 291,062 · +22.8%
• By 2075: 326,049 · +37.6%
• By 2100: 335,870 · +41.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Black 10% Two or more races 4% Asian 4% Hispanic / Latino 4%
• Common ancestry: Slovak 4% Lithuanian 3% Italian 2%
• Foreign-born: 6% · Canada, China, Vietnam
• Languages at home: 93% English-only · Spanish 3% Other Indo-European 1% Chinese 1%

Political lean MEDSL · Shelby

• 2024 margin: Solid R (+40.9) · D 29.0% · R 69.9% · Other 1.1%
• 2008→2024 swing: +12.6pp toward D · 2008: -53.4pp · 2024: -40.9pp
• All cycles: 2024: R+40.9 2020: R+40.4 2016: R+50.3 2012: R+55.6 2008: R+53.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -101.14%
• Current HPI: 208.0564
• Rent YoY: ▲ 0.81%
• 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

-14.7% since first listed

3 events — show timeline

• 2026-06-12 Price Changed $145,000 Greater Alabama MLS
• 2026-05-21 Price Changed $159,900 Greater Alabama MLS
• 2026-05-05 Listed $169,900 Greater Alabama MLS