455 Bell St

Menlo, GA 30731

$139,900C+

2 bd · 1.0 ba · 1,298 sqft · Built 1960 · Other · Under Contract · 51 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,292/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$123
• HOA: −$0
• Vac / Maint / Mgmt: −$271
• Net cashflow: $164/mo
• Annual: $1,967/yr
• Cap rate: 7.70%
• Cash-on-cash: 5.02%
• DSCR: 1.22
• 1% rule: 0.92%
• Cash to close: $39,172

Investor read

• This is a 2-bed/1.0-bath other listed at $140k.
• At list price, monthly cash flow is $164 ($2k/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 $129k (7.7% below list).
• It's been on market 51 days — a 3% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $129k (7.7% below list) — sets the bar for 1% rule.
• In year one you build about $8k of equity ($967 loan paydown + $7k appreciation (4.8% local appreciation)).
• Location reads 62/100 on livability (#313 in GA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools D-, crime D-, amenities F.
• Chattooga County (rural): math 18% / reading 26% proficiency, ranked #140 of 174 in GA (top 80%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 46 active listings in the ZIP; 2 units permitted in Chattooga County in 2024 (0 in 5+ unit buildings).
• Chattooga County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $20k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (4.8% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wildfire risk; extreme-heat days projected 8→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 51 days. Have you received any prior offers? Is the seller open to a 8% concession, seller financing, or rate buy-down credit?
• Built in 1960 — 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 D-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 D 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?
• 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.