1510 Enota Ave · Gainesville, GA 30501

$1,400,000

3 bd · 2.0 ba · 1,974 sqft · MultiFamily public records · 107 Days on market

Built 1900 8.27 ac lot

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Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +3.6/5.0
• Livability +3.3/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• 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

Don't miss your chance to develop in Downtown Gainesville. This 8.37 acre infill site - comprised of 1510 Enota Avenue NW, 1478 Northwood Circle NE, and 1496 Northwood Circle NE - offers a rare opportunity to bypass the rezoning process and acquire land fully entitled for a 41-unit townhome community. Capture Gainesville's growing demand for lock-and-leave housing targeted to medical professionals, young executives, and downsizing empty-nesters. Tucked within a mature, wooded residential corridor, the site offers future homeowners city convenience just minutes from the Downtown Square, Northeast Georgia Medical Center, Lake Lanier, and backing up to the Atlanta Botanical Garden. The 8.37 acres are zoned Planned Residential Development (P-R-D-c) pursuant to City of Gainesville Ordinance 2005-17. The property is approved for a maximum of 41 single-family residential townhomes, subject to zoning conditions including a 25' vegetated buffer and 65' setback along the Cry Creek rear property line, architectural conformity per approved plans, and private street maintenance if gated. Property is subject to recorded covenants and restrictions (Woodcreek Village). Ordinance 2005-17 is uploaded in the MLS documents for agents and their clients to review. Buyer to independently verify zoning, density, buffers, utilities, and all development requirements with the City of Gainesville. Additional information on the planning and rezoning application is available. Contact co-listing agent with any additional questions.

Key facts

• 25 vegetated buffer
• 8.27 acre lot
• Listed 107 days

Tags

• 8.37 ACRE INFILL SITE
• 41 UNIT TOWNHOME COMMUNITY
• 25 VEGETATED BUFFER
• 65 SETBACK ALONG CRY CREEK

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $1.40M.

Deal economics

• At list price, monthly cash flow is $39k ($472k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($62k rent vs $1.40M).
• Recommended offer: $1.27M (9.0% below list) — sets the bar for market timing.
• Cap rate 40.0% vs local median 2.7% in Gainesville — 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 66/100 on livability (#181 in GA) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A-; Watch: amenities D+, schools F, crime F.
• Gainesville City (urban): math 23% / reading 25% proficiency, ranked #130 of 174 in GA (top 75%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+4.5%/yr); 251 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,274 units permitted in Hall County in 2024 (620 in 5+ unit buildings).
• At $62,062/mo this rent would consume 1160% of the median local household income ($64k/yr) (locally 2055% 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 $10k of loan paydown is wiped out by about $42k of value loss. Plan a longer hold.
• Hall County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 4.5% rent growth), your $392k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 107 days — a 9% lower offer ($1.27M) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 5y 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.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,274,000 (9.0% below list)

Questions for the listing agent

1. It's been on market 107 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 4.43% ✓
• Cap rate: 40.02%
• Cash-on-cash: 120.47%
• DSCR: 6.36
• GRM: 1.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.55% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 7.07×
• Total profit: $2,378,825
• Equity at exit: $208,745

10-year hold

• IRR: —
• Equity multiple: 15.59×
• Total profit: $5,718,979
• Equity at exit: $121,046

Cash invested: $392,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State Georgia: 90 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

Magistrate court evictions in 10-30 days; no rent control; preempted; few tenant protections.

Methodology + full state rankings →

ZIP-level market 30501

• Rents YoY: 4.5%
• Active inventory: 251
• Price-to-rent: 77.1×

Monthly cashflow live

• Estimated rent: $62,062 high
• Mortgage (P&I): −$7,342
• Tax est. 1.5%: −$1,750 /mo · $21,000/yr
• Insurance: −$583
• HOA: −$0
• Vacancy / Maint / Mgmt: −$13,033
• Net cashflow: $39,354

Break-even live

Break-even rent $12,247

Max offer price $1,400,000

Occupancy floor 32%

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

Units	Beds	Baths	Est. rent
▸ 41× units	2	2	$62,074
Total (41 units)			$62,062

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: $350,000
• Closing costs: $42,000
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1171 Spring Marsh Ct Gainesville, GA	3.0	2.5	2051	$2,346	$1.14	21d	1	0.57mi
1660 Meadow Lark Ln Gainesville, GA	3.0	2.5	1536	$2,200	$1.43	21d	1	0.57mi
1235 Riverside Dr Gainesville, GA	2.0–3.0	1.5	1104	$1,700	$1.54	43d	2	0.60mi
1015 Smoky Mtn Spgs Ln Gainesville, GA	3.0	2.5	2044	$2,146	$1.05	43d	1	0.63mi
1019 Smoky Mtn Spgs Ln Gainesville, GA	3.0	2.5	2051	$2,226	$1.09	43d	1	0.63mi
1120 Morningside Dr Gainesville, GA	3.0	2.0	1518	$1,950	$1.28	43d	1	0.72mi
1858 Thompson Bridge Rd Gainesville, GA	2.0–3.0	1.0–2.0	1150	$1,525	$1.33	43d	3	1.05mi
1001 Holly Dr Apt 207 Gainesville, GA	2.0	2.0	1275	$1,725	$1.35	21d	1	1.19mi
100 Foothills Pkwy Gainesville, GA	1.0–3.0	1.0–2.0	1008	$1,912	$1.90	13d	37	1.32mi
3810 Rabbit Patch Ln Unit 3810 Gainesville, GA	3.0	2.5	1788	$1,900	$1.06	21d	1	1.33mi
989 Rudolph St Gainesville, GA	3.0	2.0	1332	$2,500	$1.88	13d	1	1.34mi
3700 Limestone Rdg NE Gainesville, GA	1.0–3.0	1.0–2.0	1086	$2,705	$2.49	13d	72	1.39mi

Listing history 23 events

1. 2026-06-18
   days on market $1,400,000 Active 107 DOM
2. 2026-06-17
   days on market $1,400,000 Active 106 DOM
3. 2026-06-16
   days on market $1,400,000 Active 105 DOM
4. 2026-06-15
   days on market $1,400,000 Active 104 DOM
5. 2026-06-14
   days on market $1,400,000 Active 102 DOM
6. 2026-06-13
   days on market $1,400,000 Active 101 DOM
7. 2026-06-10
   days on market $1,400,000 Active 99 DOM
8. 2026-06-09
   days on market $1,400,000 Active 98 DOM
9. 2026-06-08
   days on market $1,400,000 Active 97 DOM
10. 2026-06-07
    days on market $1,400,000 Active 96 DOM
11. 2026-06-05
    days on market $1,400,000 Active 93 DOM
12. 2026-06-03
    days on market $1,400,000 Active 92 DOM
13. 2026-06-02
    days on market $1,400,000 Active 91 DOM
14. 2026-06-01
    days on market $1,400,000 Active 90 DOM
15. 2026-05-31
    days on market $1,400,000 Active 89 DOM
16. 2026-05-30
    days on market $1,400,000 Active 88 DOM
17. 2026-03-03
    listed $1,400,000 Active 1526-char remark

    Show marketing remark (1526 chars)

    Don't miss your chance to develop in Downtown Gainesville. This 8.37 acre infill site - comprised of 1510 Enota Avenue NW, 1478 Northwood Circle NE, and 1496 Northwood Circle NE - offers a rare opportunity to bypass the rezoning process and acquire land fully entitled for a 41-unit townhome community. Capture Gainesville's growing demand for lock-and-leave housing targeted to medical professionals, young executives, and downsizing empty-nesters. Tucked within a mature, wooded residential corridor, the site offers future homeowners city convenience just minutes from the Downtown Square, Northeast Georgia Medical Center, Lake Lanier, and backing up to the Atlanta Botanical Garden. The 8.37 acres are zoned Planned Residential Development (P-R-D-c) pursuant to City of Gainesville Ordinance 2005-17. The property is approved for a maximum of 41 single-family residential townhomes, subject to zoning conditions including a 25' vegetated buffer and 65' setback along the Cry Creek rear property line, architectural conformity per approved plans, and private street maintenance if gated. Property is subject to recorded covenants and restrictions (Woodcreek Village). Ordinance 2005-17 is uploaded in the MLS documents for agents and their clients to review. Buyer to independently verify zoning, density, buffers, utilities, and all development requirements with the City of Gainesville. Additional information on the planning and rezoning application is available. Contact co-listing agent with any additional questions.

18. 2026-03-02
    listed $1,400,000 New 1535-char remark

    Show marketing remark (1535 chars)

    Don't miss your chance to develop in Downtown Gainesville. This 8.37 acre infill site - comprised of 1510 Enota Avenue NW, 1478 Northwood Circle NE, and 1496 Northwood Circle NE - offers a rare opportunity to bypass the rezoning process and acquire land fully entitled for a 41-unit townhome community. Capture Gainesville's growing demand for lock-and-leave housing targeted to medical professionals, young executives, and downsizing empty-nesters. Tucked within a mature, wooded residential corridor, the site offers future homeowners city convenience just minutes from the Downtown Square, Northeast Georgia Medical Center, Lake Lanier, and backing up to the Atlanta Botanical Garden. The 8.37 acres are zoned Planned Residential Development (P-R-D-c) pursuant to City of Gainesville Ordinance 2005-17. The property is approved for a maximum of 41 single-family residential townhomes, subject to zoning conditions including a 25' vegetated buffer and 65' setback along the Cry Creek rear property line, architectural conformity per approved plans, and private street maintenance if gated. Property is subject to recorded covenants and restrictions (Woodcreek Village). Ordinance 2005-17 is uploaded in the MLS documents for agents and their clients to review. Buyer to independently verify zoning, density, buffers, utilities, and all development requirements with the City of Gainesville. Additional information on the planning and rezoning application is available. Contact co-listing agent with any additional questions.

19. 2022-06-28
    historical
20. 2021-12-02
    status Active
21. 2021-11-29
    historical
22. 2021-10-20
    status Under Contract
23. 2021-08-09
    listed $800,000 New

ⓘ 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 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥101°F today · 16 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 7% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $744,744
• − Mortgage interest: −$78,422
• − Property taxes: −$21,000
• − Insurance: −$7,000
• − Repairs & maintenance: −$59,580
• − Management: −$59,580
• − Depreciation: −$40,727
• Taxable income: $478,436
• Est. tax owed @ 24.0%: −$114,825
• After-tax cash flow: $357,422/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: Gainesville City
• NCES district ID: 1302310
• Math proficiency: 23% ▼ -7.00%
• Reading proficiency: 25% ▼ -2.00%
• Median HH income: $40,331
• Composite: 20.3/100
• National rank: #8614
• State rank: #130 of 174 in GA

Livability — Gainesville

• Score: 66/100
• State rank: #181
• US rank: #11362

Category grades

Amenities D+ 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: Gainesville, GA
• County: Hall County · 188,353 people
• City population: 140,301
• Metro: Gainesville, GA
• Population (ZIP): 32,258
• Household income: $64,175
• Rent vs Own: 62.6% rent · 37.4% own
• Severe rent burden: 2055.0

Population outlook (Hall County) Hauer SSP2

• Today (2025): 225,275 people
• By 2030: 240,204 · +6.6%
• By 2040: 268,440 · +19.2%
• By 2050: 293,596 · +30.3%
• By 2075: 350,293 · +55.5%
• By 2100: 389,329 · +72.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: White 42% Hispanic / Latino 39% Two or more races 18% Black 12% Asian 1% Native American 1%
• Hispanic origin (detail): Mexican 23%
• Common ancestry: Slovak 2% Italian 1% Lithuanian 1%
• Foreign-born: 21% · Canada
• Languages at home: 62% English-only · Spanish 35% French/Haitian/Cajun 1%

Political lean MEDSL · Hall

• 2024 margin: Solid R (+43.8) · D 27.8% · R 71.6%
• 2008→2024 swing: +7.1pp toward D · 2008: -50.9pp · 2024: -43.8pp
• All cycles: 2024: R+43.8 2020: R+43.2 2016: R+50.7 2012: R+56.4 2008: R+50.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -212.22%
• Current HPI: 286.1181
• Rent YoY: ▲ 4.55%
• Metro: Gainesville, GA
• State GDP YoY: ▲ 2.66%
• F500 in state: 28

Industry mix (Fortune 500 HQ in GA)

Industry	F500 HQs	Revenue
▸Paper / Packaging	2	$29B
▸Retail	1	$160B
▸Transportation / Logistics	1	$91B
▸Airlines	1	$62B
▸Consumer Goods	1	$47B
▸Utilities	1	$25B

Price history

+75.0% since first listed

7 events — show timeline

• 2026-03-03 Listed $1,400,000 FMLS
• 2026-03-02 Listed $1,400,000 GAMLS
• 2022-06-28 Listing Removed — GAMLS
• 2021-12-02 Relisted — GAMLS
• 2021-11-29 Listing Removed — GAMLS
• 2021-10-20 Pending — GAMLS
• 2021-08-09 Listed $800,000 GAMLS

Property tax history

-4.2%/yr

Latest (2025): $483 · -14.0% YoY. Source: county tax records.