159 Brad St

Franklin Springs, GA 30662

$549,000A-

None bd · None ba · — sqft · Built 2025 · MultiFamily · Active · 19 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,616/mo
• Mortgage (P&I): −$1,233
• Tax + insurance: −$392
• HOA: −$0
• Vac / Maint / Mgmt: −$969
• Net cashflow: $2,022/mo
• Annual: $24,266/yr
• Cap rate: 16.62%
• Cash-on-cash: 36.87%
• DSCR: 2.64
• 1% rule: 1.96%
• Cash to close: $65,818

Investor read

• This is a 2 × 4.0-bed/4.0-bath units multifamily listed at $549k. Condition is rated good.
• At list price, monthly cash flow is $2k ($24k/yr) — positive. Per door: $1k/mo.
• To cash-flow at today's rent, offer at most $528k (3.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $462k (15.9% below list).
• It's been on market 19 days — a 2% lower offer ($541k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $462k (15.9% below list) — sets the bar for 1% rule.
• In year one you build about $25k of equity ($2k loan paydown + $24k appreciation (10.0% local appreciation)).
• Location reads 73/100 on livability (#48 in GA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety A+; Watch: employment C-, amenities F, commute F.
• Franklin County (rural): math 38% / reading 35% proficiency, ranked #61 of 174 in GA (top 35%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Royston Elementary School (math 54% / reading 38%, grade D-, #316 of 1,228 statewide, top 26%, 493 students, 73% FRL); Franklin County Middle School (math 32% / reading 35%, grade F, #206 of 470 statewide, top 45%, 826 students, 60% FRL); Franklin County High School (math 34% / reading 34%, grade F, #93 of 424 statewide, top 23%, 1,048 students, 49% FRL).
• Market conditions: 96 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 163 units permitted in Franklin County in 2024 (0 in 5+ unit buildings).
• 9 sale attempts; this cycle's ask is 30400% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $66k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• At $4,616/mo this rent would consume 104% of the median local household income ($53k/yr) (locally 72% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• 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?
• 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.
• 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.