1400 Lockhart Cir · Phenix City, AL 36869

$67,300

3 bd · 1.0 ba · 1,437 sqft · SingleFamily public records · 122 Days on market

Built 1970 9,148 sqft lot ↓ 15% 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 +3.0/5.0
• Schools +2.7/10.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Opportunity awaits in this three bedroom one and a half bath brick home with carport parking. Work/refreshing is required to make this home move in ready but could be worth the effort. Whether you decide to customize this home for yourself or rent it out, this house could be a great option. Subject to right of redemption, expires 06.16.26.

Key facts

• 9,148 sq ft lot
• Parking
• Built 1970

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $67k.

Deal economics

• At list price, monthly cash flow is $569 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $67k).
• Recommended offer: $59k (12.0% below list) — sets the bar for market timing.
• Cap rate 16.4% vs local median 5.0% in Phenix City — 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 60/100 on livability (#297 in AL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Phenix City (suburban): math 22% / reading 44% proficiency, ranked #59 of 129 in AL (top 46%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Ridgecrest Elementary School (math 17% / reading 39%, grade F, #385 of 627 statewide, top 62%, 796 students, 89% FRL) — zoned schools average 89% FRL vs 64% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 105 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 183 units permitted in Russell County in 2024 (0 in 5+ unit buildings).
• This rent runs 30% of the median local income ($50k/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 $465 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Russell County population projected at +42% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 0.4% rent growth), your $19k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 122 days — a 12% lower offer ($59k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $46k (41%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 69% 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 $59,224 (12.0% below list)

Questions for the listing agent

1. It's been on market 122 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 1970 — 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 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. 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: 1.89% ✓
• Cap rate: 16.43%
• Cash-on-cash: 36.21%
• DSCR: 2.61
• GRM: 4.4

CMA / ARV

• ARV (on-the-fly): $163,818
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
709 9th Ave S	0.31mi	3/2.0	1,426 (-1%)	16mo	$119,700	$84	67
1110 16th Ct S	0.53mi	3/2.0	1,394 (-3%)	1mo	$158,605	$114	65
811 April Dr	0.35mi	3/2.0	1,336 (-7%)	5mo	$155,000	$116	64
1301 8th St South	0.30mi	3/2.0	1,640 (+14%)	5mo	$165,000	$101	54
802 17th Ave S	0.55mi	3/2.0	1,416 (-2%)	20mo	$137,000	$97	52
712 Lawrence Ct	0.18mi	3/2.0	1,646 (+14%)	23mo	$225,000	$137	44
1718 Epworth St	0.72mi	3/2.0	1,404 (-2%)	20mo	$154,000	$110	42
1605 7th St S	0.43mi	4/2.0 (+1)	1,269 (-12%)	20mo	$174,000	$137	35

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 · 0.43% rent growth · sell at horizon

5-year hold

• IRR: 29.1%
• Equity multiple: 2.17×
• Total profit: $22,107
• Equity at exit: $10,035

10-year hold

• IRR: 35.0%
• Equity multiple: 3.83×
• Total profit: $53,407
• Equity at exit: $5,819

Cash invested: $18,844 (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 36869

• Home prices YoY: -22.2%
• Rents YoY: 0.4%
• Active inventory: 105
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $1,269 medium
• Mortgage (P&I): −$353
• Tax from tax record: −$53 /mo · $639/yr
• Insurance: −$28
• HOA: −$0
• Vacancy / Maint / Mgmt: −$267
• Net cashflow: $569

Break-even live

Break-even rent $550

Max offer price $67,300

Occupancy floor 50%

Sensitivity live

Price	-10% $607	-5% $588	+0% $569	+5% $550	+10% $530
Rent	-10% $468	-5% $518	+0% $569	+5% $619	+10% $669
Rate	-1.0pp $602	-0.5pp $586	base $569	+0.5pp $551	+1.0pp $533

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: $16,825
• Closing costs: $2,019
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1702 12th Pl S Unit C Phenix City, AL	2.0	2.0	900	$825	$0.92	21d	1	0.59mi
1200 20th Ave S Unit G Phenix City, AL	2.0	1.0	900	$795	$0.88	14d	1	0.85mi

Listing history 12 events

1. 2026-04-15
   status Pending
2. 2026-03-25
   status Active
3. 2026-02-14
   status Pending
4. 2026-02-05
   price $67,300
5. 2026-01-12
   price $76,500
6. 2025-12-23
   price $91,500
7. 2025-12-08
   price $92,000
8. 2025-11-21
   price $92,500
9. 2025-11-05
   listed $113,500 Active
10. 2025-09-04
    price $74,900
11. 2025-08-20
    price $91,400
12. 2007-08-24
    soldstatus $78,936

ⓘ 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: $639 · $53/mo
• Projected year-2 tax: $639 · $53/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 4/10 Moderate
• 🌡 Heat 7/10 Severe 7 d/yr ≥108°F today · 19 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 69% 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: $15,232
• − Mortgage interest: −$3,770
• − Property taxes: −$639
• − Insurance: −$336
• − Repairs & maintenance: −$1,219
• − Management: −$1,219
• − Depreciation: −$1,958
• Taxable income: $6,092
• Est. tax owed @ 24.0%: −$1,462
• After-tax cash flow: $5,361/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: Phenix City
• NCES district ID: 0102700
• Math proficiency: 22% ▼ -24.00%
• Reading proficiency: 44% ▼ -1.00%
• Median HH income: $36,228
• Composite: 27.29/100
• National rank: #7001
• State rank: #59 of 129 in AL

Livability — Phenix City

• Score: 60/100
• State rank: #297
• US rank: #19037

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Phenix City, AL
• County: Russell County · 53,055 people
• City population: 62,290
• Metro: Columbus, GA-AL
• Population (ZIP): 21,518
• Household income: $50,061
• Rent vs Own: 39.8% rent · 60.2% own
• Severe rent burden: 789.0

Population outlook (Russell County) Hauer SSP2

• Today (2025): 70,137 people
• By 2030: 75,826 · +8.1%
• By 2040: 87,858 · +25.3%
• By 2050: 99,721 · +42.2%
• By 2075: 128,009 · +82.5%
• By 2100: 149,251 · +112.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: Black 50% White 41% Hispanic / Latino 5% Two or more races 4%
• Common ancestry: Slovak 1% Lithuanian 1% Portuguese 1%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 4%

Political lean MEDSL · Russell

• 2024 margin: Toss-up / Even · D 50.4% · R 48.7%
• 2008→2024 swing: -5.6pp toward R · 2008: 7.3pp · 2024: 1.7pp
• All cycles: 2024: D+1.7 2020: D+6.4 2016: D+1.9 2012: D+11.8 2008: D+7.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -47.69%
• Current HPI: 166.9094
• Rent YoY: ▲ 0.43%
• Metro: Columbus, GA-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

12 events — show timeline

• 2026-04-15 Pending — LCMLS
• 2026-03-25 Relisted — LCMLS
• 2026-02-14 Pending — LCMLS
• 2026-02-05 Price Changed $67,300 LCMLS
• 2026-01-12 Price Changed $76,500 LCMLS
• 2025-12-23 Price Changed $91,500 LCMLS
• 2025-12-08 Price Changed $92,000 LCMLS
• 2025-11-21 Price Changed $92,500 LCMLS
• 2025-11-05 Listed $113,500 LCMLS
• 2025-09-04 Price Changed $74,900 LCMLS
• 2025-08-20 Price Changed $91,400 LCMLS
• 2007-08-24 Sold (Public Records) $78,936 Public Records

Property tax history

+5.3%/yr

Latest (2025): $639 · +0.0% YoY. Source: county tax records.