0 County Farm Rd

Zebulon, GA 30295

$50,000C+

2 bd · 1.0 ba · 713 sqft · Built 1905 · SingleFamily · Under Contract · 21 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,323/mo
• Mortgage (P&I): −$262
• Tax + insurance: −$83
• HOA: −$0
• Vac / Maint / Mgmt: −$278
• Net cashflow: $700/mo
• Annual: $8,395/yr
• Cap rate: 23.08%
• Cash-on-cash: 59.97%
• DSCR: 3.67
• 1% rule: 2.65%
• Cash to close: $14,000

Investor read

• This is a 2-bed/1.0-bath single-family listed at $50k.
• At list price, monthly cash flow is $700 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• It's been on market 21 days — a 2% lower offer ($49k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $49k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-1.9%/yr); year-one equity from $346 of loan paydown is wiped out by about $928 of value loss. Plan a longer hold.
• Location reads 57/100 on livability (#463 in GA) — a working-class tenant base; expect higher turnover. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D, amenities F, commute F.
• Pike County (rural): math 32% / reading 36% proficiency, ranked #64 of 174 in GA (top 37%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Pike County Primary School (804 students, 36% FRL); Pike County Middle School (math 23% / reading 38%, grade F, #240 of 470 statewide, top 51%, 836 students, 32% FRL); Pike County High School (math 19% / reading 8%, grade F, #330 of 424 statewide, top 78%, 1,105 students, 29% FRL) — zoned schools at 32% FRL track the district average.
• Zoned-school proficiency averages 22% at this address vs 34% district-wide (-12 pts) — the specific schools serving this property underperform the Pike County average; the district grade overstates school quality for this exact location.
• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 50 active listings in the ZIP; 91 units permitted in Pike County in 2024 (0 in 5+ unit buildings).
• Pike County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 4 sale attempts since 15y 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 (-1.9% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 51% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 23.1% vs local median 2.6% in Zebulon — 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 1905 — 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 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.
• 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.