205 George Teston Rd - 4 Units Rd #4

Nicholls, GA 31554

$360,000B-

12 bd · 6.0 ba · 7,000 sqft · Built — · MultiFamily · Active · 15 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,293/mo
• Mortgage (P&I): −$1,888
• Tax + insurance: −$600
• HOA: −$0
• Vac / Maint / Mgmt: −$902
• Net cashflow: $904/mo
• Annual: $10,843/yr
• Cap rate: 9.30%
• Cash-on-cash: 10.76%
• DSCR: 1.48
• 1% rule: 1.19%
• Cash to close: $100,800

Investor read

• This is a 3 × 4-bed/?-bath units multifamily listed at $360k. Condition is rated fair.
• At list price, monthly cash flow is $904 ($11k/yr) — positive. Per door: $301/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $360k).
• It's been on market 15 days — a 2% lower offer ($355k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $355k (1.5% below list) — sets the bar for market timing.
• In year one you build about $12k of equity ($2k loan paydown + $9k appreciation (2.6% local appreciation)).
• Location reads 59/100 on livability (#415 in GA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A-, crime B; Watch: health & safety C-, schools F, amenities F.
• Coffee County (rural): math 28% / reading 31% proficiency, ranked #99 of 174 in GA (top 57%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 9 active listings in the ZIP; 110 units permitted in Coffee County in 2024 (6 in 5+ unit buildings).
• Coffee County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (2.6% appreciation + 3.0% rent growth), your $101k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wind risk, 98% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — The satellite image suggests potential roof leakage and damage.
• Major: exterior siding — The siding is peeling and the paint is faded, indicating significant wear and tear.
• Major: landscaping — The landscaping is overgrown and unkempt, requiring significant maintenance and improvement.
• Major: foundation — The satellite image shows signs of uneven ground and potential structural issues, which may require foundation repair or stabilization.
• Major: HVAC/mechanicals — No photos of the HVAC or mechanical systems are available to assess their condition, but the overall condition of the exterior suggests they may be in poor condition as well.