135 Alabama St · Griffin, GA 30223

$195,000

4 bd · 2.0 ba · 1,632 sqft · MultiFamily public records · 286 Days on market

Built 1971 8,276 sqft lot

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Why this score? — see what drove the C 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 +25.6/30.0
• DSCR +8.5/10.0
• ARV discount +7.5/15.0
• 1% rule +6.0/10.0
• Rent growth +3.3/5.0
• Livability +2.7/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Welcome to this solidly built duplex investment property, located on a corner lot in Griffin, GA. Constructed in 1971, this single-story building offers two spacious 2-bedroom, 1-bathroom units-each with a den, a private entrance (one from Alabama Street, the other from Realty Street), and separate parking. New floors in both units. With its central location and strong rental history, this property is a prime opportunity for investors seeking steady cash flow

Key facts

• New floors
• Central location
• Private entrance

Tags

• CORNER LOT
• PRIVATE ENTRANCE
• SEPARATE PARKING
• NEW FLOORS
• CENTRAL LOCATION
• STRONG RENTAL HISTORY

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $195k.

Deal economics

• At list price, monthly cash flow is $459 ($6k/yr) — positive. Per door: $230/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $195k).
• Recommended offer: $172k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.1% vs local median 4.3% in Griffin — 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 54/100 on livability (#529 in GA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Griffin-Spalding County (suburban): math 13% / reading 19% proficiency, ranked #151 of 174 in GA (top 87%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Moore Elementary School (math 2% / reading 2%, grade F, #1,204 of 1,228 statewide, top 100%, 386 students, 98% FRL); Kennedy Road Middle School (math 11% / reading 20%, grade F, #392 of 470 statewide, top 84%, 477 students, 98% FRL); Griffin High School (math 7% / reading 19%, grade F, #331 of 424 statewide, top 78%, 1,498 students, 98% FRL) — zoned schools average 98% FRL vs 68% district-wide (30 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.3%/yr); 440 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 342 units permitted in Spalding County in 2024 (0 in 5+ unit buildings).
• This rent runs 44% of the median local income ($59k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Spalding County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 286 days — a 12% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• 13 sale attempts since 4y 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 $148k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 43% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $171,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 286 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.10% ✓
• Cap rate: 9.12%
• Cash-on-cash: 10.09%
• DSCR: 1.45
• GRM: 7.5

CMA / ARV

• ARV (median comp): $87,945
• List price: $195,000
• Delta: 121.73%
• Verdict: OVERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.34% rent growth · sell at horizon

5-year hold

• IRR: -0.8%
• Equity multiple: 0.97×
• Total profit: $-1,639
• Equity at exit: $29,075

10-year hold

• IRR: 9.2%
• Equity multiple: 1.72×
• Total profit: $39,161
• Equity at exit: $16,860

Cash invested: $54,600 (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 30223

• Rents YoY: 3.3%
• Active inventory: 440
• Price-to-rent: 15.1×

Monthly cashflow live

• Estimated rent: $2,153 high
• Mortgage (P&I): −$1,023
• Tax from tax record: −$138 /mo · $1,653/yr
• Insurance: −$81
• HOA: −$0
• Vacancy / Maint / Mgmt: −$452
• Net cashflow: $459

Break-even live

Break-even rent $1,572

Max offer price $195,000

Occupancy floor 74%

Sensitivity live

Price	-10% $570	-5% $514	+0% $459	+5% $404	+10% $349
Rent	-10% $289	-5% $374	+0% $459	+5% $544	+10% $629
Rate	-1.0pp $557	-0.5pp $509	base $459	+0.5pp $409	+1.0pp $357

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,152
Total (2 units)			$2,153

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: $48,750
• Closing costs: $5,850
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
117 Realty St Griffin, GA	3.0	1.0	1928	$999	$0.52	25d	1	0.07mi
816 Lane St Griffin, GA	3.0	2.0	1120	$1,300	$1.16	45d	1	0.16mi
114 Blanton Ave Griffin, GA	3.0	2.0	1274	$1,523	$1.20	22d	1	0.26mi
126 W Lexington Ave Griffin, GA	3.0	2.5	2146	$1,596	$0.74	6d	1	0.29mi
324 Adams St Griffin, GA	3.0	2.0	1363	$1,595	$1.17	25d	1	0.43mi
352 Adams St Griffin, GA	3.0	1.5	1296	$1,350	$1.04	45d	1	0.44mi
308 N 8th St Griffin, GA	3.0	2.0	1150	$1,350	$1.17	12d	1	0.44mi
205 W Broadway St Griffin, GA	4.0	2.0	1884	$1,650	$0.88	20d	1	0.56mi
592 Elles Way Griffin, GA	3.0	2.0	1260	$1,350	$1.07	45d	1	0.68mi
928 Ray St Griffin, GA	4.0	1.0	1133	$1,300	$1.15	45d	1	0.81mi
363 N 16th St Griffin, GA	3.0	2.0	1300	$1,550	$1.19	46d	1	0.86mi
615 N 17th St Griffin, GA	3.0	2.0	1504	$1,300	$0.86	21d	1	0.86mi
217 S 11 St Unit A Griffin, GA	3.0	1.0	1763	$1,150	$0.65	0d	1	0.92mi
1308 Greenbriar Dr Griffin, GA	3.0	2.0	1178	$1,535	$1.30	0d	1	0.93mi
625 E Wall St Griffin, GA	3.0	2.0	1128	$1,200	$1.06	22d	1	0.98mi
422 Meriwether St Unit 2 Griffin, GA	3.0	2.0	1100	$1,250	$1.14	14d	1	0.99mi
614 W Poplar St Griffin, GA	3.0	1.0	1100	$1,100	$1.00	23d	1	1.00mi
614 W Poplar St Griffin, GA	3.0	1.0	1100	$1,100	$1.00	0d	1	1.00mi
207 Hillside Cir Griffin, GA	3.0	1.0	1054	$1,100	$1.04	23d	1	1.31mi
1032 W College Street Ext Griffin, GA	5.0	2.0	1860	$1,518	$0.82	45d	1	1.35mi
1241 W Poplar St Griffin, GA	4.0	1.5	1568	$1,650	$1.05	25d	1	1.37mi

Listing history 40 events

1. 2026-05-31
   days on market $195,000 Active 286 DOM
2. 2026-04-05
   price $195,000 463-char remark

   Show marketing remark (463 chars)

   Welcome to this solidly built duplex investment property, located on a corner lot in Griffin, GA. Constructed in 1971, this single-story building offers two spacious 2-bedroom, 1-bathroom units-each with a den, a private entrance (one from Alabama Street, the other from Realty Street), and separate parking. New floors in both units. With its central location and strong rental history, this property is a prime opportunity for investors seeking steady cash flow

3. 2025-09-11
   price $198,999 463-char remark

   Show marketing remark (463 chars)

   Welcome to this solidly built duplex investment property, located on a corner lot in Griffin, GA. Constructed in 1971, this single-story building offers two spacious 2-bedroom, 1-bathroom units-each with a den, a private entrance (one from Alabama Street, the other from Realty Street), and separate parking. New floors in both units. With its central location and strong rental history, this property is a prime opportunity for investors seeking steady cash flow

4. 2025-08-12
   listed $199,999 New 463-char remark

   Show marketing remark (463 chars)

   Welcome to this solidly built duplex investment property, located on a corner lot in Griffin, GA. Constructed in 1971, this single-story building offers two spacious 2-bedroom, 1-bathroom units-each with a den, a private entrance (one from Alabama Street, the other from Realty Street), and separate parking. New floors in both units. With its central location and strong rental history, this property is a prime opportunity for investors seeking steady cash flow

5. 2023-10-10
   soldstatus $148,500
6. 2023-10-06
   soldstatus $148,500 Sold 277-char remark

   Show marketing remark (277 chars)

   Duplex! One entrance on Alabama Street and One entrance on Realty Street. 2 bedrooms/ 1 bathroom on both sides with a den and kitchen each. Separate entrances with separate parking sides. Both sides Tenant occupied. Call agent to schedule a showing! $1700 monthly income total.

7. 2023-09-07
   status Under Contract 277-char remark

   Show marketing remark (277 chars)

   Duplex! One entrance on Alabama Street and One entrance on Realty Street. 2 bedrooms/ 1 bathroom on both sides with a den and kitchen each. Separate entrances with separate parking sides. Both sides Tenant occupied. Call agent to schedule a showing! $1700 monthly income total.

8. 2023-08-31
   historical
9. 2023-07-28
   historical
10. 2023-07-28
    price $175,000
11. 2023-06-29
    historical
12. 2023-05-26
    historical
13. 2023-04-30
    historical
14. 2023-03-31
    historical
15. 2023-03-23
    price $165,000
16. 2023-03-10
    price $175,000
17. 2023-02-28
    historical
18. 2023-02-17
    price $185,000
19. 2023-01-31
    historical
20. 2022-12-01
    status Back On Market
21. 2022-11-08
    status Under Contract
22. 2022-10-28
    historical
23. 2022-10-16
    price $190,000
24. 2022-09-30
    historical
25. 2022-09-15
    price $199,900
26. 2022-08-12
    price $205,000
27. 2022-07-27
    listed $150,000 New 277-char remark

    Show marketing remark (277 chars)

    Duplex! One entrance on Alabama Street and One entrance on Realty Street. 2 bedrooms/ 1 bathroom on both sides with a den and kitchen each. Separate entrances with separate parking sides. Both sides Tenant occupied. Call agent to schedule a showing! $1700 monthly income total.

28. 2022-07-27
    listed $175,000 New

    Show marketing remark (277 chars)

    Duplex! One entrance on Alabama Street and One entrance on Realty Street. 2 bedrooms/ 1 bathroom on both sides with a den and kitchen each. Separate entrances with separate parking sides. Both sides Tenant occupied. Call agent to schedule a showing! $1700 monthly income total.

29. 2022-07-27
    listed $165,000 New

    Show marketing remark (277 chars)

    Duplex! One entrance on Alabama Street and One entrance on Realty Street. 2 bedrooms/ 1 bathroom on both sides with a den and kitchen each. Separate entrances with separate parking sides. Both sides Tenant occupied. Call agent to schedule a showing! $1700 monthly income total.

30. 2022-07-27
    listed $165,000 New

    Show marketing remark (277 chars)

    Duplex! One entrance on Alabama Street and One entrance on Realty Street. 2 bedrooms/ 1 bathroom on both sides with a den and kitchen each. Separate entrances with separate parking sides. Both sides Tenant occupied. Call agent to schedule a showing! $1700 monthly income total.

31. 2022-07-27
    listed $165,000 New

    Show marketing remark (277 chars)

    Duplex! One entrance on Alabama Street and One entrance on Realty Street. 2 bedrooms/ 1 bathroom on both sides with a den and kitchen each. Separate entrances with separate parking sides. Both sides Tenant occupied. Call agent to schedule a showing! $1700 monthly income total.

32. 2022-07-27
    listed $165,000 New

    Show marketing remark (277 chars)

    Duplex! One entrance on Alabama Street and One entrance on Realty Street. 2 bedrooms/ 1 bathroom on both sides with a den and kitchen each. Separate entrances with separate parking sides. Both sides Tenant occupied. Call agent to schedule a showing! $1700 monthly income total.

33. 2022-07-27
    listed $185,000 New

    Show marketing remark (277 chars)

    Duplex! One entrance on Alabama Street and One entrance on Realty Street. 2 bedrooms/ 1 bathroom on both sides with a den and kitchen each. Separate entrances with separate parking sides. Both sides Tenant occupied. Call agent to schedule a showing! $1700 monthly income total.

34. 2022-07-27
    listed $190,000 New

    Show marketing remark (277 chars)

    Duplex! One entrance on Alabama Street and One entrance on Realty Street. 2 bedrooms/ 1 bathroom on both sides with a den and kitchen each. Separate entrances with separate parking sides. Both sides Tenant occupied. Call agent to schedule a showing! $1700 monthly income total.

35. 2022-07-27
    listed $190,000 New

    Show marketing remark (277 chars)

    Duplex! One entrance on Alabama Street and One entrance on Realty Street. 2 bedrooms/ 1 bathroom on both sides with a den and kitchen each. Separate entrances with separate parking sides. Both sides Tenant occupied. Call agent to schedule a showing! $1700 monthly income total.

36. 2022-07-27
    listed $199,900 New

    Show marketing remark (277 chars)

    Duplex! One entrance on Alabama Street and One entrance on Realty Street. 2 bedrooms/ 1 bathroom on both sides with a den and kitchen each. Separate entrances with separate parking sides. Both sides Tenant occupied. Call agent to schedule a showing! $1700 monthly income total.

37. 2022-07-27
    listed $215,000 New

    Show marketing remark (277 chars)

    Duplex! One entrance on Alabama Street and One entrance on Realty Street. 2 bedrooms/ 1 bathroom on both sides with a den and kitchen each. Separate entrances with separate parking sides. Both sides Tenant occupied. Call agent to schedule a showing! $1700 monthly income total.

38. 2015-12-29
    soldstatus $24,500
39. 2015-02-24
    soldstatus $1,046,700
40. 1990-05-15
    soldstatus $627,100

ⓘ 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: $1,653 · $138/mo
• Projected year-2 tax: $1,794 · $150/mo
• Expected delta: +$141/yr (+$12/mo · 8.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥105°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 43% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,836
• − Mortgage interest: −$10,923
• − Property taxes: −$1,653
• − Insurance: −$975
• − Repairs & maintenance: −$2,067
• − Management: −$2,067
• − Depreciation: −$5,673
• Taxable income: $2,479
• Est. tax owed @ 24.0%: −$595
• After-tax cash flow: $4,917/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: Griffin-Spalding County
• NCES district ID: 1302520
• Math proficiency: 13% ▼ -13.00%
• Reading proficiency: 19% ▼ -12.00%
• Median HH income: $40,895
• Composite: 13.71/100
• National rank: #9496
• State rank: #151 of 174 in GA

Livability — Griffin

• Score: 54/100
• State rank: #529
• US rank: #23746

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Griffin, GA
• County: Spalding County · 66,676 people
• City population: 28,414
• Metro: Atlanta-Sandy Springs-Alpharetta, GA
• Population (ZIP): 38,262
• Household income: $59,054
• Rent vs Own: 39.5% rent · 60.5% own
• Severe rent burden: 1297.0

Population outlook (Spalding County) Hauer SSP2

• Today (2025): 63,015 people
• By 2030: 61,689 · -2.1%
• By 2040: 57,932 · -8.1%
• By 2050: 53,474 · -15.1%
• By 2075: 43,228 · -31.4%
• By 2100: 32,290 · -48.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 50% Black 38% Hispanic / Latino 7% Two or more races 5% Asian 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Slovak 1% Serbian 1%
• Foreign-born: 4% · Canada, South Korea
• Languages at home: 92% English-only · Spanish 6% Korean 1%

Political lean MEDSL · Spalding

• 2024 margin: R (+16.7) · D 41.4% · R 58.1%
• 2008→2024 swing: +2.1pp toward D · 2008: -18.8pp · 2024: -16.7pp
• All cycles: 2024: R+16.7 2020: R+20.8 2016: R+24.2 2012: R+20.0 2008: R+18.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -142.92%
• Current HPI: 225.7933
• Rent YoY: ▲ 3.34%
• Metro: Atlanta-Sandy Springs-Alpharetta, 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

-68.9% since first listed

39 events — show timeline

• 2026-04-05 Price Changed $195,000 GAMLS
• 2025-09-11 Price Changed $198,999 GAMLS
• 2025-08-12 Listed $199,999 GAMLS
• 2023-10-10 Sold (Public Records) $148,500 Public Records
• 2023-10-06 Sold (MLS) $148,500 GAMLS
• 2023-09-07 Pending — GAMLS
• 2023-08-31 Listing Removed — GAMLS
• 2023-07-28 Listing Removed — GAMLS
• 2023-07-28 Price Changed $175,000 GAMLS
• 2023-06-29 Listing Removed — GAMLS
• 2023-05-26 Listing Removed — GAMLS
• 2023-04-30 Listing Removed — GAMLS
• 2023-03-31 Listing Removed — GAMLS
• 2023-03-23 Price Changed $165,000 GAMLS
• 2023-03-10 Price Changed $175,000 GAMLS
• 2023-02-28 Listing Removed — GAMLS
• 2023-02-17 Price Changed $185,000 GAMLS
• 2023-01-31 Listing Removed — GAMLS
• 2022-12-01 Relisted — GAMLS
• 2022-11-08 Pending — GAMLS
• 2022-10-28 Listing Removed — GAMLS
• 2022-10-16 Price Changed $190,000 GAMLS
• 2022-09-30 Listing Removed — GAMLS
• 2022-09-15 Price Changed $199,900 GAMLS
• 2022-08-12 Price Changed $205,000 GAMLS
• 2022-07-27 Listed $215,000 GAMLS
• 2022-07-27 Listed $199,900 GAMLS
• 2022-07-27 Listed $190,000 GAMLS
• 2022-07-27 Listed $190,000 GAMLS
• 2022-07-27 Listed $185,000 GAMLS
• 2022-07-27 Listed $165,000 GAMLS
• 2022-07-27 Listed $165,000 GAMLS
• 2022-07-27 Listed $165,000 GAMLS
• 2022-07-27 Listed $165,000 GAMLS
• 2022-07-27 Listed $175,000 GAMLS
• 2022-07-27 Listed $150,000 GAMLS
• 2015-12-29 Sold (Public Records) $24,500 Public Records
• 2015-02-24 Sold (Public Records) $1,046,700 Public Records
• 1990-05-15 Sold (Public Records) $627,100 Public Records

Property tax history

+4.6%/yr

Latest (2025): $1,653 · -2.2% YoY. Source: county tax records.