11 Spruce St · Porterdale, GA 30014

$200,000

4 bd · 2.0 ba · 1,536 sqft · MultiFamily public records · 129 Days on market

Built 1927 5,227 sqft lot Est $248k · 19% under

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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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.5/10.0
• Livability +2.9/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• 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 MLS

Welcome to 11 Spruce Street, a well-maintained duplex located in Porterdale's historic district. This property features two spacious 1-bedroom, 1-bath units, each with a walk-in closet, fairly updated kitchens, and large windows that fill the space with natural light. Laundry areas are conveniently located inside each bathroom. Two covered front porches, separated between units (not fully private). Additional parking for up to one to two vehicles is available from the rear of the property via Ivey Park Street. The property is currently occupied by long-term senior tenants, providing consistent and reliable income. Rent is $850 per unit, increasing to $900 per unit starting April 1st. Tenancies will convert to month-to-month, offering flexibility for an investor or owner-occupant, with 30 days' notice to vacate. Tenants are reasonable, easy to work with, and pay on time through Social Security/retirement income. Tenants pay their own electricity. Water and sewer are paid by the landlord through the City of Porterdale, as the water is not separately metered. Whether you're looking to expand your rental portfolio with steady cash flow or seeking a charming duplex to house hack, 11 Spruce Street presents a strong opportunity in a growing area. Located just minutes from local shops, dining, and entertainment, its location in the heart of Porterdale and convenience to Covington is a rare find. Don't miss your chance to invest in this historic gem! *Disclaimer: Photos are from the seller's original purchase in 2023 and may not reflect current condition. Per previous owner, the house was taken down to the foundation and completely rebuilt in 1981.

Key facts

• Large windows
• Walk-in closet
• Laundry areas

Tags

• WALK-IN CLOSET
• UPDATED KITCHENS
• LARGE WINDOWS
• LAUNDRY AREAS
• COVERED FRONT PORCHES
• ADDITIONAL PARKING

What this means for you Summary

Snapshot

• This is a 2 × 1-bed/1.0-bath units multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $959 ($12k/yr) — positive. Per door: $479/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• Recommended offer: $176k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.0% vs local median 5.1% in Porterdale — 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 58/100 on livability (#447 in GA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime B+, housing B; Watch: schools F, amenities F, commute F.
• Newton County (suburban): math 17% / reading 26% proficiency, ranked #137 of 174 in GA (top 79%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents flat; 479 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 1,480 units permitted in Newton County in 2024 (702 in 5+ unit buildings).
• At $2,891/mo this rent would consume 48% of the median local household income ($72k/yr) (locally 1934% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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.
• Newton County population projected at +23% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 0.5% rent growth), your $56k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 129 days — a 12% lower offer ($176k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $95k; list at $200k implies a 111% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $176,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 129 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.45% ✓
• Cap rate: 12.05%
• Cash-on-cash: 20.54%
• DSCR: 1.91
• GRM: 5.8

CMA / ARV

• ARV (median comp): $247,744
• List price: $200,000
• Delta: -19.27%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.52% rent growth · sell at horizon

5-year hold

• IRR: 10.1%
• Equity multiple: 1.39×
• Total profit: $21,623
• Equity at exit: $29,821

10-year hold

• IRR: 17.1%
• Equity multiple: 2.25×
• Total profit: $70,005
• Equity at exit: $17,292

Cash invested: $56,000 (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 30014

• Home prices YoY: -19.2%
• Rents YoY: 0.5%
• Active inventory: 479
• Price-to-rent: 11.5×

Monthly cashflow live

• Estimated rent: $2,891 high
• Mortgage (P&I): −$1,049
• Tax from tax record: −$193 /mo · $2,316/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$607
• Net cashflow: $959

Break-even live

Break-even rent $1,677

Max offer price $200,000

Occupancy floor 62%

Sensitivity live

Price	-10% $1,072	-5% $1,015	+0% $959	+5% $902	+10% $846
Rent	-10% $730	-5% $845	+0% $959	+5% $1,073	+10% $1,187
Rate	-1.0pp $1,059	-0.5pp $1,010	base $959	+0.5pp $907	+1.0pp $854

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$2,890
Total (2 units)			$2,891

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
65 Kenzi Way SW Covington, GA	3.0	2.0	1217	$1,000	$0.82	6d	1	0.34mi
9220 Spillers Dr SW Covington, GA	3.0	2.0	1192	$1,455	$1.22	6d	1	0.57mi
8247 Spillers Dr SW Covington, GA	3.0	1.5	1530	$1,500	$0.98	13d	1	0.76mi
27 Elm St Covington, GA	3.0	2.0	1590	$1,800	$1.13	44d	1	0.91mi
15 Magan Ct Porterdale, GA	3.0	2.0	1656	$1,725	$1.04	13d	1	0.92mi
15 Magan Ct Porterdale, GA	3.0	2.5	1656	$1,750	$1.06	44d	1	0.92mi
10 Brandon Dr Covington, GA	3.0	2.0	1215	$1,950	$1.60	44d	1	1.08mi
10154 Allen Dr SW Covington, GA	3.0	2.0	1056	$1,800	$1.70	6d	1	1.24mi
10154 Allen Dr SW Covington, GA	3.0	2.0	1056	$1,800	$1.70	21d	1	1.24mi
6126 Avery St SW Covington, GA	3.0	2.5	1600	$1,881	$1.18	25d	1	1.29mi
9136 Tara Dr SW Covington, GA	3.0	2.5	1530	$2,040	$1.33	6d	1	1.30mi
9161 Thrash St SW Covington, GA	4.0	2.0	1272	$1,481	$1.16	44d	1	1.31mi
9159 Tara Dr SW Covington, GA	3.0	2.0	2204	$1,949	$0.88	6d	1	1.33mi
9166 Tara Dr SW Covington, GA	3.0	2.0	1381	$1,650	$1.19	44d	1	1.36mi
105 River North Ct Covington, GA	3.0	3.0	1523	$2,195	$1.44	13d	1	1.43mi
150 Wynfield Dr Covington, GA	3.0	2.0	1232	$1,798	$1.46	44d	1	1.44mi
50 Weldon Pl Covington, GA	4.0	2.0	1212	$1,799	$1.48	44d	1	1.48mi
9270 Scarlett Dr SW Covington, GA	3.0	2.0	1438	$1,795	$1.25	25d	1	1.48mi
195 Ridge Pointe Dr Covington, GA	5.0	2.5	2005	$2,230	$1.11	20d	1	1.48mi

Listing history 19 events

1. 2026-06-18
   days on market $200,000 Active 129 DOM
2. 2026-06-17
   days on market $200,000 Active 128 DOM
3. 2026-06-16
   days on market $200,000 Active 127 DOM
4. 2026-06-15
   days on market $200,000 Active 126 DOM
5. 2026-06-13
   days on market $200,000 Active 124 DOM
6. 2026-06-13
   days on market $200,000 Active 123 DOM
7. 2026-06-09
   days on market $200,000 Active 120 DOM
8. 2026-06-08
   days on market $200,000 Active 119 DOM
9. 2026-06-07
   days on market $200,000 Active 118 DOM
10. 2026-06-04
    days on market $200,000 Active 115 DOM
11. 2026-06-03
    days on market $200,000 Active 114 DOM
12. 2026-06-02
    days on market $200,000 Active 113 DOM
13. 2026-06-01
    days on market $200,000 Active 112 DOM
14. 2026-05-31
    days on market $200,000 Active 111 DOM
15. 2026-02-09
    listed $200,000 New 1697-char remark

    Show marketing remark (1621 chars)

    Welcome to 11 Spruce Street, a well-maintained duplex located in Porterdale’s historic district. This property features two spacious 1-bedroom, 1-bath units, each with a walk-in closet, fairly updated kitchens, and large windows that fill the space with natural light. Laundry areas are conveniently located inside each bathroom. Two covered front porches, separated between units (not fully private). Additional parking for up to one to two vehicles is available from the rear of the property via Ivey Park Street. The property is currently occupied by long-term senior tenants, providing consistent and reliable income. Rent is $900 per unit and Tenants are month-to-month, offering flexibility for an investor or owner-occupant, with 30 days’ notice to vacate. Tenants are reasonable, easy to work with, and pay on time every month! Tenants pay their own electricity. Water and sewer are paid by the landlord through the City of Porterdale, as the water is not separately metered. Whether you’re looking to expand your rental portfolio with steady cash flow or seeking a charming duplex to house hack, 11 Spruce Street presents a strong opportunity in a growing area. Located just minutes from local shops, dining, and entertainment, its location in the heart of Porterdale and convenience to Covington is a rare find. Don’t miss your chance to invest in this historic gem! *Disclaimer: Photos are from the seller’s original purchase in 2023 and may not reflect current condition. Per previous owner, the house was taken down to the foundation and completely rebuilt in 1981.

16. 2026-02-09
    listed $200,000 Active 1621-char remark

    Show marketing remark (1621 chars)

    Welcome to 11 Spruce Street, a well-maintained duplex located in Porterdale’s historic district. This property features two spacious 1-bedroom, 1-bath units, each with a walk-in closet, fairly updated kitchens, and large windows that fill the space with natural light. Laundry areas are conveniently located inside each bathroom. Two covered front porches, separated between units (not fully private). Additional parking for up to one to two vehicles is available from the rear of the property via Ivey Park Street. The property is currently occupied by long-term senior tenants, providing consistent and reliable income. Rent is $900 per unit and Tenants are month-to-month, offering flexibility for an investor or owner-occupant, with 30 days’ notice to vacate. Tenants are reasonable, easy to work with, and pay on time every month! Tenants pay their own electricity. Water and sewer are paid by the landlord through the City of Porterdale, as the water is not separately metered. Whether you’re looking to expand your rental portfolio with steady cash flow or seeking a charming duplex to house hack, 11 Spruce Street presents a strong opportunity in a growing area. Located just minutes from local shops, dining, and entertainment, its location in the heart of Porterdale and convenience to Covington is a rare find. Don’t miss your chance to invest in this historic gem! *Disclaimer: Photos are from the seller’s original purchase in 2023 and may not reflect current condition. Per previous owner, the house was taken down to the foundation and completely rebuilt in 1981.

17. 2022-11-07
    soldstatus $95,000
18. 2008-08-15
    soldstatus $80,000
19. 1996-08-09
    soldstatus $34,900

ⓘ 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: $2,316 · $193/mo
• Projected year-2 tax: $2,316 · $193/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥106°F today · 18 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $34,692
• − Mortgage interest: −$11,203
• − Property taxes: −$2,316
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,775
• − Management: −$2,775
• − Depreciation: −$5,818
• Taxable income: $8,804
• Est. tax owed @ 24.0%: −$2,113
• After-tax cash flow: $9,392/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: Newton County
• NCES district ID: 1303930
• Math proficiency: 17% ▼ -13.00%
• Reading proficiency: 26% ▼ -8.00%
• Median HH income: $50,768
• Composite: 19.2/100
• National rank: #8816
• State rank: #137 of 174 in GA

Livability — Porterdale

• Score: 58/100
• State rank: #447
• US rank: #21362

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Porterdale, GA
• County: Newton County · 104,393 people
• City population: 76
• Metro: Atlanta-Sandy Springs-Alpharetta, GA
• Population (ZIP): 41,425
• Household income: $72,254
• Rent vs Own: 38.7% rent · 61.3% own
• Severe rent burden: 1934.0

Population outlook (Newton County) Hauer SSP2

• Today (2025): 118,372 people
• By 2030: 124,234 · +5.0%
• By 2040: 135,550 · +14.5%
• By 2050: 145,309 · +22.8%
• By 2075: 166,843 · +40.9%
• By 2100: 175,800 · +48.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 53% Black 35% Hispanic / Latino 7% Two or more races 6% Asian 2%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Italian 2% Slovak 2% Serbian 1%
• Foreign-born: 7% · Canada
• Languages at home: 93% English-only · Spanish 5% Other Indo-European 1%

Political lean MEDSL · Newton

• 2024 margin: D (+15.1) · D 57.3% · R 42.2%
• 2008→2024 swing: +14.0pp toward D · 2008: 1.2pp · 2024: 15.1pp
• All cycles: 2024: D+15.1 2020: D+10.9 2016: D+2.4 2012: D+2.0 2008: D+1.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -64.50%
• Current HPI: 270.9868
• Rent YoY: ▲ 0.52%
• 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

+473.1% since first listed

5 events — show timeline

• 2026-02-09 Listed $200,000 FMLS
• 2026-02-09 Listed $200,000 GAMLS
• 2022-11-07 Sold (Public Records) $95,000 Public Records
• 2008-08-15 Sold (Public Records) $80,000 Public Records
• 1996-08-09 Sold (Public Records) $34,900 Public Records

Property tax history

+6.6%/yr

Latest (2025): $2,316 · +8.5% YoY. Source: county tax records.