113 Ave J

Thomaston, GA 30286

$108,000D+

2 bd · 1.0 ba · 896 sqft · Built 1943 · SingleFamily · Active · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,113/mo
• Mortgage (P&I): −$566
• Tax + insurance: −$94
• HOA: −$0
• Vac / Maint / Mgmt: −$234
• Net cashflow: $219/mo
• Annual: $2,632/yr
• Cap rate: 8.73%
• Cash-on-cash: 8.70%
• DSCR: 1.39
• 1% rule: 1.03%
• Cash to close: $30,240

Investor read

• This is a 2-bed/1.0-bath single-family listed at $108k.
• At list price, monthly cash flow is $219 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $108k).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $747 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 57/100 on livability (#455 in GA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A-; Watch: crime C-, amenities F, commute F.
• Thomaston-Upson County (rural): math 26% / reading 26% proficiency, ranked #123 of 174 in GA (top 71%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Upson-Lee Middle School (math 22% / reading 32%, grade F, #271 of 470 statewide, top 60%, 927 students, 83% FRL); Upson-Lee High School (math 18% / reading 17%, grade F, #264 of 424 statewide, top 63%, 1,178 students, 70% FRL) — zoned schools average 77% FRL vs 60% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1943 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 199 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 111 units permitted in Upson County in 2024 (0 in 5+ unit buildings).
• Upson County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 2y ago; this cycle's ask has dropped $12k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $40k; list at $108k implies a 171% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 61% 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 8.7% vs local median 4.0% in Thomaston — 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.

Questions for listing agent

• Built in 1943 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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?
• 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.