601 N Wayne St · Milledgeville, GA 31061

$299,000

3 bd · 4.0 ba · 2,431 sqft · MultiFamily public records · 107 Days on market

Built 1930 10,454 sqft lot $123/sqft · 10% above area Est $272k · 10% over

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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 +24.5/30.0
• DSCR +7.9/10.0
• 1% rule +5.6/10.0
• Rent growth +3.5/5.0
• Livability +3.4/5.0
• ARV discount +3.1/15.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Fantastic Location! 3 blocks to GC campus & downtown Milledgeville. 5 BR 2BA featuring beautiful architectural 1900's design with new flooring, new appliances, and HVAC system. The backyard is fenced for privacy. Wrap around porches for relaxing.

Key facts

• Architectural design
• Wrap around porches
• Fenced backyard

Tags

• FENCED BACKYARD
• WRAP AROUND PORCHES
• ARCHITECTURAL DESIGN

What this means for you Summary

Snapshot

• This is a 3-bed/4.0-bath multifamily listed at $299k.

Deal economics

• At list price, monthly cash flow is $612 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $299k).
• Recommended offer: $272k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.7% 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; 1 comparable units currently listed for rent nearby; 202 units permitted in Baldwin County in 2024 (12 in 5+ unit buildings).
• At $3,176/mo this rent would consume 70% of the median local household income ($54k/yr) (locally 1630% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• 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.
• Baldwin County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 107 days — a 9% lower offer ($272k) is reasonable based on typical stale-listing flexibility.
• 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 $210k; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 57% 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.

Recommended offer $272,090 (9.0% below list)

Questions for the listing agent

1. It's been on market 107 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.06% ✓
• Cap rate: 8.75%
• Cash-on-cash: 8.77%
• DSCR: 1.39
• GRM: 7.8

CMA / ARV

• ARV (median comp): $272,445
• List price: $299,000
• Delta: 9.75%
• Verdict: FAIR
• Comps: 18 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -1.9%
• Equity multiple: 0.93×
• Total profit: $-6,129
• Equity at exit: $44,582

10-year hold

• IRR: 8.8%
• Equity multiple: 1.70×
• Total profit: $58,850
• Equity at exit: $25,852

Cash invested: $83,720 (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: 23.5×

Monthly cashflow live

• Estimated rent: $3,176 high
• Mortgage (P&I): −$1,568
• Tax from tax record: −$204 /mo · $2,452/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$667
• Net cashflow: $612

Break-even live

Break-even rent $2,401

Max offer price $299,000

Occupancy floor 76%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$3,177
Total (3 units)			$3,176

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: $74,750
• Closing costs: $8,970
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1753 Cedarwood Rd Milledgeville, GA	3.0	2.0	1740	$1,800	$1.03	44d	1	1.45mi

Listing history 22 events

1. 2026-06-19
   days on market $299,000 Active 107 DOM
2. 2026-06-18
   days on market $299,000 Active 106 DOM
3. 2026-06-17
   days on market $299,000 Active 105 DOM
4. 2026-06-16
   days on market $299,000 Active 104 DOM
5. 2026-06-15
   days on market $299,000 Active 103 DOM
6. 2026-06-14
   days on market $299,000 Active 101 DOM
7. 2026-06-12
   days on market $299,000 Active 100 DOM
8. 2026-06-09
   days on market $299,000 Active 97 DOM
9. 2026-06-08
   days on market $299,000 Active 96 DOM
10. 2026-06-07
    days on market $299,000 Active 95 DOM
11. 2026-06-05
    days on market $299,000 Active 92 DOM
12. 2026-06-03
    days on market $299,000 Active 91 DOM
13. 2026-06-02
    days on market $299,000 Active 90 DOM
14. 2026-06-01
    days on market $299,000 Active 89 DOM
15. 2026-05-31
    days on market $299,000 Active 88 DOM
16. 2026-05-30
    days on market $299,000 Active 87 DOM
17. 2026-03-03
    listed $299,000 New 250-char remark

    Show marketing remark (250 chars)

    Fantastic Location! 3 blocks to GC campus & downtown Milledgeville. 5 BR 2BA featuring beautiful architectural 1900's design with new flooring, new appliances, and HVAC system. The backyard is fenced for privacy. Wrap around porches for relaxing.

18. 2026-02-20
    historical
19. 2026-02-02
    status Back On Market
20. 2026-01-31
    historical
21. 2025-09-19
    listed $375,000 New
22. 2020-12-30
    soldstatus $210,000

ⓘ 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: $2,452 · $204/mo
• Projected year-2 tax: $2,751 · $229/mo
• Expected delta: +$299/yr (+$25/mo · 12.2%)

ⓘ 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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 7/10 Severe 7 d/yr ≥109°F today · 18 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 57% 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: $38,112
• − Mortgage interest: −$16,749
• − Property taxes: −$2,452
• − Insurance: −$1,495
• − Repairs & maintenance: −$3,049
• − Management: −$3,049
• − Depreciation: −$8,698
• Taxable income: $2,620
• Est. tax owed @ 24.0%: −$629
• After-tax cash flow: $6,717/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

+42.4% since first listed

6 events — show timeline

• 2026-03-03 Listed $299,000 GAMLS
• 2026-02-20 Listing Removed — GAMLS
• 2026-02-02 Relisted — GAMLS
• 2026-01-31 Listing Removed — GAMLS
• 2025-09-19 Listed $375,000 GAMLS
• 2020-12-30 Sold (Public Records) $210,000 Public Records

Property tax history

+8.3%/yr

Latest (2025): $2,452 · -2.6% YoY. Source: county tax records.