94 W Thigpen Ave

Lakeland, GA 31635

$142,500C+

3 bd · 2.0 ba · 2,404 sqft · Built 1951 · SingleFamily · Under Contract · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,395/mo
• Mortgage (P&I): −$747
• Tax + insurance: −$235
• HOA: −$0
• Vac / Maint / Mgmt: −$293
• Net cashflow: $120/mo
• Annual: $1,435/yr
• Cap rate: 7.30%
• Cash-on-cash: 3.60%
• DSCR: 1.16
• 1% rule: 0.98%
• Cash to close: $39,900

Investor read

• This is a 3-bed/2.0-bath single-family listed at $142k.
• At list price, monthly cash flow is $120 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $140k (2.1% below list).
• It's been on market 18 days — a 2% lower offer ($140k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $140k (2.1% below list) — sets the bar for 1% rule.
• In year one you build about $7k of equity ($985 loan paydown + $6k appreciation (4.4% local appreciation)).
• Location reads 60/100 on livability (#379 in GA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime B+, housing B+; Watch: health & safety D, schools D-, amenities F.
• Lanier County (rural): math 33% / reading 38% proficiency, ranked #67 of 174 in GA (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 67 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 35 units permitted in Lanier County in 2024 (0 in 5+ unit buildings).
• At projected returns (4.4% appreciation + 3.0% rent growth), your $40k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.3% vs local median 4.7% in Lakeland — 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

• Built in 1951 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
• What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
• Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
• 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.