658 Earl North Rd

Newnan, GA 30263

$275,000D-

3 bd · 2.0 ba · 1,588 sqft · Built 2000 · SingleFamily · Under Contract · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,788/mo
• Mortgage (P&I): −$1,442
• Tax + insurance: −$284
• HOA: −$0
• Vac / Maint / Mgmt: −$375
• Net cashflow: $-314/mo
• Annual: $-3,769/yr
• Cap rate: 4.92%
• Cash-on-cash: -4.89%
• DSCR: 0.78
• 1% rule: 0.65%
• Cash to close: $77,000

Investor read

• This is a 3-bed/2.0-bath single-family listed at $275k.
• At list price, monthly cash flow is $-314 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $220k (20.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $179k (35.0% below list).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $179k (35.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#184 in GA) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A-, employment B; Watch: crime F, amenities F, commute F.
• Coweta County (rural): math 37% / reading 43% proficiency, ranked #36 of 174 in GA (top 21%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Atkinson Elementary School (math 17% / reading 27%, grade F, #810 of 1,228 statewide, top 69%, 359 students, 55% FRL); Smokey Road Middle School (math 21% / reading 33%, grade F, #271 of 470 statewide, top 60%, 595 students, 60% FRL); Newnan High School (math 42% / reading 26%, grade F, #93 of 424 statewide, top 23%, 2,335 students, 41% FRL) — zoned schools average 52% FRL vs 37% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 28% at this address vs 40% district-wide (-12 pts) — the specific schools serving this property underperform the Coweta County average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+2.9%/yr); 539 active listings in the ZIP; solid renter incomes; 963 units permitted in Coweta County in 2024 (8 in 5+ unit buildings).
• Coweta County population projected at +31% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 7 sale attempts since 13y 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 $185k; 49% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: major wind risk, 34% chance of damaging wind over 30y; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 4.9% vs local median 3.8% in Newnan — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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?
• 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?
• Crime grade is F 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.