2910 Wellington St

Augusta-Richmond County consolidated government (balance), GA 30909

$310,000C-

4 bd · 3.0 ba · 2,718 sqft · Built 2010 · SingleFamily · Active · 28 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,233/mo
• Mortgage (P&I): −$1,626
• Tax + insurance: −$449
• HOA: −$27
• Vac / Maint / Mgmt: −$679
• Net cashflow: $452/mo
• Annual: $5,422/yr
• Cap rate: 8.04%
• Cash-on-cash: 6.25%
• DSCR: 1.28
• 1% rule: 1.04%
• Cash to close: $86,800

Investor read

• This is a 4-bed/3.0-bath single-family listed at $310k.
• At list price, monthly cash flow is $452 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $310k).
• It's been on market 28 days — a 2% lower offer ($305k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $305k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Richmond County (urban): math 12% / reading 20% proficiency, ranked #154 of 174 in GA (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 72% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Belair K-8 School (math 18% / reading 20%, grade F, #917 of 1,228 statewide, top 75%, 1,032 students, 98% FRL); Westside High School (math 2% / reading 12%, grade F, #385 of 424 statewide, top 92%, 999 students, 98% FRL) — zoned schools average 98% FRL vs 72% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 303 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 561 units permitted in Richmond County in 2024 (0 in 5+ unit buildings).
• Richmond County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 8 sale attempts since 16y 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 $158k; list at $310k implies a 96% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 65% 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 8.0% vs local median 5.3% in Augusta-Richmond County consolidated government (balance) — 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.
• At $3,233/mo this rent would consume 54% of the median local household income ($71k/yr) (locally 2113% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.