37 Water Spaniel Ln · Whitesburg, GA 30116

$189,900

4 bd · 2.0 ba · 1,440 sqft · SingleFamily public records · 37 Days on market

Built 1973 2.50 ac lot $132/sqft · 22% below area Est $243k · 22% under

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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 +23.2/30.0
• ARV discount +15.0/15.0
• DSCR +7.5/10.0
• 1% rule +5.0/10.0
• Schools +3.6/10.0
• Livability +2.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.2/10.0

Listing remarks MLS

Discover the possibilities in this 3bed, 2bath home set on 2.5 open acres. The living area is centered around a beautiful rock fireplace that instantly adds charm and personality. The fenced backyard gives you space to relax, play, or create whatever outdoor setup you imagine. This property is a blank canvas with room to grow, update, and make your own. With the right vision, it can become something truly special.

Key facts

• Open acres
• Rock fireplace
• Fenced backyard

Tags

• ROCK FIREPLACE
• FENCED BACKYARD
• OPEN ACRES

Property features AI

Finance

• Other: Road frontage on a county asphalt road; Directions: Use GPS

Exterior

• Parking: Driveway with room for four vehicles; Open parking available
• Utilities: Public water; Septic tank sewer; Electric service available; Cable available; Water and sewer available
• Home design: Single-level home; Fee simple ownership; Resale property
• Construction: Vinyl siding exterior; Composition roof; Block foundation; Built as existing resale home
• Exterior features: Rear porch; Side porch; Chain-link fencing; Other exterior features

Interior

• Kitchen: Country-style kitchen; Dishwasher
• Bedrooms: Three main-level bedrooms; Primary suite on the main level
• Flooring: Carpet; Hardwood
• Bathrooms: Two full bathrooms; Primary bathroom with tub/shower combo
• Heating & cooling: Central heating; Central air conditioning
• Interior features: One fireplace in the living room; Open-concept dining area; Den and family room
• Laundry & utility: Laundry area (details not specified)

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $344 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• Recommended offer: $184k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 2.0% in Whitesburg — 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 54/100 on livability (#548 in GA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: schools C-, crime D-, amenities F.
• Carroll County (rural): math 42% / reading 41% proficiency, ranked #38 of 174 in GA (top 22%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 212 active listings in the ZIP; solid renter incomes; 876 units permitted in Carroll County in 2024 (150 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 $6k of value loss. Plan a longer hold.
• Carroll County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($184k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 10y ago 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.
• Current owner paid $82k; list at $190k implies a 132% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% 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 $184,203 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.00% ✓
• Cap rate: 8.47%
• Cash-on-cash: 7.76%
• DSCR: 1.35
• GRM: 8.3

CMA / ARV

• ARV (median comp): $243,273
• List price: $189,900
• Delta: -21.94%
• Verdict: UNDERPRICED
• Comps: 5 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -4.5%
• Equity multiple: 0.83×
• Total profit: $-8,938
• Equity at exit: $28,315

10-year hold

• IRR: 5.1%
• Equity multiple: 1.38×
• Total profit: $20,154
• Equity at exit: $16,419

Cash invested: $53,172 (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 30116

• Home prices YoY: -2.6%
• Active inventory: 212
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,906 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$87 /mo · $1,041/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$400
• Net cashflow: $344

Break-even live

Break-even rent $1,471

Max offer price $189,900

Occupancy floor 77%

Sensitivity live

Price	-10% $451	-5% $398	+0% $344	+5% $290	+10% $236
Rent	-10% $193	-5% $269	+0% $344	+5% $419	+10% $494
Rate	-1.0pp $439	-0.5pp $392	base $344	+0.5pp $295	+1.0pp $245

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-21
   days on market $189,900 Active 37 DOM
2. 2026-06-18
   days on market $189,900 Active 34 DOM
3. 2026-06-17
   statusdays on market $189,900 Active 33 DOM
4. 2026-06-16
   days on market $189,900 Active Under Contract 32 DOM

   Show marketing remark (420 chars)

   Discover the possibilities in this 3bed, 2bath home set on 2.5 open acres. The living area is centered around a beautiful rock fireplace that instantly adds charm and personality. The fenced backyard gives you space to relax, play, or create whatever outdoor setup you imagine. This property is a blank canvas with room to grow, update, and make your own. With the right vision, it can become something truly special.

5. 2026-06-15
   days on market $189,900 Active Under Contract 31 DOM
6. 2026-06-13
   days on market $189,900 Active Under Contract 29 DOM
7. 2026-06-09
   days on market $189,900 Active Under Contract 25 DOM
8. 2026-06-08
   days on market $189,900 Active Under Contract 24 DOM
9. 2026-06-07
   days on market $189,900 Active Under Contract 23 DOM
10. 2026-06-04
    statusdays on market $189,900 Active Under Contract 20 DOM

    Show marketing remark (420 chars)

    Discover the possibilities in this 3bed, 2bath home set on 2.5 open acres. The living area is centered around a beautiful rock fireplace that instantly adds charm and personality. The fenced backyard gives you space to relax, play, or create whatever outdoor setup you imagine. This property is a blank canvas with room to grow, update, and make your own. With the right vision, it can become something truly special.

11. 2026-06-03
    days on market $189,900 Active 19 DOM
12. 2026-06-02
    days on market $189,900 Active 18 DOM
13. 2026-06-01
    days on market $189,900 Active 17 DOM
14. 2026-05-31
    days on market $189,900 Active 16 DOM
15. 2026-05-12
    listed $189,900 New 420-char remark

    Show marketing remark (420 chars)

    Discover the possibilities in this 3bed, 2bath home set on 2.5 open acres. The living area is centered around a beautiful rock fireplace that instantly adds charm and personality. The fenced backyard gives you space to relax, play, or create whatever outdoor setup you imagine. This property is a blank canvas with room to grow, update, and make your own. With the right vision, it can become something truly special.

16. 2026-05-12
    listed $189,900 Active 420-char remark

    Show marketing remark (420 chars)

    Discover the possibilities in this 3bed, 2bath home set on 2.5 open acres. The living area is centered around a beautiful rock fireplace that instantly adds charm and personality. The fenced backyard gives you space to relax, play, or create whatever outdoor setup you imagine. This property is a blank canvas with room to grow, update, and make your own. With the right vision, it can become something truly special.

17. 2016-10-07
    soldstatus $82,000
18. 2016-09-28
    soldstatus $82,000 Sold

    Show marketing remark (286 chars)

    Payments less than rent! Country Charm 2.5 Acres, lots of road frontage, 2 storage building, large laundry room, living room plus family room, 1440 sq ft. RD area $0 money down to qualified buyer. Range, Dishwasher and Refridgerator remain. REDUCED! No money down to qualified buyers.

19. 2016-08-03
    status Under Contract

    Show marketing remark (286 chars)

    Payments less than rent! Country Charm 2.5 Acres, lots of road frontage, 2 storage building, large laundry room, living room plus family room, 1440 sq ft. RD area $0 money down to qualified buyer. Range, Dishwasher and Refridgerator remain. REDUCED! No money down to qualified buyers.

20. 2016-07-27
    price $79,500

    Show marketing remark (286 chars)

    Payments less than rent! Country Charm 2.5 Acres, lots of road frontage, 2 storage building, large laundry room, living room plus family room, 1440 sq ft. RD area $0 money down to qualified buyer. Range, Dishwasher and Refridgerator remain. REDUCED! No money down to qualified buyers.

21. 2016-06-17
    price $79,900

    Show marketing remark (286 chars)

    Payments less than rent! Country Charm 2.5 Acres, lots of road frontage, 2 storage building, large laundry room, living room plus family room, 1440 sq ft. RD area $0 money down to qualified buyer. Range, Dishwasher and Refridgerator remain. REDUCED! No money down to qualified buyers.

22. 2016-05-25
    listed $89,900 New

    Show marketing remark (286 chars)

    Payments less than rent! Country Charm 2.5 Acres, lots of road frontage, 2 storage building, large laundry room, living room plus family room, 1440 sq ft. RD area $0 money down to qualified buyer. Range, Dishwasher and Refridgerator remain. REDUCED! No money down to qualified buyers.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast GA · Resets to sale price

• Current annual tax: $1,041 · $87/mo
• Projected year-2 tax: $1,747 · $146/mo
• Expected delta: +$706/yr (+$59/mo · 67.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 5/10 Major 7 d/yr ≥104°F today · 19 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% 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: $22,869
• − Mortgage interest: −$10,637
• − Property taxes: −$1,041
• − Insurance: −$950
• − Repairs & maintenance: −$1,830
• − Management: −$1,830
• − Depreciation: −$5,524
• Taxable income: $1,058
• Est. tax owed @ 24.0%: −$254
• After-tax cash flow: $3,872/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: Carroll County
• NCES district ID: 1300840
• Math proficiency: 42% ▼ -7.00%
• Reading proficiency: 41% ▼ -8.00%
• Median HH income: $48,692
• Composite: 35.62/100
• National rank: #4888
• State rank: #38 of 174 in GA

Livability — Whitesburg

• Score: 54/100
• State rank: #548
• US rank: #24134

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Carroll County · 124,888 people
• Metro: Atlanta-Sandy Springs-Alpharetta, GA
• Population (ZIP): 22,189
• Household income: $77,030
• Rent vs Own: 20.9% rent · 79.1% own
• Severe rent burden: 332.0

Population outlook (Carroll County) Hauer SSP2

• Today (2025): 123,370 people
• By 2030: 127,186 · +3.1%
• By 2040: 133,534 · +8.2%
• By 2050: 137,612 · +11.5%
• By 2075: 142,892 · +15.8%
• By 2100: 136,294 · +10.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Black 16% Hispanic / Latino 11% Two or more races 6%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Slovak 3% Italian 2% Lithuanian 1%
• Foreign-born: 7% · Canada, Jamaica
• Languages at home: 90% English-only · Spanish 9%

Political lean MEDSL · Carroll

• 2024 margin: Solid R (+41.2) · D 29.1% · R 70.3%
• 2008→2024 swing: -8.2pp toward R · 2008: -32.9pp · 2024: -41.2pp
• All cycles: 2024: R+41.2 2020: R+39.0 2016: R+40.1 2012: R+37.7 2008: R+32.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -9.61%
• Current HPI: 365.8744
• Rent YoY: —
• Metro: Atlanta-Sandy Springs-Alpharetta, 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

+111.2% since first listed

12 events — show timeline

• 2026-06-16 Relisted — GAMLS
• 2026-06-16 Relisted — FMLS
• 2026-06-04 Contingent — GAMLS
• 2026-06-04 Contingent — FMLS
• 2026-05-12 Listed $189,900 FMLS
• 2026-05-12 Listed $189,900 GAMLS
• 2016-10-07 Sold (Public Records) $82,000 Public Records
• 2016-09-28 Sold (MLS) $82,000 GAMLS
• 2016-08-03 Pending — GAMLS
• 2016-07-27 Price Changed $79,500 GAMLS
• 2016-06-17 Price Changed $79,900 GAMLS
• 2016-05-25 Listed $89,900 GAMLS

Property tax history

+14.5%/yr

Latest (2025): $1,041 · -1.1% YoY. Source: county tax records.