111 Summer St

Adairsville, GA 30103

$224,900C

3 bd · 1.0 ba · 2,482 sqft · Built 1890 · SingleFamily · Active · 107 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,836/mo
• Mortgage (P&I): −$1,179
• Tax + insurance: −$276
• HOA: −$0
• Vac / Maint / Mgmt: −$386
• Net cashflow: $-5/mo
• Annual: $-63/yr
• Cap rate: 6.26%
• Cash-on-cash: -0.10%
• DSCR: 1.00
• 1% rule: 0.82%
• Cash to close: $62,972

Investor read

• This is a 3-bed/1.0-bath single-family listed at $225k.
• At list price, monthly cash flow is $-5 ($-63/yr) — negative.
• To cash-flow at today's rent, offer at most $224k (0.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $184k (18.4% below list).
• It's been on market 107 days — a 9% lower offer ($205k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $184k (18.4% below list) — sets the bar for 1% rule.
• In year one you build about $23k of equity ($2k loan paydown + $22k appreciation (9.7% local appreciation)).
• Location reads 72/100 on livability (#70 in GA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: amenities F, commute F.
• Bartow County (rural): math 33% / reading 34% proficiency, ranked #70 of 174 in GA (top 40%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Adairsville Elementary School (math 55% / reading 39%, grade D-, #301 of 1,228 statewide, top 25%, 869 students, 49% FRL); Adairsville Middle School (math 36% / reading 40%, grade F, #159 of 470 statewide, top 34%, 843 students, 49% FRL); Adairsville High School (math 24% / reading 18%, grade F, #225 of 424 statewide, top 54%, 1,170 students, 44% FRL) — zoned schools at 47% FRL track the district average.
• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 182 active listings in the ZIP; solid renter incomes; 1,618 units permitted in Bartow County in 2024 (265 in 5+ unit buildings).
• 5 sale attempts since 2y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $51k; list at $225k implies a 341% gain — meaningful room to come down on a strong offer.
• At projected returns (9.7% appreciation + 3.0% rent growth), your $63k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.3% vs local median 4.1% in Adairsville — 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.

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 107 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
• Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.