613 Cherry Ave · Albany, GA 31701

$48,900

4 bd · 3.0 ba · 1,927 sqft · MultiFamily public records · 94 Days on market

Built 1935 6,098 sqft lot

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Why this score? — see what drove the B- 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).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.1/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Front house occupied long term tenant 2 bedroom 1 1/2 baths - back added apartment needs a little to finish and move another tenant in! Some paneled and some plaster walls. Back apartment is block. Separate electric meters for apartments, shared water meter. Sold as is!

Key facts

• 6,098 sq ft lot
• 3 parking spots
• Built 1935

Property features AI

Exterior

• Parking: 3 total parking spaces
• Utilities: Sewer connected
• Home design: Single-family detached residence; 1 story
• Construction: Frame construction with wood siding; Slab foundation; Shingle roof; Built as residential single family
• Exterior features: Covered porch/patio

Interior

• Kitchen: Electric cooktop; Electric oven
• Flooring: Hardwood
• Bathrooms: 2 full bathrooms
• Interior features: Hardwood floors; Electric water heater
• Laundry & utility: Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath multifamily listed at $49k.

Deal economics

• At list price, monthly cash flow is $712 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $49k).
• Recommended offer: $44k (9.0% below list) — sets the bar for market timing.
• Cap rate 26.8% vs local median 4.7% in Albany — 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.

Location & tenants

• Location reads 60/100 on livability (#371 in GA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A-, health & safety B+; Watch: schools F, crime F, amenities F.
• Dougherty County (urban): math 12% / reading 16% proficiency, ranked #163 of 174 in GA (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 79% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 177 active listings in the ZIP; lower-income renter base — watch delinquency; 45 units permitted in Dougherty County in 2024 (20 in 5+ unit buildings).
• At $1,475/mo this rent would consume 51% of the median local household income ($35k/yr) (locally 1383% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $338 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Dougherty County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 94 days — a 9% lower offer ($44k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $13k; list at $49k implies a 276% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $125/mo; built in 1935 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance); severe wind risk, 97% 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.

Recommended offer $44,499 (9.0% below list)

Questions for the listing agent

1. It's been on market 94 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1935 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 3.02% ✓
• Cap rate: 26.84%
• Cash-on-cash: 73.40%
• DSCR: 4.27
• GRM: 2.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 61.4%
• Equity multiple: 3.74×
• Total profit: $37,533
• Equity at exit: $7,291

10-year hold

• IRR: 66.1%
• Equity multiple: 7.68×
• Total profit: $91,474
• Equity at exit: $4,228

Cash invested: $13,692 (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 31701

• Home prices YoY: -27.3%
• Active inventory: 177
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $1,475 high
• Mortgage (P&I): −$256
• Tax from tax record: −$51 /mo · $612/yr
• Insurance: −$20
• Flood insurance flood zone: −$125 /mo · $1,502/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$310
• Net cashflow: $712

Break-even live

Break-even rent $573

Max offer price $48,900

Occupancy floor 47%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$1,476
Total (2 units)			$1,475

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: $12,225
• Closing costs: $1,467
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-19
   days on market $48,900 Active 94 DOM
2. 2026-06-18
   days on market $48,900 Active 93 DOM
3. 2026-06-17
   days on market $48,900 Active 92 DOM
4. 2026-06-16
   days on market $48,900 Active 91 DOM
5. 2026-06-15
   days on market $48,900 Active 90 DOM
6. 2026-06-14
   days on market $48,900 Active 88 DOM
7. 2026-06-13
   days on market $48,900 Active 87 DOM
8. 2026-06-10
   days on market $48,900 Active 85 DOM
9. 2026-06-09
   days on market $48,900 Active 84 DOM
10. 2026-06-08
    days on market $48,900 Active 83 DOM
11. 2026-06-07
    days on market $48,900 Active 82 DOM
12. 2026-06-05
    days on market $48,900 Active 79 DOM
13. 2026-06-02
    days on market $48,900 Active 77 DOM
14. 2026-06-01
    days on market $48,900 Active 76 DOM
15. 2026-05-31
    days on market $48,900 Active 75 DOM
16. 2026-05-30
    days on market $48,900 Active 74 DOM
17. 2026-05-21
    price $48,900
18. 2026-03-18
    listed $49,900 Active
19. 2023-08-23
    soldstatus $13,000

ⓘ 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: $612 · $51/mo
• Projected year-2 tax: $612 · $51/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 7/10 Severe FEMA zone A · 75% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥110°F today · 19 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 97% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,700
• − Mortgage interest: −$2,739
• − Property taxes: −$612
• − Insurance: −$1,747
• − Repairs & maintenance: −$1,416
• − Management: −$1,416
• − Depreciation: −$1,423
• Taxable income: $8,348
• Est. tax owed @ 24.0%: −$2,003
• After-tax cash flow: $6,544/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: Dougherty County
• NCES district ID: 1301830
• Math proficiency: 12% ▼ -15.00%
• Reading proficiency: 16% ▼ -9.00%
• Median HH income: $33,105
• Composite: 11.31/100
• National rank: #9716
• State rank: #163 of 174 in GA

Livability — Albany

• Score: 60/100
• State rank: #371
• US rank: #18903

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Albany, GA
• County: Dougherty County · 89,040 people
• City population: 89,040
• Metro: Albany, GA
• Population (ZIP): 16,135
• Household income: $35,025
• Rent vs Own: 66.9% rent · 33.1% own
• Severe rent burden: 1383.0

Population outlook (Dougherty County) Hauer SSP2

• Today (2025): 84,551 people
• By 2030: 80,637 · -4.6%
• By 2040: 72,090 · -14.7%
• By 2050: 64,056 · -24.2%
• By 2075: 46,332 · -45.2%
• By 2100: 33,127 · -60.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (74%)
• Race & ethnicity: Black 74% White 21% Two or more races 2% Hispanic / Latino 2%
• Common ancestry: Serbian 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2% Arabic 1%

Political lean MEDSL · Dougherty

• 2024 margin: Solid D (+41.1) · D 70.4% · R 29.3%
• 2008→2024 swing: +6.2pp toward D · 2008: 35.0pp · 2024: 41.1pp
• All cycles: 2024: D+41.1 2020: D+40.0 2016: D+38.3 2012: D+39.0 2008: D+35.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -54.55%
• Current HPI: 145.4604
• Rent YoY: —
• Metro: Albany, GA
• 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

+276.2% since first listed

3 events — show timeline

• 2026-05-21 Price Changed $48,900 SWGABOR
• 2026-03-18 Listed $49,900 SWGABOR
• 2023-08-23 Sold (Public Records) $13,000 Public Records

Property tax history

+2.1%/yr

Latest (2025): $612 · +6.1% YoY. Source: county tax records.