1324 N Hicks Cir NW

Conyers, GA 30012

$224,000D

4 bd · 2.0 ba · 1,969 sqft · Built 1964 · SingleFamily · Pending · 84 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,099/mo
• Mortgage (P&I): −$1,175
• Tax + insurance: −$694
• HOA: −$0
• Vac / Maint / Mgmt: −$441
• Net cashflow: $-210/mo
• Annual: $-2,526/yr
• Cap rate: 5.17%
• Cash-on-cash: -4.03%
• DSCR: 0.82
• 1% rule: 0.94%
• Cash to close: $62,720

Investor read

• This is a 4-bed/2.0-bath single-family listed at $224k.
• At list price, monthly cash flow is $-210 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $187k (16.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $210k (6.3% below list).
• It's been on market 84 days — a 6% lower offer ($211k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $187k (16.6% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#167 in GA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools D+, crime D, amenities D.
• Rockdale County (suburban): math 14% / reading 29% proficiency, ranked #136 of 174 in GA (top 78%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: property tax is 3.2% of price.
• Market conditions: Rents flat; 278 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 58% of comp listings sitting > 30 days — soft ceiling on asking rent; 483 units permitted in Rockdale County in 2024 (0 in 5+ unit buildings).
• Rockdale County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 12 sale attempts since 2y ago; this cycle's ask has dropped $26k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: major wind risk, 27% 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.
• This rent runs 38% of the median local income ($66k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 84 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
• Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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 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?