The Fowl River area is pretty nice on the water. The surrounding area is hit or miss, depending on which side you're on. The north and west sides around that area have an assortment of crack dealers and meth heads. The east side off of DIP is not as bad. I don't recall many issues with homes on the water though, as the thugs tend to keep to their area.
The river itself is nice. Very scenic and good fishing for specks, reds and flounder. The Fowl runs all the way from Mobile Bay on the east side, then south west, where it empties into Heron Bay, near Coden. I used to live on a small creek off of the river and never experienced any flooding. If a hurricane comes in however, expect some damage. After Ivan and Katrina came through, most places in the Mobile area had at least some wind damage, or flooding. Just part of being on the coast.
If you have any more questions I didn't cover let me know. I don't live in the area anymore, but still fish down there about once a month.