2403 Willis Foreman Rd · Augusta-Richmond County consolidated government (balance), GA 30815

$150,000

3 bd · 2.0 ba · 1,792 sqft · Manufactured public records · 24 Days on market

Built 2007 0.41 ac lot $84/sqft · 32% below area Est $220k · 32% under

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Why this score? — see what drove the B 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.3/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home to 2403 Willis Foreman Road in Hephzibah! This spacious 3-bedroom, 2-bath home offers approximately 1,792 heated square feet and sits on a peaceful 0.41-acre lot. Built in 2007, the home features a comfortable split-bedroom floor plan with an open layout, a large kitchen with plenty of storage, and a dining room ideal for everyday meals or entertaining. The seller has made several valuable updates, including a new back deck in 2026, new appliances in 2025, a metal roof in 2024, updated LVP flooring, septic service in 2023, termite preventative treatment in 2023, and HVAC and water heater updates in 2018. Additional features include a low-maintenance vinyl exterior, central heat

Key facts

• Metal roof
• New back deck
• Septic service

Tags

• NEW BACK DECK
• NEW APPLIANCES
• METAL ROOF
• UPDATED LVP FLOORING
• SEPTIC SERVICE
• TERMITE PREVENTATIVE TREATMENT

Property features AI

Exterior

• Parking: On-site parking (gravel/unpaved); No garage
• Security: Smoke detectors
• Utilities: Public water; Septic tank; Cable available; Water connected
• Home design: Manufactured home; Single-level (one story); Entry on level 1; Has a view
• Construction: Vinyl siding; Metal roof; Block foundation; Built as a manufactured home
• Exterior features: Deck; Front porch; Rear porch; Porch; Fenced yard; Outbuilding; Level lot; See remarks

Interior

• Kitchen: Refrigerator; Range; Dishwasher
• Flooring: Laminate flooring; Vinyl flooring
• Bathrooms: Two full bathrooms
• Heating & cooling: Central air conditioning; Ceiling fans; Forced air heating; Fireplace(s)
• Interior features: Master suite on the main level; Walk-in closet(s); Ceiling fans; Accessible full bathroom; See remarks
• Laundry & utility: Laundry room with washer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $150k.

Deal economics

• At list price, monthly cash flow is $646 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $148k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.5% vs local median 5.3% in Augusta-Richmond County consolidated 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.

Location & tenants

• Location reads: area grade B — 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: Willis Foreman Elementary School (math 2% / reading 8%, grade F, #1,160 of 1,228 statewide, top 98%, 332 students, 98% FRL); Spirit Creek Middle School (math 4% / reading 12%, grade F, #445 of 470 statewide, top 95%, 532 students, 98% FRL) — zoned schools average 98% FRL vs 72% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-0.7%/yr); 359 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% of comp listings sitting > 30 days — soft ceiling on asking rent; 561 units permitted in Richmond County in 2024 (0 in 5+ unit buildings).
• This rent runs 34% of the median local income ($70k/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 $4k of value loss. Plan a longer hold.
• Richmond County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $42k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($148k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 8y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 73% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $147,750 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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.
3. 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.
4. 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: 1.33% ✓
• Cap rate: 11.46%
• Cash-on-cash: 18.47%
• DSCR: 1.82
• GRM: 6.3

CMA / ARV

• ARV (median comp): $219,900
• List price: $150,000
• Delta: -31.79%
• Verdict: UNDERPRICED
• Comps: 3 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 6.9%
• Equity multiple: 1.26×
• Total profit: $10,992
• Equity at exit: $22,365

10-year hold

• IRR: 13.6%
• Equity multiple: 1.95×
• Total profit: $39,878
• Equity at exit: $12,969

Cash invested: $42,000 (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 30815

• Home prices YoY: -24.2%
• Rents YoY: -0.7%
• Active inventory: 359
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,992 medium
• Mortgage (P&I): −$787
• Tax from tax record: −$78 /mo · $935/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$418
• Net cashflow: $646

Break-even live

Break-even rent $1,173

Max offer price $150,000

Occupancy floor 63%

Sensitivity live

Price	-10% $731	-5% $689	+0% $646	+5% $604	+10% $562
Rent	-10% $489	-5% $568	+0% $646	+5% $725	+10% $804
Rate	-1.0pp $722	-0.5pp $685	base $646	+0.5pp $608	+1.0pp $568

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4438 Windsor Spring Rd Hephzibah, GA	4.0	2.0	1653	$1,900	$1.15	44d	1	0.31mi
4312 Windsor Spring Rd Hephzibah, GA	4.0	3.0	2300	$3,200	$1.39	44d	1	1.21mi
2302 Woodsman Dr Augusta, GA	3.0	2.0	1436	$1,475	$1.03	24d	1	1.28mi
4235 Cap Chat St Hephzibah, GA	3.0	2.0	1300	$1,651	$1.27	44d	1	1.37mi

Listing history 25 events

1. 2026-06-07
   statusdays on market $150,000 Pending 24 DOM
2. 2026-06-03
   days on market $150,000 Active 23 DOM
3. 2026-06-02
   days on market $150,000 Active 22 DOM
4. 2026-06-01
   days on market $150,000 Active 21 DOM
5. 2026-05-31
   days on market $150,000 Active 20 DOM
6. 2026-05-30
   days on market $150,000 Active 19 DOM
7. 2026-05-11
   historical
8. 2026-05-02
   listed $160,000 Active
9. 2026-05-02
   listed $160,000 Active 1243-char remark
10. 2023-11-20
    historical
11. 2023-11-20
    historical
12. 2023-08-26
    listed $179,999
13. 2023-08-26
    listed $179,999
14. 2023-06-13
    historical
15. 2023-06-13
    historical
16. 2023-06-01
    listed $189,900
17. 2023-06-01
    listed $189,900
18. 2019-07-16
    historical
19. 2019-07-16
    historical
20. 2019-05-08
    listed $99,900
21. 2019-05-08
    listed $99,900
22. 2019-04-05
    historical
23. 2019-04-05
    historical
24. 2018-05-22
    listed $89,500
25. 2018-05-22
    listed $89,500

ⓘ 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: $935 · $78/mo
• Projected year-2 tax: $1,380 · $115/mo
• Expected delta: +$445/yr (+$37/mo · 47.6%)

ⓘ 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 7/10 Severe 7 d/yr ≥106°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 73% 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: $23,901
• − Mortgage interest: −$8,402
• − Property taxes: −$935
• − Insurance: −$750
• − Repairs & maintenance: −$1,912
• − Management: −$1,912
• − Depreciation: −$4,364
• Taxable income: $5,626
• Est. tax owed @ 24.0%: −$1,350
• After-tax cash flow: $6,407/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: Richmond County
• NCES district ID: 1304380
• Math proficiency: 12% ▼ -9.00%
• Reading proficiency: 20% ▼ -6.00%
• Median HH income: $38,069
• Composite: 13.43/100
• National rank: #9524
• State rank: #154 of 174 in GA

Livability — Augusta-Richmond County consolidated government (balance)

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Augusta-Richmond County consolidated government (balance), GA
• County: Richmond County · 190,917 people
• City population: 154,035
• Metro: Augusta-Richmond County, GA-SC
• Population (ZIP): 44,109
• Household income: $70,202
• Rent vs Own: 28.4% rent · 71.6% own
• Severe rent burden: 867.0

Population outlook (Richmond County) Hauer SSP2

• Today (2025): 200,753 people
• By 2030: 200,232 · -0.3%
• By 2040: 196,813 · -2.0%
• By 2050: 190,347 · -5.2%
• By 2075: 172,496 · -14.1%
• By 2100: 146,284 · -27.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority Black (62%)
• Race & ethnicity: Black 62% White 27% Two or more races 5% Hispanic / Latino 4%
• Foreign-born: 4% · Canada, South Korea
• Languages at home: 93% English-only · Spanish 3% Other Indo-European 1% Korean 1%

Political lean MEDSL · Richmond

• 2024 margin: Solid D (+36.1) · D 67.8% · R 31.7%
• 2008→2024 swing: +4.3pp toward D · 2008: 31.8pp · 2024: 36.1pp
• All cycles: 2024: D+36.1 2020: D+37.2 2016: D+32.4 2012: D+33.8 2008: D+31.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -51.74%
• Current HPI: 162.4074
• Rent YoY: ▼ -0.71%
• Metro: Augusta-Richmond County, GA-SC
• 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

+67.6% since first listed

22 events — show timeline

• 2026-06-04 Pending — Hive MLS
• 2026-05-23 Price Changed $150,000 Hive MLS
• 2026-05-22 Price Changed $156,500 Hive MLS
• 2026-05-11 Listing Removed — Hive MLS
• 2026-05-02 Listed $160,000 Hive MLS
• 2026-05-02 Listed $160,000 Hive MLS
• 2023-11-20 Listing Removed — Hive MLS
• 2023-11-20 Listing Removed — Hive MLS
• 2023-08-26 Listed $179,999 Hive MLS
• 2023-08-26 Listed $179,999 Hive MLS
• 2023-06-13 Listing Removed — Hive MLS
• 2023-06-13 Listing Removed — Hive MLS
• 2023-06-01 Listed $189,900 Hive MLS
• 2023-06-01 Listed $189,900 Hive MLS
• 2019-07-16 Listing Removed — Hive MLS
• 2019-07-16 Listing Removed — Hive MLS
• 2019-05-08 Listed $99,900 Hive MLS
• 2019-05-08 Listed $99,900 Hive MLS
• 2019-04-05 Listing Removed — Hive MLS
• 2019-04-05 Listing Removed — Hive MLS
• 2018-05-22 Listed $89,500 Hive MLS
• 2018-05-22 Listed $89,500 Hive MLS

Property tax history

+0.1%/yr

Latest (2025): $935 · +12.3% YoY. Source: county tax records.