10 Elm St

Porterdale, GA 30014

$127,990B

2 bd · 1.0 ba · 1,340 sqft · Built 1906 · SingleFamily · Active · 210 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,724/mo
• Mortgage (P&I): −$671
• Tax + insurance: −$204
• HOA: −$0
• Vac / Maint / Mgmt: −$362
• Net cashflow: $486/mo
• Annual: $5,837/yr
• Cap rate: 10.85%
• Cash-on-cash: 16.29%
• DSCR: 1.72
• 1% rule: 1.35%
• Cash to close: $35,837

Investor read

• This is a 2-bed/1.0-bath single-family listed at $128k.
• At list price, monthly cash flow is $486 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $128k).
• It's been on market 210 days — a 12% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $113k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $884 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 58/100 on livability (#447 in GA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime B+, housing B; Watch: schools F, amenities F, commute 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.
• Watch-outs: built in 1906 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents flat; 486 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 1,480 units permitted in Newton County in 2024 (702 in 5+ unit buildings).
• Newton County population projected at +23% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 9 sale attempts since 13y ago; this cycle's ask is 7% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $48k; list at $128k implies a 167% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 0.5% rent growth), your $36k cash investment doubles in ~10 years — after that, you're playing with house money.
• Climate carrying-cost: moderate wind risk, 25% 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.
• Cap rate 10.9% vs local median 5.0% in Porterdale — 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 210 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1906 — 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 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?
• 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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.