228 Greene St

Augusta-Richmond County consolidated government (balance), GA 30901

$135,000D+

2 bd · 1.5 ba · 975 sqft · Built 1929 · SingleFamily · Active · 38 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,034/mo
• Mortgage (P&I): −$708
• Tax + insurance: −$211
• HOA: −$0
• Vac / Maint / Mgmt: −$217
• Net cashflow: $-102/mo
• Annual: $-1,228/yr
• Cap rate: 5.38%
• Cash-on-cash: -3.25%
• DSCR: 0.86
• 1% rule: 0.77%
• Cash to close: $37,800

Investor read

• This is a 2-bed/1.5-bath single-family listed at $135k.
• At list price, monthly cash flow is $-102 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $117k (13.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $103k (23.4% below list).
• It's been on market 38 days — a 3% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $103k (23.4% below list) — sets the bar for 1% rule.
• In year one you build about $12k of equity ($933 loan paydown + $11k appreciation (8.2% local appreciation)).
• Location reads: area grade D — 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: Lamar - Milledge Elementary School (math 12% / reading 12%, grade F, #1,041 of 1,228 statewide, top 87%, 301 students, 98% FRL); Langford Middle School (math 2% / reading 14%, grade F, #445 of 470 statewide, top 95%, 731 students, 98% FRL) — zoned schools average 98% FRL vs 72% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1929 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents soft (-1.3%/yr); 129 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 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.
• 4 sale attempts; this cycle's ask has dropped $20k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $25k; list at $135k implies a 440% gain — meaningful room to come down on a strong offer.
• By year 4, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 67% 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.
• At $1,034/mo this rent would consume 49% of the median local household income ($25k/yr) (locally 2063% 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 do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 38 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
• Built in 1929 — 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.
• 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.