392 E Bush St

Colquitt, GA 39837

$99,000C+

3 bd · 1.0 ba · 1,134 sqft · Built 1948 · SingleFamily · Active · 199 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,082/mo
• Mortgage (P&I): −$519
• Tax + insurance: −$143
• HOA: −$0
• Vac / Maint / Mgmt: −$227
• Net cashflow: $193/mo
• Annual: $2,311/yr
• Cap rate: 8.63%
• Cash-on-cash: 8.34%
• DSCR: 1.37
• 1% rule: 1.09%
• Cash to close: $27,720

Investor read

• This is a 3-bed/1.0-bath single-family listed at $99k.
• At list price, monthly cash flow is $193 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $99k).
• It's been on market 199 days — a 12% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $87k (12.0% below list) — sets the bar for market timing.
• In year one you build about $7k of equity ($684 loan paydown + $7k appreciation (6.6% local appreciation)).
• Location reads 68/100 on livability (#136 in GA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, crime A; Watch: amenities F, commute F, employment F.
• Miller County (rural): math 23% / reading 26% proficiency, ranked #131 of 174 in GA (top 75%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Miller County Elementary School (math 27% / reading 32%, grade F, #633 of 1,228 statewide, top 54%, 331 students, 100% FRL); Miller County Middle School (math 17% / reading 22%, grade F, #356 of 470 statewide, top 78%, 156 students, 100% FRL); Miller County High School (math 22% / reading 24%, grade F, #207 of 424 statewide, top 49%, 248 students, 100% FRL) — zoned schools average 100% FRL vs 65% district-wide (35 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 18 active listings in the ZIP; 2 units permitted in Miller County in 2024 (0 in 5+ unit buildings).
• Miller County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (6.6% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 199 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1948 — 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.