251 Ward St · Macon-Bibb County, GA 31201

$159,999

4 bd · 2.0 ba · 2,662 sqft · MultiFamily public records · 195 Days on market

Built 1910 6,098 sqft lot Est $175k · 8% under ↓ 9% since listing

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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 +11.2/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +3.3/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Attention value-add investors! This prime duplex offers powerful upside potential in a rapidly growing market, perfectly positioned for those looking to renovate and maximize long-term returns. The property features two spacious units with layouts designed to meet high rental demand: Unit 1 is a generous 2-bedroom, 1-bathroom residence complete with a versatile flex room, while Unit 2 offers an expansive 3-bedroom, 2-bathroom configuration. Investors will appreciate the solid structural integrity and recent capital improvements, including a roof replaced within the last three years, two central A/C units under 10 years old (both recently serviced), and updated water heaters. Currently generating a reliable month-to-month income of $950 per unit with one side delivered vacant, this "multi-dwelling" gem is ready for immediate upgrades to capture peak market rates. The sizable lot provides off-street parking, basement storage, and exciting expansion possibilities, ensuring significant appreciation and a robust bottom line for the savvy buyer.

Key facts

• Basement storage
• Multi-family gem
• Off-street parking

Tags

• BASEMENT STORAGE
• EXPANSION POSSIBILITIES
• OFF-STREET PARKING
• MULTI-FAMILY GEM

What this means for you Summary

Snapshot

• This is a 1×2bd/1ba + 1×3bd/2ba units multifamily listed at $160k.

Deal economics

• At list price, monthly cash flow is $950 ($11k/yr) — positive. Per door: $475/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $160k).
• Recommended offer: $141k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.4% vs local median 5.4% in Macon-Bibb County — 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.
• Bibb County (urban): math 11% / reading 18% proficiency, ranked #161 of 174 in GA (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 75% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+3.1%/yr); 75 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 154 units permitted in Bibb County in 2024 (0 in 5+ unit buildings).
• At $2,505/mo this rent would consume 102% of the median local household income ($29k/yr) (locally 1124% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Bibb County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.1% rent growth), your $45k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 195 days — a 12% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 65% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $140,799 (12.0% below list)

Questions for the listing agent

1. It's been on market 195 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 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.

Investment metrics

• 1% rule: 1.57% ✓
• Cap rate: 13.42%
• Cash-on-cash: 25.44%
• DSCR: 2.13
• GRM: 5.3

CMA / ARV

• ARV (median comp): $174,529
• List price: $159,999
• Delta: -8.33%
• Verdict: FAIR
• Comps: 9 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.11% rent growth · sell at horizon

5-year hold

• IRR: 19.1%
• Equity multiple: 1.78×
• Total profit: $34,827
• Equity at exit: $23,856

10-year hold

• IRR: 27.5%
• Equity multiple: 3.44×
• Total profit: $109,316
• Equity at exit: $13,834

Cash invested: $44,800 (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 31201

• Rents YoY: 3.1%
• Active inventory: 75
• Price-to-rent: 11.1×

Monthly cashflow live

• Estimated rent: $2,505 high
• Mortgage (P&I): −$839
• Tax from tax record: −$124 /mo · $1,483/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$526
• Net cashflow: $950

Break-even live

Break-even rent $1,303

Max offer price $159,999

Occupancy floor 57%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,201
1× unit	3	2	$1,305
Total (2 units)			$2,505

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: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
305 Orange St Macon, GA	3.0	2.0	2791	$2,950	$1.06	43d	1	0.74mi
2663 Hillcrest Ave Macon, GA	3.0	2.0	1931	$1,395	$0.72	21d	1	1.09mi
240 Candler Dr Macon, GA	3.0	2.0	2635	$1,850	$0.70	13d	1	1.15mi
2694 Cherokee Ave Unit A Macon, GA	3.0	1.5	1985	$1,250	$0.63	43d	1	1.19mi
2733 Hillcrest Ave Macon, GA	4.0	3.0	3094	$2,300	$0.74	13d	1	1.22mi
879 Nottingham Dr Macon, GA	3.0	2.5	2147	$1,700	$0.79	13d	1	1.25mi
870 Laurel Ave Macon, GA	3.0	2.0	2205	$1,300	$0.59	43d	1	1.42mi
1221 Brentwood Ave Macon, GA	5.0	2.0	2026	$1,399	$0.69	43d	1	1.48mi

Listing history 29 events

1. 2026-06-19
   days on market $159,999 Active 195 DOM
2. 2026-06-18
   days on market $159,999 Active 194 DOM
3. 2026-06-17
   days on market $159,999 Active 193 DOM
4. 2026-06-16
   days on market $159,999 Active 192 DOM
5. 2026-06-15
   days on market $159,999 Active 191 DOM
6. 2026-06-14
   days on market $159,999 Active 189 DOM
7. 2026-06-13
   days on market $159,999 Active 188 DOM
8. 2026-06-10
   days on market $159,999 Active 186 DOM
9. 2026-06-09
   days on market $159,999 Active 185 DOM
10. 2026-06-09
    days on market $159,999 Active 184 DOM
11. 2026-06-07
    days on market $159,999 Active 183 DOM
12. 2026-06-03
    days on market $159,999 Active 179 DOM
13. 2026-06-02
    days on market $159,999 Active 178 DOM
14. 2026-06-01
    days on market $159,999 Active 177 DOM
15. 2026-05-31
    days on market $159,999 Active 176 DOM
16. 2026-05-30
    days on market $159,999 Active 175 DOM
17. 2026-03-02
    price $159,999 1065-char remark

    Show marketing remark (1065 chars)

    Attention value-add investors! This prime duplex offers powerful upside potential in a rapidly growing market, perfectly positioned for those looking to renovate and maximize long-term returns. The property features two spacious units with layouts designed to meet high rental demand: Unit 1 is a generous 2-bedroom, 1-bathroom residence complete with a versatile flex room, while Unit 2 offers an expansive 3-bedroom, 2-bathroom configuration. Investors will appreciate the solid structural integrity and recent capital improvements, including a roof replaced within the last three years, two central A/C units under 10 years old (both recently serviced), and updated water heaters. Currently generating a reliable month-to-month income of $950 per unit with one side delivered vacant, this "multi-dwelling" gem is ready for immediate upgrades to capture peak market rates. The sizable lot provides off-street parking, basement storage, and exciting expansion possibilities, ensuring significant appreciation and a robust bottom line for the savvy buyer.

18. 2026-03-02
    price $164,900 1065-char remark

    Show marketing remark (1065 chars)

    Attention value-add investors! This prime duplex offers powerful upside potential in a rapidly growing market, perfectly positioned for those looking to renovate and maximize long-term returns. The property features two spacious units with layouts designed to meet high rental demand: Unit 1 is a generous 2-bedroom, 1-bathroom residence complete with a versatile flex room, while Unit 2 offers an expansive 3-bedroom, 2-bathroom configuration. Investors will appreciate the solid structural integrity and recent capital improvements, including a roof replaced within the last three years, two central A/C units under 10 years old (both recently serviced), and updated water heaters. Currently generating a reliable month-to-month income of $950 per unit with one side delivered vacant, this "multi-dwelling" gem is ready for immediate upgrades to capture peak market rates. The sizable lot provides off-street parking, basement storage, and exciting expansion possibilities, ensuring significant appreciation and a robust bottom line for the savvy buyer.

19. 2026-01-26
    price $154,999 1065-char remark

    Show marketing remark (1065 chars)

    Attention value-add investors! This prime duplex offers powerful upside potential in a rapidly growing market, perfectly positioned for those looking to renovate and maximize long-term returns. The property features two spacious units with layouts designed to meet high rental demand: Unit 1 is a generous 2-bedroom, 1-bathroom residence complete with a versatile flex room, while Unit 2 offers an expansive 3-bedroom, 2-bathroom configuration. Investors will appreciate the solid structural integrity and recent capital improvements, including a roof replaced within the last three years, two central A/C units under 10 years old (both recently serviced), and updated water heaters. Currently generating a reliable month-to-month income of $950 per unit with one side delivered vacant, this "multi-dwelling" gem is ready for immediate upgrades to capture peak market rates. The sizable lot provides off-street parking, basement storage, and exciting expansion possibilities, ensuring significant appreciation and a robust bottom line for the savvy buyer.

20. 2025-12-06
    listed $164,999 Active 1065-char remark

    Show marketing remark (1065 chars)

    Attention value-add investors! This prime duplex offers powerful upside potential in a rapidly growing market, perfectly positioned for those looking to renovate and maximize long-term returns. The property features two spacious units with layouts designed to meet high rental demand: Unit 1 is a generous 2-bedroom, 1-bathroom residence complete with a versatile flex room, while Unit 2 offers an expansive 3-bedroom, 2-bathroom configuration. Investors will appreciate the solid structural integrity and recent capital improvements, including a roof replaced within the last three years, two central A/C units under 10 years old (both recently serviced), and updated water heaters. Currently generating a reliable month-to-month income of $950 per unit with one side delivered vacant, this "multi-dwelling" gem is ready for immediate upgrades to capture peak market rates. The sizable lot provides off-street parking, basement storage, and exciting expansion possibilities, ensuring significant appreciation and a robust bottom line for the savvy buyer.

21. 2025-12-06
    listed $164,999 New 1065-char remark

    Show marketing remark (1065 chars)

    Attention value-add investors! This prime duplex offers powerful upside potential in a rapidly growing market, perfectly positioned for those looking to renovate and maximize long-term returns. The property features two spacious units with layouts designed to meet high rental demand: Unit 1 is a generous 2-bedroom, 1-bathroom residence complete with a versatile flex room, while Unit 2 offers an expansive 3-bedroom, 2-bathroom configuration. Investors will appreciate the solid structural integrity and recent capital improvements, including a roof replaced within the last three years, two central A/C units under 10 years old (both recently serviced), and updated water heaters. Currently generating a reliable month-to-month income of $950 per unit with one side delivered vacant, this "multi-dwelling" gem is ready for immediate upgrades to capture peak market rates. The sizable lot provides off-street parking, basement storage, and exciting expansion possibilities, ensuring significant appreciation and a robust bottom line for the savvy buyer.

22. 2024-08-28
    soldstatus $151,000
23. 2024-08-23
    soldstatus $151,000 Sold
24. 2024-07-19
    status Under Contract
25. 2024-06-06
    price $155,000
26. 2024-03-13
    status Back On Market
27. 2024-03-08
    status Under Contract
28. 2024-02-13
    price $165,000
29. 2024-01-28
    listed $175,000 New

ⓘ 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: $1,483 · $124/mo
• Projected year-2 tax: $1,483 · $124/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥108°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 65% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,060
• − Mortgage interest: −$8,962
• − Property taxes: −$1,483
• − Insurance: −$800
• − Repairs & maintenance: −$2,405
• − Management: −$2,405
• − Depreciation: −$4,655
• Taxable income: $9,351
• Est. tax owed @ 24.0%: −$2,244
• After-tax cash flow: $9,152/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: Bibb County
• NCES district ID: 1300420
• Math proficiency: 11% ▼ -14.00%
• Reading proficiency: 18% ▼ -11.00%
• Median HH income: $37,426
• Composite: 12.13/100
• National rank: #9654
• State rank: #161 of 174 in GA

Livability — Macon-Bibb County

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

Census & demographics

• Census place: Macon-Bibb County, GA
• County: Bibb County · 164,332 people
• City population: 143,186
• Metro: Macon-Bibb County, GA
• Population (ZIP): 7,891
• Household income: $29,420
• Rent vs Own: 76.0% rent · 24.0% own
• Severe rent burden: 1124.0

Population outlook (Bibb County) Hauer SSP2

• Today (2025): 148,772 people
• By 2030: 145,904 · -1.9%
• By 2040: 139,404 · -6.3%
• By 2050: 131,603 · -11.5%
• By 2075: 111,050 · -25.4%
• By 2100: 83,346 · -44.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.55)
• Race & ethnicity: Black 59% White 31% Hispanic / Latino 6% Two or more races 5% Asian 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Slovak 2% Italian 1% Lithuanian 1%
• Foreign-born: 4% · Canada
• Languages at home: 92% English-only · Spanish 5% Other Indo-European 2% Chinese 1%

Political lean MEDSL · Bibb

• 2024 margin: Strong D (+22.4) · D 61.0% · R 38.5%
• 2008→2024 swing: +4.4pp toward D · 2008: 18.0pp · 2024: 22.4pp
• All cycles: 2024: D+22.4 2020: D+23.8 2016: D+20.2 2012: D+20.0 2008: D+18.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -142.32%
• Current HPI: 100.04
• Rent YoY: ▲ 3.11%
• Metro: Macon-Bibb County, 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

-8.6% since first listed

13 events — show timeline

• 2026-03-02 Price Changed $159,999 FMLS
• 2026-03-02 Price Changed $164,900 FMLS
• 2026-01-26 Price Changed $154,999 GAMLS
• 2025-12-06 Listed $164,999 GAMLS
• 2025-12-06 Listed $164,999 FMLS
• 2024-08-28 Sold (Public Records) $151,000 Public Records
• 2024-08-23 Sold (MLS) $151,000 GAMLS
• 2024-07-19 Pending — GAMLS
• 2024-06-06 Price Changed $155,000 GAMLS
• 2024-03-13 Relisted — GAMLS
• 2024-03-08 Pending — GAMLS
• 2024-02-13 Price Changed $165,000 GAMLS
• 2024-01-28 Listed $175,000 GAMLS

Property tax history

+9.7%/yr

Latest (2025): $1,483 · +47.8% YoY. Source: county tax records.