54 Ray Dr · Zebulon, GA 30256

$299,500

5 bd · 3.0 ba · 2,571 sqft · SingleFamily public records · 71 Days on market

Built 2004 3.00 ac lot $116/sqft · 32% below area Est $442k · 32% under

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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).

• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• Cash flow +3.2/30.0
• Schools +3.0/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

Listing remarks MLS

Tucked away on three private wooded acres, this property offers a peaceful setting with plenty of space both inside and out. The main level features three bedrooms, including the primary suite with a soaking tub, walk-in closet, and direct access to the back deck - perfect for enjoying your morning coffee outdoors. Upstairs, you'll find a massive landing with two additional bedrooms on either side, each with attic storage, offering flexibility for a home office, guest space, playroom, or storage. An additional bathroom with soaking tub upstairs adds convenience to the upper level. The home has been updated with new interior paint and brand-new appliances and is ready for the buyer to put their final touches on it to make it their own. Recent improvements also include two new HVAC units installed in March 2026, providing efficient heating and cooling year-round. Outdoor features include a covered front porch and a spacious back deck overlooking the wooded property, creating a private and relaxing environment.

Key facts

• Soaking tub
• Walk-in closet
• Attic storage

Tags

• PRIVATE WOODED ACRES
• SOAKING TUB
• WALK-IN CLOSET
• BACK DECK
• MASSIVE LANDING
• ATTIC STORAGE

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath single-family listed at $300k.

Deal economics

• At list price, monthly cash flow is $-949 ($-11k/yr) — negative.
• To cash-flow at today's rent, offer at most $132k (56.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $131k (56.2% below list).
• Recommended offer: $131k (56.2% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 57/100 on livability (#463 in GA) — a working-class tenant base; expect higher turnover. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D+, employment D, amenities F.
• Pike County (rural): math 32% / reading 36% proficiency, ranked #64 of 174 in GA (top 37%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 20 active listings in the ZIP; 91 units permitted in Pike County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $32k of equity ($2k loan paydown + $30k appreciation (10.0% local appreciation)).
• Pike County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• By year 2, paydown + projected appreciation supports a ~$51k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 71 days — a 6% lower offer ($282k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 12y ago; this cycle's ask has dropped $38k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $189k; list at $300k implies a 59% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 50% 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.

Recommended offer $131,300 (56.2% below list)

Questions for the listing agent

1. 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?
2. It's been on market 71 days. Have you received any prior offers? Is the seller open to a 56% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.44% ✗
• Cap rate: 2.49%
• Cash-on-cash: -13.58%
• DSCR: 0.40
• GRM: 19.0

CMA / ARV

• ARV (median comp): $441,784
• List price: $299,500
• Delta: -32.21%
• Verdict: UNDERPRICED
• Comps: 5 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
123 Rabbit Run Rd	0.26mi	5/3.0	2,744 (+7%)	2mo	$475,000	$173	75
298 Campbell Rd	0.74mi	4/3.5 (-1)	2,464 (-4%)	23mo	$384,010	$156	32

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 14.8%
• Equity multiple: 2.22×
• Total profit: $102,644
• Equity at exit: $269,813

10-year hold

• IRR: 14.6%
• Equity multiple: 5.17×
• Total profit: $349,736
• Equity at exit: $581,863

Cash invested: $83,860 (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 30256

• Home prices YoY: 4.5%
• Active inventory: 20
• Price-to-rent: 19.0×

Monthly cashflow live

• Estimated rent: $1,313 medium
• Mortgage (P&I): −$1,571
• Tax from tax record: −$291 /mo · $3,490/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$276
• Net cashflow: $-949

Break-even live

Break-even rent $2,514

Max offer price $131,861

Occupancy floor —

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: $74,875
• Closing costs: $8,985
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-01
   status $299,500 Pending 71 DOM
2. 2026-05-31
   days on market $299,500 Active Under Contract 71 DOM
3. 2026-05-14
   price $299,500 1026-char remark

   Show marketing remark (1030 chars)

   Tucked away on three private wooded acres, this property offers a peaceful setting with plenty of space both inside and out. The main level features three bedrooms, including the primary suite with a soaking tub, walk-in closet, and direct access to the back deck - perfect for enjoying your morning coffee outdoors. Upstairs, you’ll find a massive landing with two additional bedrooms on either side, each with attic storage, offering flexibility for a home office, guest space, playroom, or storage. An additional bathroom with soaking tub upstairs adds convenience to the upper level. The home has been updated with new interior paint and brand-new appliances and is ready for the buyer to put their final touches on it to make it their own. Recent improvements also include two new HVAC units installed in March 2026, providing efficient heating and cooling year-round. Outdoor features include a covered front porch and a spacious back deck overlooking the wooded property, creating a private and relaxing environment.

4. 2026-05-14
   price $299,500 1030-char remark

   Show marketing remark (1030 chars)

   Tucked away on three private wooded acres, this property offers a peaceful setting with plenty of space both inside and out. The main level features three bedrooms, including the primary suite with a soaking tub, walk-in closet, and direct access to the back deck - perfect for enjoying your morning coffee outdoors. Upstairs, you’ll find a massive landing with two additional bedrooms on either side, each with attic storage, offering flexibility for a home office, guest space, playroom, or storage. An additional bathroom with soaking tub upstairs adds convenience to the upper level. The home has been updated with new interior paint and brand-new appliances and is ready for the buyer to put their final touches on it to make it their own. Recent improvements also include two new HVAC units installed in March 2026, providing efficient heating and cooling year-round. Outdoor features include a covered front porch and a spacious back deck overlooking the wooded property, creating a private and relaxing environment.

5. 2026-05-06
   price $318,000 1026-char remark

   Show marketing remark (1030 chars)

   Tucked away on three private wooded acres, this property offers a peaceful setting with plenty of space both inside and out. The main level features three bedrooms, including the primary suite with a soaking tub, walk-in closet, and direct access to the back deck - perfect for enjoying your morning coffee outdoors. Upstairs, you’ll find a massive landing with two additional bedrooms on either side, each with attic storage, offering flexibility for a home office, guest space, playroom, or storage. An additional bathroom with soaking tub upstairs adds convenience to the upper level. The home has been updated with new interior paint and brand-new appliances and is ready for the buyer to put their final touches on it to make it their own. Recent improvements also include two new HVAC units installed in March 2026, providing efficient heating and cooling year-round. Outdoor features include a covered front porch and a spacious back deck overlooking the wooded property, creating a private and relaxing environment.

6. 2026-05-06
   price $318,000 1030-char remark

   Show marketing remark (1030 chars)

   Tucked away on three private wooded acres, this property offers a peaceful setting with plenty of space both inside and out. The main level features three bedrooms, including the primary suite with a soaking tub, walk-in closet, and direct access to the back deck - perfect for enjoying your morning coffee outdoors. Upstairs, you’ll find a massive landing with two additional bedrooms on either side, each with attic storage, offering flexibility for a home office, guest space, playroom, or storage. An additional bathroom with soaking tub upstairs adds convenience to the upper level. The home has been updated with new interior paint and brand-new appliances and is ready for the buyer to put their final touches on it to make it their own. Recent improvements also include two new HVAC units installed in March 2026, providing efficient heating and cooling year-round. Outdoor features include a covered front porch and a spacious back deck overlooking the wooded property, creating a private and relaxing environment.

7. 2026-04-03
   status Back On Market 1026-char remark

   Show marketing remark (1030 chars)

   Tucked away on three private wooded acres, this property offers a peaceful setting with plenty of space both inside and out. The main level features three bedrooms, including the primary suite with a soaking tub, walk-in closet, and direct access to the back deck - perfect for enjoying your morning coffee outdoors. Upstairs, you’ll find a massive landing with two additional bedrooms on either side, each with attic storage, offering flexibility for a home office, guest space, playroom, or storage. An additional bathroom with soaking tub upstairs adds convenience to the upper level. The home has been updated with new interior paint and brand-new appliances and is ready for the buyer to put their final touches on it to make it their own. Recent improvements also include two new HVAC units installed in March 2026, providing efficient heating and cooling year-round. Outdoor features include a covered front porch and a spacious back deck overlooking the wooded property, creating a private and relaxing environment.

8. 2026-04-03
   status Active 1030-char remark

   Show marketing remark (1030 chars)

   Tucked away on three private wooded acres, this property offers a peaceful setting with plenty of space both inside and out. The main level features three bedrooms, including the primary suite with a soaking tub, walk-in closet, and direct access to the back deck - perfect for enjoying your morning coffee outdoors. Upstairs, you’ll find a massive landing with two additional bedrooms on either side, each with attic storage, offering flexibility for a home office, guest space, playroom, or storage. An additional bathroom with soaking tub upstairs adds convenience to the upper level. The home has been updated with new interior paint and brand-new appliances and is ready for the buyer to put their final touches on it to make it their own. Recent improvements also include two new HVAC units installed in March 2026, providing efficient heating and cooling year-round. Outdoor features include a covered front porch and a spacious back deck overlooking the wooded property, creating a private and relaxing environment.

9. 2026-04-02
   status Pending 1030-char remark

   Show marketing remark (1026 chars)

   Tucked away on three private wooded acres, this property offers a peaceful setting with plenty of space both inside and out. The main level features three bedrooms, including the primary suite with a soaking tub, walk-in closet, and direct access to the back deck - perfect for enjoying your morning coffee outdoors. Upstairs, you'll find a massive landing with two additional bedrooms on either side, each with attic storage, offering flexibility for a home office, guest space, playroom, or storage. An additional bathroom with soaking tub upstairs adds convenience to the upper level. The home has been updated with new interior paint and brand-new appliances and is ready for the buyer to put their final touches on it to make it their own. Recent improvements also include two new HVAC units installed in March 2026, providing efficient heating and cooling year-round. Outdoor features include a covered front porch and a spacious back deck overlooking the wooded property, creating a private and relaxing environment.

10. 2026-04-02
    status Under Contract 1026-char remark

    Show marketing remark (1026 chars)

    Tucked away on three private wooded acres, this property offers a peaceful setting with plenty of space both inside and out. The main level features three bedrooms, including the primary suite with a soaking tub, walk-in closet, and direct access to the back deck - perfect for enjoying your morning coffee outdoors. Upstairs, you'll find a massive landing with two additional bedrooms on either side, each with attic storage, offering flexibility for a home office, guest space, playroom, or storage. An additional bathroom with soaking tub upstairs adds convenience to the upper level. The home has been updated with new interior paint and brand-new appliances and is ready for the buyer to put their final touches on it to make it their own. Recent improvements also include two new HVAC units installed in March 2026, providing efficient heating and cooling year-round. Outdoor features include a covered front porch and a spacious back deck overlooking the wooded property, creating a private and relaxing environment.

11. 2026-03-20
    listed $338,000 New 1026-char remark

    Show marketing remark (1030 chars)

    Tucked away on three private wooded acres, this property offers a peaceful setting with plenty of space both inside and out. The main level features three bedrooms, including the primary suite with a soaking tub, walk-in closet, and direct access to the back deck - perfect for enjoying your morning coffee outdoors. Upstairs, you’ll find a massive landing with two additional bedrooms on either side, each with attic storage, offering flexibility for a home office, guest space, playroom, or storage. An additional bathroom with soaking tub upstairs adds convenience to the upper level. The home has been updated with new interior paint and brand-new appliances and is ready for the buyer to put their final touches on it to make it their own. Recent improvements also include two new HVAC units installed in March 2026, providing efficient heating and cooling year-round. Outdoor features include a covered front porch and a spacious back deck overlooking the wooded property, creating a private and relaxing environment.

12. 2026-03-20
    listed $338,000 Active 1030-char remark

    Show marketing remark (1030 chars)

    Tucked away on three private wooded acres, this property offers a peaceful setting with plenty of space both inside and out. The main level features three bedrooms, including the primary suite with a soaking tub, walk-in closet, and direct access to the back deck - perfect for enjoying your morning coffee outdoors. Upstairs, you’ll find a massive landing with two additional bedrooms on either side, each with attic storage, offering flexibility for a home office, guest space, playroom, or storage. An additional bathroom with soaking tub upstairs adds convenience to the upper level. The home has been updated with new interior paint and brand-new appliances and is ready for the buyer to put their final touches on it to make it their own. Recent improvements also include two new HVAC units installed in March 2026, providing efficient heating and cooling year-round. Outdoor features include a covered front porch and a spacious back deck overlooking the wooded property, creating a private and relaxing environment.

13. 2026-02-12
    soldstatus $188,750
14. 2018-11-16
    historical
15. 2018-10-22
    price $226,900
16. 2018-10-09
    price $227,000
17. 2018-10-01
    price $230,000
18. 2018-09-08
    price $227,900
19. 2018-08-13
    price $247,800
20. 2018-07-27
    price $247,900
21. 2018-06-13
    listed $262,500 New
22. 2014-06-10
    soldstatus $114,900 Sold
23. 2014-05-05
    historical Pending Approval
24. 2014-04-29
    status Under Contract
25. 2014-04-28
    price $114,900 Reduced
26. 2014-04-24
    status Back On Market
27. 2014-04-02
    historical Pending Approval
28. 2014-03-19
    listed $121,000 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: $3,490 · $291/mo
• Projected year-2 tax: $3,490 · $291/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥108°F today · 18 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 50% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,756
• − Mortgage interest: −$16,777
• − Property taxes: −$3,490
• − Insurance: −$1,498
• − Repairs & maintenance: −$1,260
• − Management: −$1,260
• − Depreciation: −$8,713
• Taxable loss: −$17,242
• Est. tax savings @ 24.0%: +$4,138
• After-tax cash flow: $-7,250/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: Pike County
• NCES district ID: 1304170
• Math proficiency: 32% ▼ -9.00%
• Reading proficiency: 36% ▼ -5.00%
• Median HH income: $53,484
• Composite: 29.84/100
• National rank: #6414
• State rank: #64 of 174 in GA

Livability — Zebulon

• Score: 57/100
• State rank: #463
• US rank: #21949

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 3,007

Population outlook (Pike County) Hauer SSP2

• Today (2025): 18,433 people
• By 2030: 18,537 · +0.6%
• By 2040: 18,371 · -0.3%
• By 2050: 17,676 · -4.1%
• By 2075: 15,564 · -15.6%
• By 2100: 12,317 · -33.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Black 6% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Serbian 1% Slovak 1%
• Foreign-born: 0% · Canada
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Pike

• 2024 margin: Solid R (+73.4) · D 13.1% · R 86.6%
• 2008→2024 swing: -12.8pp toward R · 2008: -60.6pp · 2024: -73.4pp
• All cycles: 2024: R+73.4 2020: R+71.1 2016: R+69.6 2012: R+65.5 2008: R+60.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 11.02%
• Current HPI: 254.6289
• Rent YoY: —
• Metro: —
• 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

+147.5% since first listed

26 events — show timeline

• 2026-05-14 Price Changed $299,500 GAMLS
• 2026-05-14 Price Changed $299,500 FMLS
• 2026-05-06 Price Changed $318,000 GAMLS
• 2026-05-06 Price Changed $318,000 FMLS
• 2026-04-03 Relisted — GAMLS
• 2026-04-03 Relisted — FMLS
• 2026-04-02 Pending — FMLS
• 2026-04-02 Pending — GAMLS
• 2026-03-20 Listed $338,000 FMLS
• 2026-03-20 Listed $338,000 GAMLS
• 2026-02-12 Sold (Public Records) $188,750 Public Records
• 2018-11-16 Listing Removed — GAMLS
• 2018-10-22 Price Changed $226,900 GAMLS
• 2018-10-09 Price Changed $227,000 GAMLS
• 2018-10-01 Price Changed $230,000 GAMLS
• 2018-09-08 Price Changed $227,900 GAMLS
• 2018-08-13 Price Changed $247,800 GAMLS
• 2018-07-27 Price Changed $247,900 GAMLS
• 2018-06-13 Listed $262,500 GAMLS
• 2014-06-10 Sold (MLS) $114,900 GAMLS
• 2014-05-05 Contingent — GAMLS
• 2014-04-29 Pending — GAMLS
• 2014-04-28 Price Changed $114,900 GAMLS
• 2014-04-24 Relisted — GAMLS
• 2014-04-02 Contingent — GAMLS
• 2014-03-19 Listed $121,000 GAMLS

Property tax history

+3.0%/yr

Latest (2025): $3,490 · +1.8% YoY. Source: county tax records.