628 M L King St

Greenville, GA 30222

$49,900B+

3 bd · 1.0 ba · 894 sqft · Built 1940 · SingleFamily · Active · 177 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $845/mo
• Mortgage (P&I): −$262
• Tax + insurance: −$42
• HOA: −$0
• Vac / Maint / Mgmt: −$178
• Net cashflow: $364/mo
• Annual: $4,366/yr
• Cap rate: 15.04%
• Cash-on-cash: 31.25%
• DSCR: 2.39
• 1% rule: 1.69%
• Cash to close: $13,972

Investor read

• This is a 3-bed/1.0-bath single-family listed at $50k.
• At list price, monthly cash flow is $364 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($845 rent vs $50k).
• It's been on market 177 days — a 12% lower offer ($44k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $44k (12.0% below list) — sets the bar for market timing.
• In year one you build about $5k of equity ($345 loan paydown + $5k appreciation (10.0% local appreciation)).
• Location reads 62/100 on livability (#318 in GA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F, employment D-.
• Meriwether County (rural): math 18% / reading 22% proficiency, ranked #144 of 174 in GA (top 83%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Greenville High School (math 2% / reading 5%, grade F, #413 of 424 statewide, top 99%, 252 students, 96% FRL) — zoned schools average 96% FRL vs 71% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 4% at this address vs 20% district-wide (-16 pts) — the specific schools serving this property underperform the Meriwether County average; the district grade overstates school quality for this exact location.
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 46 active listings in the ZIP; 180 units permitted in Meriwether County in 2024 (0 in 5+ unit buildings).
• Meriwether County population projected at -28% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 9y 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 $6k; list at $50k implies a 742% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 177 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1940 — 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.
• 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.