103 Virginia Dare Dr

Warner Robins, GA 31088

$215,000C+

None bd · 2.0 ba · 1,488 sqft · Built 1960 · MultiFamily · Active · 259 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,419/mo
• Mortgage (P&I): −$1,127
• Tax + insurance: −$137
• HOA: −$0
• Vac / Maint / Mgmt: −$508
• Net cashflow: $646/mo
• Annual: $7,755/yr
• Cap rate: 9.90%
• Cash-on-cash: 12.88%
• DSCR: 1.57
• 1% rule: 1.13%
• Cash to close: $60,200

Investor read

• This is a 2 × 2-bed/1-bath units multifamily listed at $215k.
• At list price, monthly cash flow is $646 ($8k/yr) — positive. Per door: $323/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $215k).
• It's been on market 259 days — a 12% lower offer ($189k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $189k (12.0% below list) — sets the bar for market timing.
• 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.
• Location reads 65/100 on livability (#227 in GA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, crime F, amenities F.
• Houston County (urban): math 43% / reading 46% proficiency, ranked #23 of 174 in GA (top 13%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: C. B. Watson Primary School (557 students, 84% FRL); Huntington Middle School (math 23% / reading 32%, grade F, #268 of 470 statewide, top 57%, 827 students, 84% FRL); Warner Robins High School (math 7% / reading 21%, grade F, #322 of 424 statewide, top 76%, 1,816 students, 84% FRL) — zoned schools average 84% FRL vs 46% district-wide (38 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 21% at this address vs 44% district-wide (-24 pts) — the specific schools serving this property underperform the Houston County average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+1.7%/yr); 295 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 57% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,545 units permitted in Houston County in 2024 (336 in 5+ unit buildings).
• Houston County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 6 sale attempts since 4y ago; this cycle's ask is 19445% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Climate carrying-cost: severe wind risk, 80% 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.
• Cap rate 9.9% vs local median 4.9% in Warner Robins — 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.
• This rent runs 35% of the median local income ($83k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 259 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 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?
• 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?