509 N Harding St · Albany, GA 31701

$55,000

3 bd · 1.0 ba · 1,144 sqft · SingleFamily public records · 9 Days on market

Built 1946 0.29 ac lot Est $47k · 17% over

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.1/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

This 2-bedroom, 1-bathroom home offers a great opportunity for investors or handy homeowners. While it needs some TLC, the property has strong potential for rental income or as an affordable residence with a little work. This is a great chance to secure an affordable property with room to add value. Don't miss out on this opportunity!

Key facts

• 0.29 acre lot
• Built 1946
• Listed 9 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $55k.

Deal economics

• At list price, monthly cash flow is $325 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($897 rent vs $55k).
• Cap rate 13.4% vs local median 4.7% in Albany — 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 60/100 on livability (#371 in GA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A-, health & safety B+; Watch: crime F, amenities F, commute F.
• Dougherty County (urban): math 12% / reading 16% proficiency, ranked #163 of 174 in GA (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 79% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Northside Elementary School (math 8% / reading 8%, grade F, #1,125 of 1,228 statewide, top 93%, 337 students, 100% FRL); Albany Middle School (math 5% / reading 8%, grade F, #457 of 470 statewide, top 98%, 833 students, 100% FRL); Dougherty Comprehensive High School (math 2% / reading 5%, grade F, #413 of 424 statewide, top 99%, 1,204 students, 100% FRL) — zoned schools average 100% FRL vs 79% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 177 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 45 units permitted in Dougherty County in 2024 (20 in 5+ unit buildings).
• This rent runs 31% of the median local income ($35k/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 $380 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Dougherty County population projected at -24% 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 $15k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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 $37k; 48% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1946 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 97% 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.

Recommended offer $55,000

Questions for the listing agent

1. Built in 1946 — 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. 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?
5. 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.
6. 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.
7. 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: 1.63% ✓
• Cap rate: 13.39%
• Cash-on-cash: 25.34%
• DSCR: 2.13
• GRM: 5.1

CMA / ARV

• ARV (on-the-fly): $46,904
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
910 W 1st Ave	0.26mi	2/1.0 (-1)	974 (-15%)	18mo	$39,900	$41	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: 18.9%
• Equity multiple: 1.77×
• Total profit: $11,814
• Equity at exit: $8,201

10-year hold

• IRR: 27.3%
• Equity multiple: 3.40×
• Total profit: $37,019
• Equity at exit: $4,755

Cash invested: $15,400 (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 31701

• Home prices YoY: -27.3%
• Active inventory: 177
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $897 high
• Mortgage (P&I): −$288
• Tax from tax record: −$72 /mo · $865/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$188
• Net cashflow: $325

Break-even live

Break-even rent $485

Max offer price $55,000

Occupancy floor 59%

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: $13,750
• Closing costs: $1,650
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
701 W Society Ave Albany, GA	1.0–3.0	1.0	723	$649	$0.90	21d	1	0.38mi
820 W 3rd Ave Albany, GA	2.0	1.0	1270	$700	$0.55	21d	1	0.42mi
906 N Van Buren St Albany, GA	2.0	1.0	835	$695	$0.83	21d	1	0.45mi
1308 Maryland Dr Albany, GA	2.0	1.0	988	$750	$0.76	21d	1	0.65mi
1204 Julia Ave Apt B Albany, GA	2.0	1.0	796	$900	$1.13	21d	1	0.70mi
1110 Rawson Dr Albany, GA	2.0	1.0	1300	$875	$0.67	21d	1	0.76mi
1107 N Madison St Albany, GA	2.0	2.0	1460	$1,375	$0.94	21d	1	0.76mi
309 S Cleveland St Unit 309 Cleveland-A Albany, GA	2.0	1.0	804	$650	$0.81	21d	1	0.79mi
1111 N Madison St Albany, GA	2.0	1.0	1460	$875	$0.60	21d	1	0.79mi
612 Florence Dr Albany, GA	3.0	1.0	1428	$1,200	$0.84	21d	1	0.81mi
903 7th Ave Apt A Albany, GA	2.0	1.0	912	$825	$0.90	21d	1	0.83mi
1214 Gillespie Ave Unit 1 Albany, GA	2.0	1.0	800	$800	$1.00	21d	1	1.07mi
1314 9th Ave Albany, GA	3.0	1.0	1090	$1,000	$0.92	21d	1	1.17mi
1502 Gillespie Ave Albany, GA	3.0	1.0	1104	$875	$0.79	21d	1	1.29mi
1312 Colquitt Ave Albany, GA	3.0	1.0	1133	$900	$0.79	21d	1	1.49mi

Listing history 5 events

1. 2026-02-12
   status Under Contract
2. 2025-12-31
   historical
3. 2025-09-15
   listed $55,000 New
4. 2025-09-15
   listed $55,000 New
5. 2018-03-15
   soldstatus $37,100

ⓘ 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: $865 · $72/mo
• Projected year-2 tax: $865 · $72/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 ≥110°F today · 19 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 97% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,763
• − Mortgage interest: −$3,081
• − Property taxes: −$865
• − Insurance: −$275
• − Repairs & maintenance: −$861
• − Management: −$861
• − Depreciation: −$1,600
• Taxable income: $3,221
• Est. tax owed @ 24.0%: −$773
• After-tax cash flow: $3,129/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: Dougherty County
• NCES district ID: 1301830
• Math proficiency: 12% ▼ -15.00%
• Reading proficiency: 16% ▼ -9.00%
• Median HH income: $33,105
• Composite: 11.31/100
• National rank: #9716
• State rank: #163 of 174 in GA

Livability — Albany

• Score: 60/100
• State rank: #371
• US rank: #18903

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Albany, GA
• County: Dougherty County · 89,040 people
• City population: 89,040
• Metro: Albany, GA
• Population (ZIP): 16,135
• Household income: $35,025
• Rent vs Own: 66.9% rent · 33.1% own
• Severe rent burden: 1383.0

Population outlook (Dougherty County) Hauer SSP2

• Today (2025): 84,551 people
• By 2030: 80,637 · -4.6%
• By 2040: 72,090 · -14.7%
• By 2050: 64,056 · -24.2%
• By 2075: 46,332 · -45.2%
• By 2100: 33,127 · -60.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (74%)
• Race & ethnicity: Black 74% White 21% Two or more races 2% Hispanic / Latino 2%
• Common ancestry: Serbian 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2% Arabic 1%

Political lean MEDSL · Dougherty

• 2024 margin: Solid D (+41.1) · D 70.4% · R 29.3%
• 2008→2024 swing: +6.2pp toward D · 2008: 35.0pp · 2024: 41.1pp
• All cycles: 2024: D+41.1 2020: D+40.0 2016: D+38.3 2012: D+39.0 2008: D+35.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -54.55%
• Current HPI: 145.4604
• Rent YoY: —
• Metro: Albany, 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

+48.2% since first listed

5 events — show timeline

• 2026-02-12 Pending — GAMLS
• 2025-12-31 Listing Removed — GAMLS
• 2025-09-15 Listed $55,000 GAMLS
• 2025-09-15 Listed $55,000 GAMLS
• 2018-03-15 Sold (Public Records) $37,100 Public Records

Property tax history

+2.1%/yr

Latest (2025): $865 · +6.1% YoY. Source: county tax records.