10 Laminack Cir

Rock Spring, GA 30728

$175,000D

2 bd · 1.5 ba · 1,594 sqft · Built 1962 · SingleFamily · Active · 94 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,344/mo
• Mortgage (P&I): −$918
• Tax + insurance: −$208
• HOA: −$0
• Vac / Maint / Mgmt: −$282
• Net cashflow: $-64/mo
• Annual: $-766/yr
• Cap rate: 5.86%
• Cash-on-cash: -1.56%
• DSCR: 0.93
• 1% rule: 0.77%
• Cash to close: $49,000

Investor read

• This is a 2-bed/1.5-bath single-family listed at $175k.
• At list price, monthly cash flow is $-64 ($-766/yr) — negative.
• To cash-flow at today's rent, offer at most $164k (6.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $134k (23.2% below list).
• It's been on market 94 days — a 9% lower offer ($159k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $134k (23.2% below list) — sets the bar for 1% rule.
• 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.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Walker County (rural): math 25% / reading 29% proficiency, ranked #114 of 174 in GA (top 66%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Saddle Ridge Elementary And Middle School (math 28% / reading 32%, grade F, #627 of 1,228 statewide, top 51%, 660 students, 52% FRL); Lafayette High School (math 5% / reading 15%, grade F, #353 of 424 statewide, top 86%, 1,164 students, 62% FRL) — zoned schools at 57% FRL track the district average.
• Market conditions: 221 active listings in the ZIP; 347 units permitted in Walker County in 2024 (24 in 5+ unit buildings).
• Walker County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 2y 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: major wildfire risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.9% vs local median 3.6% in Rock Spring — 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.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 94 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
• Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.