524 Martin Luther King Dr · Waycross, GA 31501

$70,000

3 bd · 1.0 ba · 1,192 sqft · SingleFamily public records · 45 Days on market

Built 1965 10,018 sqft lot $59/sqft · 22% below area Est $90k · 22% under

---

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 +28.1/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.5/10.0
• Livability +2.8/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Investor special in the heart of Waycross! This rehab opportunity is full of potential and located in a prime location convenient to shopping, dining, schools, and downtown amenities. Whether you're looking to renovate and resell, add to your rental portfolio, or create your own vision, this property offers endless possibilities. With solid potential and a desirable location, this is a great opportunity for investors or buyers looking for a project. Property is being sold as-is. Don't miss your chance to bring this property back to life!

Key facts

• 0.23 acre lot
• Built 1965
• Listed 45 days

Property features AI

Finance

• HOA & community: No HOA; No association fees

Exterior

• Parking: Off-street parking
• Utilities: Public water; Public sewer; Electricity available on property
• Home design: Single-family residence; House structure; Built in 1965
• Construction: Brick and stone construction; Tin roof; 1192 square feet above grade
• Exterior features: Level lot

Interior

• Kitchen: No appliances listed
• Bedrooms: 3 bedrooms on the main level
• Flooring: Carpet; Vinyl
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: No heating; No cooling
• Interior features: One-level layout; Fixer condition; Other interior features
• Laundry & utility: Laundry described as 'Other'

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $221 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($875 rent vs $70k).
• Recommended offer: $68k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.1% vs local median 5.1% in Waycross — 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 55/100 on livability (#519 in GA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: health & safety C-, crime F, amenities F.
• Ware County (town): math 27% / reading 35% proficiency, ranked #95 of 174 in GA (top 55%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Wacona Elementary School (math 29% / reading 33%, grade F, #617 of 1,228 statewide, top 50%, 937 students, 94% FRL) — zoned schools average 94% FRL vs 64% district-wide (30 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 113 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 45 units permitted in Ware County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $484 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Ware County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($68k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $67,900 (3.0% below list)

Questions for the listing agent

1. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.25% ✓
• Cap rate: 10.08%
• Cash-on-cash: 13.53%
• DSCR: 1.60
• GRM: 6.7

CMA / ARV

• ARV (median comp): $90,029
• List price: $70,000
• Delta: -22.25%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
511 Riverside Dr	0.12mi	3/2.0	1,338 (+12%)	5mo	$62,000	$46	66
1261 Grove Ave	0.30mi	3/1.5	1,350 (+13%)	2mo	$142,500	$106	60
205 Butler St	0.39mi	3/1.0	1,287 (+8%)	11mo	$115,000	$89	59
613 Beville St	0.48mi	3/2.0	1,174 (-2%)	15mo	$195,000	$166	59
1217 Parkway Dr	0.16mi	2/1.0 (-1)	1,110 (-7%)	22mo	$68,000	$61	57
15 Robert St	0.64mi	3/2.0	1,200 (+1%)	13mo	$155,000	$129	54
1251 Grove Ave	0.31mi	2/1.0 (-1)	1,334 (+12%)	16mo	$50,000	$37	48
507 Beville St	0.64mi	3/2.0	1,075 (-10%)	7mo	$75,000	$70	44
1110 Jordan St	0.73mi	3/1.0	1,222 (+2%)	22mo	$18,000	$15	44
1212 Martin Luther King Dr	0.59mi	3/1.5	1,360 (+14%)	5mo	$22,500	$17	43

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 3.6%
• Equity multiple: 1.14×
• Total profit: $2,736
• Equity at exit: $10,437

10-year hold

• IRR: 13.1%
• Equity multiple: 2.05×
• Total profit: $20,526
• Equity at exit: $6,052

Cash invested: $19,600 (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 31501

• Home prices YoY: -29.3%
• Active inventory: 113
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $875 medium
• Mortgage (P&I): −$367
• Tax from tax record: −$74 /mo · $888/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$184
• Net cashflow: $221

Break-even live

Break-even rent $595

Max offer price $70,000

Occupancy floor 70%

Sensitivity live

Price	-10% $261	-5% $241	+0% $221	+5% $201	+10% $181
Rent	-10% $152	-5% $186	+0% $221	+5% $256	+10% $290
Rate	-1.0pp $256	-0.5pp $239	base $221	+0.5pp $203	+1.0pp $184

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: $17,500
• Closing costs: $2,100
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
801 Naomi St Waycross, GA	2.0–4.0	1.0–2.0	1109	$875	$0.79	44d	1	1.19mi

Listing history 16 events

1. 2026-06-21
   days on market $70,000 Active 45 DOM
2. 2026-06-18
   days on market $70,000 Active 43 DOM
3. 2026-06-17
   days on market $70,000 Active 42 DOM
4. 2026-06-16
   days on market $70,000 Active 41 DOM
5. 2026-06-15
   days on market $70,000 Active 40 DOM
6. 2026-06-13
   days on market $70,000 Active 38 DOM
7. 2026-06-12
   days on market $70,000 Active 37 DOM
8. 2026-06-09
   days on market $70,000 Active 34 DOM
9. 2026-06-08
   days on market $70,000 Active 33 DOM
10. 2026-06-07
    days on market $70,000 Active 32 DOM
11. 2026-06-04
    days on market $70,000 Active 28 DOM
12. 2026-06-02
    days on market $70,000 Active 27 DOM
13. 2026-06-01
    days on market $70,000 Active 26 DOM
14. 2026-05-31
    days on market $70,000 Active 25 DOM
15. 2026-05-31
    days on market $70,000 Active 24 DOM
16. 2026-05-05
    listed $70,000 New 543-char remark

ⓘ 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: $888 · $74/mo
• Projected year-2 tax: $888 · $74/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 2/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥108°F today · 20 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 6/10 Major 11 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,500
• − Mortgage interest: −$3,921
• − Property taxes: −$888
• − Insurance: −$350
• − Repairs & maintenance: −$840
• − Management: −$840
• − Depreciation: −$2,036
• Taxable income: $1,624
• Est. tax owed @ 24.0%: −$390
• After-tax cash flow: $2,262/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: Ware County
• NCES district ID: 1305430
• Math proficiency: 27% ▼ -18.00%
• Reading proficiency: 35% ▼ -12.00%
• Median HH income: $35,231
• Composite: 25.6/100
• National rank: #7415
• State rank: #95 of 174 in GA

Livability — Waycross

• Score: 55/100
• State rank: #519
• US rank: #23458

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waycross, GA
• Population (ZIP): 13,034

Population outlook (Ware County) Hauer SSP2

• Today (2025): 33,313 people
• By 2030: 32,071 · -3.7%
• By 2040: 29,587 · -11.2%
• By 2050: 27,197 · -18.4%
• By 2075: 22,323 · -33.0%
• By 2100: 18,197 · -45.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.55)
• Race & ethnicity: White 49% Black 45% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Slovak 1% Lithuanian 1% Scottish 1%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Ware

• 2024 margin: Solid R (+43.1) · D 28.3% · R 71.4%
• 2008→2024 swing: -8.7pp toward R · 2008: -34.5pp · 2024: -43.1pp
• All cycles: 2024: R+43.1 2020: R+40.4 2016: R+41.7 2012: R+33.9 2008: R+34.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -100.90%
• Current HPI: 243.5058
• Rent YoY: —
• Metro: —
• 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

1 event — show timeline

• 2026-05-05 Listed $70,000 GAMLS

Property tax history

+3.7%/yr

Latest (2025): $888 · +12.7% YoY. Source: county tax records.