1505 Prairie Ln · Montgomery, AL 36117

$259,500

3 bd · 3.0 ba · 1,874 sqft · SingleFamily public records · 656 Days on market

Built 1985 $138/sqft · 14% above area Est $264k · at est.

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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).

• Cash flow +12.5/30.0
• ARV discount +8.2/15.0
• DSCR +3.7/10.0
• Rent growth +3.2/5.0
• Livability +3.2/5.0
• 1% rule +2.8/10.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Price reduced. Nice larger garden home in Halcyon. Vacant and ready to move into. Lots of cabinets and storage space throughout the home. Many updates have been done, and it shows well. The master bedroom is on one end, and the other two bedrooms are on the other. Conveniently located near shopping and the interstate, it is a central location in Montgomery.

Key facts

• Ample storage space
• Vacant property
• Updated interior

Tags

• LARGE GARDEN HOME
• AMPLE STORAGE SPACE
• UPDATED INTERIOR
• MASTER BEDROOM SEPARATE
• CONVENIENT LOCATION
• VACANT PROPERTY

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath single-family listed at $260k.

Deal economics

• At list price, monthly cash flow is $-38 ($-457/yr) — negative.
• To cash-flow at today's rent, offer at most $253k (2.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $202k (22.0% below list).
• Recommended offer: $202k (22.0% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 65/100 on livability (#138 in AL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools C-, employment D, crime F.
• Montgomery County (urban): math 9% / reading 31% proficiency, ranked #106 of 129 in AL (top 82%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+3.0%/yr); 407 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 460 units permitted in Montgomery County in 2024 (37 in 5+ unit buildings).
• This rent runs 33% of the median local income ($75k/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 $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Montgomery County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 656 days — a 12% lower offer ($228k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 29y ago; this cycle's ask is 6% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $138k; list at $260k implies a 89% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $202,466 (22.0% 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 656 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
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. 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: 0.78% ✗
• Cap rate: 6.12%
• Cash-on-cash: -0.63%
• DSCR: 0.97
• GRM: 10.7

CMA / ARV

• ARV (median comp): $263,847
• List price: $259,500
• Delta: -1.65%
• 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
6536 Monmouth Mews	0.08mi	3/2.0	1,895 (+1%)	4mo	$240,000	$127	87
1636 Prairie Ln	0.21mi	3/2.5	1,926 (+3%)	2mo	$257,000	$133	82
1664 Prairie Ln	0.27mi	3/2.0	1,790 (-4%)	2mo	$226,500	$127	74
8209 Phyllis Ct	0.66mi	3/2.0	1,822 (-3%)	3mo	$245,000	$134	58
2745 Halcyon Downs Loop	0.32mi	3/2.0	1,617 (-14%)	2mo	$235,000	$145	57
8211 Greyfield Dr	0.67mi	3/2.0	1,784 (-5%)	1mo	$289,900	$163	56
8119 Greyfield Dr	0.60mi	3/2.0	1,784 (-5%)	9mo	$255,000	$143	52
8243 Lochwood Dr	0.68mi	3/2.0	1,826 (-3%)	9mo	$250,000	$137	52
2300 Brookstone Dr	0.70mi	3/2.0	1,991 (+6%)	3mo	$270,000	$136	51
2533 Halcyon Downs Loop	0.53mi	3/2.0	1,649 (-12%)	2mo	$215,000	$130	50
2219 Brookstone Dr	0.65mi	3/2.0	2,015 (+8%)	7mo	$296,550	$147	47
8154 Greyfield Dr	0.67mi	4/2.0 (+1)	2,019 (+8%)	3mo	$285,000	$141	44

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 · 2.99% rent growth · sell at horizon

5-year hold

• IRR: -17.4%
• Equity multiple: 0.39×
• Total profit: $-44,563
• Equity at exit: $38,692

10-year hold

• IRR: -9.5%
• Equity multiple: 0.42×
• Total profit: $-42,278
• Equity at exit: $22,437

Cash invested: $72,660 (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 36117

• Home prices YoY: -20.0%
• Rents YoY: 3.0%
• Active inventory: 407
• Price-to-rent: 10.7×

Monthly cashflow live

• Estimated rent: $2,025 high
• Mortgage (P&I): −$1,361
• Tax from tax record: −$169 /mo · $2,023/yr
• Insurance: −$108
• HOA: −$0
• Vacancy / Maint / Mgmt: −$425
• Net cashflow: $-38

Break-even live

Break-even rent $2,073

Max offer price $252,768

Occupancy floor 97%

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: $64,875
• Closing costs: $7,785
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6509 Enfield Mews Unit 1471753P Montgomery, AL	4.0	2.0	1969	$4,686	$2.38	13d	1	0.06mi
6536 Monmouth Mews Unit 1533650P Montgomery, AL	3.0	2.0	1894	$4,714	$2.49	21d	1	0.10mi
2229 Halcyon Downs Loop Unit 1525028P Montgomery, AL	3.0	2.0	1571	$5,675	$3.61	13d	1	0.54mi
1530 Laurelwood Ln Montgomery, AL	3.0	2.0	2274	$2,295	$1.01	13d	1	0.58mi
8700 Seaton Blvd Montgomery, AL	1.0–3.0	1.0–2.0	1081	$1,864	$1.72	13d	35	1.11mi
7406 Mill Ridge Ct Montgomery, AL	3.0	2.0	1785	$2,250	$1.26	44d	1	1.15mi
8636 Harvest Ridge Dr Montgomery, AL	3.0	2.0	2216	$2,100	$0.95	13d	1	1.19mi
8636 Harvest Ridge Dr Montgomery, AL	3.0	2.0	2216	$2,200	$0.99	21d	1	1.19mi
8706 Twelve Oaks Ln Montgomery, AL	3.0	2.0	2050	$2,100	$1.02	21d	1	1.25mi
1857 Still Oaks Dr Montgomery, AL	4.0	2.0	1791	$1,850	$1.03	21d	1	1.32mi
7104 Fair Oaks Ct Montgomery, AL	3.0	2.0	1656	$1,881	$1.14	43d	1	1.32mi
7448 Pinnacle Pt Montgomery, AL	3.0	2.0	1581	$2,000	$1.27	43d	1	1.33mi
3201 Watchman Dr Montgomery, AL	1.0–3.0	1.0–2.0	1054	$1,644	$1.56	13d	10	1.43mi
7528 Pinnacle Ct Montgomery, AL	3.0	2.0	1607	$1,850	$1.15	43d	1	1.43mi
8318 Chadburn Way Montgomery, AL	4.0	2.5	2621	$3,100	$1.18	43d	1	1.45mi
6225 Whitewater Ct Montgomery, AL	3.0	2.0	1581	$1,600	$1.01	21d	1	1.48mi

Listing history 24 events

1. 2026-06-18
   days on market $259,500 Active 656 DOM
2. 2026-06-17
   days on market $259,500 Active 655 DOM
3. 2026-06-16
   days on market $259,500 Active 654 DOM
4. 2026-06-15
   days on market $259,500 Active 653 DOM
5. 2026-06-14
   days on market $259,500 Active 651 DOM
6. 2026-06-13
   days on market $259,500 Active 650 DOM
7. 2026-06-10
   days on market $259,500 Active 648 DOM
8. 2026-06-09
   days on market $259,500 Active 647 DOM
9. 2026-06-08
   days on market $259,500 Active 646 DOM
10. 2026-06-07
    days on market $259,500 Active 645 DOM
11. 2026-06-03
    days on market $259,500 Active 641 DOM
12. 2026-06-02
    days on market $259,500 Active 640 DOM
13. 2026-06-01
    days on market $259,500 Active 639 DOM
14. 2026-05-31
    days on market $259,500 Active 638 DOM
15. 2026-05-30
    days on market $259,500 Active 637 DOM
16. 2026-03-23
    price $269,500 359-char remark

    Show marketing remark (359 chars)

    Price reduced. Nice larger garden home in Halcyon. Vacant and ready to move into. Lots of cabinets and storage space throughout the home. Many updates have been done, and it shows well. The master bedroom is on one end, and the other two bedrooms are on the other. Conveniently located near shopping and the interstate, it is a central location in Montgomery.

17. 2025-07-31
    price $274,500 359-char remark

    Show marketing remark (359 chars)

    Price reduced. Nice larger garden home in Halcyon. Vacant and ready to move into. Lots of cabinets and storage space throughout the home. Many updates have been done, and it shows well. The master bedroom is on one end, and the other two bedrooms are on the other. Conveniently located near shopping and the interstate, it is a central location in Montgomery.

18. 2024-12-30
    status Active 359-char remark

    Show marketing remark (359 chars)

    Price reduced. Nice larger garden home in Halcyon. Vacant and ready to move into. Lots of cabinets and storage space throughout the home. Many updates have been done, and it shows well. The master bedroom is on one end, and the other two bedrooms are on the other. Conveniently located near shopping and the interstate, it is a central location in Montgomery.

19. 2024-08-29
    listed $244,500 Active 359-char remark

    Show marketing remark (359 chars)

    Price reduced. Nice larger garden home in Halcyon. Vacant and ready to move into. Lots of cabinets and storage space throughout the home. Many updates have been done, and it shows well. The master bedroom is on one end, and the other two bedrooms are on the other. Conveniently located near shopping and the interstate, it is a central location in Montgomery.

20. 2016-12-29
    soldstatus $137,500
21. 2012-02-06
    listed $189,900
22. 1999-02-03
    listed $149,900
23. 1998-05-13
    listed $152,500
24. 1997-03-24
    listed $144,900

ⓘ 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: $2,023 · $169/mo
• Projected year-2 tax: $2,023 · $169/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 3/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥107°F today · 20 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,296
• − Mortgage interest: −$14,536
• − Property taxes: −$2,023
• − Insurance: −$1,298
• − Repairs & maintenance: −$1,944
• − Management: −$1,944
• − Depreciation: −$7,549
• Taxable loss: −$4,997
• Est. tax savings @ 24.0%: +$1,199
• After-tax cash flow: $742/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: Montgomery County
• NCES district ID: 0102430
• Math proficiency: 9% ▼ -21.00%
• Reading proficiency: 31% ▼ -1.00%
• Median HH income: $43,902
• Composite: 17.24/100
• National rank: #9093
• State rank: #106 of 129 in AL

Livability — Montgomery

• Score: 65/100
• State rank: #138
• US rank: #13416

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Montgomery, AL
• County: Montgomery County · 190,016 people
• City population: 175,913
• Metro: Montgomery, AL
• Population (ZIP): 53,172
• Household income: $74,720
• Rent vs Own: 36.9% rent · 63.1% own
• Severe rent burden: 1742.0

Population outlook (Montgomery County) Hauer SSP2

• Today (2025): 224,008 people
• By 2030: 221,460 · -1.1%
• By 2040: 214,179 · -4.4%
• By 2050: 204,912 · -8.5%
• By 2075: 177,821 · -20.6%
• By 2100: 145,134 · -35.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: Black 53% White 34% Asian 8% Two or more races 3% Hispanic / Latino 3%
• Common ancestry: Italian 1% Slovak 1% Lithuanian 1%
• Foreign-born: 9% · South Korea, Canada, China
• Languages at home: 90% English-only · Korean 4% Spanish 3% Other Indo-European 1%

Political lean MEDSL · Montgomery

• 2024 margin: Solid D (+30.7) · D 64.8% · R 34.1% · Other 1.1%
• 2008→2024 swing: +11.5pp toward D · 2008: 19.2pp · 2024: 30.7pp
• All cycles: 2024: D+30.7 2020: D+31.5 2016: D+26.2 2012: D+24.3 2008: D+19.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -37.24%
• Current HPI: 148.7728
• Rent YoY: ▲ 2.99%
• Metro: Montgomery, 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

+86.0% since first listed

9 events — show timeline

• 2026-03-23 Price Changed $269,500 MAAR
• 2025-07-31 Price Changed $274,500 MAAR
• 2024-12-30 Relisted — MAAR
• 2024-08-29 Listed $244,500 MAAR
• 2016-12-29 Sold (Public Records) $137,500 Public Records
• 2012-02-06 Listed $189,900 MAAR
• 1999-02-03 Listed $149,900 MAAR
• 1998-05-13 Listed $152,500 MAAR
• 1997-03-24 Listed $144,900 MAAR

Property tax history

+6.2%/yr

Latest (2025): $2,023 · +0.0% YoY. Source: county tax records.