683 Grant St

Clarkesville, GA 30523

$149,900C-

2 bd · 1.0 ba · 944 sqft · Built 1998 · Other · Active · 24 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,356/mo
• Mortgage (P&I): −$786
• Tax + insurance: −$192
• HOA: −$0
• Vac / Maint / Mgmt: −$285
• Net cashflow: $93/mo
• Annual: $1,120/yr
• Cap rate: 7.04%
• Cash-on-cash: 2.67%
• DSCR: 1.12
• 1% rule: 0.90%
• Cash to close: $41,972

Investor read

• This is a 2-bed/1.0-bath other listed at $150k.
• At list price, monthly cash flow is $93 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $136k (9.5% below list).
• It's been on market 24 days — a 2% lower offer ($148k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $136k (9.5% below list) — sets the bar for 1% rule.
• In year one you build about $3k of equity ($1k loan paydown + $2k appreciation (1.6% local appreciation)).
• Location reads 72/100 on livability (#66 in GA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety D-.
• Habersham County (rural): math 38% / reading 39% proficiency, ranked #53 of 174 in GA (top 30%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 293 active listings in the ZIP; 215 units permitted in Habersham County in 2024 (5 in 5+ unit buildings).
• Habersham County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts since 14y 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 $115k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (1.6% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~8 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 7.0% vs local median 1.8% in Clarkesville — 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

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.