497 Highway 212 · Covington, GA 30016

$164,900

3 bd · 1.5 ba · 1,188 sqft · SingleFamily public records · 111 Days on market

Built 1986 0.92 ac lot $139/sqft · 33% below area Est $245k · 33% under

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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 +25.9/30.0
• ARV discount +15.0/15.0
• DSCR +8.7/10.0
• 1% rule +6.4/10.0
• Rent growth +3.0/5.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Brick ranch style home with large lot! Includes kitchen with plenty of counter space, breakfast bar, and dining area. Enjoy the large trees that provide plenty of shaded yard area. This charming single-family home is nestled in a vibrant and welcoming neighborhood, offering the perfect blend of city convenience and suburban charm. Easy access to shops, restaurants, and major highways for convenient commuting. Experience the perfect blend of style, comfort, and location! Schedule a viewing today and make this gem your own!

Key facts

• Large lot
• Dining area
• Shaded yard area

Tags

• LARGE LOT
• KITCHEN WITH COUNTER SPACE
• BREAKFAST BAR
• DINING AREA
• SHADED YARD AREA
• EASY ACCESS TO SHOPS

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $165k.

Deal economics

• At list price, monthly cash flow is $406 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• Recommended offer: $150k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.2% vs local median 3.8% in Covington — 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 59/100 on livability (#396 in GA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, health & safety B+; Watch: schools F, crime F, amenities F.
• Newton County (suburban): math 17% / reading 26% proficiency, ranked #137 of 174 in GA (top 79%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising (+1.8%/yr); 419 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 1,480 units permitted in Newton County in 2024 (702 in 5+ unit buildings).

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.
• Newton County population projected at +23% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 111 days — a 9% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts; this cycle's ask has dropped $35k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $116k; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% 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 $150,059 (9.0% below list)

Questions for the listing agent

1. It's been on market 111 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.14% ✓
• Cap rate: 9.25%
• Cash-on-cash: 10.55%
• DSCR: 1.47
• GRM: 7.3

CMA / ARV

• ARV (median comp): $245,252
• List price: $164,900
• Delta: -32.76%
• Verdict: UNDERPRICED
• Comps: 13 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
419 Fincher Rd	0.04mi	3/1.0	1,248 (+5%)	13mo	$245,000	$196	77
870 Fincher Rd	0.45mi	3/2.0	1,152 (-3%)	16mo	$145,000	$126	59
1045 Fincher Rd	0.59mi	3/2.0	1,160 (-2%)	14mo	$270,000	$233	55

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 · 1.84% rent growth · sell at horizon

5-year hold

• IRR: -1.8%
• Equity multiple: 0.93×
• Total profit: $-3,052
• Equity at exit: $24,587

10-year hold

• IRR: 6.7%
• Equity multiple: 1.47×
• Total profit: $21,890
• Equity at exit: $14,258

Cash invested: $46,172 (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 30016

• Home prices YoY: -8.6%
• Rents YoY: 1.8%
• Active inventory: 419
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $1,882 medium
• Mortgage (P&I): −$865
• Tax from tax record: −$147 /mo · $1,767/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$395
• Net cashflow: $406

Break-even live

Break-even rent $1,368

Max offer price $164,900

Occupancy floor 73%

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: $41,225
• Closing costs: $4,947
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15985 Highway 36 Covington, GA	3.0	1.0	1344	$1,530	$1.14	43d	1	1.30mi

Listing history 25 events

1. 2026-06-02
   statusdays on market $164,900 Pending 111 DOM
2. 2026-06-01
   days on market $164,900 Active 110 DOM
3. 2026-05-31
   days on market $164,900 Active 109 DOM
4. 2026-05-14
   price $164,900 527-char remark

   Show marketing remark (527 chars)

   Brick ranch style home with large lot! Includes kitchen with plenty of counter space, breakfast bar, and dining area. Enjoy the large trees that provide plenty of shaded yard area. This charming single-family home is nestled in a vibrant and welcoming neighborhood, offering the perfect blend of city convenience and suburban charm. Easy access to shops, restaurants, and major highways for convenient commuting. Experience the perfect blend of style, comfort, and location! Schedule a viewing today and make this gem your own!

5. 2026-05-14
   price $164,900 527-char remark

   Show marketing remark (527 chars)

   Brick ranch style home with large lot! Includes kitchen with plenty of counter space, breakfast bar, and dining area. Enjoy the large trees that provide plenty of shaded yard area. This charming single-family home is nestled in a vibrant and welcoming neighborhood, offering the perfect blend of city convenience and suburban charm. Easy access to shops, restaurants, and major highways for convenient commuting. Experience the perfect blend of style, comfort, and location! Schedule a viewing today and make this gem your own!

6. 2026-04-24
   status Back On Market 527-char remark

   Show marketing remark (527 chars)

   Brick ranch style home with large lot! Includes kitchen with plenty of counter space, breakfast bar, and dining area. Enjoy the large trees that provide plenty of shaded yard area. This charming single-family home is nestled in a vibrant and welcoming neighborhood, offering the perfect blend of city convenience and suburban charm. Easy access to shops, restaurants, and major highways for convenient commuting. Experience the perfect blend of style, comfort, and location! Schedule a viewing today and make this gem your own!

7. 2026-04-24
   status Active 527-char remark

   Show marketing remark (527 chars)

   Brick ranch style home with large lot! Includes kitchen with plenty of counter space, breakfast bar, and dining area. Enjoy the large trees that provide plenty of shaded yard area. This charming single-family home is nestled in a vibrant and welcoming neighborhood, offering the perfect blend of city convenience and suburban charm. Easy access to shops, restaurants, and major highways for convenient commuting. Experience the perfect blend of style, comfort, and location! Schedule a viewing today and make this gem your own!

8. 2026-03-23
   status Pending 527-char remark

   Show marketing remark (527 chars)

   Brick ranch style home with large lot! Includes kitchen with plenty of counter space, breakfast bar, and dining area. Enjoy the large trees that provide plenty of shaded yard area. This charming single-family home is nestled in a vibrant and welcoming neighborhood, offering the perfect blend of city convenience and suburban charm. Easy access to shops, restaurants, and major highways for convenient commuting. Experience the perfect blend of style, comfort, and location! Schedule a viewing today and make this gem your own!

9. 2026-03-23
   status Under Contract 527-char remark

   Show marketing remark (527 chars)

   Brick ranch style home with large lot! Includes kitchen with plenty of counter space, breakfast bar, and dining area. Enjoy the large trees that provide plenty of shaded yard area. This charming single-family home is nestled in a vibrant and welcoming neighborhood, offering the perfect blend of city convenience and suburban charm. Easy access to shops, restaurants, and major highways for convenient commuting. Experience the perfect blend of style, comfort, and location! Schedule a viewing today and make this gem your own!

10. 2026-03-14
    price $169,900 527-char remark

    Show marketing remark (527 chars)

    Brick ranch style home with large lot! Includes kitchen with plenty of counter space, breakfast bar, and dining area. Enjoy the large trees that provide plenty of shaded yard area. This charming single-family home is nestled in a vibrant and welcoming neighborhood, offering the perfect blend of city convenience and suburban charm. Easy access to shops, restaurants, and major highways for convenient commuting. Experience the perfect blend of style, comfort, and location! Schedule a viewing today and make this gem your own!

11. 2026-03-14
    price $169,900 527-char remark

    Show marketing remark (527 chars)

    Brick ranch style home with large lot! Includes kitchen with plenty of counter space, breakfast bar, and dining area. Enjoy the large trees that provide plenty of shaded yard area. This charming single-family home is nestled in a vibrant and welcoming neighborhood, offering the perfect blend of city convenience and suburban charm. Easy access to shops, restaurants, and major highways for convenient commuting. Experience the perfect blend of style, comfort, and location! Schedule a viewing today and make this gem your own!

12. 2026-02-14
    price $179,900 527-char remark

    Show marketing remark (527 chars)

    Brick ranch style home with large lot! Includes kitchen with plenty of counter space, breakfast bar, and dining area. Enjoy the large trees that provide plenty of shaded yard area. This charming single-family home is nestled in a vibrant and welcoming neighborhood, offering the perfect blend of city convenience and suburban charm. Easy access to shops, restaurants, and major highways for convenient commuting. Experience the perfect blend of style, comfort, and location! Schedule a viewing today and make this gem your own!

13. 2026-02-14
    price $179,900 527-char remark

    Show marketing remark (527 chars)

    Brick ranch style home with large lot! Includes kitchen with plenty of counter space, breakfast bar, and dining area. Enjoy the large trees that provide plenty of shaded yard area. This charming single-family home is nestled in a vibrant and welcoming neighborhood, offering the perfect blend of city convenience and suburban charm. Easy access to shops, restaurants, and major highways for convenient commuting. Experience the perfect blend of style, comfort, and location! Schedule a viewing today and make this gem your own!

14. 2026-01-28
    price $189,900 527-char remark

    Show marketing remark (527 chars)

    Brick ranch style home with large lot! Includes kitchen with plenty of counter space, breakfast bar, and dining area. Enjoy the large trees that provide plenty of shaded yard area. This charming single-family home is nestled in a vibrant and welcoming neighborhood, offering the perfect blend of city convenience and suburban charm. Easy access to shops, restaurants, and major highways for convenient commuting. Experience the perfect blend of style, comfort, and location! Schedule a viewing today and make this gem your own!

15. 2026-01-28
    price $189,900 527-char remark

    Show marketing remark (527 chars)

    Brick ranch style home with large lot! Includes kitchen with plenty of counter space, breakfast bar, and dining area. Enjoy the large trees that provide plenty of shaded yard area. This charming single-family home is nestled in a vibrant and welcoming neighborhood, offering the perfect blend of city convenience and suburban charm. Easy access to shops, restaurants, and major highways for convenient commuting. Experience the perfect blend of style, comfort, and location! Schedule a viewing today and make this gem your own!

16. 2026-01-09
    listed $199,900 New 527-char remark

    Show marketing remark (527 chars)

    Brick ranch style home with large lot! Includes kitchen with plenty of counter space, breakfast bar, and dining area. Enjoy the large trees that provide plenty of shaded yard area. This charming single-family home is nestled in a vibrant and welcoming neighborhood, offering the perfect blend of city convenience and suburban charm. Easy access to shops, restaurants, and major highways for convenient commuting. Experience the perfect blend of style, comfort, and location! Schedule a viewing today and make this gem your own!

17. 2026-01-09
    listed $199,900 Active 527-char remark

    Show marketing remark (527 chars)

    Brick ranch style home with large lot! Includes kitchen with plenty of counter space, breakfast bar, and dining area. Enjoy the large trees that provide plenty of shaded yard area. This charming single-family home is nestled in a vibrant and welcoming neighborhood, offering the perfect blend of city convenience and suburban charm. Easy access to shops, restaurants, and major highways for convenient commuting. Experience the perfect blend of style, comfort, and location! Schedule a viewing today and make this gem your own!

18. 2026-01-09
    historical

    Show marketing remark (527 chars)

    Brick ranch style home with large lot! Includes kitchen with plenty of counter space, breakfast bar, and dining area. Enjoy the large trees that provide plenty of shaded yard area. This charming single-family home is nestled in a vibrant and welcoming neighborhood, offering the perfect blend of city convenience and suburban charm. Easy access to shops, restaurants, and major highways for convenient commuting. Experience the perfect blend of style, comfort, and location! Schedule a viewing today and make this gem your own!

19. 2025-12-03
    price $209,900
20. 2025-11-17
    price $219,900
21. 2025-10-28
    listed $239,900 New
22. 2025-10-28
    soldstatus $116,389
23. 2022-02-22
    soldstatus $1,660,000
24. 2002-08-05
    soldstatus $93,800
25. 2002-07-31
    soldstatus $93,800

ⓘ 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: $1,767 · $147/mo
• Projected year-2 tax: $1,767 · $147/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 3/10 Moderate
• 🌡 Heat 7/10 Severe 7 d/yr ≥107°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,581
• − Mortgage interest: −$9,237
• − Property taxes: −$1,767
• − Insurance: −$824
• − Repairs & maintenance: −$1,806
• − Management: −$1,806
• − Depreciation: −$4,797
• Taxable income: $2,342
• Est. tax owed @ 24.0%: −$562
• After-tax cash flow: $4,308/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: Newton County
• NCES district ID: 1303930
• Math proficiency: 17% ▼ -13.00%
• Reading proficiency: 26% ▼ -8.00%
• Median HH income: $50,768
• Composite: 19.2/100
• National rank: #8816
• State rank: #137 of 174 in GA

Livability — Covington

• Score: 59/100
• State rank: #396
• US rank: #19602

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Newton County · 104,393 people
• City population: 104,393
• Metro: Atlanta-Sandy Springs-Alpharetta, GA
• Population (ZIP): 62,968
• Household income: $79,527
• Rent vs Own: 19.4% rent · 80.6% own
• Severe rent burden: 1172.0

Population outlook (Newton County) Hauer SSP2

• Today (2025): 118,372 people
• By 2030: 124,234 · +5.0%
• By 2040: 135,550 · +14.5%
• By 2050: 145,309 · +22.8%
• By 2075: 166,843 · +40.9%
• By 2100: 175,800 · +48.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: Black 59% White 29% Two or more races 8% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Lithuanian 1% Slovak 1%
• Foreign-born: 6% · Canada, China
• Languages at home: 94% English-only · Spanish 4% Other Asian/Pacific 1% French/Haitian/Cajun 1%

Political lean MEDSL · Newton

• 2024 margin: D (+15.1) · D 57.3% · R 42.2%
• 2008→2024 swing: +14.0pp toward D · 2008: 1.2pp · 2024: 15.1pp
• All cycles: 2024: D+15.1 2020: D+10.9 2016: D+2.4 2012: D+2.0 2008: D+1.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -29.68%
• Current HPI: 317.5605
• Rent YoY: ▲ 1.84%
• 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

+75.8% since first listed

22 events — show timeline

• 2026-05-14 Price Changed $164,900 FMLS
• 2026-05-14 Price Changed $164,900 GAMLS
• 2026-04-24 Relisted — GAMLS
• 2026-04-24 Relisted — FMLS
• 2026-03-23 Pending — FMLS
• 2026-03-23 Pending — GAMLS
• 2026-03-14 Price Changed $169,900 GAMLS
• 2026-03-14 Price Changed $169,900 FMLS
• 2026-02-14 Price Changed $179,900 FMLS
• 2026-02-14 Price Changed $179,900 GAMLS
• 2026-01-28 Price Changed $189,900 GAMLS
• 2026-01-28 Price Changed $189,900 FMLS
• 2026-01-09 Listing Removed — GAMLS
• 2026-01-09 Listed $199,900 FMLS
• 2026-01-09 Listed $199,900 GAMLS
• 2025-12-03 Price Changed $209,900 GAMLS
• 2025-11-17 Price Changed $219,900 GAMLS
• 2025-10-28 Sold (Public Records) $116,389 Public Records
• 2025-10-28 Listed $239,900 GAMLS
• 2022-02-22 Sold (Public Records) $1,660,000 Public Records
• 2002-08-05 Sold (Public Records) $93,800 Public Records
• 2002-07-31 Sold (Public Records) $93,800 Public Records

Property tax history

+3.3%/yr

Latest (2025): $1,767 · +13.5% YoY. Source: county tax records.