6101 River Rd #11

Columbus, GA 31904

$169,900D

3 bd · 2.5 ba · 1,920 sqft · Built 1975 · Condo · Active · 29 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,840/mo
• Mortgage (P&I): −$891
• Tax + insurance: −$139
• HOA: −$433
• Vac / Maint / Mgmt: −$386
• Net cashflow: $-9/mo
• Annual: $-107/yr
• Cap rate: 6.23%
• Cash-on-cash: -0.22%
• DSCR: 0.99
• 1% rule: 1.08%
• Cash to close: $47,572

Investor read

• This is a 3-bed/2.5-bath condo listed at $170k.
• At list price, monthly cash flow is $-9 ($-107/yr) — negative.
• To cash-flow at today's rent, offer at most $168k (0.9% below list).
• Meets the 1% rule at list price ($2k rent vs $170k).
• It's been on market 29 days — a 2% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $167k (1.5% below list) — sets the bar for market timing.
• 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 64/100 on livability (#254 in GA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety B; Watch: amenities D+, schools F, crime F.
• Muscogee County (urban): math 21% / reading 30% proficiency, ranked #120 of 174 in GA (top 69%) — 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.
• Watch-outs: HOA is 24% of rent.
• Market conditions: Rents rising (+3.0%/yr); 327 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 291 units permitted in Muscogee County in 2024 (30 in 5+ unit buildings).
• Muscogee County population projected at +15% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Current owner paid $86k; list at $170k implies a 99% gain — meaningful room to come down on a strong offer.
• Cap rate 6.2% vs local median 4.7% in Columbus — 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.
• This rent runs 33% of the median local income ($66k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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?
• Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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?