10266 Stone St NW · Covington, GA 30014

$350,000

6 bd · 4.0 ba · 2,754 sqft · MultiFamily public records · 83 Days on market

Built 2000 0.55 ac lot Est $628k · 44% under

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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 +20.6/30.0
• ARV discount +15.0/15.0
• DSCR +6.5/10.0
• 1% rule +4.5/10.0
• Livability +3.0/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• 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

Turnkey, income producing duplex in Covington offering immediate cash flow and move-in ready flexibility! This well-maintained property features a total of 6 bedrooms and 5 bathrooms, with two spacious units. Each unit offers 3 bedrooms, 2.5 bathrooms, and approximately 1,384 square feet with an open, functional layout. One unit is currently occupied by a long-term tenant paying $1,450/month with a lease in place through 2/28/2027, providing stable, consistent income from day one. The second unit is vacant and ready for immediate occupancy or can be leased at current market rents—perfect for an owner-occupant or investor looking to maximize returns. Whether you're looking to house hack, expand your portfolio, or secure a low-maintenance, income-producing asset, this property checks all the boxes. Conveniently located near local amenities, shopping, and dining.

Key facts

• 0.55 acre lot
• 4 parking spots
• Built 2000

🏷️ Possibly a rental listed for sale. The $350,000 price doesn't fit this home's estimated sale value (~$628,426) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2 × 3.0-bed/2.5-bath units multifamily listed at $350k.

Deal economics

• At list price, monthly cash flow is $467 ($6k/yr) — positive. Per door: $234/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $334k (4.7% below list).
• Recommended offer: $329k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.9% vs local median 3.8% in Covington — 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 59/100 on livability (#396 in GA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, health & safety B+; Watch: schools F, crime F, amenities F.
• Newton County (suburban): math 17% / reading 26% proficiency, ranked #137 of 174 in GA (top 79%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents flat; 479 active listings in the ZIP; 1,480 units permitted in Newton County in 2024 (702 in 5+ unit buildings).
• At $3,336/mo this rent would consume 55% of the median local household income ($72k/yr) (locally 1934% 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 $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Newton County population projected at +23% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 83 days — a 6% lower offer ($329k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 6y ago; this cycle's ask has dropped $25k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $204k; list at $350k implies a 72% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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.

Recommended offer $329,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 83 days. Have you received any prior offers? Is the seller open to a 6% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.95% ✗
• Cap rate: 7.89%
• Cash-on-cash: 5.72%
• DSCR: 1.25
• GRM: 8.7

CMA / ARV

• ARV (median comp): $628,426
• List price: $350,000
• Delta: -44.31%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.52% rent growth · sell at horizon

5-year hold

• IRR: -10.1%
• Equity multiple: 0.64×
• Total profit: $-35,184
• Equity at exit: $52,186

10-year hold

• IRR: -4.2%
• Equity multiple: 0.75×
• Total profit: $-24,459
• Equity at exit: $30,262

Cash invested: $98,000 (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 30014

• Home prices YoY: -19.2%
• Rents YoY: 0.5%
• Active inventory: 479
• Price-to-rent: 17.5×

Monthly cashflow live

• Estimated rent: $3,336 high
• Mortgage (P&I): −$1,835
• Tax from tax record: −$187 /mo · $2,243/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$701
• Net cashflow: $467

Break-even live

Break-even rent $2,745

Max offer price $350,000

Occupancy floor 81%

Sensitivity live

Price	-10% $665	-5% $566	+0% $467	+5% $368	+10% $269
Rent	-10% $204	-5% $335	+0% $467	+5% $599	+10% $731
Rate	-1.0pp $643	-0.5pp $556	base $467	+0.5pp $377	+1.0pp $284

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

Units	Beds	Baths	Est. rent
▸ 2× units	3.0	2.5	$3,336
Total (2 units)			$3,336

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Listing history 45 events

1. 2026-06-18
   days on market $350,000 Active 83 DOM
2. 2026-06-17
   days on market $350,000 Active 82 DOM
3. 2026-06-16
   days on market $350,000 Active 81 DOM
4. 2026-06-15
   days on market $350,000 Active 80 DOM
5. 2026-06-13
   days on market $350,000 Active 78 DOM
6. 2026-06-13
   days on market $350,000 Active 77 DOM
7. 2026-06-09
   days on market $350,000 Active 74 DOM
8. 2026-06-08
   days on market $350,000 Active 73 DOM
9. 2026-06-07
   days on market $350,000 Active 72 DOM
10. 2026-06-04
    days on market $350,000 Active 69 DOM
11. 2026-06-03
    days on market $350,000 Active 68 DOM
12. 2026-06-02
    days on market $350,000 Active 67 DOM
13. 2026-06-01
    days on market $350,000 Active 66 DOM
14. 2026-05-31
    days on market $350,000 Active 65 DOM
15. 2026-05-14
    price $350,000 879-char remark

    Show marketing remark (435 chars)

    Move-in ready and income-producing, this Covington gem checks all the boxes! Whether you're a homeowner looking for a turnkey property or an investor seeking immediate cash flow, this home delivers. Well-maintained and ready for its next owner, it offers a seamless transition with strong rental potential already in place. Conveniently located near shopping, dining, and local amenities, this is an opportunity you don't want to miss!

16. 2026-05-14
    price $350,000 435-char remark

    Show marketing remark (435 chars)

    Move-in ready and income-producing, this Covington gem checks all the boxes! Whether you're a homeowner looking for a turnkey property or an investor seeking immediate cash flow, this home delivers. Well-maintained and ready for its next owner, it offers a seamless transition with strong rental potential already in place. Conveniently located near shopping, dining, and local amenities, this is an opportunity you don't want to miss!

17. 2026-04-10
    price $365,000 435-char remark

    Show marketing remark (879 chars)

    Turnkey, income producing duplex in Covington offering immediate cash flow and move-in ready flexibility! This well-maintained property features a total of 6 bedrooms and 5 bathrooms, with two spacious units. Each unit offers 3 bedrooms, 2.5 bathrooms, and approximately 1,384 square feet with an open, functional layout. One unit is currently occupied by a long-term tenant paying $1,450/month with a lease in place through 2/28/2027, providing stable, consistent income from day one. The second unit is vacant and ready for immediate occupancy or can be leased at current market rents—perfect for an owner-occupant or investor looking to maximize returns. Whether you're looking to house hack, expand your portfolio, or secure a low-maintenance, income-producing asset, this property checks all the boxes. Conveniently located near local amenities, shopping, and dining.

18. 2026-04-10
    price $365,000 879-char remark

    Show marketing remark (879 chars)

    Turnkey, income producing duplex in Covington offering immediate cash flow and move-in ready flexibility! This well-maintained property features a total of 6 bedrooms and 5 bathrooms, with two spacious units. Each unit offers 3 bedrooms, 2.5 bathrooms, and approximately 1,384 square feet with an open, functional layout. One unit is currently occupied by a long-term tenant paying $1,450/month with a lease in place through 2/28/2027, providing stable, consistent income from day one. The second unit is vacant and ready for immediate occupancy or can be leased at current market rents—perfect for an owner-occupant or investor looking to maximize returns. Whether you're looking to house hack, expand your portfolio, or secure a low-maintenance, income-producing asset, this property checks all the boxes. Conveniently located near local amenities, shopping, and dining.

19. 2026-03-27
    listed $375,000 New 435-char remark

    Show marketing remark (879 chars)

    Turnkey, income producing duplex in Covington offering immediate cash flow and move-in ready flexibility! This well-maintained property features a total of 6 bedrooms and 5 bathrooms, with two spacious units. Each unit offers 3 bedrooms, 2.5 bathrooms, and approximately 1,384 square feet with an open, functional layout. One unit is currently occupied by a long-term tenant paying $1,450/month with a lease in place through 2/28/2027, providing stable, consistent income from day one. The second unit is vacant and ready for immediate occupancy or can be leased at current market rents—perfect for an owner-occupant or investor looking to maximize returns. Whether you're looking to house hack, expand your portfolio, or secure a low-maintenance, income-producing asset, this property checks all the boxes. Conveniently located near local amenities, shopping, and dining.

20. 2026-03-27
    listed $375,000 Active 879-char remark

    Show marketing remark (879 chars)

    Turnkey, income producing duplex in Covington offering immediate cash flow and move-in ready flexibility! This well-maintained property features a total of 6 bedrooms and 5 bathrooms, with two spacious units. Each unit offers 3 bedrooms, 2.5 bathrooms, and approximately 1,384 square feet with an open, functional layout. One unit is currently occupied by a long-term tenant paying $1,450/month with a lease in place through 2/28/2027, providing stable, consistent income from day one. The second unit is vacant and ready for immediate occupancy or can be leased at current market rents—perfect for an owner-occupant or investor looking to maximize returns. Whether you're looking to house hack, expand your portfolio, or secure a low-maintenance, income-producing asset, this property checks all the boxes. Conveniently located near local amenities, shopping, and dining.

21. 2022-10-07
    soldstatus $204,000
22. 2021-05-06
    price $140,000
23. 2021-05-06
    price $140,000
24. 2021-05-06
    soldstatus $140,000
25. 2021-05-05
    soldstatus $140,000 Closed
26. 2021-05-05
    soldstatus $140,000 Sold
27. 2021-04-12
    status Under Contract
28. 2021-04-12
    status Pending
29. 2021-03-30
    status Back on Market
30. 2021-03-30
    status Active
31. 2021-03-28
    status Pending
32. 2021-03-28
    status Under Contract
33. 2021-03-20
    status Active
34. 2021-03-20
    status Back on Market
35. 2021-02-22
    status Under Contract
36. 2021-02-22
    status Pending
37. 2020-11-30
    price $199,900
38. 2020-11-30
    price $199,900
39. 2020-09-16
    price $210,000
40. 2020-09-16
    price $210,000
41. 2020-09-01
    listed $225,000 Active
42. 2020-09-01
    listed $225,000 New
43. 2010-02-09
    soldstatus $65,500
44. 2005-05-26
    soldstatus $139,000
45. 2002-03-06
    soldstatus $147,000

ⓘ 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: $2,243 · $187/mo
• Projected year-2 tax: $3,220 · $268/mo
• Expected delta: +$977/yr (+$81/mo · 43.5%)

ⓘ 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 · 18 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $40,032
• − Mortgage interest: −$19,605
• − Property taxes: −$2,243
• − Insurance: −$1,750
• − Repairs & maintenance: −$3,203
• − Management: −$3,203
• − Depreciation: −$10,182
• Taxable loss: −$154
• Est. tax savings @ 24.0%: +$37
• After-tax cash flow: $5,644/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: Newton County
• NCES district ID: 1303930
• Math proficiency: 17% ▼ -13.00%
• Reading proficiency: 26% ▼ -8.00%
• Median HH income: $50,768
• Composite: 19.2/100
• National rank: #8816
• State rank: #137 of 174 in GA

Livability — Covington

• Score: 59/100
• State rank: #396
• US rank: #19602

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Newton County · 104,393 people
• City population: 104,393
• Metro: Atlanta-Sandy Springs-Alpharetta, GA
• Population (ZIP): 41,425
• Household income: $72,254
• Rent vs Own: 38.7% rent · 61.3% own
• Severe rent burden: 1934.0

Population outlook (Newton County) Hauer SSP2

• Today (2025): 118,372 people
• By 2030: 124,234 · +5.0%
• By 2040: 135,550 · +14.5%
• By 2050: 145,309 · +22.8%
• By 2075: 166,843 · +40.9%
• By 2100: 175,800 · +48.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 53% Black 35% Hispanic / Latino 7% Two or more races 6% Asian 2%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Italian 2% Slovak 2% Serbian 1%
• Foreign-born: 7% · Canada
• Languages at home: 93% English-only · Spanish 5% Other Indo-European 1%

Political lean MEDSL · Newton

• 2024 margin: D (+15.1) · D 57.3% · R 42.2%
• 2008→2024 swing: +14.0pp toward D · 2008: 1.2pp · 2024: 15.1pp
• All cycles: 2024: D+15.1 2020: D+10.9 2016: D+2.4 2012: D+2.0 2008: D+1.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -64.50%
• Current HPI: 270.9868
• Rent YoY: ▲ 0.52%
• 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

+138.1% since first listed

31 events — show timeline

• 2026-05-14 Price Changed $350,000 FMLS
• 2026-05-14 Price Changed $350,000 GAMLS
• 2026-04-10 Price Changed $365,000 GAMLS
• 2026-04-10 Price Changed $365,000 FMLS
• 2026-03-27 Listed $375,000 FMLS
• 2026-03-27 Listed $375,000 GAMLS
• 2022-10-07 Sold (Public Records) $204,000 Public Records
• 2021-05-06 Price Changed $140,000 GAMLS
• 2021-05-06 Price Changed $140,000 FMLS
• 2021-05-06 Sold (Public Records) $140,000 Public Records
• 2021-05-05 Sold (MLS) $140,000 GAMLS
• 2021-05-05 Sold (MLS) $140,000 FMLS
• 2021-04-12 Pending — GAMLS
• 2021-04-12 Pending — FMLS
• 2021-03-30 Relisted — GAMLS
• 2021-03-30 Relisted — FMLS
• 2021-03-28 Pending — FMLS
• 2021-03-28 Pending — GAMLS
• 2021-03-20 Relisted — FMLS
• 2021-03-20 Relisted — GAMLS
• 2021-02-22 Pending — GAMLS
• 2021-02-22 Pending — FMLS
• 2020-11-30 Price Changed $199,900 GAMLS
• 2020-11-30 Price Changed $199,900 FMLS
• 2020-09-16 Price Changed $210,000 GAMLS
• 2020-09-16 Price Changed $210,000 FMLS
• 2020-09-01 Listed $225,000 GAMLS
• 2020-09-01 Listed $225,000 FMLS
• 2010-02-09 Sold (Public Records) $65,500 Public Records
• 2005-05-26 Sold (Public Records) $139,000 Public Records
• 2002-03-06 Sold (Public Records) $147,000 Public Records

Property tax history

+2.0%/yr

Latest (2025): $2,243 · +6.5% YoY. Source: county tax records.