210 Apache Dr

Enterprise, AL 36330

$520,500C-

12 bd · 6.0 ba · 1,088 sqft · Built 1980 · MultiFamily · Active · 56 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,371/mo
• Mortgage (P&I): −$2,730
• Tax + insurance: −$868
• HOA: −$0
• Vac / Maint / Mgmt: −$1,128
• Net cashflow: $646/mo
• Annual: $7,752/yr
• Cap rate: 7.78%
• Cash-on-cash: 5.32%
• DSCR: 1.24
• 1% rule: 1.03%
• Cash to close: $145,740

Investor read

• This is a 4 × 3-bed/?-bath units multifamily listed at $520k.
• At list price, monthly cash flow is $646 ($8k/yr) — positive. Per door: $162/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $520k).
• It's been on market 56 days — a 3% lower offer ($505k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $505k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $16k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#127 in AL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety D, crime F, amenities F.
• Enterprise City (town): math 40% / reading 60% proficiency, ranked #12 of 129 in AL (top 9%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+3.9%/yr); 444 active listings in the ZIP; solid renter incomes; 137 units permitted in Coffee County in 2024 (0 in 5+ unit buildings).
• 4 sale attempts since 14y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Climate carrying-cost: severe wind risk, 99% 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.
• Cap rate 7.8% vs local median 4.1% in Enterprise — 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.
• At $5,371/mo this rent would consume 85% of the median local household income ($76k/yr) (locally 1126% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 56 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.