302 E Lovett St

Sparks, GA 31647

$47,500B

3 bd · 2.0 ba · 1,482 sqft · Built 1954 · SingleFamily · Pending · 36 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,220/mo
• Mortgage (P&I): −$249
• Tax + insurance: −$57
• HOA: −$0
• Vac / Maint / Mgmt: −$256
• Net cashflow: $658/mo
• Annual: $7,892/yr
• Cap rate: 22.91%
• Cash-on-cash: 59.34%
• DSCR: 3.64
• 1% rule: 2.57%
• Cash to close: $13,300

Investor read

• This is a 3-bed/2.0-bath single-family listed at $48k.
• At list price, monthly cash flow is $658 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $48k).
• It's been on market 36 days — a 3% lower offer ($46k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $46k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-2.2%/yr); year-one equity from $328 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#225 in GA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment F.
• Cook County (rural): math 29% / reading 27% proficiency, ranked #111 of 174 in GA (top 64%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Cook Primary School (839 students, 83% FRL); Cook County Middle School (math 27% / reading 25%, grade F, #286 of 470 statewide, top 61%, 714 students, 67% FRL); Cook High School (math 32% / reading 39%, grade F, #81 of 424 statewide, top 19%, 909 students, 67% FRL).
• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 6 active listings in the ZIP; 47 units permitted in Cook County in 2024 (0 in 5+ unit buildings).
• Cook County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts; this cycle's ask has dropped $2k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-2.2% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→18/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 36 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1954 — 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 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.