1915 Ellis St

Brunswick, GA 31520

$69,995B-

2 bd · 1.0 ba · 1,767 sqft · Built 1890 · MultiFamily · Pending · 57 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,493/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$183
• HOA: −$0
• Vac / Maint / Mgmt: −$313
• Net cashflow: $629/mo
• Annual: $7,547/yr
• Cap rate: 18.21%
• Cash-on-cash: 42.58%
• DSCR: 2.89
• 1% rule: 2.13%
• Cash to close: $19,599

Investor read

• This is a 2-bed/1.0-bath multifamily listed at $70k. Condition is rated poor.
• At list price, monthly cash flow is $629 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• It's been on market 57 days — a 3% lower offer ($68k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $68k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $484 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 59/100 on livability (#401 in GA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing B+; Watch: crime D, amenities F, commute F.
• Glynn County (other): math 37% / reading 42% proficiency, ranked #47 of 174 in GA (top 27%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Burroughs-Molette Elementary School (math 21% / reading 14%, grade F, #931 of 1,228 statewide, top 76%, 593 students, 96% FRL); Risley Middle School (math 29% / reading 44%, grade F, #167 of 470 statewide, top 38%, 635 students, 61% FRL); Glynn Academy (math 45% / reading 42%, grade F, #50 of 424 statewide, top 12%, 1,823 students, 41% FRL).
• Watch-outs: flood insurance adds $66/mo; built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+5.1%/yr); 183 active listings in the ZIP; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 734 units permitted in Glynn County in 2024 (136 in 5+ unit buildings).
• Glynn County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts since 26y 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 $50k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 5.1% rent growth), your $20k cash investment doubles in ~3 years — after that, you're playing with house money.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 18.2% vs local median 3.5% in Brunswick — 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 57 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — Exposed rafters and missing shingles
• Major: exterior — Weathered siding and peeling paint
• Major: interior — No interior photos to assess