260 Park Ridge Dr

Athens-Clarke County unified government (balance), GA 30605

$295,000D

4 bd · 2.0 ba · 1,768 sqft · Built 1979 · MultiFamily · Active · 100 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,624/mo
• Mortgage (P&I): −$1,547
• Tax + insurance: −$341
• HOA: −$0
• Vac / Maint / Mgmt: −$551
• Net cashflow: $185/mo
• Annual: $2,217/yr
• Cap rate: 7.04%
• Cash-on-cash: 2.68%
• DSCR: 1.12
• 1% rule: 0.89%
• Cash to close: $82,600

Investor read

• This is a 2 × 2.0-bed/1.0-bath units multifamily listed at $295k.
• At list price, monthly cash flow is $185 ($2k/yr) — positive. Per door: $92/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $262k (11.1% below list).
• It's been on market 100 days — a 9% lower offer ($268k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $262k (11.1% below list) — sets the bar for 1% rule.
• 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 D — affects rentability + tenant quality, not the cash-flow math above.
• Clarke County (urban): math 17% / reading 21% proficiency, ranked #146 of 174 in GA (top 84%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 74% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Gaines Elementary School (math 8% / reading 8%, grade F, #1,125 of 1,228 statewide, top 93%, 518 students, 83% FRL); Hilsman Middle School (math 12% / reading 22%, grade F, #381 of 470 statewide, top 82%, 628 students, 83% FRL); Cedar Shoals High School (1,443 students, 83% FRL).
• Market conditions: Rents rising fast (+4.8%/yr); 303 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,172 units permitted in Clarke County in 2024 (876 in 5+ unit buildings).
• Clarke County population projected at +31% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts 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 $88k; list at $295k implies a 235% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: moderate wind risk, 23% 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.
• Cap rate 7.0% vs local median 3.4% in Athens-Clarke County unified 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 $2,624/mo this rent would consume 63% of the median local household income ($50k/yr) (locally 3628% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 100 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.