309 Colony Dr · Enterprise, AL 36330

$170,000

6 bd · 3.0 ba · 2,736 sqft · MultiFamily public records · 862 Days on market

Built 1981

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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
• 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 (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Rare multi-unit investment opportunity. Two available properties, 307 and 309 Colony Dr- separate listings. Long term tenants with a wait list. All 1 year leases at $525-575 rent. Property Manager in place. Home warranty for each unit. (3) 2 br/1 ba units with an outside utility closest with w/ d hookups. Showings are limited due to tenant occupied and Property Manager schedule. Call Sheri to set up. Owner prefers Cash sale only.

Key facts

• Built 1981
• Listed 861 days

What this means for you Summary

Snapshot

• This is a 6-bed/3.0-bath multifamily listed at $170k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $170k).
• Recommended offer: $150k (12.0% below list) — sets the bar for market timing.
• Cap rate 16.2% 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 $3,083/mo this rent would consume 49% 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 $5k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.9% rent growth), your $48k 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 ($150k) 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 $52k; list at $170k implies a 224% 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 $149,600 (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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.81% ✓
• Cap rate: 16.23%
• Cash-on-cash: 35.50%
• DSCR: 2.58
• GRM: 4.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 32.1%
• Equity multiple: 2.36×
• Total profit: $64,966
• Equity at exit: $25,348

10-year hold

• IRR: 39.6%
• Equity multiple: 4.86×
• Total profit: $183,908
• Equity at exit: $14,698

Cash invested: $47,600 (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: 13.8×

Monthly cashflow live

• Estimated rent: $3,083 high
• Mortgage (P&I): −$891
• Tax from tax record: −$65 /mo · $783/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$647
• Net cashflow: $1,408

Break-even live

Break-even rent $1,301

Max offer price $170,000

Occupancy floor 49%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$3,084
Total (3 units)			$3,083

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: $42,500
• Closing costs: $5,100
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-19
   days on market $170,000 Active 862 DOM
2. 2026-06-18
   days on market $170,000 Active 861 DOM
3. 2026-06-17
   days on market $170,000 Active 860 DOM
4. 2026-06-16
   days on market $170,000 Active 859 DOM
5. 2026-06-15
   days on market $170,000 Active 858 DOM
6. 2026-06-14
   days on market $170,000 Active 856 DOM
7. 2026-06-12
   days on market $170,000 Active 855 DOM
8. 2026-06-09
   days on market $170,000 Active 852 DOM
9. 2026-06-08
   days on market $170,000 Active 851 DOM
10. 2026-06-07
    days on market $170,000 Active 850 DOM
11. 2026-06-05
    days on market $170,000 Active 847 DOM
12. 2026-06-03
    days on market $170,000 Active 846 DOM
13. 2026-06-02
    days on market $170,000 Active 845 DOM
14. 2026-06-01
    days on market $170,000 Active 844 DOM
15. 2026-05-31
    days on market $170,000 Active 843 DOM
16. 2026-05-30
    days on market $170,000 Active 842 DOM
17. 2024-09-18
    status Active 433-char remark

    Show marketing remark (433 chars)

    Rare multi-unit investment opportunity. Two available properties, 307 and 309 Colony Dr- separate listings. Long term tenants with a wait list. All 1 year leases at $525-575 rent. Property Manager in place. Home warranty for each unit. (3) 2 br/1 ba units with an outside utility closest with w/ d hookups. 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 433-char remark

    Show marketing remark (433 chars)

    Rare multi-unit investment opportunity. Two available properties, 307 and 309 Colony Dr- separate listings. Long term tenants with a wait list. All 1 year leases at $525-575 rent. Property Manager in place. Home warranty for each unit. (3) 2 br/1 ba units with an outside utility closest with w/ d hookups. 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 $170,000 Active 433-char remark

    Show marketing remark (433 chars)

    Rare multi-unit investment opportunity. Two available properties, 307 and 309 Colony Dr- separate listings. Long term tenants with a wait list. All 1 year leases at $525-575 rent. Property Manager in place. Home warranty for each unit. (3) 2 br/1 ba units with an outside utility closest with w/ d hookups. 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. 2023-12-07
    listed $155,000 Active
23. 2008-02-07
    soldstatus $52,500
24. 2007-07-09
    listed $55,000

ⓘ 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: $783 · $65/mo
• Projected year-2 tax: $783 · $65/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 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: $36,996
• − Mortgage interest: −$9,523
• − Property taxes: −$783
• − Insurance: −$850
• − Repairs & maintenance: −$2,960
• − Management: −$2,960
• − Depreciation: −$4,945
• Taxable income: $14,976
• Est. tax owed @ 24.0%: −$3,594
• After-tax cash flow: $13,302/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

+209.1% since first listed

8 events — show timeline

• 2024-09-18 Relisted — SAMLS
• 2024-08-05 Contingent — SAMLS
• 2024-02-08 Listed $170,000 SAMLS
• 2024-01-31 Relisted — SAMLS
• 2024-01-04 Contingent — SAMLS
• 2023-12-07 Listed $155,000 SAMLS
• 2008-02-07 Sold (MLS) $52,500 MAAR
• 2007-07-09 Listed $55,000 MAAR

Property tax history

+6.0%/yr

Latest (2025): $783 · +6.6% YoY. Source: county tax records.