132 Culver St

Macon-Bibb County, GA 31204

$250,000C

10 bd · 4.0 ba · 5,210 sqft · Built 1980 · MultiFamily · Active · 92 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,002/mo
• Mortgage (P&I): −$1,311
• Tax + insurance: −$268
• HOA: −$0
• Vac / Maint / Mgmt: −$1,050
• Net cashflow: $2,373/mo
• Annual: $28,473/yr
• Cap rate: 17.68%
• Cash-on-cash: 40.68%
• DSCR: 2.81
• 1% rule: 2.00%
• Cash to close: $70,000

Investor read

• This is a 4 × 2-bed/1-bath units multifamily listed at $250k.
• At list price, monthly cash flow is $2k ($28k/yr) — positive. Per door: $593/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $250k).
• It's been on market 92 days — a 9% lower offer ($228k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $228k (9.0% below list) — sets the bar for market timing.
• 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.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Bibb County (urban): math 11% / reading 18% proficiency, ranked #161 of 174 in GA (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 75% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Williams Elementary School (math 2% / reading 8%, grade F, #1,160 of 1,228 statewide, top 98%, 349 students, 100% FRL); Miller Magnet Middle School (math 16% / reading 33%, grade F, #301 of 470 statewide, top 66%, 585 students, 100% FRL); Central High School (math 8% / reading 2%, grade F, #394 of 424 statewide, top 97%, 844 students, 100% FRL) — zoned schools average 100% FRL vs 75% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.6%/yr); 257 active listings in the ZIP; lower-income renter base — watch delinquency; 154 units permitted in Bibb County in 2024 (0 in 5+ unit buildings).
• Bibb County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $35k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $72k; list at $250k implies a 245% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 4.6% rent growth), your $70k cash investment doubles in ~3 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 66% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 17.7% vs local median 5.4% in Macon-Bibb County — 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.
• At $5,002/mo this rent would consume 155% of the median local household income ($39k/yr) (locally 2674% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 92 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• 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.
• 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.
• 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.