3813 Meritas Dr

Columbus, GA 31904

$159,900D

4 bd · 2.5 ba · 1,484 sqft · Built 1934 · SingleFamily · Active · 49 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,357/mo
• Mortgage (P&I): −$839
• Tax + insurance: −$279
• HOA: −$0
• Vac / Maint / Mgmt: −$285
• Net cashflow: $-46/mo
• Annual: $-551/yr
• Cap rate: 5.95%
• Cash-on-cash: -1.23%
• DSCR: 0.95
• 1% rule: 0.85%
• Cash to close: $44,772

Investor read

• This is a 4-bed/2.5-bath single-family listed at $160k.
• At list price, monthly cash flow is $-46 ($-551/yr) — negative.
• To cash-flow at today's rent, offer at most $152k (5.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $136k (15.1% below list).
• It's been on market 49 days — a 3% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $136k (15.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#254 in GA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety B; Watch: amenities D+, crime F, commute F.
• Muscogee County (urban): math 21% / reading 30% proficiency, ranked #120 of 174 in GA (top 69%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Fox Elementary School (math 2% / reading 2%, grade F, #1,204 of 1,228 statewide, top 100%, 343 students, 96% FRL); Arnold Middle School (math 12% / reading 22%, grade F, #381 of 470 statewide, top 82%, 645 students, 97% FRL); Jordan Vocational High School (math 12% / reading 12%, grade F, #342 of 424 statewide, top 81%, 869 students, 96% FRL) — zoned schools average 97% FRL vs 61% district-wide (36 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 10% at this address vs 26% district-wide (-15 pts) — the specific schools serving this property underperform the Muscogee County average; the district grade overstates school quality for this exact location.
• Watch-outs: built in 1934 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+3.0%/yr); 337 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 291 units permitted in Muscogee County in 2024 (30 in 5+ unit buildings).
• Muscogee County population projected at +15% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 4 sale attempts since 5y 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.
• Current owner paid $85k; list at $160k implies a 88% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 68% 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 5.9% vs local median 4.7% in Columbus — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 49 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
• Built in 1934 — 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?
• 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?
• 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?
• 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.