228 E Grow St #28

Colquitt, GA 39837

$499,900C-

243 bd · 162.0 ba · 25,300 sqft · Built — · MultiFamily · Active · 21 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $26,998/mo
• Mortgage (P&I): −$2,622
• Tax + insurance: −$958
• HOA: −$0
• Vac / Maint / Mgmt: −$5,670
• Net cashflow: $17,749/mo
• Annual: $212,982/yr
• Cap rate: 49.20%
• Cash-on-cash: 153.23%
• DSCR: 7.82
• 1% rule: 5.40%
• Cash to close: $139,972

Investor read

• This is a 27 × 9-bed/6.0-bath units multifamily listed at $500k.
• At list price, monthly cash flow is $18k ($213k/yr) — positive. Per door: $657/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($27k rent vs $500k).
• It's been on market 21 days — a 2% lower offer ($492k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $492k (1.5% below list) — sets the bar for market timing.
• In year one you build about $36k of equity ($3k loan paydown + $33k appreciation (6.6% local appreciation)).
• Location reads 68/100 on livability (#136 in GA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, crime A; Watch: schools F, amenities F, commute F.
• Miller County (rural): math 23% / reading 26% proficiency, ranked #131 of 174 in GA (top 75%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: flood insurance adds $125/mo.
• Market conditions: 17 active listings in the ZIP; 2 units permitted in Miller County in 2024 (0 in 5+ unit buildings).
• Miller County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (6.6% appreciation + 3.0% rent growth), your $140k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$58k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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 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.