121 Pine Ave SE · Milledgeville, GA 31061

$103,000

2 bd · 1.0 ba · 672 sqft · SingleFamily public records · 20 Days on market

Built 1955 0.35 ac lot Est $106k · at est.

---

Why this score? — see what drove the C 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 +25.7/30.0
• ARV discount +8.8/15.0
• DSCR +8.6/10.0
• 1% rule +5.6/10.0
• Rent growth +3.5/5.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Recently renovated 2 bedroom 1.5 bath house is a must see! Refinished original hardwood floors, new metal roof, custom shutters, bathroom addition, and freshly painted just to name a few upgrades. This darling home will not last long!

Key facts

• Updated cabinets
• Tile walls in shower
• Good storage space

Tags

• HARDWOOD AND LVP FLOORING
• TILE WALLS IN SHOWER
• UPDATED CABINETS
• GOOD STORAGE SPACE
• COVERED BACK PORCH
• SEPARATE CARPORT

Property features AI

Finance

• Other: Located at 121 Pine Ave SE, Milledgeville, GA 31061; Directions: Use GPS
• Financial info: Listing available as Cash or Conventional; Property being sold As-Is; Also listed as a rental
• HOA & community: No homeowners association

Exterior

• Parking: Carport; Detached carport/parking
• Utilities: Public water; Public sewer; Electricity available; Cable available; High-speed internet available; Sewer connected; Water available
• Home design: Single-family residence (house); Resale property; Built in 1955
• Construction: Vinyl siding; Metal roof; Built in 1955
• Exterior features: Front porch; Lot approximately 0.35 acres; Lot features: None

Interior

• Kitchen: No specific kitchen appliances listed
• Bedrooms: 2 bedrooms on the main level
• Flooring: Hardwood flooring; Laminate flooring
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Central heating; Central air conditioning
• Interior features: One-level layout; Electric water heater; Living area 672 (public records); No basement; Other interior features
• Laundry & utility: Laundry closet

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $103k.

Deal economics

• At list price, monthly cash flow is $247 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $103k).
• Recommended offer: $101k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.2% vs local median 2.9% in Milledgeville — 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 68/100 on livability (#134 in GA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: amenities D+, schools F, crime F.
• Baldwin County (town): math 13% / reading 20% proficiency, ranked #152 of 174 in GA (top 87%) — 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.
• Market conditions: Rents rising fast (+4.0%/yr); 375 active listings in the ZIP; 202 units permitted in Baldwin County in 2024 (12 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $712 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Baldwin County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 4.0% rent growth), your $29k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($101k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y 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 $80k; 28% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 65% 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 $101,455 (1.5% below list)

Questions for the listing agent

1. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
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: 1.06% ✓
• Cap rate: 9.17%
• Cash-on-cash: 10.26%
• DSCR: 1.46
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $106,176
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
190 Pennington Rd SE	0.08mi	2/1.0	672 (0%)	3mo	$106,000	$158	94

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 4.05% rent growth · sell at horizon

5-year hold

• IRR: 0.1%
• Equity multiple: 1.00×
• Total profit: $127
• Equity at exit: $15,358

10-year hold

• IRR: 10.7%
• Equity multiple: 1.87×
• Total profit: $25,016
• Equity at exit: $8,906

Cash invested: $28,840 (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 31061

• Home prices YoY: -29.9%
• Rents YoY: 4.0%
• Active inventory: 375
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $1,088 medium
• Mortgage (P&I): −$540
• Tax from tax record: −$30 /mo · $356/yr
• Insurance: −$43
• HOA: −$0
• Vacancy / Maint / Mgmt: −$228
• Net cashflow: $247

Break-even live

Break-even rent $776

Max offer price $103,000

Occupancy floor 72%

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: $25,750
• Closing costs: $3,090
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-19
   days on market $103,000 Active 20 DOM
2. 2026-06-18
   statusdays on market $103,000 Active 19 DOM
3. 2026-06-17
   days on market $103,000 Price Change 18 DOM
4. 2026-06-16
   days on market $103,000 Price Change 17 DOM
5. 2026-06-16
   pricestatus $103,000 Price Change 16 DOM
6. 2026-06-15
   days on market $107,000 Active 16 DOM
7. 2026-06-14
   statusdays on market $107,000 Active 14 DOM
8. 2026-06-12
   days on market $107,000 New 13 DOM
9. 2026-06-09
   days on market $107,000 New 10 DOM
10. 2026-06-08
    days on market $107,000 New 9 DOM
11. 2026-06-07
    days on market $107,000 New 8 DOM
12. 2026-06-05
    days on market $107,000 New 5 DOM
13. 2026-06-03
    days on market $107,000 New 4 DOM
14. 2026-06-02
    days on market $107,000 New 3 DOM
15. 2026-06-01
    days on market $107,000 New 2 DOM
16. 2026-05-30
    remarks 364-char remark
17. 2026-05-30
    listed $107,000 New 1 DOM

ⓘ 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: $356 · $30/mo
• Projected year-2 tax: $948 · $79/mo
• Expected delta: +$591/yr (+$49/mo · 166.0%)

ⓘ 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 ≥109°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 65% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,052
• − Mortgage interest: −$5,770
• − Property taxes: −$356
• − Insurance: −$515
• − Repairs & maintenance: −$1,044
• − Management: −$1,044
• − Depreciation: −$2,996
• Taxable income: $1,327
• Est. tax owed @ 24.0%: −$318
• After-tax cash flow: $2,640/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: Baldwin County
• NCES district ID: 1300210
• Math proficiency: 13% ▼ -8.00%
• Reading proficiency: 20% ▼ -5.00%
• Median HH income: $35,615
• Composite: 13.61/100
• National rank: #9508
• State rank: #152 of 174 in GA

Livability — Milledgeville

• Score: 68/100
• State rank: #134
• US rank: #9206

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Milledgeville, GA
• County: Baldwin County · 41,764 people
• City population: 41,764
• Metro: Milledgeville, GA
• Population (ZIP): 41,764
• Household income: $54,263
• Rent vs Own: 40.6% rent · 59.4% own
• Severe rent burden: 1630.0

Population outlook (Baldwin County) Hauer SSP2

• Today (2025): 45,602 people
• By 2030: 45,481 · -0.3%
• By 2040: 44,310 · -2.8%
• By 2050: 42,129 · -7.6%
• By 2075: 36,819 · -19.3%
• By 2100: 29,320 · -35.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: White 51% Black 43% Hispanic / Latino 3% Two or more races 3% Asian 2%
• Common ancestry: Slovak 1% Serbian 1% Italian 1%
• Foreign-born: 3% · Canada, South Korea
• Languages at home: 96% English-only · Spanish 2% Korean 1%

Political lean MEDSL · Baldwin

• 2024 margin: Toss-up / Even · D 48.6% · R 50.9%
• 2008→2024 swing: -6.8pp toward R · 2008: 4.6pp · 2024: -2.2pp
• All cycles: 2024: R+2.2 2020: D+1.3 2016: D+1.7 2012: D+5.5 2008: D+4.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -103.16%
• Current HPI: 241.3758
• Rent YoY: ▲ 4.05%
• Metro: Milledgeville, 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

+19.0% since first listed

5 events — show timeline

• 2026-05-29 Listed $107,000 GAMLS
• 2022-07-29 Sold (Public Records) $80,500 Public Records
• 2022-07-28 Sold (MLS) $80,500 GAMLS
• 2022-07-19 Pending — GAMLS
• 2022-06-23 Listed $89,900 GAMLS

Property tax history

+10.4%/yr

Latest (2025): $356 · -2.5% YoY. Source: county tax records.