118 Melody Ln NW · Rome, GA 30165

$179,000

3 bd · 2.0 ba · 1,197 sqft · MultiFamily · 16 Days on market

Built 2006 7,492 sqft lot $21/mo HOA · 1% of rent ↓ 16% since listing

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Why this score? — see what drove the C- 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 +20.5/30.0
• ARV discount +7.5/15.0
• DSCR +6.5/10.0
• 1% rule +5.6/10.0
• Livability +3.2/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• 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

This 3-bedroom, 2-bath condo offers proven rental performance and immediate cash flow, now featuring a brand new roof-a major upgrade that adds long-term value and peace of mind. The property is currently leased and has maintained 100% occupancy since 2016 with a long-term tenant who is fully current on rent. Additional features include a garage, driveway parking, and a newer HVAC system installed in 2023. Located within the desirable West End Elementary, Rome Middle, and Rome High school districts, the property benefits from consistent rental demand and strong location appeal. Interior photos are from 2016 please expect normal wear.

Key facts

• Brand new roof
• Newer hvac system
• $21 HOA

Tags

• BRAND NEW ROOF
• NEWER HVAC SYSTEM

Property features AI

Finance

• Other: Only one unit in the community
• HOA & community: Annual association fee of $250; Association maintains grounds; Has association

Exterior

• Parking: Assigned parking; Driveway; Garage; 1 garage space; 2 total parking spaces; Open parking available
• Utilities: Public water; Public sewer; 220 volt electric; Cable available; Electricity available; Phone available; Sewer available; Water available
• Home design: Condominium; One level
• Construction: Vinyl siding; Composition roof; Slab foundation; Resale condition
• Exterior features: Front porch; City street frontage; Asphalt road

Interior

• Kitchen: Breakfast room; Stained cabinets; Open view to family room; Dishwasher; Electric range; Range hood; Refrigerator; Electric water heater
• Bedrooms: 3 bedrooms (master on main)
• Flooring: Carpet; Luxury vinyl
• Bathrooms: 2 full bathrooms; Master bathroom with tub/shower combo
• Heating & cooling: Central heating; Central air
• Interior features: High speed internet; Double pane windows; 1 common wall
• Laundry & utility: Main level laundry; Laundry closet; Laundry located in hall

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $179k.

Deal economics

• At list price, monthly cash flow is $236 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $179k).
• Recommended offer: $176k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.9% vs local median 3.3% in Rome — 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 64/100 on livability (#266 in GA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, amenities F, commute F.
• Rome City (urban): math 27% / reading 29% proficiency, ranked #112 of 174 in GA (top 64%) — 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.
• Zoned schools: West End Elementary School (math 47% / reading 39%, grade F, #370 of 1,228 statewide, top 30%, 983 students, 65% FRL); Rome Middle School (math 32% / reading 35%, grade F, #206 of 470 statewide, top 45%, 966 students, 55% FRL); Rome High School (math 12% / reading 15%, grade F, #325 of 424 statewide, top 78%, 2,095 students, 66% FRL).
• Market conditions: Rents rising (+1.7%/yr); 369 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 355 units permitted in Floyd County in 2024 (0 in 5+ unit buildings).
• This rent runs 33% of the median local income ($68k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• 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.
• Floyd County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($176k) is reasonable based on typical stale-listing flexibility.
• 3 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.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $176,315 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.06% ✓
• Cap rate: 7.88%
• Cash-on-cash: 5.66%
• DSCR: 1.25
• GRM: 7.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.71% rent growth · sell at horizon

5-year hold

• IRR: -9.0%
• Equity multiple: 0.67×
• Total profit: $-16,338
• Equity at exit: $26,689

10-year hold

• IRR: -1.4%
• Equity multiple: 0.91×
• Total profit: $-4,370
• Equity at exit: $15,477

Cash invested: $50,120 (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 30165

• Home prices YoY: -24.6%
• Rents YoY: 1.7%
• Active inventory: 369
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $1,892 medium
• Mortgage (P&I): −$939
• Tax est. 1.5%: −$224 /mo · $2,685/yr
• Insurance: −$75
• HOA: −$21
• Vacancy / Maint / Mgmt: −$397
• Net cashflow: $236

Break-even live

Break-even rent $1,592

Max offer price $179,000

Occupancy floor 83%

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: $44,750
• Closing costs: $5,370
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
32 Melody Ln NW Rome, GA	3.0	1.0	1085	$1,550	$1.43	44d	1	0.15mi
122 Malone Dr NW Rome, GA	3.0	2.0	1000	$3,000	$3.00	44d	1	1.16mi
122 Malone Dr Unit 1345543P Rome, GA	3.0	2.0	990	$2,687	$2.71	44d	1	1.16mi
10 Burnett Ferry Rd SW Unit 1345541P Rome, GA	4.0	2.0	1173	$4,488	$3.83	44d	1	1.33mi
32 Wilma Dr Rome, GA	3.0	2.0	1221	$1,195	$0.98	44d	1	1.46mi

HOA detail

• Monthly dues: $21 · $252/yr

Listing history 10 events

1. 2026-05-21
   soldstatus $175,000 Sold 651-char remark

   Show marketing remark (651 chars)

   This 3-bedroom, 2-bath condo offers proven rental performance and immediate cash flow, now featuring a brand new roof-a major upgrade that adds long-term value and peace of mind. The property is currently leased and has maintained 100% occupancy since 2016 with a long-term tenant who is fully current on rent. Additional features include a garage, driveway parking, and a newer HVAC system installed in 2023. Located within the desirable West End Elementary, Rome Middle, and Rome High school districts, the property benefits from consistent rental demand and strong location appeal. Interior photos are from 2016 please expect normal wear.

2. 2026-04-30
   status Under Contract 651-char remark

   Show marketing remark (651 chars)

   This 3-bedroom, 2-bath condo offers proven rental performance and immediate cash flow, now featuring a brand new roof-a major upgrade that adds long-term value and peace of mind. The property is currently leased and has maintained 100% occupancy since 2016 with a long-term tenant who is fully current on rent. Additional features include a garage, driveway parking, and a newer HVAC system installed in 2023. Located within the desirable West End Elementary, Rome Middle, and Rome High school districts, the property benefits from consistent rental demand and strong location appeal. Interior photos are from 2016 please expect normal wear.

3. 2026-04-30
   status Pending

   Show marketing remark (651 chars)

   This 3-bedroom, 2-bath condo offers proven rental performance and immediate cash flow, now featuring a brand new roof-a major upgrade that adds long-term value and peace of mind. The property is currently leased and has maintained 100% occupancy since 2016 with a long-term tenant who is fully current on rent. Additional features include a garage, driveway parking, and a newer HVAC system installed in 2023. Located within the desirable West End Elementary, Rome Middle, and Rome High school districts, the property benefits from consistent rental demand and strong location appeal. Interior photos are from 2016 please expect normal wear.

4. 2026-04-14
   listed $179,000 New 651-char remark

   Show marketing remark (651 chars)

   This 3-bedroom, 2-bath condo offers proven rental performance and immediate cash flow, now featuring a brand new roof-a major upgrade that adds long-term value and peace of mind. The property is currently leased and has maintained 100% occupancy since 2016 with a long-term tenant who is fully current on rent. Additional features include a garage, driveway parking, and a newer HVAC system installed in 2023. Located within the desirable West End Elementary, Rome Middle, and Rome High school districts, the property benefits from consistent rental demand and strong location appeal. Interior photos are from 2016 please expect normal wear.

5. 2026-04-14
   listed $179,000 Active

   Show marketing remark (651 chars)

   This 3-bedroom, 2-bath condo offers proven rental performance and immediate cash flow, now featuring a brand new roof-a major upgrade that adds long-term value and peace of mind. The property is currently leased and has maintained 100% occupancy since 2016 with a long-term tenant who is fully current on rent. Additional features include a garage, driveway parking, and a newer HVAC system installed in 2023. Located within the desirable West End Elementary, Rome Middle, and Rome High school districts, the property benefits from consistent rental demand and strong location appeal. Interior photos are from 2016 please expect normal wear.

6. 2026-01-16
   historical
7. 2026-01-10
   price $177,000
8. 2025-11-06
   price $199,000
9. 2025-10-01
   price $200,000
10. 2025-08-23
    listed $209,000 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 4/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥104°F today · 20 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 15% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,699
• − Mortgage interest: −$10,027
• − Property taxes: −$2,685
• − Insurance: −$895
• − Repairs & maintenance: −$1,816
• − Management: −$1,816
• − HOA: −$252
• − Depreciation: −$5,207
• Taxable income: $1
• Est. tax owed @ 24.0%: −$0
• After-tax cash flow: $2,836/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: Rome City
• NCES district ID: 1304440
• Math proficiency: 27% ▼ -14.00%
• Reading proficiency: 29% ▼ -4.00%
• Median HH income: $34,889
• Composite: 23.1/100
• National rank: #7963
• State rank: #112 of 174 in GA

Livability — Rome

• Score: 64/100
• State rank: #266
• US rank: #14459

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rome, GA
• County: Floyd County · 77,706 people
• City population: 77,706
• Metro: Rome, GA
• Population (ZIP): 43,001
• Household income: $68,089
• Rent vs Own: 40.8% rent · 59.2% own
• Severe rent burden: 1311.0

Population outlook (Floyd County) Hauer SSP2

• Today (2025): 96,321 people
• By 2030: 95,532 · -0.8%
• By 2040: 93,332 · -3.1%
• By 2050: 90,850 · -5.7%
• By 2075: 84,989 · -11.8%
• By 2100: 76,097 · -21.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 61% Hispanic / Latino 21% Black 12% Two or more races 11% Asian 2%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Slovak 2% Serbian 1% Italian 1%
• Foreign-born: 11% · Canada, Vietnam, South Korea
• Languages at home: 82% English-only · Spanish 16% Other Indo-European 1% Vietnamese 1%

Political lean MEDSL · Floyd

• 2024 margin: Solid R (+42.0) · D 28.8% · R 70.7%
• 2008→2024 swing: -5.6pp toward R · 2008: -36.4pp · 2024: -42.0pp
• All cycles: 2024: R+42.0 2020: R+41.1 2016: R+43.5 2012: R+39.9 2008: R+36.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -82.79%
• Current HPI: 254.3732
• Rent YoY: ▲ 1.71%
• Metro: Rome, 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

-16.3% since first listed

10 events — show timeline

• 2026-05-21 Sold (MLS) $175,000 GAMLS
• 2026-04-30 Pending — GAMLS
• 2026-04-30 Pending — FMLS
• 2026-04-14 Listed $179,000 FMLS
• 2026-04-14 Listed $179,000 GAMLS
• 2026-01-16 Listing Removed — GAMLS
• 2026-01-10 Price Changed $177,000 GAMLS
• 2025-11-06 Price Changed $199,000 GAMLS
• 2025-10-01 Price Changed $200,000 GAMLS
• 2025-08-23 Listed $209,000 GAMLS