904 Spruce St · Gadsden, AL 35901

$65,000

2 bd · 1.0 ba · 1,004 sqft · SingleFamily public records · 71 Days on market

Built 1935 0.35 ac lot $65/sqft · 20% above area Est $54k · 20% over ↓ 3% since listing

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.2/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

This fully-fenced sanctuary perfect for your fur babies and outdoor play is conveniently located minutes from 431.

Key facts

• 0.35 acre lot
• Parking
• Listed 70 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $341 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($924 rent vs $65k).
• Recommended offer: $61k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.6% vs local median 5.1% in Gadsden — 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 59/100 on livability (#335 in AL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: schools C-, crime F, amenities F.
• Gadsden City (urban): math 15% / reading 39% proficiency, ranked #87 of 129 in AL (top 67%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 151 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 119 units permitted in Etowah County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Etowah County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 71 days — a 6% lower offer ($61k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wind risk, 23% 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 $61,100 (6.0% below list)

Questions for the listing agent

1. It's been on market 71 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1935 — 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. 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. 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.
7. 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.
8. 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: 1.42% ✓
• Cap rate: 12.58%
• Cash-on-cash: 22.46%
• DSCR: 2.00
• GRM: 5.9

CMA / ARV

• ARV (median comp): $54,200
• List price: $65,000
• Delta: 19.93%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1017 Third Ave	0.54mi	2/1.0	962 (-4%)	7mo	$45,000	$47	62
1218 Jupiter St	0.47mi	3/1.5 (+1)	1,025 (+2%)	11mo	$55,750	$54	59
1207 South 10th St	0.45mi	2/1.0	1,024 (+2%)	21mo	$47,000	$46	58
1024 6th Ave	0.34mi	2/1.0	1,080 (+8%)	23mo	$125,000	$116	53
1033 4th Ave	0.44mi	3/1.0 (+1)	1,100 (+10%)	24mo	$50,000	$45	39

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: 15.3%
• Equity multiple: 1.61×
• Total profit: $11,139
• Equity at exit: $9,692

10-year hold

• IRR: 23.9%
• Equity multiple: 3.06×
• Total profit: $37,543
• Equity at exit: $5,620

Cash invested: $18,200 (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 35901

• Home prices YoY: -9.9%
• Active inventory: 151
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $924 medium
• Mortgage (P&I): −$341
• Tax from tax record: −$22 /mo · $260/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$194
• Net cashflow: $341

Break-even live

Break-even rent $493

Max offer price $65,000

Occupancy floor 58%

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
409 S 6th St Gadsden, AL	1.0–2.0	1.0–2.0	907	$899	$0.99	44d	1	0.75mi
1001 Newton St Gadsden, AL	2.0	1.5	1200	$955	$0.80	3d	3	0.84mi

Listing history 18 events

1. 2026-06-19
   days on market $65,000 Active 71 DOM
2. 2026-06-18
   days on market $65,000 Active 70 DOM
3. 2026-06-17
   days on market $65,000 Active 69 DOM
4. 2026-06-16
   days on market $65,000 Active 68 DOM
5. 2026-06-15
   days on market $65,000 Active 67 DOM
6. 2026-06-14
   days on market $65,000 Active 65 DOM
7. 2026-06-12
   days on market $65,000 Active 64 DOM
8. 2026-06-09
   days on market $65,000 Active 61 DOM
9. 2026-06-08
   days on market $65,000 Active 60 DOM
10. 2026-06-07
    days on market $65,000 Active 59 DOM
11. 2026-06-07
    days on market $65,000 Active 58 DOM
12. 2026-06-04
    days on market $65,000 Active 55 DOM
13. 2026-06-02
    days on market $65,000 Active 54 DOM
14. 2026-06-01
    days on market $65,000 Active 53 DOM
15. 2026-05-31
    days on market $65,000 Active 52 DOM
16. 2026-05-31
    days on market $65,000 Active 51 DOM
17. 2026-05-13
    price $65,000 114-char remark

    Show marketing remark (114 chars)

    This fully-fenced sanctuary perfect for your fur babies and outdoor play is conveniently located minutes from 431.

18. 2026-04-10
    listed $67,000 Active 114-char remark

    Show marketing remark (114 chars)

    This fully-fenced sanctuary perfect for your fur babies and outdoor play is conveniently located minutes from 431.

ⓘ 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: $260 · $22/mo
• Projected year-2 tax: $266 · $22/mo
• Expected delta: +$6/yr (+$1/mo · 2.5%)

ⓘ 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 6/10 Major 7 d/yr ≥107°F today · 19 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 23% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,092
• − Mortgage interest: −$3,641
• − Property taxes: −$260
• − Insurance: −$325
• − Repairs & maintenance: −$887
• − Management: −$887
• − Depreciation: −$1,891
• Taxable income: $3,201
• Est. tax owed @ 24.0%: −$768
• After-tax cash flow: $3,319/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: Gadsden City
• NCES district ID: 0101620
• Math proficiency: 15% ▼ -27.00%
• Reading proficiency: 39% ▼ -2.00%
• Median HH income: $29,099
• Composite: 21.62/100
• National rank: #8292
• State rank: #87 of 129 in AL

Livability — Gadsden

• Score: 59/100
• State rank: #335
• US rank: #20131

Category grades

Amenities F Commute F 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: Gadsden, AL
• Population (ZIP): 19,186

Population outlook (Etowah County) Hauer SSP2

• Today (2025): 100,500 people
• By 2030: 98,488 · -2.0%
• By 2040: 93,731 · -6.7%
• By 2050: 88,681 · -11.8%
• By 2075: 76,746 · -23.6%
• By 2100: 65,373 · -35.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 55% Black 32% Hispanic / Latino 8% Two or more races 7%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Slovak 1% Serbian 1% Lithuanian 1%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 5% Arabic 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Etowah

• 2024 margin: Solid R (+55.7) · D 21.8% · R 77.5%
• 2008→2024 swing: -17.5pp toward R · 2008: -38.2pp · 2024: -55.7pp
• All cycles: 2024: R+55.7 2020: R+50.2 2016: R+50.1 2012: R+38.4 2008: R+38.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -26.83%
• Current HPI: 243.6795
• 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

-3.0% since first listed

2 events — show timeline

• 2026-05-13 Price Changed $65,000 VMLS
• 2026-04-10 Listed $67,000 VMLS