307 Colony Dr · Enterprise, AL 36330

$190,000

6 bd · 3.0 ba · 3,648 sqft · MultiFamily public records · 862 Days on market

Built 1981 0.31 ac lot $52/sqft · 7% below area Est $205k · 7% under

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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
• ARV discount +10.8/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.3/10.0
• Rent growth +3.5/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 3 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Looking for a multi unit investment? This is the property for you. Long term tenants with a wait list. Current rent is $525-$575 with an increase when lease expires. All 1 year leases. Property Manager in place at 10% of rent. Home Warranty for each unit. (4) - 2BR/1BA with an outside covered patio and utility room with W/ D hookups. The property at 309 Colony Dr (triplex) is also for sale. See separate listing. Showings are limited due to tenant occupied and Property Manager schedule. Call Sheri to set up. Owner prefers CASH sale only.

Key facts

• 0.31 acre lot
• Built 1981
• Listed 861 days

What this means for you Summary

Snapshot

• This is a 3 × 2.0-bed/1.0-bath units multifamily listed at $190k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $450/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $190k).
• Recommended offer: $167k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.8% vs local median 4.2% 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.

Location & tenants

• 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); 441 active listings in the ZIP; solid renter incomes; 137 units permitted in Coffee County in 2024 (0 in 5+ unit buildings).
• At $3,134/mo this rent would consume 50% 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.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.9% rent growth), your $53k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 862 days — a 12% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 19y 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.
• Current owner paid $62k; list at $190k implies a 204% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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.

Recommended offer $167,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 862 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.65% ✓
• Cap rate: 14.82%
• Cash-on-cash: 30.47%
• DSCR: 2.36
• GRM: 5.1

CMA / ARV

• ARV (median comp): $205,000
• List price: $190,000
• Delta: -7.32%
• Verdict: FAIR
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.92% rent growth · sell at horizon

5-year hold

• IRR: 26.1%
• Equity multiple: 2.09×
• Total profit: $58,097
• Equity at exit: $28,330

10-year hold

• IRR: 34.2%
• Equity multiple: 4.26×
• Total profit: $173,325
• Equity at exit: $16,428

Cash invested: $53,200 (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 36330

• Home prices YoY: -19.4%
• Rents YoY: 3.9%
• Active inventory: 441
• Price-to-rent: 15.2×

Monthly cashflow live

• Estimated rent: $3,134 high
• Mortgage (P&I): −$996
• Tax from tax record: −$50 /mo · $596/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$658
• Net cashflow: $1,351

Break-even live

Break-even rent $1,424

Max offer price $190,000

Occupancy floor 52%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2.0	1	$3,135
Total (3 units)			$3,134

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: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-19
   days on market $190,000 Active 862 DOM
2. 2026-06-18
   days on market $190,000 Active 861 DOM
3. 2026-06-17
   days on market $190,000 Active 860 DOM
4. 2026-06-16
   days on market $190,000 Active 859 DOM
5. 2026-06-15
   days on market $190,000 Active 858 DOM
6. 2026-06-14
   days on market $190,000 Active 856 DOM
7. 2026-06-12
   days on market $190,000 Active 855 DOM
8. 2026-06-09
   days on market $190,000 Active 852 DOM
9. 2026-06-08
   days on market $190,000 Active 851 DOM
10. 2026-06-07
    days on market $190,000 Active 850 DOM
11. 2026-06-05
    days on market $190,000 Active 847 DOM
12. 2026-06-03
    days on market $190,000 Active 846 DOM
13. 2026-06-02
    days on market $190,000 Active 845 DOM
14. 2026-06-01
    days on market $190,000 Active 844 DOM
15. 2026-05-31
    days on market $190,000 Active 843 DOM
16. 2026-05-30
    days on market $190,000 Active 842 DOM
17. 2024-09-18
    status Active 542-char remark

    Show marketing remark (542 chars)

    Looking for a multi unit investment? This is the property for you. Long term tenants with a wait list. Current rent is $525-$575 with an increase when lease expires. All 1 year leases. Property Manager in place at 10% of rent. Home Warranty for each unit. (4) - 2BR/1BA with an outside covered patio and utility room with W/ D hookups. The property at 309 Colony Dr (triplex) is also for sale. See separate listing. Showings are limited due to tenant occupied and Property Manager schedule. Call Sheri to set up. Owner prefers CASH sale only.

18. 2024-08-05
    historical Active Under Contract 542-char remark

    Show marketing remark (542 chars)

    Looking for a multi unit investment? This is the property for you. Long term tenants with a wait list. Current rent is $525-$575 with an increase when lease expires. All 1 year leases. Property Manager in place at 10% of rent. Home Warranty for each unit. (4) - 2BR/1BA with an outside covered patio and utility room with W/ D hookups. The property at 309 Colony Dr (triplex) is also for sale. See separate listing. Showings are limited due to tenant occupied and Property Manager schedule. Call Sheri to set up. Owner prefers CASH sale only.

19. 2024-02-08
    listed $190,000 Active 542-char remark

    Show marketing remark (542 chars)

    Looking for a multi unit investment? This is the property for you. Long term tenants with a wait list. Current rent is $525-$575 with an increase when lease expires. All 1 year leases. Property Manager in place at 10% of rent. Home Warranty for each unit. (4) - 2BR/1BA with an outside covered patio and utility room with W/ D hookups. The property at 309 Colony Dr (triplex) is also for sale. See separate listing. Showings are limited due to tenant occupied and Property Manager schedule. Call Sheri to set up. Owner prefers CASH sale only.

20. 2024-01-31
    status Active
21. 2024-01-04
    historical Active Under Contract
22. 2023-12-06
    listed $175,000 Active
23. 2008-02-07
    soldstatus $62,500
24. 2007-07-09
    listed $65,000

ⓘ 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: $596 · $50/mo
• Projected year-2 tax: $779 · $65/mo
• Expected delta: +$184/yr (+$15/mo · 30.8%)

ⓘ 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 ≥106°F today · 19 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $37,608
• − Mortgage interest: −$10,643
• − Property taxes: −$596
• − Insurance: −$950
• − Repairs & maintenance: −$3,009
• − Management: −$3,009
• − Depreciation: −$5,527
• Taxable income: $13,875
• Est. tax owed @ 24.0%: −$3,330
• After-tax cash flow: $12,878/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: Enterprise City
• NCES district ID: 0101320
• Math proficiency: 40% ▼ -20.00%
• Reading proficiency: 60% ▲ 4.00%
• Median HH income: $51,311
• Composite: 42.83/100
• National rank: #3136
• State rank: #12 of 129 in AL

Livability — Enterprise

• Score: 65/100
• State rank: #127
• US rank: #12953

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Enterprise, AL
• County: Coffee County · 39,557 people
• City population: 39,557
• Metro: Enterprise, AL
• Population (ZIP): 39,557
• Household income: $75,765
• Rent vs Own: 32.4% rent · 67.6% own
• Severe rent burden: 1126.0

Population outlook (Coffee County) Hauer SSP2

• Today (2025): 53,133 people
• By 2030: 53,832 · +1.3%
• By 2040: 54,504 · +2.6%
• By 2050: 54,289 · +2.2%
• By 2075: 51,175 · -3.7%
• By 2100: 46,793 · -11.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: White 63% Black 17% Hispanic / Latino 13% Two or more races 9% Asian 1%
• Hispanic origin (detail): Mexican 6% Puerto Rican 3%
• Common ancestry: Italian 3% Lithuanian 2% Serbian 2%
• Foreign-born: 6% · Canada, Vietnam, South Korea
• Languages at home: 89% English-only · Spanish 8% German/W. Germanic 2%

Political lean MEDSL · Coffee

• 2024 margin: Solid R (+57.9) · D 20.7% · R 78.6%
• 2008→2024 swing: -9.0pp toward R · 2008: -48.9pp · 2024: -57.9pp
• All cycles: 2024: R+57.9 2020: R+53.1 2016: R+56.7 2012: R+49.4 2008: R+48.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -44.44%
• Current HPI: 184.0163
• Rent YoY: ▲ 3.92%
• Metro: Enterprise, 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

+192.3% since first listed

8 events — show timeline

• 2024-09-18 Relisted — SAMLS
• 2024-08-05 Contingent — SAMLS
• 2024-02-08 Listed $190,000 SAMLS
• 2024-01-31 Relisted — SAMLS
• 2024-01-04 Contingent — SAMLS
• 2023-12-06 Listed $175,000 SAMLS
• 2008-02-07 Sold (MLS) $62,500 MAAR
• 2007-07-09 Listed $65,000 MAAR

Property tax history

+2.8%/yr

Latest (2025): $596 · -0.1% YoY. Source: county tax records.