6101 River Rd #15

Columbus, GA 31904

$162,900D-

2 bd · 2.5 ba · 1,360 sqft · Built — · Condo · Active · 38 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,321/mo
• Mortgage (P&I): −$854
• Tax + insurance: −$272
• HOA: −$270
• Vac / Maint / Mgmt: −$278
• Net cashflow: $-352/mo
• Annual: $-4,222/yr
• Cap rate: 3.70%
• Cash-on-cash: -9.26%
• DSCR: 0.59
• 1% rule: 0.81%
• Cash to close: $45,612

Investor read

• This is a 2-bed/2.5-bath condo listed at $163k. Condition is rated good.
• At list price, monthly cash flow is $-352 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $151k (7.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $132k (18.9% below list).
• It's been on market 38 days — a 3% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $132k (18.9% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#254 in GA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety B; Watch: amenities D+, crime F, commute F.
• Muscogee County (urban): math 21% / reading 30% proficiency, ranked #120 of 174 in GA (top 69%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: River Road Elementary School (math 12% / reading 12%, grade F, #1,041 of 1,228 statewide, top 87%, 403 students, 96% FRL); Double Churches Middle School (math 15% / reading 23%, grade F, #368 of 470 statewide, top 79%, 413 students, 97% FRL); Northside High School (math 15% / reading 37%, grade F, #175 of 424 statewide, top 42%, 1,402 students, 32% FRL).
• Watch-outs: HOA is 20% of rent.
• Market conditions: Rents rising (+3.0%/yr); 337 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 291 units permitted in Muscogee County in 2024 (30 in 5+ unit buildings).
• Muscogee County population projected at +15% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts since 2y 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.
• Cap rate 3.7% vs local median 4.7% in Columbus — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 38 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?