6219 Heardsville Rd

Milton, GA 30028

$349,000D+

4 bd · 2.0 ba · 1,777 sqft · Built 1926 · SingleFamily · Active · 81 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,587/mo
• Mortgage (P&I): −$1,830
• Tax + insurance: −$343
• HOA: −$0
• Vac / Maint / Mgmt: −$543
• Net cashflow: $-129/mo
• Annual: $-1,546/yr
• Cap rate: 5.85%
• Cash-on-cash: -1.58%
• DSCR: 0.93
• 1% rule: 0.74%
• Cash to close: $97,720

Investor read

• This is a 4-bed/2.0-bath single-family listed at $349k.
• At list price, monthly cash flow is $-129 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $326k (6.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $259k (25.9% below list).
• It's been on market 81 days — a 6% lower offer ($328k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $259k (25.9% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#268 in GA) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living F.
• Forsyth County (suburban): math 62% / reading 62% proficiency, ranked #5 of 174 in GA (top 3%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 15% free/reduced lunch — higher-income household profile.
• Zoned schools: Sawnee Elementary School (math 55% / reading 46%, grade D+, #249 of 1,228 statewide, top 21%, 1,720 students, 16% FRL); Liberty Middle School (math 48% / reading 59%, grade C+, #56 of 470 statewide, top 12%, 1,032 students, 14% FRL); West Forsyth High School (math 23% / reading 47%, grade F, #84 of 424 statewide, top 20%, 2,405 students, 9% FRL) — zoned schools at 13% FRL track the district average.
• Zoned-school proficiency averages 46% at this address vs 62% district-wide (-16 pts) — the specific schools serving this property underperform the Forsyth County average; the district grade overstates school quality for this exact location.
• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+3.3%/yr); 544 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 2,525 units permitted in Forsyth County in 2024 (810 in 5+ unit buildings).
• Forsyth County population projected at +71% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 26 sale attempts 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 $175k; list at $349k implies a 99% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.9% vs local median 1.4% in Milton — 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 81 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
• Built in 1926 — 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.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.