24 E Martin Luther King Jr Ave

Lakeland, GA 31635

$28,000B

3 bd · 2.0 ba · 1,150 sqft · Built 1960 · SingleFamily · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,038/mo
• Mortgage (P&I): −$147
• Tax + insurance: −$47
• HOA: −$0
• Vac / Maint / Mgmt: −$218
• Net cashflow: $627/mo
• Annual: $7,520/yr
• Cap rate: 33.15%
• Cash-on-cash: 95.92%
• DSCR: 5.27
• 1% rule: 3.71%
• Cash to close: $7,840

Investor read

• This is a 3-bed/2.0-bath single-family listed at $28k. Condition is rated poor.
• At list price, monthly cash flow is $627 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $28k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $1k of equity ($194 loan paydown + $1k appreciation (4.4% local appreciation)).
• Location reads 60/100 on livability (#379 in GA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime B+, housing B+; Watch: health & safety D, schools D-, amenities F.
• Lanier County (rural): math 33% / reading 38% proficiency, ranked #67 of 174 in GA (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 67 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 35 units permitted in Lanier County in 2024 (0 in 5+ unit buildings).
• At projected returns (4.4% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~1 year — after that, you're playing with house money.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 33.1% vs local median 4.7% in Lakeland — 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.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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 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.

Repairs flagged (vision-AI assessment)

• Major: Roof — Shingles are visibly damaged and missing, requiring replacement.
• Major: Exterior Siding — Brick siding is worn and discolored, indicating extensive repair or replacement is needed.
• Major: Flooring — Hardwood floors are worn and scratched, requiring refinishing or replacement.
• Major: Interior Walls — Paint is peeling and walls show signs of water damage, requiring repainting and possibly repairs.
• Major: Bathrooms — Tiles are stained and grout is discolored, indicating a thorough cleaning and potential tile replacement.
• Major: Landscaping — Landscaping is overgrown and unkempt, requiring trimming and replanting.