606-608 Ward St #2 · Douglas, GA 31533

$156,000

4 bd · 2.0 ba · 2,219 sqft · MultiFamily · 20 Days on market

Good condition 7,841 sqft lot

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Why this score? — see what drove the B- 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.1/10.0
• ARV discount +7.5/15.0
• Condition / age +3.8/5.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

This well-maintained duplex presents an excellent opportunity to acquire a stabilized multifamily asset in the growing Douglas, Georgia market. The property features two (2) 2BR/1BA units, both currently leased at $800 per month, representing market-rate rents and providing immediate, predictable cash flow, turning in $19,200 annually. Recent improvements include a new metal roof and moderately updated interiors and exteriors, helping reduce future maintenance concerns while enhancing tenant appeal. The property benefits from city water and city sewer services, eliminating many of the maintenance responsibilities associated with private utility systems. Each unit is individually metered for

Key facts

• Updated exteriors
• New metal roof
• Updated interiors

Tags

• NEW METAL ROOF
• UPDATED INTERIORS
• UPDATED EXTERIORS
• CITY WATER
• CITY SEWER

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Duplex residential income property; Single-story
• Construction: Brick veneer construction
• Exterior features: Metal roof

What this means for you Summary

Snapshot

• This is a 2 × 2.0-bed/1.0-bath units multifamily listed at $156k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $655 ($8k/yr) — positive. Per door: $328/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $156k).
• Recommended offer: $154k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.3% vs local median 4.8% in Douglas — 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 (#252 in GA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: health & safety C-, crime D, amenities F.
• Coffee County (rural): math 28% / reading 31% proficiency, ranked #99 of 174 in GA (top 57%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Eastside Elementary School (math 20% / reading 16%, grade F, #926 of 1,228 statewide, top 76%, 553 students, 96% FRL); Coffee Middle School (math 28% / reading 33%, grade F, #240 of 470 statewide, top 51%, 1,679 students, 96% FRL); Coffee County High School (math 30% / reading 37%, grade F, #99 of 424 statewide, top 23%, 1,234 students, 65% FRL) — zoned schools average 86% FRL vs 66% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 31 active listings in the ZIP; 110 units permitted in Coffee County in 2024 (6 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 $5k of value loss. Plan a longer hold.
• Coffee County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $44k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($154k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $153,660 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. Crime grade is D 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?
6. 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.
7. 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.
8. 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: 1.41% ✓
• Cap rate: 11.33%
• Cash-on-cash: 18.00%
• DSCR: 1.80
• GRM: 5.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 9.6%
• Equity multiple: 1.38×
• Total profit: $16,483
• Equity at exit: $23,260

10-year hold

• IRR: 18.7%
• Equity multiple: 2.56×
• Total profit: $68,220
• Equity at exit: $13,488

Cash invested: $43,680 (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 31533

• Home prices YoY: -21.6%
• Active inventory: 31
• Price-to-rent: 11.9×

Monthly cashflow live

• Estimated rent: $2,194 medium
• Mortgage (P&I): −$818
• Tax est. 1.5%: −$195 /mo · $2,340/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$461
• Net cashflow: $655

Break-even live

Break-even rent $1,365

Max offer price $156,000

Occupancy floor 65%

Sensitivity live

Price	-10% $763	-5% $709	+0% $655	+5% $601	+10% $547
Rent	-10% $482	-5% $569	+0% $655	+5% $742	+10% $829
Rate	-1.0pp $734	-0.5pp $695	base $655	+0.5pp $615	+1.0pp $574

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2.0	1	$2,194
Total (2 units)			$2,194

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: $39,000
• Closing costs: $4,680
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-21
   days on market $156,000 Active 20 DOM
2. 2026-06-21
   days on market $156,000 Active 19 DOM
3. 2026-06-18
   days on market $156,000 Active 17 DOM
4. 2026-06-17
   days on market $156,000 Active 16 DOM
5. 2026-06-16
   days on market $156,000 Active 15 DOM
6. 2026-06-15
   days on market $156,000 Active 14 DOM
7. 2026-06-13
   days on market $156,000 Active 12 DOM
8. 2026-06-12
   days on market $156,000 Active 11 DOM
9. 2026-06-09
   days on market $156,000 Active 8 DOM
10. 2026-06-08
    days on market $156,000 Active 7 DOM
11. 2026-06-07
    days on market $156,000 Active 6 DOM
12. 2026-06-07
    days on market $156,000 Active 5 DOM
13. 2026-06-04
    days on market $156,000 Active 2 DOM
14. 2026-06-02
    remarks 699-char remark
15. 2026-06-02
    listed $156,000 Active 1 DOM

ⓘ 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 6/10 Major FEMA zone X (unshaded) · 72% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 8/10 Severe 7 d/yr ≥108°F today · 19 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,328
• − Mortgage interest: −$8,738
• − Property taxes: −$2,340
• − Insurance: −$780
• − Repairs & maintenance: −$2,106
• − Management: −$2,106
• − Depreciation: −$4,538
• Taxable income: $5,719
• Est. tax owed @ 24.0%: −$1,373
• After-tax cash flow: $6,490/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.

Condition & rehab AI · 4 photos

Good 75/100 Cosmetic rehab

This well-maintained and recently updated duplex is ready for immediate occupancy and offers a good return on investment.

Value-add opportunities

• Both Painting the exterior — Fresh paint can enhance curb appeal and property value.
• Both Landscaping improvements — Enhanced landscaping can improve curb appeal and attract tenants.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior — Fresh paint can enhance curb appeal and property value. ↑
• Both Landscaping improvements — Enhanced landscaping can improve curb appeal and attract tenants. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Coffee County
• NCES district ID: 1301350
• Math proficiency: 28% ▼ -12.00%
• Reading proficiency: 31% ▼ -8.00%
• Median HH income: $35,068
• Composite: 24.36/100
• National rank: #7693
• State rank: #99 of 174 in GA

Livability — Douglas

• Score: 64/100
• State rank: #252
• US rank: #14074

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Douglas, GA
• Population (ZIP): 17,464

Population outlook (Coffee County) Hauer SSP2

• Today (2025): 43,255 people
• By 2030: 43,007 · -0.6%
• By 2040: 42,337 · -2.1%
• By 2050: 41,505 · -4.0%
• By 2075: 39,695 · -8.2%
• By 2100: 36,090 · -16.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 48% Black 34% Hispanic / Latino 15% Two or more races 11%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Slovak 2% Lithuanian 1% Serbian 1%
• Foreign-born: 9% · Canada
• Languages at home: 85% English-only · Spanish 14% Other Indo-European 1%

Political lean MEDSL · Coffee

• 2024 margin: Solid R (+45.1) · D 27.3% · R 72.5%
• 2008→2024 swing: -15.6pp toward R · 2008: -29.5pp · 2024: -45.1pp
• All cycles: 2024: R+45.1 2020: R+39.9 2016: R+39.5 2012: R+29.1 2008: R+29.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -51.34%
• Current HPI: 186.6264
• 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

• 2026-06-01 Listed $156,000 SGMLS