5651 Handley Blvd · Lake City, GA 30260

$195,000

3 bd · 2.0 ba · 1,357 sqft · SingleFamily public records · 26 Days on market

Built 1989 0.47 ac lot Est $225k · 13% under

---

Why this score? — see what drove the D+ 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 +14.0/30.0
• ARV discount +13.5/15.0
• DSCR +4.2/10.0
• 1% rule +4.0/10.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Rent growth +2.2/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 5651 Handley Blvd in Morrow, GA — a solid 4-sided brick ranch home located in a quiet, well-established neighborhood. This 3-bedroom, 2-bathroom property offers 1,357 square feet of single-level living on nearly half an acre, just minutes from I-75, Southlake Mall, Clayton State University, and a variety of shopping, dining, and parks. The home features a cozy living room with a fireplace, a functional kitchen, and spacious bedrooms, all waiting for your personal touch. The large backyard provides plenty of space for outdoor gatherings, gardening, or future enhancements. Built to last with timeless brick construction, this home is a great fit for first-time homebuyers or in

Key facts

• Functional kitchen
• Cozy living room
• 4 sided brick

Tags

• 4 SIDED BRICK
• QUIET NEIGHBORHOOD
• LARGE BACKYARD
• SINGLE LEVEL LIVING
• FUNCTIONAL KITCHEN
• COZY LIVING ROOM

Property features AI

Exterior

• Parking: Driveway parking; Open parking available
• Utilities: Public water available; Septic tank sewer; Electricity available; Natural gas available; Underground utilities available; Water and sewer listed as available
• Home design: One-level home; Brick 4-sides construction; Resale property; Pillar/post/pier foundation; Composition roof; Ownership type listed as other
• Construction: Brick four-sided exterior; Composition shingle roof; Pillar/post/pier foundation
• Exterior features: Chain link fencing; City street frontage; Directions GPS-friendly

Interior

• Kitchen: Kitchen features listed as other (unspecified); Appliances listed as other (unspecified)
• Bedrooms: Three main-level bedrooms; Primary bedroom on the main level
• Flooring: Flooring listed as other (unspecified)
• Bathrooms: Two full bathrooms, both on the main level; Master bath with other/unspecified features
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Brick fireplace with wood-framed windows; No shared/common walls; Other interior features (unspecified)
• Laundry & utility: Laundry features listed as other (unspecified)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $195k.

Deal economics

• At list price, monthly cash flow is $24 ($285/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 $176k (9.6% below list).
• Recommended offer: $176k (9.6% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 4.3% in Lake City — 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 70/100 on livability (#98 in GA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Clayton County (suburban): math 11% / reading 20% proficiency, ranked #155 of 174 in GA (top 89%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 78% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Morrow Elementary School (454 students, 90% FRL); Morrow Middle School (math 14% / reading 24%, grade F, #368 of 470 statewide, top 79%, 779 students, 90% FRL); Morrow High School (math 12% / reading 22%, grade F, #277 of 424 statewide, top 67%, 1,980 students, 91% FRL).
• Market conditions: Rents soft (-1.0%/yr); 166 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 865 units permitted in Clayton County in 2024 (448 in 5+ unit buildings).
• This rent runs 40% of the median local income ($53k/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 $6k of value loss. Plan a longer hold.
• Clayton County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($192k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 19y 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.
• Current owner paid $78k; list at $195k implies a 150% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $176,258 (9.6% 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. 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?
3. Crime grade is F 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?
4. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
5. 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.
6. 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.
7. 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: 0.90% ✗
• Cap rate: 6.44%
• Cash-on-cash: 0.52%
• DSCR: 1.02
• GRM: 9.2

CMA / ARV

• ARV (on-the-fly): $225,262
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5420 Herndon Blvd	0.44mi	3/2.0	1,375 (+1%)	3mo	$231,000	$168	75
2313 Poplar Ave	0.44mi	4/2.0 (+1)	1,324 (-2%)	1mo	$95,000	$72	70
2265 Hammond Ct	0.34mi	3/2.0	1,525 (+12%)	14mo	$252,000	$165	52
5810 Northfield Dr	0.63mi	3/2.0	1,274 (-6%)	12mo	$230,000	$181	50
2436 Rex Rd	0.74mi	3/2.0	1,440 (+6%)	8mo	$240,000	$167	49
5502 Sapphire Cir	0.54mi	3/2.0	1,508 (+11%)	10mo	$250,000	$166	48
2327 Maple Ave	0.48mi	3/2.0	1,508 (+11%)	14mo	$254,000	$168	47
2339 Maple Ave	0.51mi	3/2.5	1,273 (-6%)	22mo	$262,500	$206	46
2413 Old Rex Morrow Rd	0.62mi	3/2.0	1,440 (+6%)	22mo	$233,000	$162	42
2443 Hartford Dr	0.65mi	3/2.0	1,431 (+6%)	22mo	$229,000	$160	42
5761 Northfield Dr	0.69mi	3/2.0	1,527 (+12%)	9mo	$230,000	$151	39

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -18.9%
• Equity multiple: 0.36×
• Total profit: $-35,214
• Equity at exit: $29,075

10-year hold

• IRR: -19.3%
• Equity multiple: 0.11×
• Total profit: $-48,521
• Equity at exit: $16,860

Cash invested: $54,600 (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 30260

• Home prices YoY: -33.8%
• Rents YoY: -1.0%
• Active inventory: 166
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $1,763 high
• Mortgage (P&I): −$1,023
• Tax from tax record: −$265 /mo · $3,178/yr
• Insurance: −$81
• HOA: −$0
• Vacancy / Maint / Mgmt: −$370
• Net cashflow: $24

Break-even live

Break-even rent $1,733

Max offer price $195,000

Occupancy floor 94%

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: $48,750
• Closing costs: $5,850
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2260 Hammond Ct Ellenwood, GA	3.0	2.0	1248	$1,850	$1.48	44d	1	0.38mi
1885 Harper Dr Morrow, GA	1.0–2.0	1.0	1025	$1,415	$1.38	3d	6	0.41mi
5731 Buck Ct Ellenwood, GA	3.0	2.0	1242	$1,525	$1.23	13d	1	0.49mi
5720 Buck Ct Ellenwood, GA	3.0	2.0	1232	$1,850	$1.50	24d	1	0.52mi
2401 Bethune Cir Morrow, GA	3.0	2.5	1696	$2,095	$1.24	5d	1	0.57mi
5640 Waterford Ct Morrow, GA	2.0	2.0	1022	$1,350	$1.32	44d	1	0.71mi
2271 Wentworth Park Dr Ellenwood, GA	4.0	2.5	1705	$2,119	$1.24	17d	1	0.78mi
2445 Rex Rd Ellenwood, GA	1.0–3.0	1.0–2.0	1149	$1,569	$1.37	2d	12	0.87mi
5704 Wesson Dr Ellenwood, GA	3.0	2.0	1480	$1,710	$1.16	44d	1	0.88mi
6010 Fairfield Dr Morrow, GA	3.0	1.5	1246	$1,841	$1.48	3d	1	0.89mi
5958 Sherwood Pl Ellenwood, GA	2.0	2.5	1468	$995	$0.68	24d	1	0.93mi
5958 Sherwood Pl Unit 5958 Ellenwood, GA	2.0	2.5	1468	$995	$0.68	44d	1	0.93mi
2314 Shady Dr Morrow, GA	4.0	2.5	1705	$2,179	$1.28	11d	1	0.97mi
2603 Old Rex Morrow Rd Ellenwood, GA	4.0	3.0	1800	$2,510	$1.39	44d	1	0.97mi
6137 Harvard Ct Morrow, GA	3.0	2.0	1320	$1,556	$1.18	22d	1	0.99mi
5868 Dan Dr Ellenwood, GA	3.0	2.0	1854	$2,300	$1.24	44d	1	1.01mi
2617 Old Rex Morrow Rd Ellenwood, GA	4.0	3.0	1800	$1,950	$1.08	13d	1	1.01mi
5762 Northspring Dr Ellenwood, GA	3.0	2.0	1577	$1,705	$1.08	13d	1	1.10mi
6068 Monica Dr Morrow, GA	3.0	2.0	1210	$1,700	$1.40	22d	1	1.19mi
1932 Carla Dr Morrow, GA	3.0	2.0	1324	$1,730	$1.31	2d	1	1.42mi
6252 N Lee St Morrow, GA	1.0–2.0	1.0	850	$1,279	$1.50	5d	3	1.44mi
6252 N Lee St Unit 42 Morrow, GA	2.0	1.0	900	$1,249	$1.39	3d	1	1.44mi
6252 N Lee St Unit 56 Morrow, GA	2.0	1.0	900	$1,279	$1.42	3d	1	1.44mi
6252 N Lee St Apt 54 Morrow, GA	2.0	1.0	900	$1,249	$1.39	24d	1	1.44mi
6252 N Lee St Unit 30 Morrow, GA	2.0	1.0	900	$1,279	$1.42	24d	1	1.45mi

Listing history 38 events

1. 2026-06-18
   days on market $195,000 Active 26 DOM
2. 2026-06-17
   days on market $195,000 Active 25 DOM
3. 2026-06-16
   days on market $195,000 Active 24 DOM
4. 2026-06-15
   days on market $195,000 Active 23 DOM
5. 2026-06-13
   days on market $195,000 Active 21 DOM
6. 2026-06-09
   days on market $195,000 Active 17 DOM
7. 2026-06-08
   days on market $195,000 Active 16 DOM
8. 2026-06-07
   days on market $195,000 Active 15 DOM
9. 2026-06-04
   days on market $195,000 Active 12 DOM
10. 2026-06-03
    days on market $195,000 Active 11 DOM
11. 2026-06-02
    days on market $195,000 Active 10 DOM
12. 2026-06-01
    days on market $195,000 Active 9 DOM
13. 2026-05-31
    days on market $195,000 Active 8 DOM
14. 2026-05-23
    listed $195,000 Active
15. 2026-04-30
    historical
16. 2026-02-26
    listed $200,000 New
17. 2025-11-30
    historical
18. 2025-10-08
    listed $225,000 New
19. 2025-09-30
    historical
20. 2025-09-30
    historical
21. 2025-08-27
    listed $230,000 New
22. 2025-08-27
    listed $230,000 Active
23. 2025-08-26
    historical
24. 2025-08-26
    historical
25. 2025-08-11
    price $230,000
26. 2025-07-26
    listed $235,000 New
27. 2025-07-26
    listed $235,000 Active
28. 2015-04-13
    historical
29. 2014-09-30
    price $80,000
30. 2014-09-30
    price $45,000
31. 2014-05-20
    price $79,000 Reduced
32. 2014-05-08
    price $85,000 Reduced
33. 2014-04-17
    listed $95,000 New
34. 2007-12-04
    soldstatus $78,000
35. 2007-10-03
    listed $80,112
36. 2005-12-13
    soldstatus $113,000
37. 2005-12-13
    soldstatus $113,000
38. 2001-02-07
    soldstatus $93,200

ⓘ 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: $3,178 · $265/mo
• Projected year-2 tax: $3,178 · $265/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 6/10 Major 7 d/yr ≥105°F today · 18 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,151
• − Mortgage interest: −$10,923
• − Property taxes: −$3,178
• − Insurance: −$975
• − Repairs & maintenance: −$1,692
• − Management: −$1,692
• − Depreciation: −$5,673
• Taxable loss: −$2,982
• Est. tax savings @ 24.0%: +$716
• After-tax cash flow: $1,000/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: Clayton County
• NCES district ID: 1301230
• Math proficiency: 11% ▼ -13.00%
• Reading proficiency: 20% ▼ -9.00%
• Median HH income: $42,266
• Composite: 13.41/100
• National rank: #9527
• State rank: #155 of 174 in GA

Livability — Lake City

• Score: 70/100
• State rank: #98
• US rank: #7863

Category grades

Amenities F Commute F Cost of living A+ Crime F Employment C Housing A+ Health & safety B- User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Clayton County · 230,153 people
• Metro: Atlanta-Sandy Springs-Alpharetta, GA
• Population (ZIP): 28,693
• Household income: $52,666
• Rent vs Own: 52.6% rent · 47.4% own
• Severe rent burden: 1956.0

Population outlook (Clayton County) Hauer SSP2

• Today (2025): 310,777 people
• By 2030: 329,762 · +6.1%
• By 2040: 368,052 · +18.4%
• By 2050: 401,196 · +29.1%
• By 2075: 472,488 · +52.0%
• By 2100: 500,446 · +61.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: Black 50% Asian 20% Hispanic / Latino 19% Two or more races 7% White 7%
• Hispanic origin (detail): Mexican 11% Dominican 1%
• Foreign-born: 24% · Vietnam, Canada, South Korea
• Languages at home: 63% English-only · Spanish 17% Vietnamese 16% Other Asian/Pacific 1%

Political lean MEDSL · Clayton

• 2024 margin: Solid D (+69.2) · D 84.3% · R 15.1%
• 2008→2024 swing: +2.8pp toward D · 2008: 66.4pp · 2024: 69.2pp
• All cycles: 2024: D+69.2 2020: D+70.9 2016: D+71.9 2012: D+70.1 2008: D+66.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -98.24%
• Current HPI: 192.3741
• Rent YoY: ▼ -1.00%
• Metro: Atlanta-Sandy Springs-Alpharetta, 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

+109.2% since first listed

25 events — show timeline

• 2026-05-23 Listed $195,000 FMLS
• 2026-04-30 Listing Removed — GAMLS
• 2026-02-26 Listed $200,000 GAMLS
• 2025-11-30 Listing Removed — GAMLS
• 2025-10-08 Listed $225,000 GAMLS
• 2025-09-30 Listing Removed — FMLS
• 2025-09-30 Listing Removed — GAMLS
• 2025-08-27 Listed $230,000 FMLS
• 2025-08-27 Listed $230,000 GAMLS
• 2025-08-26 Listing Removed — FMLS
• 2025-08-26 Listing Removed — GAMLS
• 2025-08-11 Price Changed $230,000 FMLS
• 2025-07-26 Listed $235,000 FMLS
• 2025-07-26 Listed $235,000 GAMLS
• 2015-04-13 Listing Removed — GAMLS
• 2014-09-30 Price Changed $45,000 GAMLS
• 2014-09-30 Price Changed $80,000 GAMLS
• 2014-05-20 Price Changed $79,000 GAMLS
• 2014-05-08 Price Changed $85,000 GAMLS
• 2014-04-17 Listed $95,000 GAMLS
• 2007-12-04 Sold (MLS) $78,000 FMLS
• 2007-10-03 Listed $80,112 FMLS
• 2005-12-13 Sold (Public Records) $113,000 Public Records
• 2005-12-13 Sold (Public Records) $113,000 Public Records
• 2001-02-07 Sold (Public Records) $93,200 Public Records

Property tax history

+4.9%/yr

Latest (2025): $3,178 · +1.6% YoY. Source: county tax records.