202 Elizabeth St · Experiment, GA 30223

$65,000

2 bd · 1.0 ba · 1,280 sqft · SingleFamily public records · 21 Days on market

Built 1948 0.28 ac lot

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +3.3/5.0
• Livability +2.8/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

1,280 sq ft of PURE POTENTIAL! Located on a fantastic corner lot in an established north-side Griffin neighborhood, this 1,280 sq ft brick-frame home offers an excellent opportunity for investors or buyers ready to renovate and add value. The solid brick construction provides a strong foundation, while the corner lot adds extra appeal with increased visibility, flexibility, and yard space. The layout offers plenty of room to reimagine and customize to your vision. Conveniently situated just minutes from downtown Griffin, shopping, dining, schools, and everyday amenities, this location also provides an easy commute - approximately 45 minutes to Hartsfield-Jackson Atlanta International Airp

Key facts

• Strong foundation
• Brick construction
• Corner lot

Tags

• CORNER LOT
• BRICK CONSTRUCTION
• STRONG FOUNDATION
• INCREASED VISIBILITY
• YARD SPACE
• MINUTES FROM DOWNTOWN

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $727 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $65k).
• Recommended offer: $64k (1.5% below list) — sets the bar for market timing.
• Cap rate 19.7% vs local median 4.2% in Experiment — 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 56/100 on livability (#500 in GA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A-, housing A-; Watch: amenities F, commute F, employment F.
• Griffin-Spalding County (suburban): math 13% / reading 19% proficiency, ranked #151 of 174 in GA (top 87%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Cowan Road Elementary School (math 12% / reading 12%, grade F, #1,041 of 1,228 statewide, top 87%, 566 students, 98% FRL); Carver Road Middle School (math 16% / reading 25%, grade F, #345 of 470 statewide, top 74%, 471 students, 98% FRL); Griffin High School (math 7% / reading 19%, grade F, #331 of 424 statewide, top 78%, 1,498 students, 98% FRL) — zoned schools average 98% FRL vs 68% district-wide (30 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.3%/yr); 440 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); 342 units permitted in Spalding County in 2024 (0 in 5+ unit buildings).
• This rent runs 31% of the median local income ($59k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Spalding County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.3% rent growth), your $18k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($64k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $40k; list at $65k implies a 62% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 36% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $64,025 (1.5% below list)

Questions for the listing agent

1. Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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.

Investment metrics

• 1% rule: 2.34% ✓
• Cap rate: 19.72%
• Cash-on-cash: 47.95%
• DSCR: 3.13
• GRM: 3.6

CMA / ARV

• ARV (on-the-fly): $167,680
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
206 Elizabeth St	0.02mi	3/2.0 (+1)	1,344 (+5%)	8mo	$205,000	$153	75
1538 Spring Valley Cir	0.20mi	2/2.0	1,181 (-8%)	2mo	$150,000	$127	72
1819 Old Atlanta Rd	0.15mi	3/2.0 (+1)	1,197 (-6%)	6mo	$125,000	$104	68
101 Front St	0.26mi	2/1.0	1,148 (-10%)	8mo	$150,000	$131	64
200,210 Highland Ave	0.25mi	2/1.5	1,428 (+12%)	8mo	$187,000	$131	60
108 Mobley St	0.11mi	3/1.0 (+1)	1,107 (-14%)	8mo	$173,000	$156	60
339 Main St	0.32mi	3/2.0 (+1)	1,414 (+10%)	0mo	$150,000	$106	58
204 Hailey Ln	0.67mi	3/2.0 (+1)	1,290 (+1%)	1mo	$225,000	$174	58
1807 Ridge St	0.25mi	3/2.0 (+1)	1,134 (-11%)	6mo	$195,000	$172	56
1626 Hallmark Hills Dr	0.71mi	3/2.0 (+1)	1,260 (-2%)	2mo	$159,900	$127	54
103 Claire Ct	0.69mi	3/2.0 (+1)	1,320 (+3%)	7mo	$155,000	$117	48
1615 Hallmark Hills Dr	0.75mi	3/2.0 (+1)	1,095 (-14%)	2mo	$168,000	$153	30

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.34% rent growth · sell at horizon

5-year hold

• IRR: 45.8%
• Equity multiple: 3.00×
• Total profit: $36,350
• Equity at exit: $9,692

10-year hold

• IRR: 51.8%
• Equity multiple: 6.14×
• Total profit: $93,616
• Equity at exit: $5,620

Cash invested: $18,200 (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 30223

• Rents YoY: 3.3%
• Active inventory: 440
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $1,522 high
• Mortgage (P&I): −$341
• Tax from tax record: −$107 /mo · $1,282/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$320
• Net cashflow: $727

Break-even live

Break-even rent $601

Max offer price $65,000

Occupancy floor 47%

Sensitivity live

Price	-10% $764	-5% $746	+0% $727	+5% $709	+10% $691
Rent	-10% $607	-5% $667	+0% $727	+5% $787	+10% $848
Rate	-1.0pp $760	-0.5pp $744	base $727	+0.5pp $710	+1.0pp $693

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1597 W McIntosh Rd Griffin, GA	1.0–2.0	1.0–2.0	884	$1,376	$1.56	0d	19	0.67mi
1608 Hallmark Hills Dr Griffin, GA	2.0	2.0	1280	$1,545	$1.21	14d	1	0.80mi
1601 Hallmark Hills Dr Griffin, GA	3.0	2.5	1272	$1,620	$1.27	26d	1	0.83mi
1308 Greenbriar Dr Griffin, GA	3.0	2.0	1178	$1,535	$1.30	0d	1	0.98mi
132 Tuscany Ln Griffin, GA	3.0	2.0	1131	$1,350	$1.19	14d	1	1.01mi
136 Tuscany Ln Griffin, GA	3.0	2.0	1144	$1,600	$1.40	26d	1	1.02mi
127 Tuscany Ln Griffin, GA	3.0	2.0	1112	$1,495	$1.34	7d	1	1.05mi
310 Sunset Dr Griffin, GA	3.0	1.5	1176	$1,581	$1.34	21d	1	1.10mi
118 Dobbins Cir Griffin, GA	3.0	2.0	1400	$2,000	$1.43	26d	1	1.19mi
118 Dobbins Cir Griffin, GA	3.0	2.0	1400	$2,000	$1.43	7d	1	1.19mi
50 Richardson St Griffin, GA	3.0	2.0	1400	$1,900	$1.36	26d	1	1.22mi
103 Waterford Way Griffin, GA	2.0	2.0	1657	$1,250	$0.75	14d	1	1.24mi
113 Shandon Ln Griffin, GA	3.0	2.0	1075	$1,495	$1.39	45d	1	1.28mi

Listing history 3 events

1. 2026-01-05
   status Under Contract
2. 2025-12-14
   listed $65,000 New
3. 1986-12-15
   soldstatus $40,000

ⓘ 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: $1,282 · $107/mo
• Projected year-2 tax: $1,282 · $107/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 ≥104°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 36% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,260
• − Mortgage interest: −$3,641
• − Property taxes: −$1,282
• − Insurance: −$325
• − Repairs & maintenance: −$1,461
• − Management: −$1,461
• − Depreciation: −$1,891
• Taxable income: $8,199
• Est. tax owed @ 24.0%: −$1,968
• After-tax cash flow: $6,760/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: Griffin-Spalding County
• NCES district ID: 1302520
• Math proficiency: 13% ▼ -13.00%
• Reading proficiency: 19% ▼ -12.00%
• Median HH income: $40,895
• Composite: 13.71/100
• National rank: #9496
• State rank: #151 of 174 in GA

Livability — Experiment

• Score: 56/100
• State rank: #500
• US rank: #22868

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Experiment, GA
• County: Spalding County · 66,676 people
• City population: 38,262
• Metro: Atlanta-Sandy Springs-Alpharetta, GA
• Population (ZIP): 38,262
• Household income: $59,054
• Rent vs Own: 39.5% rent · 60.5% own
• Severe rent burden: 1297.0

Population outlook (Spalding County) Hauer SSP2

• Today (2025): 63,015 people
• By 2030: 61,689 · -2.1%
• By 2040: 57,932 · -8.1%
• By 2050: 53,474 · -15.1%
• By 2075: 43,228 · -31.4%
• By 2100: 32,290 · -48.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 50% Black 38% Hispanic / Latino 7% Two or more races 5% Asian 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Slovak 1% Serbian 1%
• Foreign-born: 4% · Canada, South Korea
• Languages at home: 92% English-only · Spanish 6% Korean 1%

Political lean MEDSL · Spalding

• 2024 margin: R (+16.7) · D 41.4% · R 58.1%
• 2008→2024 swing: +2.1pp toward D · 2008: -18.8pp · 2024: -16.7pp
• All cycles: 2024: R+16.7 2020: R+20.8 2016: R+24.2 2012: R+20.0 2008: R+18.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -142.92%
• Current HPI: 225.7933
• Rent YoY: ▲ 3.34%
• 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

+62.5% since first listed

3 events — show timeline

• 2026-01-05 Pending — GAMLS
• 2025-12-14 Listed $65,000 GAMLS
• 1986-12-15 Sold (Public Records) $40,000 Public Records

Property tax history

+4.7%/yr

Latest (2025): $1,282 · -1.1% YoY. Source: county tax records.