517 Gilmore Ln · Madison, GA 30650

$199,900

3 bd · 1.5 ba · 1,092 sqft · SingleFamily public records · 85 Days on market

Built 2004 9,147 sqft lot $183/sqft · 15% below area Est $236k · 15% under

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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).

• ARV discount +14.4/15.0
• Cash flow +10.7/30.0
• Schools +4.0/10.0
• Livability +3.6/5.0
• DSCR +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming, freshly painted and MOVE-IN READY! This adorable home is an exceptional opportunity for first-time homebuyers or anyone looking to downsize. Located minutes from downtown Madison GA and the beloved Fifth Street Community Garden. Inside you'll find a bright and inviting interior with fresh paint throughout, creating a clean, updated feel from the moment you step inside. Covered porch and deck. Whether you're starting your homeownership journey or adding to your investment portfolio, this home fits the bill.***Qualifies for USDA 100% financing.*** Affordable, adorable and conveniently located, don't miss your chance to call this Morgan County gem your own!

Key facts

• Covered porch
• Deck
• Downtown madison ga

Tags

• COVERED PORCH
• DECK
• FIFTH STREET COMMUNITY GARDEN
• DOWNTOWN MADISON GA

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $-94 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $183k (8.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $141k (29.4% below list).
• Recommended offer: $141k (29.4% below list) — sets the bar for 1% rule.
• Cap rate 5.7% vs local median 1.8% in Madison — 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 71/100 on livability (#88 in GA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime B; Watch: schools D+, amenities F, commute F.
• Morgan County (town): math 49% / reading 45% proficiency, ranked #20 of 174 in GA (top 12%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 155 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 164 units permitted in Morgan County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Morgan County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 85 days — a 6% lower offer ($188k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $141,037 (29.4% below list)

Questions for the listing agent

1. 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?
2. It's been on market 85 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
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 D-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. 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?
7. 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.
8. 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.
9. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.71% ✗
• Cap rate: 5.73%
• Cash-on-cash: -2.02%
• DSCR: 0.91
• GRM: 11.8

CMA / ARV

• ARV (median comp): $235,947
• List price: $199,900
• Delta: -15.28%
• Verdict: UNDERPRICED
• Comps: 17 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1004 Mapp St	0.12mi	3/2.0	1,188 (+9%)	10mo	$103,000	$87	69

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -19.7%
• Equity multiple: 0.31×
• Total profit: $-38,481
• Equity at exit: $29,806

10-year hold

• IRR: -12.6%
• Equity multiple: 0.26×
• Total profit: $-41,585
• Equity at exit: $17,284

Cash invested: $55,972 (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 30650

• Active inventory: 155
• Price-to-rent: 11.8×

Monthly cashflow live

• Estimated rent: $1,410 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$77 /mo · $922/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$296
• Net cashflow: $-94

Break-even live

Break-even rent $1,530

Max offer price $183,248

Occupancy floor —

Sensitivity live

Price	-10% $19	-5% $-38	+0% $-94	+5% $-151	+10% $-207
Rent	-10% $-206	-5% $-150	+0% $-94	+5% $-39	+10% $17
Rate	-1.0pp $6	-0.5pp $-43	base $-94	+0.5pp $-146	+1.0pp $-199

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1201 Currybury DR Madison, GA	3.0	2.0	1114	$942	$0.85	6d	1	0.43mi
363 E Jefferson St Apt 201 Madison, GA	2.0	2.5	950	$1,595	$1.68	14d	1	0.60mi
1200 Wheat St Madison, GA	2.0–3.0	1.5–2.0	1058	$788	$0.74	4d	2	0.64mi
483 Vine St Unit B Madison, GA	2.0	1.0	870	$1,500	$1.72	22d	1	0.72mi
1110 Bramblewood Dr Madison, GA	3.0	2.0	1149	$1,760	$1.53	22d	1	1.25mi
1030 Overlook St Madison, GA	3.0	2.0	1149	$1,720	$1.50	14d	1	1.30mi
1050 Overlook St Madison, GA	3.0	2.0	1149	$1,715	$1.49	22d	1	1.33mi

Listing history 17 events

1. 2026-06-21
   days on market $199,900 Active 85 DOM
2. 2026-06-19
   days on market $199,900 Active 83 DOM
3. 2026-06-18
   days on market $199,900 Active 82 DOM
4. 2026-06-17
   days on market $199,900 Active 81 DOM
5. 2026-06-16
   days on market $199,900 Active 80 DOM
6. 2026-06-15
   days on market $199,900 Active 79 DOM
7. 2026-06-14
   days on market $199,900 Active 77 DOM
8. 2026-06-13
   days on market $199,900 Active 76 DOM
9. 2026-06-10
   days on market $199,900 Active 74 DOM
10. 2026-06-09
    days on market $199,900 Active 73 DOM
11. 2026-06-08
    days on market $199,900 Active 72 DOM
12. 2026-06-07
    days on market $199,900 Active 71 DOM
13. 2026-06-02
    days on market $199,900 Active 66 DOM
14. 2026-06-01
    days on market $199,900 Active 65 DOM
15. 2026-05-31
    days on market $199,900 Active 64 DOM
16. 2026-05-30
    days on market $199,900 Active 63 DOM
17. 2026-03-28
    listed $199,900 New 672-char remark

    Show marketing remark (672 chars)

    Charming, freshly painted and MOVE-IN READY! This adorable home is an exceptional opportunity for first-time homebuyers or anyone looking to downsize. Located minutes from downtown Madison GA and the beloved Fifth Street Community Garden. Inside you'll find a bright and inviting interior with fresh paint throughout, creating a clean, updated feel from the moment you step inside. Covered porch and deck. Whether you're starting your homeownership journey or adding to your investment portfolio, this home fits the bill.***Qualifies for USDA 100% financing.*** Affordable, adorable and conveniently located, don't miss your chance to call this Morgan County gem your own!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast GA · Resets to sale price

• Current annual tax: $922 · $77/mo
• Projected year-2 tax: $1,839 · $153/mo
• Expected delta: +$917/yr (+$76/mo · 99.4%)

ⓘ 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 6/10 Major 7 d/yr ≥106°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,924
• − Mortgage interest: −$11,198
• − Property taxes: −$922
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,354
• − Management: −$1,354
• − Depreciation: −$5,815
• Taxable loss: −$4,718
• Est. tax savings @ 24.0%: +$1,132
• After-tax cash flow: $1/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: Morgan County
• NCES district ID: 1303780
• Math proficiency: 49% ▼ -6.00%
• Reading proficiency: 45% ▼ -7.00%
• Median HH income: $50,713
• Composite: 40.39/100
• National rank: #3731
• State rank: #20 of 174 in GA

Livability — Madison

• Score: 71/100
• State rank: #88
• US rank: #7252

Category grades

Amenities F Commute F Cost of living B- Crime B Employment A+ Housing A+ Health & safety F User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Madison, GA
• City population: 35,668
• Population (ZIP): 13,398

Population outlook (Morgan County) Hauer SSP2

• Today (2025): 18,277 people
• By 2030: 18,213 · -0.4%
• By 2040: 17,709 · -3.1%
• By 2050: 16,761 · -8.3%
• By 2075: 14,143 · -22.6%
• By 2100: 10,523 · -42.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Black 26% Hispanic / Latino 4% Two or more races 3%
• Common ancestry: Slovak 3% Italian 2% Serbian 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2% Other Asian/Pacific 1%

Political lean MEDSL · Morgan

• 2024 margin: Solid R (+46.0) · D 26.8% · R 72.8%
• 2008→2024 swing: -14.3pp toward R · 2008: -31.6pp · 2024: -46.0pp
• All cycles: 2024: R+46.0 2020: R+41.7 2016: R+41.4 2012: R+38.0 2008: R+31.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -171.25%
• Current HPI: 282.7041
• Rent YoY: —
• Metro: —
• 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

1 event — show timeline

• 2026-03-28 Listed $199,900 GAMLS

Property tax history

+3.3%/yr

Latest (2025): $922 · -1.5% YoY. Source: county tax records.