1396 Courtland Ave · Macon-Bibb County, GA 31204

$165,000

2 bd · 1.0 ba · 982 sqft · MultiFamily public records · 67 Days on market

Built 1940 7,405 sqft lot $168/sqft · 244% above area

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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
• Rent growth +3.7/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• 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 MLS

Opportunity meets versatility in this fully renovated mixed-use property, ideal for savvy buyers and investors. The primary two-bedroom home has been updated throughout with a new roof, electrical, plumbing, and fixtures, and features abundant natural light, a gas fireplace, and a flexible bonus room perfect for an office or den. The second building offers incredible value-add potential-ideal for a workshop or business below, with the option to create two one-bedroom apartments upstairs, each with private patio space. A large rear parking pad connects both buildings, and commercial zoning opens the door to endless possibilities-live, work, and generate income all in one place

Key facts

• Fully renovated
• Gas fireplace
• Flexible bonus room

Tags

• FULLY RENOVATED
• NEW ROOF
• ABUNDANT NATURAL LIGHT
• GAS FIREPLACE
• FLEXIBLE BONUS ROOM
• PRIVATE PATIO SPACE

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath multifamily listed at $165k.

Deal economics

• At list price, monthly cash flow is $970 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $165k).
• Recommended offer: $155k (6.0% below list) — sets the bar for market timing.
• Cap rate 13.3% vs local median 5.4% in Macon-Bibb County — 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: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Bibb County (urban): math 11% / reading 18% proficiency, ranked #161 of 174 in GA (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 75% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+4.6%/yr); 258 active listings in the ZIP; 39 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 49% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 154 units permitted in Bibb County in 2024 (0 in 5+ unit buildings).
• At $2,502/mo this rent would consume 77% of the median local household income ($39k/yr) (locally 2674% 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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Bibb County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 4.6% rent growth), your $46k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 67 days — a 6% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $30k; list at $165k implies a 450% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 65% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $155,100 (6.0% below list)

Questions for the listing agent

1. It's been on market 67 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.52% ✓
• Cap rate: 13.35%
• Cash-on-cash: 25.19%
• DSCR: 2.12
• GRM: 5.5

CMA / ARV

• ARV (median comp): $48,013
• List price: $165,000
• Delta: 243.66%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.61% rent growth · sell at horizon

5-year hold

• IRR: 20.4%
• Equity multiple: 1.85×
• Total profit: $39,109
• Equity at exit: $24,602

10-year hold

• IRR: 29.6%
• Equity multiple: 3.83×
• Total profit: $130,880
• Equity at exit: $14,266

Cash invested: $46,200 (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 31204

• Rents YoY: 4.6%
• Active inventory: 258
• Price-to-rent: 15.2×

Monthly cashflow live

• Estimated rent: $2,502 medium
• Mortgage (P&I): −$865
• Tax from tax record: −$73 /mo · $872/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$525
• Net cashflow: $970

Break-even live

Break-even rent $1,274

Max offer price $165,000

Occupancy floor 56%

Sensitivity live

Price	-10% $1,063	-5% $1,017	+0% $970	+5% $923	+10% $876
Rent	-10% $772	-5% $871	+0% $970	+5% $1,069	+10% $1,168
Rate	-1.0pp $1,053	-0.5pp $1,012	base $970	+0.5pp $927	+1.0pp $884

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$905
▸ 2× units	1	1	$1,598
Total (3 units)			$2,502

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 39 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2585 Napier Ave Unit B Macon, GA	2.0	2.0	644	$850	$1.32	22d	1	0.32mi
424 Pansy Ave Macon, GA	2.0	1.0	810	$850	$1.05	45d	1	0.40mi
1463 Bankston Ave Macon, GA	2.0	1.0	960	$950	$0.99	45d	1	0.49mi
3034 Churchill St Macon, GA	2.0	1.0	872	$900	$1.03	22d	1	0.65mi
668 Grosso Ave Unit A Macon, GA	2.0	1.0	650	$750	$1.15	22d	1	0.69mi
1249 Duncan Ave Unit C Macon, GA	2.0	2.0	900	$795	$0.88	45d	1	0.72mi
1249 Duncan Ave Unit B Macon, GA	2.0	2.0	700	$1,095	$1.56	45d	1	0.72mi
1020 Radio Dr Macon, GA	2.0	1.0	850	$889	$1.05	45d	1	0.83mi
260 Ryals Ave Macon, GA	2.0	1.0	690	$875	$1.27	45d	1	0.86mi
2350 English Ave Apt 3D Macon, GA	3.0	1.5	980	$1,095	$1.12	45d	1	0.88mi
185 Oak Haven Ave Apt A4 Macon, GA	3.0	2.0	1100	$1,200	$1.09	22d	1	0.91mi
2056 Vineville Ave Unit 25 Macon, GA	1.0	1.0	621	$825	$1.33	14d	1	0.93mi
2349 Mason St Macon, GA	1.0	1.0	552	$625	$1.13	45d	1	0.97mi
132 Oak Haven Ave Macon, GA	2.0	1.0	720	$975	$1.35	45d	1	1.00mi
2755 Vineville Ave Unit B Macon, GA	3.0	2.0	900	$1,375	$1.53	45d	1	1.00mi
2020 Vineville Ave Apt 31 Macon, GA	1.0	1.0	550	$800	$1.45	14d	1	1.01mi
2763 Vineville Ave Macon, GA	1.0	1.0	900	$900	$1.00	45d	1	1.01mi
2445 Lowe St Macon, GA	2.0	1.0	940	$890	$0.95	45d	1	1.08mi
130 Calloway Dr Macon, GA	2.0	2.0	950	$950	$1.00	45d	1	1.10mi
1596 Burton Ave Macon, GA	3.0	1.0	1117	$895	$0.80	14d	1	1.13mi
1975 Vineville Ave Apt F3 Macon, GA	1.0	1.0	950	$700	$0.74	14d	1	1.13mi
1975 Vineville Ave Macon, GA	1.0–3.0	1.0	1050	$825	$0.79	22d	5	1.14mi
455 Pursley St Apt B15 Macon, GA	1.0	1.0	850	$650	$0.76	14d	1	1.18mi
455 Pursley St Macon, GA	1.0	1.0	850	$625	$0.74	22d	9	1.18mi
864 Tattnall St Macon, GA	2.0	1.0	640	$800	$1.25	45d	1	1.19mi
1076 Carlisle Ave Macon, GA	3.0	1.0	1025	$1,065	$1.04	22d	1	1.20mi
3307 Guthrie Dr Macon, GA	2.0	1.0	754	$900	$1.19	14d	1	1.24mi
806 Armory Dr Unit B Macon, GA	3.0	1.0	1100	$975	$0.89	45d	1	1.25mi
1121 Columbus St Unit A Macon, GA	1.0	1.0	900	$1,250	$1.39	14d	1	1.28mi
771 Harold St Macon, GA	2.0	1.0	950	$1,250	$1.32	14d	1	1.28mi
3016 Ridge Ave Unit A Macon, GA	1.0	1.0	750	$775	$1.03	45d	1	1.29mi
3346 Shaw Dr Macon, GA	3.0	1.0	1094	$895	$0.82	22d	1	1.30mi
1782 Eveline Ave Macon, GA	3.0	1.0	900	$1,050	$1.17	45d	1	1.33mi
832 Elm St Macon, GA	3.0	2.0	1121	$1,175	$1.05	45d	1	1.33mi
672 Bowden St Macon, GA	2.0	1.0	1076	$900	$0.84	22d	1	1.37mi
1187 Edna Pl Unit S-1208 Macon, GA	2.0	2.0	1000	$850	$0.85	14d	1	1.38mi
1187 Edna Pl Unit S-1206 Macon, GA	2.0	2.0	1000	$1,060	$1.06	22d	1	1.38mi
663 Williams St Macon, GA	3.0	1.0	911	$980	$1.08	45d	1	1.40mi
285 Moughon St Macon, GA	3.0	1.0	1015	$900	$0.89	14d	1	1.41mi

Listing history 23 events

1. 2026-06-21
   days on market $165,000 Active 67 DOM
2. 2026-06-19
   days on market $165,000 Active 65 DOM
3. 2026-06-18
   days on market $165,000 Active 64 DOM
4. 2026-06-17
   days on market $165,000 Active 63 DOM
5. 2026-06-16
   days on market $165,000 Active 62 DOM
6. 2026-06-15
   days on market $165,000 Active 61 DOM
7. 2026-06-14
   days on market $165,000 Active 59 DOM
8. 2026-06-13
   days on market $165,000 Active 58 DOM
9. 2026-06-10
   days on market $165,000 Active 56 DOM
10. 2026-06-09
    days on market $165,000 Active 55 DOM
11. 2026-06-09
    remarks 699-char remark
12. 2026-06-09
    days on market $165,000 Active 54 DOM
13. 2026-06-07
    days on market $165,000 Active 53 DOM
14. 2026-06-03
    days on market $165,000 Active 49 DOM
15. 2026-06-02
    days on market $165,000 Active 48 DOM
16. 2026-06-01
    days on market $165,000 Active 47 DOM
17. 2026-05-31
    days on market $165,000 Active 46 DOM
18. 2026-05-30
    days on market $165,000 Active 45 DOM
19. 2026-04-13
    listed $165,000 New 685-char remark

    Show marketing remark (685 chars)

    Opportunity meets versatility in this fully renovated mixed-use property, ideal for savvy buyers and investors. The primary two-bedroom home has been updated throughout with a new roof, electrical, plumbing, and fixtures, and features abundant natural light, a gas fireplace, and a flexible bonus room perfect for an office or den. The second building offers incredible value-add potential-ideal for a workshop or business below, with the option to create two one-bedroom apartments upstairs, each with private patio space. A large rear parking pad connects both buildings, and commercial zoning opens the door to endless possibilities-live, work, and generate income all in one place

20. 2019-04-22
    soldstatus $30,000
21. 2005-08-23
    soldstatus $21,000
22. 2005-05-03
    soldstatus $52,000
23. 2003-03-28
    soldstatus $90,000

ⓘ 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: $872 · $73/mo
• Projected year-2 tax: $1,518 · $126/mo
• Expected delta: +$646/yr (+$54/mo · 74.1%)

ⓘ 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 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥108°F today · 18 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 65% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,024
• − Mortgage interest: −$9,243
• − Property taxes: −$872
• − Insurance: −$825
• − Repairs & maintenance: −$2,402
• − Management: −$2,402
• − Depreciation: −$4,800
• Taxable income: $9,481
• Est. tax owed @ 24.0%: −$2,275
• After-tax cash flow: $9,363/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: Bibb County
• NCES district ID: 1300420
• Math proficiency: 11% ▼ -14.00%
• Reading proficiency: 18% ▼ -11.00%
• Median HH income: $37,426
• Composite: 12.13/100
• National rank: #9654
• State rank: #161 of 174 in GA

Livability — Macon-Bibb County

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Macon-Bibb County, GA
• County: Bibb County · 164,332 people
• City population: 143,186
• Metro: Macon-Bibb County, GA
• Population (ZIP): 32,421
• Household income: $38,784
• Rent vs Own: 57.5% rent · 42.5% own
• Severe rent burden: 2674.0

Population outlook (Bibb County) Hauer SSP2

• Today (2025): 148,772 people
• By 2030: 145,904 · -1.9%
• By 2040: 139,404 · -6.3%
• By 2050: 131,603 · -11.5%
• By 2075: 111,050 · -25.4%
• By 2100: 83,346 · -44.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (65%)
• Race & ethnicity: Black 65% White 28% Hispanic / Latino 3% Two or more races 2% Asian 1%
• Common ancestry: Serbian 2% Slovak 1% Lithuanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 2% French/Haitian/Cajun 1%

Political lean MEDSL · Bibb

• 2024 margin: Strong D (+22.4) · D 61.0% · R 38.5%
• 2008→2024 swing: +4.4pp toward D · 2008: 18.0pp · 2024: 22.4pp
• All cycles: 2024: D+22.4 2020: D+23.8 2016: D+20.2 2012: D+20.0 2008: D+18.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -135.44%
• Current HPI: 194.5459
• Rent YoY: ▲ 4.61%
• Metro: Macon-Bibb County, 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

+83.3% since first listed

5 events — show timeline

• 2026-04-13 Listed $165,000 GAMLS
• 2019-04-22 Sold (Public Records) $30,000 Public Records
• 2005-08-23 Sold (Public Records) $21,000 Public Records
• 2005-05-03 Sold (Public Records) $52,000 Public Records
• 2003-03-28 Sold (Public Records) $90,000 Public Records

Property tax history

+11.4%/yr

Latest (2025): $872 · -1.3% YoY. Source: county tax records.