5209 Ga Highway 32

Patterson, GA 31557

$279,000D

3 bd · 1.5 ba · 2,184 sqft · Built 1969 · SingleFamily · Active · 165 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,278/mo
• Mortgage (P&I): −$1,463
• Tax + insurance: −$276
• HOA: −$0
• Vac / Maint / Mgmt: −$268
• Net cashflow: $-730/mo
• Annual: $-8,761/yr
• Cap rate: 3.15%
• Cash-on-cash: -11.21%
• DSCR: 0.50
• 1% rule: 0.46%
• Cash to close: $78,120

Investor read

• This is a 3-bed/1.5-bath single-family listed at $279k.
• At list price, monthly cash flow is $-730 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $150k (46.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $128k (54.2% below list).
• It's been on market 165 days — a 12% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $128k (54.2% below list) — sets the bar for 1% rule.
• In year one you build about $30k of equity ($2k loan paydown + $28k appreciation (10.0% local appreciation)).
• Location reads 69/100 on livability (#110 in GA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment A-; Watch: crime D+, amenities F, commute F.
• Pierce County (rural): math 52% / reading 51% proficiency, ranked #15 of 174 in GA (top 9%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Patterson Elementary School (math 71% / reading 50%, grade B-, #123 of 1,228 statewide, top 10%, 476 students, 67% FRL); Pierce County Middle School (math 48% / reading 54%, grade C, #64 of 470 statewide, top 14%, 827 students, 67% FRL); Pierce County High School (math 44% / reading 60%, grade D+, #26 of 424 statewide, top 6%, 1,033 students, 44% FRL).
• Market conditions: 27 active listings in the ZIP; 88 units permitted in Pierce County in 2024 (0 in 5+ unit buildings).
• 2 sale attempts; this cycle's ask has dropped $16k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• By year 2, paydown + projected appreciation supports a ~$48k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

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 165 days. Have you received any prior offers? Is the seller open to a 54% concession, seller financing, or rate buy-down credit?
• Built in 1969 — 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• Crime grade is D 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?
• 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?