110 Lena Ln #51 · Eatonton, GA 31024

$235,000

3 bd · 2.5 ba · 1,560 sqft · Townhouse public records · 32 Days on market

Built 2006 871 sqft lot $150/mo HOA · 5% of rent

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Why this score? — see what drove the B- 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).

• Cash flow +29.8/30.0
• DSCR +10.0/10.0
• 1% rule +8.2/10.0
• ARV discount +7.5/15.0
• Livability +3.6/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

3/2.5 Stonegate at Lake Oconee townhome located less than 5 minutes from Lake Oconee's shopping, restaurants and marinas. Prime location with low HOA fees. These make great homes for buyers wanting to experience lake life on a minimal budget or for investors wanting to add to their rental portfolio. This property is an end unit and backs up to a pond offering the most privacy in the development and a larger floor plan than the new construction units. LVP flooring throughout main living areas. Master on main. New carpet upstairs and fresh paint throughput. Roof was recently replaced. All appliances plus washer and dryer convey. Community pool.

Key facts

• Community pool
• New carpet upstairs
• Backs up to a pond

Tags

• BACKS UP TO A POND
• COMMUNITY POOL
• NEW CARPET UPSTAIRS
• FRESH PAINT THROUGHOUT
• RECENTLY REPLACED ROOF

Property features AI

Finance

• Other: Covenants/restrictions; Accepts 1031 Exchange, Cash, Conventional financing
• HOA & community: Community pool; Association fee $1,800 (covers structure and grounds maintenance, swimming, trash)

Exterior

• Parking: Kitchen level parking features
• Security: Smoke detectors
• Utilities: Public water; Public sewer; Sewer connected; Underground utilities
• Home design: Residential townhouse; Two levels; Resale property
• Construction: Built in 2006; Composition roof; Other construction materials
• Exterior features: Patio; Porch; Level lot; Lake Oconee view; Double-pane windows; Window treatments

Interior

• Kitchen: Breakfast bar; Dishwasher; Microwave; Refrigerator; Stainless steel appliances
• Bedrooms: 3 bedrooms (1 on main level)
• Flooring: Carpet; Tile; Other
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Electric heat; Heat pump; Ceiling fan(s)
• Interior features: Walk-in closets; Family room
• Laundry & utility: Washer and dryer included; Laundry located in hall; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath townhouse listed at $235k.

Deal economics

• At list price, monthly cash flow is $860 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $235k).
• Recommended offer: $228k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.7% vs local median 3.7% in Eatonton — 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 71/100 on livability (#76 in GA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F, employment F.
• Putnam County (rural): math 33% / reading 30% proficiency, ranked #86 of 174 in GA (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 69% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Putnam County Middle School (math 31% / reading 33%, grade F, #229 of 470 statewide, top 49%, 681 students, 81% FRL).
• Market conditions: 524 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 129 units permitted in Putnam County in 2024 (50 in 5+ unit buildings).
• At $3,098/mo this rent would consume 56% of the median local household income ($66k/yr) (locally 696% 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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Putnam County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $66k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($228k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 13y 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 $72k; list at $235k implies a 224% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 34% 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.

Recommended offer $227,950 (3.0% below list)

Questions for the listing agent

1. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.32% ✓
• Cap rate: 10.68%
• Cash-on-cash: 15.68%
• DSCR: 1.70
• GRM: 6.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 6.5%
• Equity multiple: 1.25×
• Total profit: $16,709
• Equity at exit: $35,039

10-year hold

• IRR: 15.9%
• Equity multiple: 2.29×
• Total profit: $85,168
• Equity at exit: $20,319

Cash invested: $65,800 (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 31024

• Active inventory: 524
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $3,098 medium
• Mortgage (P&I): −$1,232
• Tax from tax record: −$107 /mo · $1,287/yr
• Insurance: −$98
• HOA: −$150
• Vacancy / Maint / Mgmt: −$651
• Net cashflow: $860

Break-even live

Break-even rent $2,010

Max offer price $235,000

Occupancy floor 67%

Sensitivity live

Price	-10% $993	-5% $926	+0% $860	+5% $793	+10% $727
Rent	-10% $615	-5% $737	+0% $860	+5% $982	+10% $1,105
Rate	-1.0pp $978	-0.5pp $920	base $860	+0.5pp $799	+1.0pp $737

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
501 Port Laz Ln Unit 1 Eatonton, GA	3.0	3.5	2024	$2,900	$1.43	22d	1	1.08mi
501 Port Laz Ln Eatonton, GA	3.0	4.0	2024	$2,900	$1.43	22d	1	1.08mi

HOA detail

• Monthly dues: $150 · $1,800/yr
• Likely covers: pool

Listing history 23 events

1. 2026-06-21
   days on market $235,000 Active 32 DOM
2. 2026-06-19
   days on market $235,000 Active 30 DOM
3. 2026-06-18
   days on market $235,000 Active 29 DOM
4. 2026-06-17
   days on market $235,000 Active 28 DOM
5. 2026-06-16
   days on market $235,000 Active 27 DOM
6. 2026-06-15
   days on market $235,000 Active 26 DOM
7. 2026-06-14
   days on market $235,000 Active 24 DOM
8. 2026-06-12
   days on market $235,000 Active 23 DOM
9. 2026-06-09
   days on market $235,000 Active 20 DOM
10. 2026-06-08
    days on market $235,000 Active 19 DOM
11. 2026-06-07
    days on market $235,000 Active 18 DOM
12. 2026-06-05
    days on market $235,000 Active 15 DOM
13. 2026-06-03
    statusdays on market $235,000 Active 14 DOM
14. 2026-06-02
    remarks 650-char remark
15. 2026-06-02
    days on market $235,000 New 13 DOM
16. 2026-06-01
    days on market $235,000 New 12 DOM
17. 2026-05-31
    days on market $235,000 New 11 DOM
18. 2026-05-30
    days on market $235,000 New 10 DOM
19. 2026-05-20
    listed $235,000 Active 587-char remark

    Show marketing remark (650 chars)

    3/2.5 Stonegate at Lake Oconee townhome located less than 5 minutes from Lake Oconee's shopping, restaurants and marinas. Prime location with low HOA fees. These make great homes for buyers wanting to experience lake life on a minimal budget or for investors wanting to add to their rental portfolio. This property is an end unit and backs up to a pond offering the most privacy in the development and a larger floor plan than the new construction units. LVP flooring throughout main living areas. Master on main. New carpet upstairs and fresh paint throughput. Roof was recently replaced. All appliances plus washer and dryer convey. Community pool.

20. 2026-05-18
    listed $235,000 New
21. 2013-07-18
    soldstatus $72,500
22. 2013-07-16
    soldstatus $72,500 203-char remark

    Show marketing remark (203 chars)

    Great Buy in Popular STONEGATE 3 Bedroom & 2.5 baths with Master on the Main Level. Good Condition & Convenient Location. Good for Family or Investor Rental Property. Community Pool. Only $78,500

23. 2013-05-22
    listed $78,500 203-char remark

    Show marketing remark (203 chars)

    Great Buy in Popular STONEGATE 3 Bedroom & 2.5 baths with Master on the Main Level. Good Condition & Convenient Location. Good for Family or Investor Rental Property. Community Pool. Only $78,500

ⓘ 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: $1,287 · $107/mo
• Projected year-2 tax: $2,162 · $180/mo
• Expected delta: +$875/yr (+$73/mo · 67.9%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 7/10 Severe 7 d/yr ≥107°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 34% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $37,176
• − Mortgage interest: −$13,164
• − Property taxes: −$1,287
• − Insurance: −$1,175
• − Repairs & maintenance: −$2,974
• − Management: −$2,974
• − HOA: −$1,800
• − Depreciation: −$6,836
• Taxable income: $6,965
• Est. tax owed @ 24.0%: −$1,672
• After-tax cash flow: $8,647/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: Putnam County
• NCES district ID: 1304260
• Math proficiency: 33% ▼ -5.00%
• Reading proficiency: 30% ▼ -1.00%
• Median HH income: $44,038
• Composite: 26.9/100
• National rank: #7088
• State rank: #86 of 174 in GA

Livability — Eatonton

• Score: 71/100
• State rank: #76
• US rank: #6665

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Putnam County · 21,601 people
• City population: 21,601
• Metro: nan
• Population (ZIP): 21,601
• Household income: $65,971
• Rent vs Own: 19.9% rent · 80.1% own
• Severe rent burden: 696.0

Population outlook (Putnam County) Hauer SSP2

• Today (2025): 20,747 people
• By 2030: 20,163 · -2.8%
• By 2040: 18,680 · -10.0%
• By 2050: 17,117 · -17.5%
• By 2075: 13,269 · -36.0%
• By 2100: 9,234 · -55.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (64%)
• Race & ethnicity: White 64% Black 26% Hispanic / Latino 7% Two or more races 5%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Slovak 1% Italian 1% Lithuanian 1%
• Foreign-born: 6% · Canada
• Languages at home: 94% English-only · Spanish 5%

Political lean MEDSL · Putnam

• 2024 margin: Solid R (+42.2) · D 28.7% · R 71.0%
• 2008→2024 swing: -10.9pp toward R · 2008: -31.4pp · 2024: -42.2pp
• All cycles: 2024: R+42.2 2020: R+40.9 2016: R+40.0 2012: R+35.8 2008: R+31.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -199.84%
• Current HPI: 269.8265
• Rent YoY: —
• Metro: nan
• 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

+199.4% since first listed

5 events — show timeline

• 2026-05-20 Listed $235,000 LCBR
• 2026-05-18 Listed $235,000 GAMLS
• 2013-07-18 Sold (Public Records) $72,500 Public Records
• 2013-07-16 Sold (MLS) $72,500 GAMLS
• 2013-05-22 Listed $78,500 GAMLS

Property tax history

+8.3%/yr

Latest (2025): $1,287 · +11.9% YoY. Source: county tax records.