21 School St

White, GA 30171

$249,999C

2 bd · 2.0 ba · 1,040 sqft · Built 1960 · SingleFamily · Pending · 83 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,346/mo
• Mortgage (P&I): −$1,311
• Tax + insurance: −$243
• HOA: −$0
• Vac / Maint / Mgmt: −$493
• Net cashflow: $299/mo
• Annual: $3,586/yr
• Cap rate: 7.73%
• Cash-on-cash: 5.12%
• DSCR: 1.23
• 1% rule: 0.94%
• Cash to close: $70,000

Investor read

• This is a 2-bed/2.0-bath single-family listed at $250k.
• At list price, monthly cash flow is $299 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $235k (6.2% below list).
• It's been on market 83 days — a 6% lower offer ($235k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $235k (6.2% below list) — sets the bar for 1% rule.
• In year one you build about $27k of equity ($2k loan paydown + $25k appreciation (10.0% local appreciation)).
• Location reads 69/100 on livability (#120 in GA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: employment C-, crime D+, amenities 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: Pine Log Elementary (math 47% / reading 42%, grade F, #336 of 1,228 statewide, top 29%, 405 students, 52% 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 48% FRL track the district average.
• Market conditions: 81 active listings in the ZIP; 1,618 units permitted in Bartow County in 2024 (265 in 5+ unit buildings).
• 8 sale attempts since 12y ago; this cycle's ask has dropped $20k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $170k; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $70k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.7% vs local median 3.1% in White — 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

• 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?
• Built in 1960 — 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 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?
• 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?
• 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.