229 Little River Rd · Carrollton, GA 30117

$299,000

5 bd · 3.0 ba · 2,731 sqft · MultiFamily public records · 104 Days on market

Built 1984 1.00 ac lot

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Why this score? — see what drove the C+ 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 +26.8/30.0
• DSCR +9.2/10.0
• ARV discount +7.5/15.0
• 1% rule +6.4/10.0
• Schools +3.6/10.0
• Livability +3.5/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Income producing and investor opportunity with this duplex situated on a private 1.0-acre lot. The property features a roof that is approximately 3 years old and includes separate private driveways for each unit. Unit A consists of a 3-bedroom, 1.5 bathroom layout, while Unit B offers 2 bedrooms and 1.5 bathrooms. One unit is currently vacant and has been recently remodeled with wood-look luxury vinyl plank flooring, fresh neutral paint, and updated white trim throughout. Each unit is equipped with individual meters for both gas and electricity. This property is well-suited for an investor or an owner-occupant looking for a house-hacking opportunity. Must be sold with 217 Little River Rd. Owner Financing available!

Key facts

• Wood-look flooring
• Private lot
• Recently remodeled

Tags

• PRIVATE LOT
• SEPARATE DRIVEWAYS
• RECENTLY REMODELED
• WOOD-LOOK FLOORING
• UPDATED TRIM
• INDIVIDUAL METERS

What this means for you Summary

Snapshot

• This is a 2 × 2.0-bed/1.5-bath units multifamily listed at $299k.

Deal economics

• At list price, monthly cash flow is $822 ($10k/yr) — positive. Per door: $411/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $299k).
• Recommended offer: $272k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.6% vs local median 3.3% in Carrollton — 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 69/100 on livability (#113 in GA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: amenities C-, schools D, commute F.
• Carroll County (rural): math 42% / reading 41% proficiency, ranked #38 of 174 in GA (top 22%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+2.7%/yr); 250 active listings in the ZIP; 876 units permitted in Carroll County in 2024 (150 in 5+ unit buildings).
• At $3,411/mo this rent would consume 66% of the median local household income ($62k/yr) (locally 1956% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Carroll County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 2.7% rent growth), your $84k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 104 days — a 9% lower offer ($272k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 7y 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 $204k; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: moderate wind risk, 25% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $272,090 (9.0% below list)

Questions for the listing agent

1. It's been on market 104 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.14% ✓
• Cap rate: 9.59%
• Cash-on-cash: 11.78%
• DSCR: 1.52
• GRM: 7.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.71% rent growth · sell at horizon

5-year hold

• IRR: 0.9%
• Equity multiple: 1.03×
• Total profit: $2,831
• Equity at exit: $44,582

10-year hold

• IRR: 10.2%
• Equity multiple: 1.78×
• Total profit: $65,542
• Equity at exit: $25,852

Cash invested: $83,720 (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 30117

• Home prices YoY: -14.7%
• Rents YoY: 2.7%
• Active inventory: 250
• Price-to-rent: 14.6×

Monthly cashflow live

• Estimated rent: $3,411 medium
• Mortgage (P&I): −$1,568
• Tax from tax record: −$180 /mo · $2,164/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$716
• Net cashflow: $822

Break-even live

Break-even rent $2,371

Max offer price $299,000

Occupancy floor 71%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2.0	1.5	$3,410
Total (2 units)			$3,411

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: $74,750
• Closing costs: $8,970
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $299,000 Active 104 DOM
2. 2026-06-17
   days on market $299,000 Active 103 DOM
3. 2026-06-16
   days on market $299,000 Active 102 DOM
4. 2026-06-15
   days on market $299,000 Active 101 DOM
5. 2026-06-13
   days on market $299,000 Active 99 DOM
6. 2026-06-09
   days on market $299,000 Active 95 DOM
7. 2026-06-08
   days on market $299,000 Active 94 DOM
8. 2026-06-07
   days on market $299,000 Active 93 DOM
9. 2026-06-04
   days on market $299,000 Active 90 DOM
10. 2026-06-03
    days on market $299,000 Active 89 DOM
11. 2026-06-02
    days on market $299,000 Active 88 DOM
12. 2026-06-01
    days on market $299,000 Active 87 DOM
13. 2026-05-31
    days on market $299,000 Active 86 DOM
14. 2026-03-06
    listed $299,000 New 724-char remark

    Show marketing remark (724 chars)

    Income producing and investor opportunity with this duplex situated on a private 1.0-acre lot. The property features a roof that is approximately 3 years old and includes separate private driveways for each unit. Unit A consists of a 3-bedroom, 1.5 bathroom layout, while Unit B offers 2 bedrooms and 1.5 bathrooms. One unit is currently vacant and has been recently remodeled with wood-look luxury vinyl plank flooring, fresh neutral paint, and updated white trim throughout. Each unit is equipped with individual meters for both gas and electricity. This property is well-suited for an investor or an owner-occupant looking for a house-hacking opportunity. Must be sold with 217 Little River Rd. Owner Financing available!

15. 2026-03-06
    listed $299,000 Active

    Show marketing remark (724 chars)

    Income producing and investor opportunity with this duplex situated on a private 1.0-acre lot. The property features a roof that is approximately 3 years old and includes separate private driveways for each unit. Unit A consists of a 3-bedroom, 1.5 bathroom layout, while Unit B offers 2 bedrooms and 1.5 bathrooms. One unit is currently vacant and has been recently remodeled with wood-look luxury vinyl plank flooring, fresh neutral paint, and updated white trim throughout. Each unit is equipped with individual meters for both gas and electricity. This property is well-suited for an investor or an owner-occupant looking for a house-hacking opportunity. Must be sold with 217 Little River Rd. Owner Financing available!

16. 2019-06-17
    historical
17. 2019-01-11
    listed $194,950 New
18. 2009-03-13
    soldstatus $203,781
19. 1999-09-28
    soldstatus $200,000
20. 1997-05-05
    soldstatus $131,900

ⓘ 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: $2,164 · $180/mo
• Projected year-2 tax: $2,751 · $229/mo
• Expected delta: +$587/yr (+$49/mo · 27.1%)

ⓘ 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 5/10 Major
• 🌡 Heat 5/10 Major 7 d/yr ≥103°F today · 19 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 25% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $40,932
• − Mortgage interest: −$16,749
• − Property taxes: −$2,164
• − Insurance: −$1,495
• − Repairs & maintenance: −$3,275
• − Management: −$3,275
• − Depreciation: −$8,698
• Taxable income: $5,277
• Est. tax owed @ 24.0%: −$1,267
• After-tax cash flow: $8,595/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: Carroll County
• NCES district ID: 1300840
• Math proficiency: 42% ▼ -7.00%
• Reading proficiency: 41% ▼ -8.00%
• Median HH income: $48,692
• Composite: 35.62/100
• National rank: #4888
• State rank: #38 of 174 in GA

Livability — Carrollton

• Score: 69/100
• State rank: #113
• US rank: #8542

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Carroll County · 124,888 people
• City population: 61,993
• Metro: Atlanta-Sandy Springs-Alpharetta, GA
• Population (ZIP): 39,804
• Household income: $61,842
• Rent vs Own: 46.6% rent · 53.4% own
• Severe rent burden: 1956.0

Population outlook (Carroll County) Hauer SSP2

• Today (2025): 123,370 people
• By 2030: 127,186 · +3.1%
• By 2040: 133,534 · +8.2%
• By 2050: 137,612 · +11.5%
• By 2075: 142,892 · +15.8%
• By 2100: 136,294 · +10.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (63%)
• Race & ethnicity: White 63% Black 23% Hispanic / Latino 9% Two or more races 5% Native American 2% Asian 1%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Italian 3% Slovak 1% Serbian 1%
• Foreign-born: 7% · Canada, United Kingdom
• Languages at home: 90% English-only · Spanish 8% Other Indo-European 1%

Political lean MEDSL · Carroll

• 2024 margin: Solid R (+41.2) · D 29.1% · R 70.3%
• 2008→2024 swing: -8.2pp toward R · 2008: -32.9pp · 2024: -41.2pp
• All cycles: 2024: R+41.2 2020: R+39.0 2016: R+40.1 2012: R+37.7 2008: R+32.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -57.30%
• Current HPI: 331.823
• Rent YoY: ▲ 2.71%
• 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

+126.7% since first listed

7 events — show timeline

• 2026-03-06 Listed $299,000 FMLS
• 2026-03-06 Listed $299,000 GAMLS
• 2019-06-17 Listing Removed — GAMLS
• 2019-01-11 Listed $194,950 GAMLS
• 2009-03-13 Sold (Public Records) $203,781 Public Records
• 1999-09-28 Sold (Public Records) $200,000 Public Records
• 1997-05-05 Sold (Public Records) $131,900 Public Records

Property tax history

+4.0%/yr

Latest (2025): $2,164 · -1.1% YoY. Source: county tax records.