216/222 Bowen St

Pelham, GA 31779

$65,000A-

3 bd · 1.0 ba · 1,054 sqft · Built 1950 · SingleFamily · Active · 116 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,064/mo
• Mortgage (P&I): −$341
• Tax + insurance: −$90
• HOA: −$0
• Vac / Maint / Mgmt: −$223
• Net cashflow: $410/mo
• Annual: $4,917/yr
• Cap rate: 13.86%
• Cash-on-cash: 27.02%
• DSCR: 2.20
• 1% rule: 1.64%
• Cash to close: $18,200

Investor read

• This is a 3-bed/1.0-bath single-family listed at $65k. Condition is rated fair.
• At list price, monthly cash flow is $410 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• It's been on market 116 days — a 9% lower offer ($59k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $59k (9.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($449 loan paydown + $2k appreciation (2.4% local appreciation)).
• Location reads 56/100 on livability (#483 in GA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Pelham City (rural): math 13% / reading 20% proficiency, ranked #159 of 174 in GA (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Pelham Elementary School (math 21% / reading 16%, grade F, #922 of 1,228 statewide, top 75%, 620 students, 100% FRL); Pelham City Middle School (math 7% / reading 22%, grade F, #403 of 470 statewide, top 86%, 335 students, 100% FRL); Pelham High School (math 2% / reading 27%, grade F, #297 of 424 statewide, top 74%, 432 students, 100% FRL) — zoned schools average 100% FRL vs 73% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 60 active listings in the ZIP; 25 units permitted in Mitchell County in 2024 (0 in 5+ unit buildings).
• Mitchell County population projected at -29% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts 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 (2.4% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~3 years — after that, you're playing with house money.
• Climate carrying-cost: severe wind risk, 99% 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.
• Cap rate 13.9% vs local median 4.9% in Pelham — 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.

Questions for listing agent

• It's been on market 116 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1950 — 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 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?
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — The independent aerial image shows significant wear and tear on the roof.
• Moderate: exterior siding — The siding shows some discoloration and minor damage.