2608 Kennon Court Q Building · Phenix City, AL 36867

$350,000

None bd · None ba · — sqft · MultiFamily · 9 Days on market

Built 1985 Fair condition 0.27 ac lot

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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
• Rent growth +3.8/5.0
• Livability +3.0/5.0
• Schools +2.7/10.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

Excellent opportunity to acquire a quadplex investment property in a strong rental area, featuring four 2 bedroom, 2 bathroom units with consistent tenant demand. This property offers immediate income with clear potential for increased cash flow through rent adjustments. Currently, the property is underperforming due to below-market rental rates, creating an ideal opportunity for investors looking to improve returns and build long-term equity. Current Rent Roll: Unit 1: $750/month (Section 8) – Lease through September 2026 Unit 2: $750/month (Section 8) – Lease expired February 2026 (opportunity to adjust rent) Unit 3: $780/month – Lease through May 2026 Unit 4: $675

Key facts

• 0.27 acre lot
• 2 parking spots
• Built 1985

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/2-bath units multifamily listed at $350k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($24k/yr) — positive. Per door: $496/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $350k).
• Cap rate 13.1% vs local median 4.9% 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: schools D+, crime F, amenities 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.
• Market conditions: Rents rising fast (+5.3%/yr); 217 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 183 units permitted in Russell County in 2024 (0 in 5+ unit buildings).
• At $5,575/mo this rent would consume 139% of the median local household income ($48k/yr) (locally 1399% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k 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 + 5.3% rent growth), your $98k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 76% 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 $350,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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 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: 1.59% ✓
• Cap rate: 13.10%
• Cash-on-cash: 24.31%
• DSCR: 2.08
• GRM: 5.2

CMA / ARV

No comps found within radius.

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2608 Kennon Court Q Building	0.00mi	—/—	—	1mo	$280,000	—	87
1800 18th Ct	0.75mi	—/—	—	6mo	$175,000	—	48

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 · 5.33% rent growth · sell at horizon

5-year hold

• IRR: 20.2%
• Equity multiple: 1.85×
• Total profit: $83,199
• Equity at exit: $52,186

10-year hold

• IRR: 30.0%
• Equity multiple: 3.99×
• Total profit: $293,183
• Equity at exit: $30,262

Cash invested: $98,000 (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 36867

• Home prices YoY: -30.1%
• Rents YoY: 5.3%
• Active inventory: 217
• Price-to-rent: 20.9×

Monthly cashflow live

• Estimated rent: $5,575 high
• Mortgage (P&I): −$1,835
• Tax est. 1.5%: −$438 /mo · $5,250/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,171
• Net cashflow: $1,985

Break-even live

Break-even rent $3,062

Max offer price $350,000

Occupancy floor 59%

Sensitivity live

Price	-10% $2,227	-5% $2,106	+0% $1,985	+5% $1,865	+10% $1,744
Rent	-10% $1,545	-5% $1,765	+0% $1,985	+5% $2,206	+10% $2,426
Rate	-1.0pp $2,162	-0.5pp $2,074	base $1,985	+0.5pp $1,895	+1.0pp $1,803

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	2	2	$5,576
Total (4 units)			$5,575

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2702 N Railroad St Phenix City, AL	2.0	1.0	768	$1,200	$1.56	22d	1	0.13mi
1914 Tranquil Ln Phenix City, AL	2.0	2.5	1581	$1,700	$1.08	22d	1	0.72mi
1346 Ingersoll Dr Phenix City, AL	3.0	2.0	1453	$1,700	$1.17	15d	1	1.02mi
3622 S Railroad St Phenix City, AL	1.0–3.0	1.0–2.5	1141	$1,536	$1.35	15d	10	1.07mi
4404 Bridgewater Dr Phenix City, AL	3.0	2.0	1894	$2,100	$1.11	22d	1	1.42mi

Listing history 2 events

1. 2026-04-21
   status Pending
2. 2026-04-12
   listed $350,000 Active

ⓘ 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 2/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥107°F today · 19 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 76% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 7 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $66,900
• − Mortgage interest: −$19,605
• − Property taxes: −$5,250
• − Insurance: −$1,750
• − Repairs & maintenance: −$5,352
• − Management: −$5,352
• − Depreciation: −$10,182
• Taxable income: $19,409
• Est. tax owed @ 24.0%: −$4,658
• After-tax cash flow: $19,168/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

Fair 45/100 Moderate rehab

The property is in fair condition with moderate rehabilitation needs. Painting and updating the bathrooms and kitchen would significantly enhance its value for both resale and rental.

Repairs flagged

• Minor exterior siding — Slight discoloration visible
• Minor interior paint — Need touch-up

Value-add opportunities

• Both painting and updating bathrooms and kitchen — Enhances curb appeal and interior aesthetics
• Rental HVAC maintenance — Improves tenant satisfaction and reduces maintenance costs

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Slight discoloration visible	Minor	$500–3,000
interior paint · Need touch-up	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both painting and updating bathrooms and kitchen — Enhances curb appeal and interior aesthetics ↑
• Rental HVAC maintenance — Improves tenant satisfaction and reduces maintenance costs ↑

ⓘ 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: 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): 22,821
• Household income: $48,026
• Rent vs Own: 52.0% rent · 48.0% own
• Severe rent burden: 1399.0

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 0.60)
• Race & ethnicity: White 53% Black 34% Hispanic / Latino 7% Two or more races 7% Asian 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2% Cuban 2%
• Common ancestry: Romanian 2% Italian 2% Slovak 1%
• Foreign-born: 4% · Canada, China, South Korea
• Languages at home: 94% English-only · Spanish 4% Tagalog/Filipino 1%

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: ▼ -74.10%
• Current HPI: 171.8426
• Rent YoY: ▲ 5.33%
• 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

2 events — show timeline

• 2026-04-21 Pending — EABOR
• 2026-04-12 Listed $350,000 EABOR