232 S Broad St · Rome, GA 30161

$399,900

4 bd · 2.5 ba · 2,926 sqft · MultiFamily public records · 231 Days on market

Built 1900 0.43 ac lot $137/sqft · 5% below area Est $458k · 13% under

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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 +25.5/30.0
• ARV discount +13.2/15.0
• DSCR +8.5/10.0
• 1% rule +5.8/10.0
• Rent growth +4.1/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Historic Victorian Home available in South Rome! Just a few steps from Downtown Rome, this unique property offers a variety of options for residential or commercial usage including single or multifamily residential, short term rental, office space or a combination of both! Built in the early 1900's, this Victorian classic has been recently renovated to bring back it's original charm. Upgrades include three new HVAC systems, all new windows, new electrical, recently replaced roof, fresh interior and exterior paint, new siding, new gutters, new doors, updated bathrooms and kitchens, new flooring, fresh insulation and more. The charm of the original stain glass windows, original fireplaces, superior craftsmanship and versatility of this property are a must see. Please contact listing agent for more details and to schedule a tour.

Key facts

• New hvac systems
• New electrical
• Replaced roof

Tags

• HISTORIC VICTORIAN HOME
• RECENTLY RENOVATED
• NEW HVAC SYSTEMS
• NEW WINDOWS
• NEW ELECTRICAL
• REPLACED ROOF

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath multifamily listed at $400k.

Deal economics

• At list price, monthly cash flow is $937 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $400k).
• Recommended offer: $352k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.1% vs local median 3.3% in Rome — 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 64/100 on livability (#266 in GA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools F, crime F, amenities F.
• Rome City (urban): math 27% / reading 29% proficiency, ranked #112 of 174 in GA (top 64%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+6.3%/yr); 411 active listings in the ZIP; 355 units permitted in Floyd County in 2024 (0 in 5+ unit buildings).
• At $4,304/mo this rent would consume 84% of the median local household income ($62k/yr) (locally 1104% 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.
• Floyd County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 6.3% rent growth), your $112k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 231 days — a 12% lower offer ($352k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 14y 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 $213k; list at $400k implies a 88% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $351,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 231 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. 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.
8. 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.
9. 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.

Investment metrics

• 1% rule: 1.08% ✓
• Cap rate: 9.10%
• Cash-on-cash: 10.04%
• DSCR: 1.45
• GRM: 7.7

CMA / ARV

• ARV (median comp): $458,267
• List price: $399,900
• Delta: -12.74%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 6.28% rent growth · sell at horizon

5-year hold

• IRR: 2.1%
• Equity multiple: 1.08×
• Total profit: $9,404
• Equity at exit: $59,626

10-year hold

• IRR: 14.5%
• Equity multiple: 2.33×
• Total profit: $148,921
• Equity at exit: $34,576

Cash invested: $111,972 (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 30161

• Rents YoY: 6.3%
• Active inventory: 411
• Price-to-rent: 23.2×

Monthly cashflow live

• Estimated rent: $4,304 high
• Mortgage (P&I): −$2,097
• Tax from tax record: −$200 /mo · $2,397/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$904
• Net cashflow: $937

Break-even live

Break-even rent $3,118

Max offer price $399,900

Occupancy floor 73%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,305
Total (3 units)			$4,304

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: $99,975
• Closing costs: $11,997
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-19
   days on market $399,900 Active 231 DOM
2. 2026-06-18
   days on market $399,900 Active 230 DOM
3. 2026-06-17
   days on market $399,900 Active 229 DOM
4. 2026-06-16
   days on market $399,900 Active 228 DOM
5. 2026-06-15
   days on market $399,900 Active 227 DOM
6. 2026-06-14
   days on market $399,900 Active 225 DOM
7. 2026-06-13
   days on market $399,900 Active 224 DOM
8. 2026-06-10
   days on market $399,900 Active 222 DOM
9. 2026-06-09
   days on market $399,900 Active 221 DOM
10. 2026-06-08
    days on market $399,900 Active 220 DOM
11. 2026-06-07
    days on market $399,900 Active 219 DOM
12. 2026-06-05
    days on market $399,900 Active 216 DOM
13. 2026-06-03
    days on market $399,900 Active 215 DOM
14. 2026-06-02
    days on market $399,900 Active 214 DOM
15. 2026-06-01
    days on market $399,900 Active 213 DOM
16. 2026-05-31
    days on market $399,900 Active 212 DOM
17. 2026-05-30
    days on market $399,900 Active 211 DOM
18. 2025-10-13
    listed $399,900 New 838-char remark

    Show marketing remark (838 chars)

    Historic Victorian Home available in South Rome! Just a few steps from Downtown Rome, this unique property offers a variety of options for residential or commercial usage including single or multifamily residential, short term rental, office space or a combination of both! Built in the early 1900's, this Victorian classic has been recently renovated to bring back it's original charm. Upgrades include three new HVAC systems, all new windows, new electrical, recently replaced roof, fresh interior and exterior paint, new siding, new gutters, new doors, updated bathrooms and kitchens, new flooring, fresh insulation and more. The charm of the original stain glass windows, original fireplaces, superior craftsmanship and versatility of this property are a must see. Please contact listing agent for more details and to schedule a tour.

19. 2022-05-13
    soldstatus $212,800 Sold 763-char remark

    Show marketing remark (763 chars)

    This is the Historic Home you have been looking for! This home has lately been used as a single family residence, and an airbnb. On the first floor, there is a large eat in kitchen, bar room, living room, bathroom and 2 bedrooms. One the second floor there are 3 bedrooms, bathroom, and a second kitchen that includes the laundry closet. The second floor an be entered from the main floor or the exterior stairs in the back of the property. The staircase can be locked at the top or the bottom to create a completely separate space. There are 2 meters for electricity, currently the entire house is on one meter. There is a large parking area behind the house that would park about 10 vehicles. The square footage of the house, and lot size are estimates.

20. 2022-04-22
    status Under Contract 763-char remark

    Show marketing remark (763 chars)

    This is the Historic Home you have been looking for! This home has lately been used as a single family residence, and an airbnb. On the first floor, there is a large eat in kitchen, bar room, living room, bathroom and 2 bedrooms. One the second floor there are 3 bedrooms, bathroom, and a second kitchen that includes the laundry closet. The second floor an be entered from the main floor or the exterior stairs in the back of the property. The staircase can be locked at the top or the bottom to create a completely separate space. There are 2 meters for electricity, currently the entire house is on one meter. There is a large parking area behind the house that would park about 10 vehicles. The square footage of the house, and lot size are estimates.

21. 2022-03-13
    listed $245,000 New 763-char remark

    Show marketing remark (763 chars)

    This is the Historic Home you have been looking for! This home has lately been used as a single family residence, and an airbnb. On the first floor, there is a large eat in kitchen, bar room, living room, bathroom and 2 bedrooms. One the second floor there are 3 bedrooms, bathroom, and a second kitchen that includes the laundry closet. The second floor an be entered from the main floor or the exterior stairs in the back of the property. The staircase can be locked at the top or the bottom to create a completely separate space. There are 2 meters for electricity, currently the entire house is on one meter. There is a large parking area behind the house that would park about 10 vehicles. The square footage of the house, and lot size are estimates.

22. 2022-01-26
    historical
23. 2021-10-27
    listed $250,000 New
24. 2012-06-16
    historical
25. 2012-03-13
    listed $55,000 New

ⓘ 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: $2,397 · $200/mo
• Projected year-2 tax: $3,679 · $307/mo
• Expected delta: +$1,282/yr (+$107/mo · 53.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $51,648
• − Mortgage interest: −$22,401
• − Property taxes: −$2,397
• − Insurance: −$2,000
• − Repairs & maintenance: −$4,132
• − Management: −$4,132
• − Depreciation: −$11,633
• Taxable income: $4,953
• Est. tax owed @ 24.0%: −$1,189
• After-tax cash flow: $10,051/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: Rome City
• NCES district ID: 1304440
• Math proficiency: 27% ▼ -14.00%
• Reading proficiency: 29% ▼ -4.00%
• Median HH income: $34,889
• Composite: 23.1/100
• National rank: #7963
• State rank: #112 of 174 in GA

Livability — Rome

• Score: 64/100
• State rank: #266
• US rank: #14459

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rome, GA
• County: Floyd County · 77,706 people
• City population: 77,706
• Metro: Rome, GA
• Population (ZIP): 34,705
• Household income: $61,667
• Rent vs Own: 39.3% rent · 60.7% own
• Severe rent burden: 1104.0

Population outlook (Floyd County) Hauer SSP2

• Today (2025): 96,321 people
• By 2030: 95,532 · -0.8%
• By 2040: 93,332 · -3.1%
• By 2050: 90,850 · -5.7%
• By 2075: 84,989 · -11.8%
• By 2100: 76,097 · -21.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Black 20% Hispanic / Latino 7% Two or more races 6% Asian 1%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Slovak 3% Serbian 2% Italian 2%
• Foreign-born: 5% · Canada
• Languages at home: 91% English-only · Spanish 5% Other Indo-European 1%

Political lean MEDSL · Floyd

• 2024 margin: Solid R (+42.0) · D 28.8% · R 70.7%
• 2008→2024 swing: -5.6pp toward R · 2008: -36.4pp · 2024: -42.0pp
• All cycles: 2024: R+42.0 2020: R+41.1 2016: R+43.5 2012: R+39.9 2008: R+36.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -186.06%
• Current HPI: 257.8168
• Rent YoY: ▲ 6.28%
• Metro: Rome, 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

+627.1% since first listed

8 events — show timeline

• 2025-10-13 Listed $399,900 GAMLS
• 2022-05-13 Sold (MLS) $212,800 GAMLS
• 2022-04-22 Pending — GAMLS
• 2022-03-13 Listed $245,000 GAMLS
• 2022-01-26 Listing Removed — GAMLS
• 2021-10-27 Listed $250,000 GAMLS
• 2012-06-16 Listing Removed — GAMLS
• 2012-03-13 Listed $55,000 GAMLS

Property tax history

+28.8%/yr

Latest (2025): $2,397 · +9.6% YoY. Source: county tax records.