217 E 38th St · Savannah, GA 31401

$400,000

4 bd · 2.0 ba · 1,624 sqft · SingleFamily public records · 73 Days on market

Built 1920 4,792 sqft lot $246/sqft · 22% below area Est $512k · 22% under

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Why this score? — see what drove the D 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).

• ARV discount +15.0/15.0
• Cash flow +11.2/30.0
• Livability +4.3/5.0
• DSCR +3.3/10.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• 1% rule +2.0/10.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

217 E 38th St is a completely gutted, two-story single-family home in Savannah's historic Griffin Ward neighborhood. Stripped to the studs and sold AS-IS, this is a true gut-renovation opportunity. The 1920-built wood-frame structure sits on a 0.11-acre lot zoned TN-2 in the Streetcar Historic District. Prior permitted renovation work totaling $145,000+ has been completed on the structure. No utilities are currently operational. Cash or construction loan only. Flood Zone X — no flood insurance required. Buyer to verify all information including square footage, room count, and condition. Located minutes from Downtown Savannah, Daffin Park, SCAD, and the Thomas Square arts corridor — a rare chance to put your vision to work in one of the city's most sought-after historic neighborhoods. Contact listing agent to schedule a showing.

Key facts

• Daffin park
• Scad
• Zoned tn-2

Tags

• 0.11 ACRE LOT
• ZONED TN-2
• STREETCAR HISTORIC DISTRICT
• MINUTES FROM DOWNTOWN SAVANNAH
• DAFFIN PARK
• SCAD

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $400k.

Deal economics

• At list price, monthly cash flow is $-152 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $373k (6.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $279k (30.3% below list).
• Recommended offer: $279k (30.3% below list) — sets the bar for 1% rule.
• Cap rate 5.8% vs local median 4.0% in Savannah — 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 86/100 on livability (#1 in GA, #397 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+; Watch: employment D, schools F.
• Savannah-Chatham County (urban): math 20% / reading 26% proficiency, ranked #134 of 174 in GA (top 77%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising (+3.0%/yr); 332 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 62% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,694 units permitted in Chatham County in 2024 (973 in 5+ unit buildings).
• At $2,789/mo this rent would consume 64% of the median local household income ($53k/yr) (locally 2031% 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 $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Chatham County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 73 days — a 6% lower offer ($376k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 18y 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 $210k; list at $400k implies a 90% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% 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 $278,914 (30.3% below list)

Questions for the listing agent

1. 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?
2. It's been on market 73 days. Have you received any prior offers? Is the seller open to a 30% concession, seller financing, or rate buy-down credit?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
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 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.

Investment metrics

• 1% rule: 0.70% ✗
• Cap rate: 5.84%
• Cash-on-cash: -1.63%
• DSCR: 0.93
• GRM: 12.0

CMA / ARV

• ARV (median comp): $512,463
• List price: $400,000
• Delta: -21.95%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
115 W 34th St	0.39mi	3/3.0 (-1)	1,600 (-2%)	1mo	$497,000	$311	70
708 E 39th St	0.47mi	4/2.0	1,720 (+6%)	4mo	$170,000	$99	65
816 E 37th St	0.62mi	3/2.0 (-1)	1,628 (+0%)	1mo	$387,000	$238	65
917 E 39th St	0.72mi	3/2.5 (-1)	1,612 (-1%)	1mo	$490,000	$304	57
653 Seiler Ave	0.42mi	4/3.0	1,800 (+11%)	3mo	$540,000	$300	56
310 E Henry St	0.54mi	3/2.0 (-1)	1,739 (+7%)	3mo	$537,000	$309	55
614 W 38th St	0.65mi	4/2.5	1,777 (+9%)	2mo	$298,000	$168	51
2011 Atlantic Ave	0.44mi	3/2.0 (-1)	1,392 (-14%)	4mo	$340,000	$244	47
806 Maupas Ave	0.61mi	3/2.5 (-1)	1,810 (+12%)	2mo	$564,000	$312	44
622 W 36th St	0.68mi	3/1.0 (-1)	1,468 (-10%)	2mo	$165,000	$112	42
1117 Habersham St	0.60mi	3/2.5 (-1)	1,820 (+12%)	4mo	$690,000	$379	42
922 E 37th St	0.74mi	3/3.0 (-1)	1,832 (+13%)	3mo	$245,000	$134	33

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 2.95% rent growth · sell at horizon

5-year hold

• IRR: -19.1%
• Equity multiple: 0.33×
• Total profit: $-74,845
• Equity at exit: $59,641

10-year hold

• IRR: -11.9%
• Equity multiple: 0.29×
• Total profit: $-79,061
• Equity at exit: $34,585

Cash invested: $112,000 (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 31401

• Rents YoY: 3.0%
• Active inventory: 332
• Price-to-rent: 12.0×

Monthly cashflow live

• Estimated rent: $2,789 high
• Mortgage (P&I): −$2,098
• Tax from tax record: −$91 /mo · $1,093/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$586
• Net cashflow: $-152

Break-even live

Break-even rent $2,981

Max offer price $373,156

Occupancy floor —

Sensitivity live

Price	-10% $74	-5% $-39	+0% $-152	+5% $-265	+10% $-378
Rent	-10% $-372	-5% $-262	+0% $-152	+5% $-42	+10% $68
Rate	-1.0pp $49	-0.5pp $-50	base $-152	+0.5pp $-256	+1.0pp $-361

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: $100,000
• Closing costs: $12,000
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
201 E 39th St Unit B Savannah, GA	3.0	1.5	1550	$2,100	$1.35	46d	1	0.08mi
123 E 40th St Savannah, GA	3.0	1.0	1389	$1,900	$1.37	46d	1	0.14mi
2002 Habersham St Savannah, GA	3.0	2.0	1242	$1,995	$1.61	46d	1	0.18mi
607 E 37th St Savannah, GA	4.0	2.0	1771	$2,300	$1.30	46d	1	0.27mi
3 W 36th St Apt 2 Savannah, GA	4.0	1.0	1750	$4,200	$2.40	46d	1	0.28mi
2235 Whitaker St Savannah, GA	3.0	2.0	1600	$2,950	$1.84	16d	1	0.30mi
2305 Whitaker St Unit A Savannah, GA	3.0	3.0	1600	$3,300	$2.06	16d	1	0.31mi
107 W 37th St Savannah, GA	4.0	2.0	1300	$3,200	$2.46	46d	1	0.32mi
102 W 36th St Savannah, GA	3.0	2.0	1500	$4,500	$3.00	25d	1	0.34mi
1921 Reynolds St Savannah, GA	4.0	2.0	1773	$3,150	$1.78	46d	1	0.34mi
513 E 33rd St Savannah, GA	4.0	3.0	1800	$3,399	$1.89	16d	1	0.34mi
637 E 39th St Savannah, GA	4.0	3.0	2162	$2,895	$1.34	25d	1	0.35mi
602 E 34th St Savannah, GA	3.0	2.0	1185	$2,095	$1.77	46d	1	0.36mi
206 W 39th St Savannah, GA	3.0	2.5	1966	$2,650	$1.35	25d	1	0.38mi
424 E 32nd St Unit 426 Savannah, GA	3.0	1.5	1350	$2,380	$1.76	46d	1	0.39mi
212 W 40th St Savannah, GA	3.0	2.0	2030	$3,600	$1.77	25d	1	0.39mi
211 W 40th St Unit B Savannah, GA	3.0	1.0	1400	$3,200	$2.29	25d	1	0.40mi
317 E 31st St Unit A Savannah, GA	3.0	2.0	1196	$2,000	$1.67	46d	1	0.41mi
1723 Whitaker St Savannah, GA	3.0	1.5	1845	$1,800	$0.98	46d	1	0.41mi
217 W 36th St Savannah, GA	3.0	2.0	1950	$3,200	$1.64	46d	1	0.43mi
219 W 36th St Savannah, GA	3.0	2.0	1950	$3,200	$1.64	46d	1	0.43mi
2910 Bull St Savannah, GA	3.0	2.0	1200	$3,500	$2.92	46d	1	0.45mi
216 W 43rd St Savannah, GA	3.0	3.0	1722	$2,900	$1.68	25d	1	0.45mi
1714 Le Grand St Unit B Savannah, GA	3.0	2.0	1300	$2,700	$2.08	46d	1	0.46mi
1606 Reynolds St Savannah, GA	3.0	2.0	1222	$1,800	$1.47	46d	1	0.46mi
310 W 42nd St Savannah, GA	3.0	2.0	1300	$1,800	$1.38	46d	1	0.49mi
1314 Lincoln St Savannah, GA	3.0	2.0	1312	$2,400	$1.83	46d	1	0.49mi
1505 Reynolds St Savannah, GA	4.0	2.0	1314	$2,650	$2.02	46d	1	0.49mi
214 E 48th St Savannah, GA	3.0	2.0	1950	$2,499	$1.28	46d	1	0.51mi
216 E 48th St Savannah, GA	3.0	1.0	1950	$2,395	$1.23	46d	1	0.52mi
217 W 32nd St Unit A Savannah, GA	3.0	1.0	1200	$1,600	$1.33	16d	1	0.54mi
217 W 32nd St Unit B Savannah, GA	3.0	1.0	1222	$1,550	$1.27	16d	1	0.54mi
305 E Duffy St Unit A Savannah, GA	3.0	2.0	1248	$3,000	$2.40	46d	1	0.57mi
802 E 36th St Savannah, GA	3.0	1.5	2105	$2,400	$1.14	46d	1	0.59mi
516 W 38th St Unit 1/2 Savannah, GA	3.0	1.0	1176	$1,500	$1.28	16d	1	0.59mi
516 W 38th St Unit 1/2 Savannah, GA	3.0	1.0	1176	$1,600	$1.36	25d	1	0.59mi
138 E 50th St Unit 2 Savannah, GA	3.0	2.0	2200	$3,000	$1.36	46d	1	0.61mi
524 E Duffy St Unit 1369217P Savannah, GA	4.0	2.0	2152	$5,801	$2.70	25d	1	0.63mi
643 E Henry St Unit B Savannah, GA	3.0	1.5	1207	$1,899	$1.57	25d	1	0.63mi
1409 Jefferson St Savannah, GA	3.0	2.5	1347	$2,699	$2.00	46d	1	0.63mi

Listing history 24 events

1. 2026-06-21
   days on market $400,000 Active 73 DOM
2. 2026-06-18
   days on market $400,000 Active 70 DOM
3. 2026-06-17
   days on market $400,000 Active 69 DOM
4. 2026-06-16
   days on market $400,000 Active 68 DOM
5. 2026-06-15
   days on market $400,000 Active 67 DOM
6. 2026-06-14
   days on market $400,000 Active 65 DOM
7. 2026-06-13
   days on market $400,000 Active 64 DOM
8. 2026-06-10
   days on market $400,000 Active 62 DOM
9. 2026-06-09
   days on market $400,000 Active 61 DOM
10. 2026-06-08
    days on market $400,000 Active 60 DOM
11. 2026-06-07
    days on market $400,000 Active 59 DOM
12. 2026-06-05
    days on market $400,000 Active 56 DOM
13. 2026-06-03
    days on market $400,000 Active 55 DOM
14. 2026-06-02
    days on market $400,000 Active 54 DOM
15. 2026-06-01
    days on market $400,000 Active 53 DOM
16. 2026-05-31
    days on market $400,000 Active 52 DOM
17. 2026-05-30
    days on market $400,000 Active 51 DOM
18. 2026-03-16
    listed $400,000 Active 851-char remark

    Show marketing remark (851 chars)

    217 E 38th St is a completely gutted, two-story single-family home in Savannah's historic Griffin Ward neighborhood. Stripped to the studs and sold AS-IS, this is a true gut-renovation opportunity. The 1920-built wood-frame structure sits on a 0.11-acre lot zoned TN-2 in the Streetcar Historic District. Prior permitted renovation work totaling $145,000+ has been completed on the structure. No utilities are currently operational. Cash or construction loan only. Flood Zone X — no flood insurance required. Buyer to verify all information including square footage, room count, and condition. Located minutes from Downtown Savannah, Daffin Park, SCAD, and the Thomas Square arts corridor — a rare chance to put your vision to work in one of the city's most sought-after historic neighborhoods. Contact listing agent to schedule a showing.

19. 2025-11-21
    historical
20. 2025-10-30
    listed $320,000 New
21. 2008-08-04
    soldstatus $210,000
22. 2008-07-31
    soldstatus $210,000
23. 2008-07-01
    listed $300,000
24. 2000-01-03
    soldstatus $225,000

ⓘ 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: $1,093 · $91/mo
• Projected year-2 tax: $3,680 · $307/mo
• Expected delta: +$2,587/yr (+$216/mo · 236.7%)

ⓘ 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 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 18 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 7 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,470
• − Mortgage interest: −$22,406
• − Property taxes: −$1,093
• − Insurance: −$2,000
• − Repairs & maintenance: −$2,678
• − Management: −$2,678
• − Depreciation: −$11,636
• Taxable loss: −$9,021
• Est. tax savings @ 24.0%: +$2,165
• After-tax cash flow: $342/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: Savannah-Chatham County
• NCES district ID: 1301020
• Math proficiency: 20% ▼ -11.00%
• Reading proficiency: 26% ▼ -5.00%
• Median HH income: $47,443
• Composite: 20.14/100
• National rank: #8639
• State rank: #134 of 174 in GA

Livability — Savannah

• Score: 86/100
• State rank: #1
• US rank: #397

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Savannah, GA
• County: Chatham County · 271,602 people
• City population: 216,564
• Metro: Savannah, GA
• Population (ZIP): 20,445
• Household income: $52,509
• Rent vs Own: 64.3% rent · 35.7% own
• Severe rent burden: 2031.0

Population outlook (Chatham County) Hauer SSP2

• Today (2025): 332,584 people
• By 2030: 355,508 · +6.9%
• By 2040: 400,030 · +20.3%
• By 2050: 443,019 · +33.2%
• By 2075: 534,579 · +60.7%
• By 2100: 583,863 · +75.6%

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 5% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Slovak 2% Lithuanian 2% Romanian 2%
• Foreign-born: 8% · Canada, China
• Languages at home: 90% English-only · Spanish 4% Chinese 2% Other Indo-European 1%

Political lean MEDSL · Chatham

• 2024 margin: D (+18.0) · D 58.6% · R 40.6%
• 2008→2024 swing: +3.6pp toward D · 2008: 14.4pp · 2024: 18.0pp
• All cycles: 2024: D+18.0 2020: D+18.8 2016: D+14.5 2012: D+12.0 2008: D+14.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -358.74%
• Current HPI: 553.5645
• Rent YoY: ▲ 2.95%
• Metro: Savannah, 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

+77.8% since first listed

7 events — show timeline

• 2026-03-16 Listed $400,000 Hive MLS
• 2025-11-21 Listing Removed — GAMLS
• 2025-10-30 Listed $320,000 GAMLS
• 2008-08-04 Sold (Public Records) $210,000 Public Records
• 2008-07-31 Sold (MLS) $210,000 Hive MLS
• 2008-07-01 Listed $300,000 Hive MLS
• 2000-01-03 Sold (Public Records) $225,000 Public Records

Property tax history

-0.7%/yr

Latest (2025): $1,093 · -0.4% YoY. Source: county tax records.