507 22nd St · Columbus, GA 31904

$570,000

2 bd · 1.0 ba · 6,420 sqft · MultiFamily public records · 24 Days on market

Built 1986 0.27 ac lot

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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 +7.5/15.0
• DSCR +4.2/10.0
• 1% rule +3.5/10.0
• Rent growth +3.3/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Great investment property, 100% occupied. Each unit has 2BR and 1 1/2 BA. Laundry room as well. Large private parking lot for the tenants on each side of the building and patio space behind each apartment as well. Each apartment is individually metered. Long term tenants in place.

Key facts

• Private parking lot
• Laundry room
• Individually metered

Tags

• LAUNDRY ROOM
• PRIVATE PARKING LOT
• PATIO SPACE
• INDIVIDUALLY METERED

Property features AI

Exterior

• Parking: Attached parking
• Utilities: Public water; Public sewer
• Home design: Residential income property (multi-family, 5+ units)
• Construction: Vinyl siding construction
• Exterior features: Vinyl siding; Lot in Rosehill Heights neighborhood

Interior

• Heating & cooling: Central Air; Heat Pump
• Interior features: Central air conditioning; Heat pump heating

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath multifamily listed at $570k.

Deal economics

• At list price, monthly cash flow is $71 ($849/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 $487k (14.5% below list).
• Recommended offer: $487k (14.5% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 4.7% in Columbus — 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 64/100 on livability (#254 in GA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety B; Watch: amenities D+, schools F, crime F.
• Muscogee County (urban): math 21% / reading 30% proficiency, ranked #120 of 174 in GA (top 69%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+3.0%/yr); 327 active listings in the ZIP; 291 units permitted in Muscogee County in 2024 (30 in 5+ unit buildings).
• At $4,873/mo this rent would consume 88% of the median local household income ($66k/yr) (locally 2030% 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 $4k of loan paydown is wiped out by about $17k of value loss. Plan a longer hold.
• Muscogee County population projected at +15% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($561k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y ago; this cycle's ask has dropped $30k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $430k; 33% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $487,300 (14.5% 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 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?
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 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: 0.85% ✗
• Cap rate: 6.44%
• Cash-on-cash: 0.53%
• DSCR: 1.02
• GRM: 9.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.04% rent growth · sell at horizon

5-year hold

• IRR: -15.4%
• Equity multiple: 0.45×
• Total profit: $-87,688
• Equity at exit: $84,989

10-year hold

• IRR: -6.8%
• Equity multiple: 0.56×
• Total profit: $-69,851
• Equity at exit: $49,283

Cash invested: $159,600 (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 31904

• Rents YoY: 3.0%
• Active inventory: 327
• Price-to-rent: 39.0×

Monthly cashflow live

• Estimated rent: $4,873 high
• Mortgage (P&I): −$2,989
• Tax from tax record: −$552 /mo · $6,627/yr
• Insurance: −$238
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,023
• Net cashflow: $71

Break-even live

Break-even rent $4,783

Max offer price $570,000

Occupancy floor 94%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1.5	$4,872
Total (4 units)			$4,873

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: $142,500
• Closing costs: $17,100
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-18
   days on market $570,000 Active 24 DOM
2. 2026-06-17
   days on market $570,000 Active 23 DOM
3. 2026-06-16
   days on market $570,000 Active 22 DOM
4. 2026-06-15
   days on market $570,000 Active 21 DOM
5. 2026-06-14
   days on market $570,000 Active 19 DOM
6. 2026-06-13
   days on market $570,000 Active 18 DOM
7. 2026-06-10
   days on market $570,000 Active 16 DOM
8. 2026-06-09
   pricedays on market $570,000 Active 15 DOM
9. 2026-06-08
   days on market $580,000 Active 14 DOM
10. 2026-06-07
    pricedays on market $580,000 Active 13 DOM
11. 2026-06-05
    days on market $590,000 Active 10 DOM
12. 2026-06-03
    pricedays on market $590,000 Active 9 DOM
13. 2026-06-02
    days on market $600,000 Active 8 DOM
14. 2026-06-01
    days on market $600,000 Active 7 DOM
15. 2026-05-31
    days on market $600,000 Active 6 DOM
16. 2026-05-30
    days on market $600,000 Active 5 DOM
17. 2026-05-23
    listed $600,000 Active
18. 2024-05-23
    soldstatus $430,000
19. 2024-05-20
    soldstatus $430,000 Closed
20. 2024-04-23
    status Pending
21. 2024-02-07
    price $480,000
22. 2024-01-25
    status Active
23. 2024-01-13
    status Pending
24. 2023-11-16
    listed $500,000 Active
25. 2023-09-18
    historical $695
26. 2023-08-24
    listed $695
27. 2022-11-29
    soldstatus $380,000
28. 2014-10-24
    soldstatus $65,000

ⓘ 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: $6,627 · $552/mo
• Projected year-2 tax: $6,627 · $552/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $58,476
• − Mortgage interest: −$31,929
• − Property taxes: −$6,627
• − Insurance: −$2,850
• − Repairs & maintenance: −$4,678
• − Management: −$4,678
• − Depreciation: −$16,582
• Taxable loss: −$8,868
• Est. tax savings @ 24.0%: +$2,128
• After-tax cash flow: $2,977/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: Muscogee County
• NCES district ID: 1303870
• Math proficiency: 21% ▼ -11.00%
• Reading proficiency: 30% ▼ -7.00%
• Median HH income: $41,176
• Composite: 21.6/100
• National rank: #8297
• State rank: #120 of 174 in GA

Livability — Columbus

• Score: 64/100
• State rank: #254
• US rank: #14102

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Columbus, GA
• County: Muscogee County · 180,764 people
• City population: 180,764
• Metro: Columbus, GA-AL
• Population (ZIP): 35,405
• Household income: $66,291
• Rent vs Own: 48.2% rent · 51.8% own
• Severe rent burden: 2030.0

Population outlook (Muscogee County) Hauer SSP2

• Today (2025): 216,729 people
• By 2030: 224,504 · +3.6%
• By 2040: 238,318 · +10.0%
• By 2050: 249,027 · +14.9%
• By 2075: 264,862 · +22.2%
• By 2100: 254,786 · +17.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 56% Black 28% Two or more races 8% Hispanic / Latino 7% Asian 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Slovak 1% Italian 1% Romanian 1%
• Foreign-born: 5% · Canada, South Korea
• Languages at home: 93% English-only · Spanish 4% Korean 1% German/W. Germanic 1%

Political lean MEDSL · Muscogee

• 2024 margin: Strong D (+23.4) · D 61.4% · R 38.0%
• 2008→2024 swing: +3.7pp toward D · 2008: 19.7pp · 2024: 23.4pp
• All cycles: 2024: D+23.4 2020: D+24.0 2016: D+18.6 2012: D+21.3 2008: D+19.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -152.06%
• Current HPI: 155.1405
• Rent YoY: ▲ 3.04%
• Metro: Columbus, GA-AL
• 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

+823.1% since first listed

12 events — show timeline

• 2026-05-23 Listed $600,000 CBOR
• 2024-05-23 Sold (Public Records) $430,000 Public Records
• 2024-05-20 Sold (MLS) $430,000 CBOR
• 2024-04-23 Pending — CBOR
• 2024-02-07 Price Changed $480,000 CBOR
• 2024-01-25 Relisted — CBOR
• 2024-01-13 Pending — CBOR
• 2023-11-16 Listed $500,000 CBOR
• 2023-09-18 Rental Removed $695 APPFOLIO
• 2023-08-24 Listed for Rent $695 APPFOLIO
• 2022-11-29 Sold (Public Records) $380,000 Public Records
• 2014-10-24 Sold (Public Records) $65,000 Public Records

Property tax history

+23.0%/yr

Latest (2025): $6,627 · +3.1% YoY. Source: county tax records.