466 West Ave

Jackson, GA 30233

$259,900B

None bd · None ba · — sqft · Built 1975 · MultiFamily · Active · 172 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,992/mo
• Mortgage (P&I): −$1,363
• Tax + insurance: −$433
• HOA: −$0
• Vac / Maint / Mgmt: −$1,048
• Net cashflow: $2,148/mo
• Annual: $25,771/yr
• Cap rate: 16.21%
• Cash-on-cash: 35.41%
• DSCR: 2.58
• 1% rule: 1.92%
• Cash to close: $72,772

Investor read

• This is a 3 × 3-bed/1-bath units multifamily listed at $260k. Condition is rated excellent.
• At list price, monthly cash flow is $2k ($26k/yr) — positive. Per door: $716/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $260k).
• It's been on market 172 days — a 12% lower offer ($229k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $229k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 56/100 on livability (#482 in GA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Butts County (rural): math 24% / reading 31% proficiency, ranked #103 of 174 in GA (top 59%) — 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: Stark Elementary School (math 23% / reading 25%, grade F, #784 of 1,228 statewide, top 64%, 656 students, 83% FRL); Henderson Middle School (math 20% / reading 32%, grade F, #286 of 470 statewide, top 61%, 767 students, 83% FRL); Jackson High School (math 12% / reading 37%, grade F, #184 of 424 statewide, top 48%, 1,070 students, 83% FRL) — zoned schools average 83% FRL vs 61% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 325 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 60 units permitted in Butts County in 2024 (0 in 5+ unit buildings).
• Butts County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 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.
• Current owner paid $100k; list at $260k implies a 160% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $73k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 16.2% vs local median 3.6% in Jackson — 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.
• At $4,992/mo this rent would consume 81% of the median local household income ($74k/yr) (locally 88% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 172 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1975 — 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?
• 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.