226 Airport Rd #10

Royston, GA 30662

$349,900D-

4 bd · 3.0 ba · 2,150 sqft · Built 2026 · SingleFamily · Active · 125 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,643/mo
• Mortgage (P&I): −$1,835
• Tax + insurance: −$583
• HOA: −$0
• Vac / Maint / Mgmt: −$345
• Net cashflow: $-1,120/mo
• Annual: $-13,443/yr
• Cap rate: 2.45%
• Cash-on-cash: -13.72%
• DSCR: 0.39
• 1% rule: 0.47%
• Cash to close: $97,972

Investor read

• This is a 4-bed/3.0-bath single-family listed at $350k.
• At list price, monthly cash flow is $-1k ($-13k/yr) — negative.
• To cash-flow at today's rent, offer at most $188k (46.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $164k (53.0% below list).
• It's been on market 125 days — a 12% lower offer ($308k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $164k (53.0% below list) — sets the bar for 1% rule.
• In year one you build about $37k of equity ($2k loan paydown + $35k appreciation (10.0% local appreciation)).
• Location reads 58/100 on livability (#421 in GA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A, crime B+; Watch: amenities F, commute F, employment F.
• Franklin County (rural): math 38% / reading 35% proficiency, ranked #61 of 174 in GA (top 35%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Royston Elementary School (math 54% / reading 38%, grade D-, #316 of 1,228 statewide, top 26%, 493 students, 73% FRL); Franklin County Middle School (math 32% / reading 35%, grade F, #206 of 470 statewide, top 45%, 826 students, 60% FRL); Franklin County High School (math 34% / reading 34%, grade F, #93 of 424 statewide, top 23%, 1,048 students, 49% FRL).
• Market conditions: 96 active listings in the ZIP; 163 units permitted in Franklin County in 2024 (0 in 5+ unit buildings).
• 2 sale attempts 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.
• By year 2, paydown + projected appreciation supports a ~$60k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 2.5% vs local median 3.6% in Royston — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.
• This rent runs 37% of the median local income ($53k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 125 days. Have you received any prior offers? Is the seller open to a 53% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.