299 Gaines Rd NE · Shannon, GA 30161

$175,000

3 bd · 2.0 ba · 1,973 sqft · SingleFamily public records · 28 Days on market

Built 1972 2.00 ac lot $89/sqft · 50% below area Est $350k · 50% under

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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 +20.0/30.0
• ARV discount +15.0/15.0
• DSCR +6.4/10.0
• Rent growth +4.1/5.0
• 1% rule +4.0/10.0
• Schools +3.5/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investor special with serious upside in the model school district!!! This property has been fully gutted and is ready for your vision-whether you're looking to renovate and resale or create your dream home from the ground up. With an ARV projected into the $400s, this is an ideal opportunity for a farmhouse-style flip or custom renovation. The layout includes an oversized primary suite with huge potential, and there's room to add an additional half bathroom, giving you even more flexibility in your design. Sitting on a generous lot, the possibilities here are endless. Bring your contractor and your creativity-this one is ready to be transformed. CASH ONLY. Septic has been pumped and located to save you time!

Key facts

• Fully gutted
• Generous lot
• 2 acre lot

Tags

• FULLY GUTTED
• OVERSIZED PRIMARY SUITE
• ADDITIONAL HALF BATHROOM
• GENEROUS LOT

Property features AI

Exterior

• Parking: On-street parking; Open parking available
• Utilities: Public water; Public sewer; Electric service: other; Other utilities
• Home design: Single-level home
• Construction: Construction materials: other; Roof: other; Foundation: see remarks
• Exterior features: Other exterior structures; Road access: GPS directions available; Road surface and frontage: other

Interior

• Kitchen: Kitchen with other/custom features; Appliances included (other)
• Bedrooms: Three main-level bedrooms
• Flooring: Other flooring
• Bathrooms: Three full bathrooms (all on main level); Master bathroom with other/custom features
• Heating & cooling: Central air conditioning; Other heating
• Interior features: One fireplace; No shared/common walls; Resale condition
• Laundry & utility: Laundry area with other/custom features

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $216 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $158k (9.9% below list).
• Recommended offer: $158k (9.9% below list) — sets the bar for 1% rule.
• Cap rate 7.8% vs local median 3.7% in Shannon — 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 64/100 on livability (#264 in GA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D, amenities F, commute F.
• Floyd County (rural): math 41% / reading 40% proficiency, ranked #45 of 174 in GA (top 26%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Model Elementary School (math 50% / reading 48%, grade D, #280 of 1,228 statewide, top 23%, 489 students, 56% FRL); Model Middle School (math 47% / reading 53%, grade C, #68 of 470 statewide, top 15%, 519 students, 41% FRL); Model High (math 36% / reading 43%, grade F, #57 of 424 statewide, top 13%, 912 students, 32% FRL).
• Market conditions: Rents rising fast (+6.3%/yr); 411 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 355 units permitted in Floyd County in 2024 (0 in 5+ unit buildings).
• This rent runs 31% of the median local income ($62k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Floyd County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• 2 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 $120k; 46% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $157,749 (9.9% below list)

Questions for the listing agent

1. Built in 1972 — 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. 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.
5. 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.
6. 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: 0.90% ✗
• Cap rate: 7.77%
• Cash-on-cash: 5.28%
• DSCR: 1.24
• GRM: 9.2

CMA / ARV

• ARV (median comp): $350,000
• List price: $175,000
• Delta: -50.00%
• Verdict: UNDERPRICED
• Comps: 11 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
299 Gaines Rd NE	0.00mi	3/3.0	1,973 (0%)	1mo	$120,000	$61	95
56 Lull Rd	0.38mi	3/2.5	2,037 (+3%)	3mo	$350,000	$172	73
60 Lull Rd	0.33mi	3/2.0	2,059 (+4%)	18mo	$360,000	$175	62
107 Pinson Rd	0.72mi	2/2.0 (-1)	2,051 (+4%)	8mo	$305,000	$149	48

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 · 6.28% rent growth · sell at horizon

5-year hold

• IRR: -5.0%
• Equity multiple: 0.81×
• Total profit: $-9,331
• Equity at exit: $26,093

10-year hold

• IRR: 7.8%
• Equity multiple: 1.67×
• Total profit: $32,817
• Equity at exit: $15,131

Cash invested: $49,000 (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 30161

• Rents YoY: 6.3%
• Active inventory: 411
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $1,577 medium
• Mortgage (P&I): −$918
• Tax from tax record: −$40 /mo · $479/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$331
• Net cashflow: $216

Break-even live

Break-even rent $1,304

Max offer price $175,000

Occupancy floor 81%

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
129 Pierce Hill Rd NE Rome, GA	3.0	2.0	1500	$2,000	$1.33	44d	1	0.57mi

Listing history 7 events

1. 2026-04-28
   listed $175,000 New 717-char remark

   Show marketing remark (717 chars)

   Investor special with serious upside in the model school district!!! This property has been fully gutted and is ready for your vision-whether you're looking to renovate and resale or create your dream home from the ground up. With an ARV projected into the $400s, this is an ideal opportunity for a farmhouse-style flip or custom renovation. The layout includes an oversized primary suite with huge potential, and there's room to add an additional half bathroom, giving you even more flexibility in your design. Sitting on a generous lot, the possibilities here are endless. Bring your contractor and your creativity-this one is ready to be transformed. CASH ONLY. Septic has been pumped and located to save you time!

2. 2026-04-28
   listed $175,000 Active 735-char remark

   Show marketing remark (717 chars)

   Investor special with serious upside in the model school district!!! This property has been fully gutted and is ready for your vision-whether you're looking to renovate and resale or create your dream home from the ground up. With an ARV projected into the $400s, this is an ideal opportunity for a farmhouse-style flip or custom renovation. The layout includes an oversized primary suite with huge potential, and there's room to add an additional half bathroom, giving you even more flexibility in your design. Sitting on a generous lot, the possibilities here are endless. Bring your contractor and your creativity-this one is ready to be transformed. CASH ONLY. Septic has been pumped and located to save you time!

3. 2025-12-10
   soldstatus $87,500
4. 2003-07-03
   soldstatus $33,000
5. 1994-09-09
   soldstatus $60,100
6. 1993-05-03
   soldstatus $65,000
7. 1986-12-19
   soldstatus $54,000

ⓘ 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: $479 · $40/mo
• Projected year-2 tax: $1,610 · $134/mo
• Expected delta: +$1,131/yr (+$94/mo · 236.1%)

ⓘ 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 5/10 Major
• 🌡 Heat 6/10 Major 7 d/yr ≥103°F today · 20 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 15% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,930
• − Mortgage interest: −$9,803
• − Property taxes: −$479
• − Insurance: −$875
• − Repairs & maintenance: −$1,514
• − Management: −$1,514
• − Depreciation: −$5,091
• Taxable loss: −$347
• Est. tax savings @ 24.0%: +$83
• After-tax cash flow: $2,671/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: Floyd County
• NCES district ID: 1302190
• Math proficiency: 41% ▼ -5.00%
• Reading proficiency: 40% ▼ -4.00%
• Median HH income: $47,083
• Composite: 34.64/100
• National rank: #5143
• State rank: #45 of 174 in GA

Livability — Shannon

• Score: 64/100
• State rank: #264
• US rank: #14408

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Shannon, GA
• County: Floyd County · 77,706 people
• Metro: Rome, GA
• Population (ZIP): 34,705
• Household income: $61,667
• Rent vs Own: 39.3% rent · 60.7% own
• Severe rent burden: 1104.0

Population outlook (Floyd County) Hauer SSP2

• Today (2025): 96,321 people
• By 2030: 95,532 · -0.8%
• By 2040: 93,332 · -3.1%
• By 2050: 90,850 · -5.7%
• By 2075: 84,989 · -11.8%
• By 2100: 76,097 · -21.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Black 20% Hispanic / Latino 7% Two or more races 6% Asian 1%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Slovak 3% Serbian 2% Italian 2%
• Foreign-born: 5% · Canada
• Languages at home: 91% English-only · Spanish 5% Other Indo-European 1%

Political lean MEDSL · Floyd

• 2024 margin: Solid R (+42.0) · D 28.8% · R 70.7%
• 2008→2024 swing: -5.6pp toward R · 2008: -36.4pp · 2024: -42.0pp
• All cycles: 2024: R+42.0 2020: R+41.1 2016: R+43.5 2012: R+39.9 2008: R+36.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -186.06%
• Current HPI: 257.8168
• Rent YoY: ▲ 6.28%
• Metro: Rome, 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

+122.2% since first listed

11 events — show timeline

• 2026-05-28 Sold (MLS) $120,000 GAMLS
• 2026-05-27 Pending — GAMLS
• 2026-05-15 Sold (Public Records) $120,000 Public Records
• 2026-05-14 Sold (MLS) $120,000 FMLS
• 2026-04-28 Listed $175,000 FMLS
• 2026-04-28 Listed $175,000 GAMLS
• 2025-12-10 Sold (Public Records) $87,500 Public Records
• 2003-07-03 Sold (Public Records) $33,000 Public Records
• 1994-09-09 Sold (Public Records) $60,100 Public Records
• 1993-05-03 Sold (Public Records) $65,000 Public Records
• 1986-12-19 Sold (Public Records) $54,000 Public Records

Property tax history

+4.3%/yr

Latest (2025): $479 · +2.2% YoY. Source: county tax records.