601 Harmon Ave · Albany, GA 31701

$49,000

3 bd · 1.0 ba · 1,050 sqft · SingleFamily public records · 21 Days on market

Built 1972 7,840 sqft lot

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.1/10.0
• Appreciation +0.0/10.0

Listing remarks

Great investment opportunity in the heart of Albany! This 3-bedroom, 1-bath home at 601 Harmon Ave offers approximately 1,050 square feet of living space and sits within the city limits. Built in 1972, the property features a brick exterior and solid layout with plenty of potential for investors or buyers looking to add their personal touch. Conveniently located near schools, shopping, and downtown Albany. With some updates and cosmetic improvements, this property could make a great rental or affordable starter home.

Key facts

• Near schools
• Brick exterior
• Near shopping

Tags

• BRICK EXTERIOR
• SOLID LAYOUT
• NEAR SCHOOLS
• NEAR SHOPPING
• NEAR DOWNTOWN

Property features AI

Finance

• Other: Lot approximately 0.18 acres (level); Living area approximately 1,050 square feet
• HOA & community: No HOA; No association fees

Exterior

• Parking: No parking
• Utilities: Public water; Public sewer; No additional utilities listed
• Home design: Single family residence (house); Residential property; Fixer condition; Built in 1972
• Construction: Brick construction; Composition roof; Built in 1972
• Exterior features: Level lot

Interior

• Kitchen: Other appliances
• Bedrooms: Three bedrooms on the main level
• Flooring: Carpet; Laminate; Other
• Bathrooms: One full bathroom
• Heating & cooling: Central heating; Heat pump cooling
• Interior features: Other interior features; One-level living; No basement; No fireplaces
• Laundry & utility: Other laundry features

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $49k.

Deal economics

• At list price, monthly cash flow is $72 ($865/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $49k).
• Recommended offer: $48k (1.5% below list) — sets the bar for market timing.
• Cap rate 18.5% vs local median 4.7% in Albany — 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 60/100 on livability (#371 in GA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A-, health & safety B+; Watch: crime F, amenities F, commute F.
• Dougherty County (urban): math 12% / reading 16% proficiency, ranked #163 of 174 in GA (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 79% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Martin Luther King- Jr. Elementary School (math 2% / reading 2%, grade F, #1,204 of 1,228 statewide, top 100%, 382 students, 100% FRL); Radium Springs Middle School (math 2% / reading 8%, grade F, #462 of 470 statewide, top 99%, 919 students, 100% FRL); Monroe High School (math 2% / reading 2%, grade F, #421 of 424 statewide, top 100%, 1,078 students, 100% FRL) — zoned schools average 100% FRL vs 79% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 177 active listings in the ZIP; 2 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 45 units permitted in Dougherty County in 2024 (20 in 5+ unit buildings).
• This rent runs 37% of the median local income ($35k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $339 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Dougherty County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($48k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 98% chance of damaging wind over 30y; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $48,265 (1.5% below list)

Questions for the listing agent

1. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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.

Investment metrics

• 1% rule: 2.20% ✓
• Cap rate: 18.50%
• Cash-on-cash: 43.61%
• DSCR: 2.94
• GRM: 3.8

CMA / ARV

• ARV (on-the-fly): $23,100
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
527 Jefferies Ave	0.46mi	3/1.0	962 (-8%)	4mo	$17,500	$18	61
309 Wells Ave	0.66mi	3/1.0	960 (-9%)	6mo	$25,000	$26	50
1311 Lee St	0.74mi	3/1.5	1,068 (+2%)	23mo	$24,000	$22	41

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -6.0%
• Equity multiple: 0.78×
• Total profit: $-3,062
• Equity at exit: $7,306

10-year hold

• IRR: 4.3%
• Equity multiple: 1.32×
• Total profit: $4,412
• Equity at exit: $4,237

Cash invested: $13,720 (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 31701

• Home prices YoY: -27.3%
• Active inventory: 177
• Price-to-rent: 3.8×

Monthly cashflow live

• Estimated rent: $1,077 medium
• Mortgage (P&I): −$257
• Tax from tax record: −$75 /mo · $901/yr
• Insurance: −$20
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$226
• Net cashflow: $72

Break-even live

Break-even rent $986

Max offer price $49,000

Occupancy floor 88%

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: $12,250
• Closing costs: $1,470
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2415 Habersham Rd Albany, GA	3.0	2.0	1100	$1,200	$1.09	20d	1	1.13mi
1601 Radium Springs Rd Albany, GA	1.0–2.0	1.0	750	$793	$1.06	20d	1	1.33mi

Listing history 9 events

1. 2026-06-10
   days on market $49,000 Active 21 DOM
2. 2026-06-09
   days on market $49,000 Active 20 DOM
3. 2026-06-08
   days on market $49,000 Active 19 DOM
4. 2026-06-07
   days on market $49,000 Active 18 DOM
5. 2026-06-05
   statusdays on market $49,000 Active 15 DOM
6. 2026-06-02
   pricestatusdays on market $49,000 Price Change 13 DOM
7. 2026-05-31
   days on market $55,000 New 12 DOM
8. 2026-05-30
   days on market $55,000 New 11 DOM
9. 2026-05-19
   listed $55,000 New

ⓘ 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: $901 · $75/mo
• Projected year-2 tax: $901 · $75/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone AE · 74% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥110°F today · 19 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 98% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,928
• − Mortgage interest: −$2,745
• − Property taxes: −$901
• − Insurance: −$5,364
• − Repairs & maintenance: −$1,034
• − Management: −$1,034
• − Depreciation: −$1,425
• Taxable income: $425
• Est. tax owed @ 24.0%: −$102
• After-tax cash flow: $763/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: Dougherty County
• NCES district ID: 1301830
• Math proficiency: 12% ▼ -15.00%
• Reading proficiency: 16% ▼ -9.00%
• Median HH income: $33,105
• Composite: 11.31/100
• National rank: #9716
• State rank: #163 of 174 in GA

Livability — Albany

• Score: 60/100
• State rank: #371
• US rank: #18903

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Albany, GA
• County: Dougherty County · 89,040 people
• City population: 89,040
• Metro: Albany, GA
• Population (ZIP): 16,135
• Household income: $35,025
• Rent vs Own: 66.9% rent · 33.1% own
• Severe rent burden: 1383.0

Population outlook (Dougherty County) Hauer SSP2

• Today (2025): 84,551 people
• By 2030: 80,637 · -4.6%
• By 2040: 72,090 · -14.7%
• By 2050: 64,056 · -24.2%
• By 2075: 46,332 · -45.2%
• By 2100: 33,127 · -60.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (74%)
• Race & ethnicity: Black 74% White 21% Two or more races 2% Hispanic / Latino 2%
• Common ancestry: Serbian 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2% Arabic 1%

Political lean MEDSL · Dougherty

• 2024 margin: Solid D (+41.1) · D 70.4% · R 29.3%
• 2008→2024 swing: +6.2pp toward D · 2008: 35.0pp · 2024: 41.1pp
• All cycles: 2024: D+41.1 2020: D+40.0 2016: D+38.3 2012: D+39.0 2008: D+35.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -54.55%
• Current HPI: 145.4604
• Rent YoY: —
• Metro: Albany, GA
• 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

1 event — show timeline

• 2026-05-19 Listed $55,000 GAMLS

Property tax history

+2.2%/yr

Latest (2025): $901 · +7.6% YoY. Source: county tax records.