1016 Nicholson

Richland, GA 31825

$59,999A-

3 bd · 3.0 ba · 1,773 sqft · Built 1925 · SingleFamily · Active · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,390/mo
• Mortgage (P&I): −$315
• Tax + insurance: −$73
• HOA: −$0
• Vac / Maint / Mgmt: −$292
• Net cashflow: $710/mo
• Annual: $8,524/yr
• Cap rate: 20.50%
• Cash-on-cash: 50.74%
• DSCR: 3.26
• 1% rule: 2.32%
• Cash to close: $16,800

Investor read

• This is a 3-bed/3.0-bath single-family listed at $60k.
• At list price, monthly cash flow is $710 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $2k of equity ($415 loan paydown + $2k appreciation (3.0% local appreciation)).
• Location reads 59/100 on livability (#410 in GA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F, employment F.
• Stewart County (rural): math 35% / reading 26% proficiency, ranked #141 of 187 in GA (top 75%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 87% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Stewart County Elementary School (math 8% / reading 12%, grade F, #1,092 of 1,228 statewide, top 91%, 192 students, 100% FRL); Stewart County Middle School (math 17% / reading 27%, grade F, #333 of 470 statewide, top 72%, 96 students, 100% FRL); Stewart County High School (math 10% / reading 30%, grade F, #232 of 424 statewide, top 56%, 119 students, 100% FRL).
• Zoned-school proficiency averages 17% at this address vs 30% district-wide (-13 pts) — the specific schools serving this property underperform the Stewart County average; the district grade overstates school quality for this exact location.
• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 12 active listings in the ZIP; 2 units permitted in Stewart County in 2024 (0 in 5+ unit buildings).
• Stewart County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 4 sale attempts since 3y ago 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.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.
• 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.