3604 Stevens St · Savannah, GA 31405

$185,000

2 bd · 1.0 ba · 985 sqft · Other public records · 118 Days on market

Built 1945 3,049 sqft lot $188/sqft · 43% above area Est $148k · 25% over

---

Why this score? — see what drove the D- 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 +17.5/30.0
• DSCR +5.5/10.0
• Livability +4.3/5.0
• 1% rule +3.8/10.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Schools +2.0/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

BRING OFFERS TODAY, THIS SELLER IS READY TO SELL!!! - THIS NICELY RENOVATED HOME IS IN THE PERFECT LOCATION AND IS WAITING FOR YOU!!! JUST 5 MINS TO THE SCAD VICTORY VILLAGE AREA, WITH 3 BEDROOMS, 2 BATHROOMS AND OVER 1100 SQFT, THIS HOME HAS A FAMILY ROOM, ,DINING ROOM AND AN OPEN KITCHEN. THE KITCHEN AND BOTH BATHROOMS ARE NEW PLUS THERE’S NO CARPET INSIDE.

Key facts

• Renovated home
• New kitchen
• Family room

Tags

• RENOVATED HOME
• FAMILY ROOM
• DINING ROOM
• OPEN KITCHEN
• NEW KITCHEN
• NEW BATHROOMS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $185k.

Deal economics

• At list price, monthly cash flow is $141 ($2k/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 $163k (11.9% below list).
• Recommended offer: $163k (11.9% below list) — sets the bar for 1% rule.
• Cap rate 7.2% vs local median 4.0% in Savannah — 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 86/100 on livability (#1 in GA, #397 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+; Watch: employment D, schools F.
• Savannah-Chatham County (urban): math 20% / reading 26% proficiency, ranked #134 of 174 in GA (top 77%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents soft (-0.7%/yr); 276 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,694 units permitted in Chatham County in 2024 (973 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Chatham County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 118 days — a 9% lower offer ($168k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 16y 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 $45k; list at $185k implies a 311% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% 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 $162,974 (11.9% below list)

Questions for the listing agent

1. It's been on market 118 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1945 — 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. 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?
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 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: 0.88% ✗
• Cap rate: 7.21%
• Cash-on-cash: 3.26%
• DSCR: 1.15
• GRM: 9.5

CMA / ARV

• ARV (median comp): $148,160
• List price: $185,000
• Delta: 24.87%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -14.3%
• Equity multiple: 0.50×
• Total profit: $-25,847
• Equity at exit: $27,584

10-year hold

• IRR: -10.8%
• Equity multiple: 0.43×
• Total profit: $-29,652
• Equity at exit: $15,995

Cash invested: $51,800 (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 31405

• Home prices YoY: -32.4%
• Rents YoY: -0.7%
• Active inventory: 276
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $1,630 high
• Mortgage (P&I): −$970
• Tax from tax record: −$100 /mo · $1,194/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$342
• Net cashflow: $141

Break-even live

Break-even rent $1,452

Max offer price $185,000

Occupancy floor 86%

Sensitivity live

Price	-10% $245	-5% $193	+0% $141	+5% $88	+10% $36
Rent	-10% $12	-5% $76	+0% $141	+5% $205	+10% $269
Rate	-1.0pp $234	-0.5pp $188	base $141	+0.5pp $93	+1.0pp $44

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1014 W 53rd St Savannah, GA	3.0	2.0	1048	$1,600	$1.53	15d	1	0.03mi
3302 Bulloch St Savannah, GA	2.0	1.0	744	$995	$1.34	25d	1	0.21mi
601 W 54th St Savannah, GA	1.0–4.0	1.0–2.0	881	$1,417	$1.61	25d	1	0.27mi
1003 W 46th St Savannah, GA	3.0	1.0	1100	$1,625	$1.48	15d	1	0.37mi
628 W 48th St Savannah, GA	3.0	1.0	975	$1,699	$1.74	15d	1	0.37mi
3212 Burroughs St Savannah, GA	3.0	1.0	814	$1,400	$1.72	25d	1	0.40mi
3708 Montgomery St Savannah, GA	2.0	1.0	725	$1,400	$1.93	15d	1	0.45mi
119 W 52nd St Savannah, GA	2.0	1.0	1020	$1,800	$1.76	45d	1	0.48mi
4401 Meding St Savannah, GA	3.0	2.0	1030	$1,500	$1.46	25d	1	0.49mi
2705 Stevens St Savannah, GA	3.0	1.0	900	$1,585	$1.76	45d	1	0.52mi
1005 W Victory Dr Savannah, GA	3.0	2.0	1056	$1,950	$1.85	25d	1	0.53mi
607 W 44th St Unit B Savannah, GA	3.0	1.0	1050	$1,650	$1.57	45d	1	0.55mi
118 W 56th St Savannah, GA	2.0	1.0	936	$1,625	$1.74	15d	1	0.56mi
20 W 54th St Savannah, GA	2.0	1.0	950	$1,200	$1.26	25d	1	0.61mi
4 W 53rd St Unit 4 Savannah, GA	2.0	1.0	960	$1,400	$1.46	45d	1	0.63mi
1109 W 41st St Savannah, GA	3.0	1.0	960	$1,620	$1.69	45d	1	0.64mi
12 W 51st St Savannah, GA	2.0	1.0	932	$2,500	$2.68	25d	1	0.64mi
2 W 53rd St #3 Savannah, GA	2.0	1.0	1122	$1,750	$1.56	45d	1	0.64mi
111 W 48th St Unit A Savannah, GA	1.0	1.0	750	$1,500	$2.00	15d	1	0.66mi
1011 W 40th St Savannah, GA	3.0	2.0	1125	$1,995	$1.77	15d	1	0.68mi
3301 Bull St Unit 4 Savannah, GA	2.0	1.0	1000	$1,750	$1.75	25d	1	0.70mi
2613 Montgomery St Unit B204 Savannah, GA	1.0	1.0	578	$2,168	$3.75	45d	1	0.70mi
2613 Montgomery St Unit A203 Savannah, GA	1.0	1.0	587	$2,201	$3.75	45d	1	0.70mi
2613 Montgomery St Unit A205 Savannah, GA	1.0	1.0	561	$2,300	$4.10	45d	1	0.70mi
2613 Montgomery St Unit A204 Savannah, GA	1.0	1.0	587	$2,671	$4.55	45d	1	0.70mi
2613 Montgomery St Unit A206 Savannah, GA	1.0	1.0	561	$2,104	$3.75	45d	1	0.70mi
2613 Montgomery St Unit A208 Savannah, GA	1.0	1.0	718	$2,836	$3.95	45d	1	0.70mi
2613 Montgomery St Unit A207 Savannah, GA	1.0	1.0	719	$2,876	$4.00	45d	1	0.70mi
2613 Montgomery St Unit A212 Savannah, GA	1.0	1.0	719	$2,948	$4.10	45d	1	0.70mi
2613 Montgomery St Unit A211 Savannah, GA	1.0	1.0	718	$3,411	$4.75	45d	1	0.70mi
2613 Montgomery St Unit B303 Savannah, GA	2.0	2.0	879	$3,472	$3.95	45d	1	0.70mi
2613 Montgomery St Savannah, GA	1.0	1.0	549	$2,348	$4.27	25d	15	0.70mi
3211 Bull St Unit A Savannah, GA	2.0	1.0	1000	$1,975	$1.98	45d	1	0.71mi
4909 Meding St Savannah, GA	2.0	1.0	720	$1,350	$1.88	45d	1	0.73mi
7 Pearl St Unit 5 Savannah, GA	1.0	1.0	550	$1,500	$2.73	25d	1	0.76mi
11 W 45th St Unit B Savannah, GA	1.0	1.0	900	$1,975	$2.19	15d	1	0.76mi
2604 Jefferson St Savannah, GA	2.0	1.0	910	$1,900	$2.09	45d	1	0.77mi
2221 Harden St Savannah, GA	3.0	1.0	1000	$1,550	$1.55	45d	1	0.78mi
2203 Harden St Unit A Savannah, GA	3.0	1.0	900	$2,100	$2.33	15d	1	0.80mi
2123 Harden St Savannah, GA	2.0	1.0	1000	$1,550	$1.55	25d	1	0.81mi

Listing history 11 events

1. 2026-06-05
   statusdays on market $185,000 Pending 118 DOM
2. 2026-06-03
   days on market $185,000 Active Under Contract 117 DOM
3. 2026-06-02
   days on market $185,000 Active Under Contract 116 DOM
4. 2026-06-01
   days on market $185,000 Active Under Contract 115 DOM
5. 2026-05-31
   days on market $185,000 Active Under Contract 114 DOM
6. 2026-05-30
   days on market $185,000 Active Under Contract 113 DOM
7. 2026-02-07
   listed $185,000 Active 367-char remark

   Show marketing remark (367 chars)

   BRING OFFERS TODAY, THIS SELLER IS READY TO SELL!!! - THIS NICELY RENOVATED HOME IS IN THE PERFECT LOCATION AND IS WAITING FOR YOU!!! JUST 5 MINS TO THE SCAD VICTORY VILLAGE AREA, WITH 3 BEDROOMS, 2 BATHROOMS AND OVER 1100 SQFT, THIS HOME HAS A FAMILY ROOM, ,DINING ROOM AND AN OPEN KITCHEN. THE KITCHEN AND BOTH BATHROOMS ARE NEW PLUS THERE’S NO CARPET INSIDE.

8. 2021-06-11
   soldstatus $45,000
9. 2011-08-16
   soldstatus $10,000
10. 2010-09-29
    historical
11. 2010-08-25
    listed $19,500

ⓘ 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: $1,194 · $100/mo
• Projected year-2 tax: $1,702 · $142/mo
• Expected delta: +$508/yr (+$42/mo · 42.5%)

ⓘ 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 2/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥108°F today · 18 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,557
• − Mortgage interest: −$10,363
• − Property taxes: −$1,194
• − Insurance: −$925
• − Repairs & maintenance: −$1,565
• − Management: −$1,565
• − Depreciation: −$5,382
• Taxable loss: −$1,436
• Est. tax savings @ 24.0%: +$345
• After-tax cash flow: $2,034/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: Savannah-Chatham County
• NCES district ID: 1301020
• Math proficiency: 20% ▼ -11.00%
• Reading proficiency: 26% ▼ -5.00%
• Median HH income: $47,443
• Composite: 20.14/100
• National rank: #8639
• State rank: #134 of 174 in GA

Livability — Savannah

• Score: 86/100
• State rank: #1
• US rank: #397

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Savannah, GA
• County: Chatham County · 271,602 people
• City population: 216,564
• Metro: Savannah, GA
• Population (ZIP): 40,764
• Household income: $65,710
• Rent vs Own: 47.9% rent · 52.1% own
• Severe rent burden: 1712.0

Population outlook (Chatham County) Hauer SSP2

• Today (2025): 332,584 people
• By 2030: 355,508 · +6.9%
• By 2040: 400,030 · +20.3%
• By 2050: 443,019 · +33.2%
• By 2075: 534,579 · +60.7%
• By 2100: 583,863 · +75.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: Black 47% White 38% Hispanic / Latino 8% Two or more races 6% Asian 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Italian 1% Slovak 1% Romanian 1%
• Foreign-born: 7% · Canada, China, Jamaica
• Languages at home: 88% English-only · Spanish 6% Other Indo-European 2% Chinese 1%

Political lean MEDSL · Chatham

• 2024 margin: D (+18.0) · D 58.6% · R 40.6%
• 2008→2024 swing: +3.6pp toward D · 2008: 14.4pp · 2024: 18.0pp
• All cycles: 2024: D+18.0 2020: D+18.8 2016: D+14.5 2012: D+12.0 2008: D+14.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -147.33%
• Current HPI: 307.4442
• Rent YoY: ▼ -0.66%
• Metro: Savannah, 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

+848.7% since first listed

5 events — show timeline

• 2026-02-07 Listed $185,000 Hive MLS
• 2021-06-11 Sold (Public Records) $45,000 Public Records
• 2011-08-16 Sold (Public Records) $10,000 Public Records
• 2010-09-29 Listing Removed — Hive MLS
• 2010-08-25 Listed $19,500 Hive MLS

Property tax history

+11.8%/yr

Latest (2025): $1,194 · +80.5% YoY. Source: county tax records.