230 Lanier Dr Unit 257-262

Statesboro, GA 30458

$690,000F

None bd · None ba · — sqft · Built 1991 · Condo · Active · 315 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,117/mo
• Mortgage (P&I): −$3,618
• Tax + insurance: −$1,150
• HOA: −$4
• Vac / Maint / Mgmt: −$235
• Net cashflow: $-3,890/mo
• Annual: $-46,681/yr
• Cap rate: -0.47%
• Cash-on-cash: -24.16%
• DSCR: -0.08
• 1% rule: 0.16%
• Cash to close: $193,200

Investor read

• This is a condo listed at $690k. Condition is rated fair.
• At list price, monthly cash flow is $-4k ($-47k/yr) — negative.
• To cash-flow at today's rent, offer at most $127k (81.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $112k (83.8% below list).
• It's been on market 315 days — a 12% lower offer ($607k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $112k (83.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $21k 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+, commute F.
• 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.
• Zoned schools: Langston Chapel Elementary School (math 16% / reading 13%, grade F, #996 of 1,228 statewide, top 83%, 644 students, 97% FRL); Langston Chapel Middle School (math 14% / reading 26%, grade F, #349 of 470 statewide, top 75%, 761 students, 96% FRL); Statesboro High School (math 15% / reading 12%, grade F, #325 of 424 statewide, top 78%, 1,760 students, 63% FRL) — zoned schools average 85% FRL vs 55% district-wide (31 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 16% at this address vs 32% district-wide (-16 pts) — the specific schools serving this property underperform the Bulloch County average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+1.6%/yr); 335 active listings in the ZIP; 22 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.
• 2 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.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate -0.5% vs local median 3.6% in Statesboro — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 315 days. Have you received any prior offers? Is the seller open to a 84% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?

Repairs flagged (vision-AI assessment)

• Minor: landscaping — Some bushes need trimming