1196 W Hancock Ave W #1 · Athens-Clarke County unified government (balance), GA 30606

$275,000

2 bd · 1.0 ba · 2,164 sqft · SingleFamily · 227 Days on market

Built 1919 6,534 sqft lot

---

Why this score? — see what drove the D 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 +15.8/30.0
• ARV discount +7.5/15.0
• DSCR +4.9/10.0
• 1% rule +4.3/10.0
• Rent growth +2.9/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks

Rara opportunity to buy a property located in the Historic Hancock Avenue District. This is a highly sought after area in downtown Athens GA. The property is in need of much needed repair.

Key facts

• Downtown athens ga
• 6,534 sq ft lot
• Built 1919

Tags

• HIGHLY SOUGHT AFTER AREA
• DOWNTOWN ATHENS GA

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $275k.

Deal economics

• At list price, monthly cash flow is $128 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $257k (6.6% below list).
• Recommended offer: $242k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.9% vs local median 3.3% in Athens-Clarke County unified government (balance) — 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: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Clarke County (urban): math 17% / reading 21% proficiency, ranked #146 of 174 in GA (top 84%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 74% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Clarke Middle School (math 22% / reading 32%, grade F, #271 of 470 statewide, top 60%, 708 students, 83% FRL); Clarke Central High School (math 15% / reading 24%, grade F, #238 of 424 statewide, top 57%, 1,836 students, 83% FRL).
• Market conditions: Rents rising (+1.6%/yr); 317 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 64% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,172 units permitted in Clarke County in 2024 (876 in 5+ unit buildings).
• At $2,568/mo this rent would consume 49% of the median local household income ($63k/yr) (locally 3510% 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 $8k of value loss. Plan a longer hold.
• Clarke County population projected at +31% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 227 days — a 12% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• 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.

Risks & watch-outs

• Watch-outs: built in 1919 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wind risk, 25% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $242,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 227 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1919 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 0.93% ✗
• Cap rate: 6.85%
• Cash-on-cash: 2.00%
• DSCR: 1.09
• GRM: 8.9

CMA / ARV

• ARV (on-the-fly): $718,448
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
100 Crestview Cir	0.53mi	3/2.5 (+1)	2,103 (-3%)	6mo	$670,000	$319	54
271 King Ave	0.37mi	3/3.5 (+1)	2,316 (+7%)	3mo	$770,000	$332	54
283 King Ave	0.38mi	3/2.5 (+1)	1,926 (-11%)	6mo	$696,980	$362	48
214 Evans St	0.65mi	3/3.5 (+1)	1,900 (-12%)	9mo	$362,000	$191	27
145 Satula Ave	0.74mi	3/3.5 (+1)	2,476 (+14%)	0mo	$885,000	$357	26

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 · 1.58% rent growth · sell at horizon

5-year hold

• IRR: -14.7%
• Equity multiple: 0.48×
• Total profit: $-39,966
• Equity at exit: $41,003

10-year hold

• IRR: -8.6%
• Equity multiple: 0.50×
• Total profit: $-38,545
• Equity at exit: $23,777

Cash invested: $77,000 (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 30606

• Rents YoY: 1.6%
• Active inventory: 317
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $2,568 high
• Mortgage (P&I): −$1,442
• Tax est. 1.5%: −$344 /mo · $4,125/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$539
• Net cashflow: $128

Break-even live

Break-even rent $2,406

Max offer price $275,000

Occupancy floor 90%

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
382 N Chase St Athens, GA	3.0	3.5	1512	$3,250	$2.15	13d	1	0.12mi
449 Reese St Athens, GA	3.0	2.5	1844	$3,100	$1.68	21d	1	0.45mi
172 Hart Ave Athens, GA	2.0	1.0	2156	$1,200	$0.56	43d	1	0.51mi
48 Holman Ave Athens, GA	3.0	2.0	1850	$2,000	$1.08	13d	1	0.52mi
325 Lyndon Ave Athens, GA	3.0	2.5	1547	$3,100	$2.00	43d	1	0.59mi
335 Lyndon Ave Athens, GA	3.0	3.0	2200	$3,000	$1.36	43d	1	0.60mi
214 Evans St Athens, GA	3.0	3.5	1900	$2,700	$1.42	43d	1	0.63mi
400 E Clayton St Unit 17 Athens, GA	3.0	2.0	2000	$705	$0.35	43d	1	1.11mi
492 N Thomas St Unit NT482 Athens, GA	3.0	3.0	1500	$2,900	$1.93	43d	1	1.16mi
600 N Thomas St Athens, GA	3.0–5.0	3.0–5.0	1414	$944	$0.67	21d	31	1.23mi
215 Ruth St Athens, GA	3.0	3.5	1522	$2,250	$1.48	43d	1	1.46mi

Listing history 4 events

1. 2026-04-28
   status Under Contract
2. 2026-04-01
   status Back On Market
3. 2026-03-14
   status Under Contract
4. 2025-08-21
   listed $275,000 New

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥106°F today · 17 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 25% 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: $30,818
• − Mortgage interest: −$15,404
• − Property taxes: −$4,125
• − Insurance: −$1,375
• − Repairs & maintenance: −$2,465
• − Management: −$2,465
• − Depreciation: −$8,000
• Taxable loss: −$3,017
• Est. tax savings @ 24.0%: +$724
• After-tax cash flow: $2,265/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: Clarke County
• NCES district ID: 1301170
• Math proficiency: 17% ▼ -15.00%
• Reading proficiency: 21% ▼ -12.00%
• Median HH income: $33,649
• Composite: 15.51/100
• National rank: #9302
• State rank: #146 of 174 in GA

Livability — Athens-Clarke County unified government (balance)

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Athens-Clarke County unified government (balance), GA
• County: Clarke County · 126,008 people
• City population: 119,110
• Metro: Athens-Clarke County, GA
• Population (ZIP): 47,865
• Household income: $63,328
• Rent vs Own: 56.2% rent · 43.8% own
• Severe rent burden: 3510.0

Population outlook (Clarke County) Hauer SSP2

• Today (2025): 141,365 people
• By 2030: 151,724 · +7.3%
• By 2040: 168,541 · +19.2%
• By 2050: 184,855 · +30.8%
• By 2075: 221,736 · +56.9%
• By 2100: 253,853 · +79.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 61% Black 20% Hispanic / Latino 11% Two or more races 7% Asian 5%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Italian 3% Slovak 3% Lithuanian 2%
• Foreign-born: 11% · Canada, China, Philippines
• Languages at home: 87% English-only · Spanish 7% Other Asian/Pacific 2% Chinese 1%

Political lean MEDSL · Clarke

• 2024 margin: Solid D (+38.3) · D 68.6% · R 30.4% · Other 1.0%
• 2008→2024 swing: +7.0pp toward D · 2008: 31.3pp · 2024: 38.3pp
• All cycles: 2024: D+38.3 2020: D+42.1 2016: D+38.0 2012: D+28.9 2008: D+31.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -454.63%
• Current HPI: 258.4817
• Rent YoY: ▲ 1.58%
• Metro: Athens-Clarke County, 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

4 events — show timeline

• 2026-04-28 Pending — GAMLS
• 2026-04-01 Relisted — GAMLS
• 2026-03-14 Pending — GAMLS
• 2025-08-21 Listed $275,000 GAMLS