732 Hilliard Station Road Rd

Washington, GA 30673

$31,000B-

3 bd · 1.0 ba · 864 sqft · Built 1974 · SingleFamily · Pending

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $957/mo
• Mortgage (P&I): −$163
• Tax + insurance: −$38
• HOA: −$0
• Vac / Maint / Mgmt: −$201
• Net cashflow: $556/mo
• Annual: $6,671/yr
• Cap rate: 27.81%
• Cash-on-cash: 76.85%
• DSCR: 4.42
• 1% rule: 3.09%
• Cash to close: $8,680

Investor read

• This is a 3-bed/1.0-bath single-family listed at $31k.
• At list price, monthly cash flow is $556 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($957 rent vs $31k).
• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $214 of loan paydown is wiped out by about $930 of value loss. Plan a longer hold.
• Location reads 62/100 on livability (#296 in GA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime B+; Watch: amenities F, commute F, employment D-.
• Wilkes County (rural): math 23% / reading 25% proficiency, ranked #135 of 174 in GA (top 78%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 74% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Washington-Wilkes Primary School (math 12% / reading 12%, grade F, #1,041 of 1,228 statewide, top 87%, 347 students, 92% FRL); Washington-Wilkes Middle School (math 19% / reading 31%, grade F, #291 of 470 statewide, top 64%, 297 students, 92% FRL); Washington-Wilkes Comprehensive High School (math 52% / reading 22%, grade F, #68 of 424 statewide, top 17%, 356 students, 52% FRL) — zoned schools at 79% FRL track the district average.
• Market conditions: 69 active listings in the ZIP; 27 units permitted in Wilkes County in 2024 (0 in 5+ unit buildings).
• Wilkes County population projected at -29% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 4y 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $9k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 27.8% vs local median 2.6% in Washington — 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

• Built in 1974 — 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.