553 Stone St NW · Covington, GA 30014

$275,000

6 bd · 2.0 ba · 1,872 sqft · MultiFamily public records · 119 Days on market

Built 1997 0.47 ac lot

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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 +29.7/30.0
• DSCR +10.0/10.0
• 1% rule +7.6/10.0
• ARV discount +7.5/15.0
• Livability +3.0/5.0
• 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 your new home at 553 Stone St NW, a charming duplex in the heart of Covington! This delightful 3-bedroom, 1-bathroom space is perfect for those looking for comfort and convenience. With a cozy layout and modern amenities, you'll feel right at home from the moment you step inside. Currently both duplexes are vacant. Last rent price was $1275/mo for 12mo lease. ($2550/mo total for both sides) Enjoy cooking in your well-equipped kitchen featuring: - Refrigerator - Electric range - Dishwasher - Washer/Dryer hook-ups

Key facts

• Electric range
• Dishwasher
• Refrigerator

Tags

• WELL-EQUIPPED KITCHEN
• REFRIGERATOR
• ELECTRIC RANGE
• DISHWASHER
• WASHER/DRYER HOOK-UPS

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $275k.

Deal economics

• At list price, monthly cash flow is $998 ($12k/yr) — positive. Per door: $499/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $275k).
• Recommended offer: $250k (9.0% below list) — sets the bar for market timing.
• Cap rate 10.6% vs local median 3.8% in Covington — 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 59/100 on livability (#396 in GA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, health & safety B+; Watch: schools F, crime F, amenities 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; 1,480 units permitted in Newton County in 2024 (702 in 5+ unit buildings).
• At $3,459/mo this rent would consume 57% 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 $2k of loan paydown is wiped out by about $8k 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 $77k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 119 days — a 9% lower offer ($250k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 6y 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 $139k; list at $275k implies a 98% 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; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $250,250 (9.0% below list)

Questions for the listing agent

1. It's been on market 119 days. Have you received any prior offers? Is the seller open to a 9% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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: 1.26% ✓
• Cap rate: 10.65%
• Cash-on-cash: 15.55%
• DSCR: 1.69
• GRM: 6.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 3.6%
• Equity multiple: 1.14×
• Total profit: $10,509
• Equity at exit: $41,003

10-year hold

• IRR: 10.8%
• Equity multiple: 1.75×
• Total profit: $57,885
• Equity at exit: $23,777

Cash invested: $77,000 (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: 13.2×

Monthly cashflow live

• Estimated rent: $3,459 medium
• Mortgage (P&I): −$1,442
• Tax from tax record: −$178 /mo · $2,138/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$726
• Net cashflow: $998

Break-even live

Break-even rent $2,196

Max offer price $275,000

Occupancy floor 66%

Sensitivity live

Price	-10% $1,153	-5% $1,076	+0% $998	+5% $920	+10% $842
Rent	-10% $724	-5% $861	+0% $998	+5% $1,134	+10% $1,271
Rate	-1.0pp $1,136	-0.5pp $1,068	base $998	+0.5pp $926	+1.0pp $854

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,460
Total (2 units)			$3,459

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-18
   days on market $275,000 Active 119 DOM
2. 2026-06-17
   days on market $275,000 Active 118 DOM
3. 2026-06-16
   days on market $275,000 Active 117 DOM
4. 2026-06-15
   days on market $275,000 Active 116 DOM
5. 2026-06-13
   days on market $275,000 Active 114 DOM
6. 2026-06-13
   days on market $275,000 Active 113 DOM
7. 2026-06-09
   days on market $275,000 Active 110 DOM
8. 2026-06-08
   days on market $275,000 Active 109 DOM
9. 2026-06-07
   days on market $275,000 Active 108 DOM
10. 2026-06-04
    days on market $275,000 Active 105 DOM
11. 2026-06-03
    days on market $275,000 Active 104 DOM
12. 2026-06-02
    days on market $275,000 Active 103 DOM
13. 2026-06-01
    days on market $275,000 Active 102 DOM
14. 2026-05-31
    days on market $275,000 Active 101 DOM
15. 2026-02-19
    listed $275,000 Active 530-char remark

    Show marketing remark (530 chars)

    Welcome to your new home at 553 Stone St NW, a charming duplex in the heart of Covington! This delightful 3-bedroom, 1-bathroom space is perfect for those looking for comfort and convenience. With a cozy layout and modern amenities, you'll feel right at home from the moment you step inside. Currently both duplexes are vacant. Last rent price was $1275/mo for 12mo lease. ($2550/mo total for both sides) Enjoy cooking in your well-equipped kitchen featuring: - Refrigerator - Electric range - Dishwasher - Washer/Dryer hook-ups

16. 2020-12-23
    soldstatus $139,000 Closed 546-char remark

    Show marketing remark (546 chars)

    No sign in yard. No Seller Property Disclosure Statement. Seller has never lived in property. Tenant occupied. PLEASE DO NOT DISTURB TENANTS. Due to Covid-19, showings will be conducted during due diligence period. INVESTORS! This duplex really is a great opportunity!! Three bedrooms and one bath per unit. Perfectly located close to Interstate 20. Its location is convenient to shopping and schools. Each unit is spacious with a kitchen, breakfast area, laundry, and family room. What a value: GREAT LOCATION, TENANT OCCUPIED, PERFECTLY PRICED!

17. 2020-12-23
    soldstatus $139,000 Sold

    Show marketing remark (546 chars)

    No sign in yard. No Seller Property Disclosure Statement. Seller has never lived in property. Tenant occupied. PLEASE DO NOT DISTURB TENANTS. Due to Covid-19, showings will be conducted during due diligence period. INVESTORS! This duplex really is a great opportunity!! Three bedrooms and one bath per unit. Perfectly located close to Interstate 20. Its location is convenient to shopping and schools. Each unit is spacious with a kitchen, breakfast area, laundry, and family room. What a value: GREAT LOCATION, TENANT OCCUPIED, PERFECTLY PRICED!

18. 2020-12-23
    soldstatus $139,000

    Show marketing remark (546 chars)

    No sign in yard. No Seller Property Disclosure Statement. Seller has never lived in property. Tenant occupied. PLEASE DO NOT DISTURB TENANTS. Due to Covid-19, showings will be conducted during due diligence period. INVESTORS! This duplex really is a great opportunity!! Three bedrooms and one bath per unit. Perfectly located close to Interstate 20. Its location is convenient to shopping and schools. Each unit is spacious with a kitchen, breakfast area, laundry, and family room. What a value: GREAT LOCATION, TENANT OCCUPIED, PERFECTLY PRICED!

19. 2020-11-29
    status Pending 546-char remark

    Show marketing remark (546 chars)

    No sign in yard. No Seller Property Disclosure Statement. Seller has never lived in property. Tenant occupied. PLEASE DO NOT DISTURB TENANTS. Due to Covid-19, showings will be conducted during due diligence period. INVESTORS! This duplex really is a great opportunity!! Three bedrooms and one bath per unit. Perfectly located close to Interstate 20. Its location is convenient to shopping and schools. Each unit is spacious with a kitchen, breakfast area, laundry, and family room. What a value: GREAT LOCATION, TENANT OCCUPIED, PERFECTLY PRICED!

20. 2020-11-29
    status Under Contract

    Show marketing remark (546 chars)

    No sign in yard. No Seller Property Disclosure Statement. Seller has never lived in property. Tenant occupied. PLEASE DO NOT DISTURB TENANTS. Due to Covid-19, showings will be conducted during due diligence period. INVESTORS! This duplex really is a great opportunity!! Three bedrooms and one bath per unit. Perfectly located close to Interstate 20. Its location is convenient to shopping and schools. Each unit is spacious with a kitchen, breakfast area, laundry, and family room. What a value: GREAT LOCATION, TENANT OCCUPIED, PERFECTLY PRICED!

21. 2020-09-12
    status Active 546-char remark

    Show marketing remark (546 chars)

    No sign in yard. No Seller Property Disclosure Statement. Seller has never lived in property. Tenant occupied. PLEASE DO NOT DISTURB TENANTS. Due to Covid-19, showings will be conducted during due diligence period. INVESTORS! This duplex really is a great opportunity!! Three bedrooms and one bath per unit. Perfectly located close to Interstate 20. Its location is convenient to shopping and schools. Each unit is spacious with a kitchen, breakfast area, laundry, and family room. What a value: GREAT LOCATION, TENANT OCCUPIED, PERFECTLY PRICED!

22. 2020-09-12
    status Back on Market

    Show marketing remark (546 chars)

    No sign in yard. No Seller Property Disclosure Statement. Seller has never lived in property. Tenant occupied. PLEASE DO NOT DISTURB TENANTS. Due to Covid-19, showings will be conducted during due diligence period. INVESTORS! This duplex really is a great opportunity!! Three bedrooms and one bath per unit. Perfectly located close to Interstate 20. Its location is convenient to shopping and schools. Each unit is spacious with a kitchen, breakfast area, laundry, and family room. What a value: GREAT LOCATION, TENANT OCCUPIED, PERFECTLY PRICED!

23. 2020-09-04
    status Pending 546-char remark

    Show marketing remark (546 chars)

    No sign in yard. No Seller Property Disclosure Statement. Seller has never lived in property. Tenant occupied. PLEASE DO NOT DISTURB TENANTS. Due to Covid-19, showings will be conducted during due diligence period. INVESTORS! This duplex really is a great opportunity!! Three bedrooms and one bath per unit. Perfectly located close to Interstate 20. Its location is convenient to shopping and schools. Each unit is spacious with a kitchen, breakfast area, laundry, and family room. What a value: GREAT LOCATION, TENANT OCCUPIED, PERFECTLY PRICED!

24. 2020-09-04
    status Under Contract

    Show marketing remark (546 chars)

    No sign in yard. No Seller Property Disclosure Statement. Seller has never lived in property. Tenant occupied. PLEASE DO NOT DISTURB TENANTS. Due to Covid-19, showings will be conducted during due diligence period. INVESTORS! This duplex really is a great opportunity!! Three bedrooms and one bath per unit. Perfectly located close to Interstate 20. Its location is convenient to shopping and schools. Each unit is spacious with a kitchen, breakfast area, laundry, and family room. What a value: GREAT LOCATION, TENANT OCCUPIED, PERFECTLY PRICED!

25. 2020-09-02
    listed $150,000 Active 546-char remark

    Show marketing remark (546 chars)

    No sign in yard. No Seller Property Disclosure Statement. Seller has never lived in property. Tenant occupied. PLEASE DO NOT DISTURB TENANTS. Due to Covid-19, showings will be conducted during due diligence period. INVESTORS! This duplex really is a great opportunity!! Three bedrooms and one bath per unit. Perfectly located close to Interstate 20. Its location is convenient to shopping and schools. Each unit is spacious with a kitchen, breakfast area, laundry, and family room. What a value: GREAT LOCATION, TENANT OCCUPIED, PERFECTLY PRICED!

26. 2020-09-02
    listed $150,000 New

    Show marketing remark (546 chars)

    No sign in yard. No Seller Property Disclosure Statement. Seller has never lived in property. Tenant occupied. PLEASE DO NOT DISTURB TENANTS. Due to Covid-19, showings will be conducted during due diligence period. INVESTORS! This duplex really is a great opportunity!! Three bedrooms and one bath per unit. Perfectly located close to Interstate 20. Its location is convenient to shopping and schools. Each unit is spacious with a kitchen, breakfast area, laundry, and family room. What a value: GREAT LOCATION, TENANT OCCUPIED, PERFECTLY PRICED!

27. 2002-10-24
    soldstatus $117,600

ⓘ 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: $2,138 · $178/mo
• Projected year-2 tax: $2,530 · $211/mo
• Expected delta: +$392/yr (+$33/mo · 18.3%)

ⓘ 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 ≥105°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: $41,508
• − Mortgage interest: −$15,404
• − Property taxes: −$2,138
• − Insurance: −$1,375
• − Repairs & maintenance: −$3,321
• − Management: −$3,321
• − Depreciation: −$8,000
• Taxable income: $7,949
• Est. tax owed @ 24.0%: −$1,908
• After-tax cash flow: $10,065/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 — Covington

• Score: 59/100
• State rank: #396
• US rank: #19602

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Newton County · 104,393 people
• City population: 104,393
• 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

+133.8% since first listed

13 events — show timeline

• 2026-02-19 Listed $275,000 ForSaleByOwner.com
• 2020-12-23 Sold (Public Records) $139,000 Public Records
• 2020-12-23 Sold (MLS) $139,000 GAMLS
• 2020-12-23 Sold (MLS) $139,000 FMLS
• 2020-11-29 Pending — FMLS
• 2020-11-29 Pending — GAMLS
• 2020-09-12 Relisted — FMLS
• 2020-09-12 Relisted — GAMLS
• 2020-09-04 Pending — FMLS
• 2020-09-04 Pending — GAMLS
• 2020-09-02 Listed $150,000 GAMLS
• 2020-09-02 Listed $150,000 FMLS
• 2002-10-24 Sold (Public Records) $117,600 Public Records

Property tax history

+2.0%/yr

Latest (2025): $2,138 · +8.2% YoY. Source: county tax records.