108 Vickie Dr

Hiram, GA 30141

$224,000C-

3 bd · 1.0 ba · 1,152 sqft · Built 1977 · SingleFamily · Active · 117 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,016/mo
• Mortgage (P&I): −$1,175
• Tax + insurance: −$270
• HOA: −$0
• Vac / Maint / Mgmt: −$423
• Net cashflow: $148/mo
• Annual: $1,778/yr
• Cap rate: 7.09%
• Cash-on-cash: 2.83%
• DSCR: 1.13
• 1% rule: 0.90%
• Cash to close: $62,720

Investor read

• This is a 3-bed/1.0-bath single-family listed at $224k.
• At list price, monthly cash flow is $148 ($2k/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 $202k (10.0% below list).
• It's been on market 117 days — a 9% lower offer ($204k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $202k (10.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#152 in GA) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, housing A+; Watch: amenities D+, crime F, commute F.
• Paulding County (suburban): math 39% / reading 42% proficiency, ranked #33 of 174 in GA (top 19%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Bessie L. Baggett Elementary (math 49% / reading 37%, grade F, #370 of 1,228 statewide, top 30%, 589 students, 62% FRL); J. A. Dobbins Middle School (math 28% / reading 37%, grade F, #221 of 470 statewide, top 48%, 532 students, 61% FRL); Hiram High School (math 19% / reading 17%, grade F, #258 of 424 statewide, top 62%, 1,468 students, 55% FRL) — zoned schools average 59% FRL vs 33% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.9%/yr); 239 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,458 units permitted in Paulding County in 2024 (0 in 5+ unit buildings).
• Paulding County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 5 sale attempts since 15y ago; this cycle's ask has dropped $26k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $18k; list at $224k implies a 1111% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.1% vs local median 3.8% in Hiram — 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

• It's been on market 117 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
• Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?
• Crime grade is F 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?
• 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.