129 Landmark Cir

Statesboro, GA 30458

$253,150C

3 bd · 2.0 ba · 1,299 sqft · Built 2025 · MultiFamily · Pending · 55 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,491/mo
• Mortgage (P&I): −$1,328
• Tax + insurance: −$422
• HOA: −$21
• Vac / Maint / Mgmt: −$523
• Net cashflow: $197/mo
• Annual: $2,369/yr
• Cap rate: 7.23%
• Cash-on-cash: 3.34%
• DSCR: 1.15
• 1% rule: 0.98%
• Cash to close: $70,882

Investor read

• This is a 3-bed/2.0-bath multifamily listed at $253k. Condition is rated excellent.
• At list price, monthly cash flow is $197 ($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 $249k (1.6% below list).
• It's been on market 55 days — a 3% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $246k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#151 in GA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing B+; Watch: amenities C-, crime D+, schools D-.
• Bulloch County (rural): math 32% / reading 33% proficiency, ranked #85 of 174 in GA (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+1.6%/yr); 335 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 668 units permitted in Bulloch County in 2024 (6 in 5+ unit buildings).
• Bulloch County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 18 sale attempts since 5y ago; this cycle's ask has dropped $59k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $151k; list at $253k implies a 68% gain — meaningful room to come down on a strong offer.
• Cap rate 7.2% vs local median 3.6% in Statesboro — 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.
• At $2,491/mo this rent would consume 57% of the median local household income ($52k/yr) (locally 3020% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 55 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is D 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?
• 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 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.