508 Wheeler St · Griffin, GA 30223

$139,900

2 bd · 1.0 ba · 964 sqft · SingleFamily public records · 83 Days on market

Built 1922 4,356 sqft lot $145/sqft · at area comps Est $141k · at est.

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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 +14.8/30.0
• ARV discount +8.0/15.0
• DSCR +4.5/10.0
• Rent growth +3.3/5.0
• 1% rule +3.0/10.0
• Livability +2.7/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

NEW RENOVATION, COME SEE IT TODAY. This single family 2-bedroom, 1 bath home has been fully updated and move in ready at an incredible price! Everything brand new from top to bottom! Including brand new roof, new interior doors, bathroom upgrades, interior/exterior paint, and beautiful hardwood floors. The kitchen features new stainless-steel appliances, new kitchen cabinets, and granite countertops. There's even a large shed in the backyard for extra storage. The fully fenced back yard offers privacy and a carport is in the rear to park your vehicle.

Key facts

• Brand new roof
• Bathroom upgrades
• New kitchen cabinets

Tags

• BRAND NEW ROOF
• BATHROOM UPGRADES
• HARDWOOD FLOORS
• NEW STAINLESS-STEEL APPLIANCES
• NEW KITCHEN CABINETS
• GRANITE COUNTERTOPS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $39 ($473/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 $113k (19.6% below list).
• Recommended offer: $113k (19.6% below list) — sets the bar for 1% rule.
• Cap rate 6.6% vs local median 4.3% in Griffin — 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 54/100 on livability (#529 in GA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: schools F, crime F, amenities F.
• Griffin-Spalding County (suburban): math 13% / reading 19% proficiency, ranked #151 of 174 in GA (top 87%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+3.3%/yr); 427 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 342 units permitted in Spalding County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Spalding County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 83 days — a 6% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $78k; list at $140k implies a 79% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 39% 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.

Recommended offer $112,521 (19.6% below list)

Questions for the listing agent

1. It's been on market 83 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
2. Built in 1922 — 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. 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?
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.80% ✗
• Cap rate: 6.63%
• Cash-on-cash: 1.21%
• DSCR: 1.05
• GRM: 10.4

CMA / ARV

• ARV (median comp): $141,354
• List price: $139,900
• Delta: -1.03%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
435 W Cherry St	0.07mi	2/1.0	1,020 (+6%)	5mo	$60,000	$59	83
735 W Solomon St	0.53mi	2/1.0	910 (-6%)	16mo	$90,000	$99	52
1110 Lyndon Ave	0.63mi	2/1.0	1,008 (+5%)	13mo	$130,000	$129	52
607 N Hill St	0.41mi	3/1.0 (+1)	1,104 (+14%)	2mo	$75,000	$68	50
1117 Lake Ave	0.64mi	2/1.0	891 (-8%)	9mo	$165,000	$185	50
1123 Drewery Ave	0.68mi	2/1.0	1,064 (+10%)	1mo	$145,000	$136	50
22 Chestnut St	0.74mi	2/1.0	988 (+2%)	14mo	$70,000	$71	50
319 E Broadway St	0.65mi	2/2.0	1,044 (+8%)	4mo	$110,000	$105	49
213 W Central Ave	0.32mi	3/1.0 (+1)	1,064 (+10%)	17mo	$162,000	$152	49
926 N 9th St	0.56mi	2/1.0	896 (-7%)	20mo	$57,400	$64	45
317 N 10th St	0.22mi	3/2.0 (+1)	1,101 (+14%)	17mo	$159,900	$145	43
229 Willow St	0.66mi	2/1.0	1,108 (+15%)	9mo	$70,000	$63	37

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 · 3.34% rent growth · sell at horizon

5-year hold

• IRR: -14.1%
• Equity multiple: 0.49×
• Total profit: $-19,830
• Equity at exit: $20,860

10-year hold

• IRR: -4.9%
• Equity multiple: 0.68×
• Total profit: $-12,665
• Equity at exit: $12,096

Cash invested: $39,172 (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 30223

• Rents YoY: 3.3%
• Active inventory: 427
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $1,125 high
• Mortgage (P&I): −$734
• Tax from tax record: −$58 /mo · $691/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$236
• Net cashflow: $39

Break-even live

Break-even rent $1,075

Max offer price $139,900

Occupancy floor 92%

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
503 Wheeler St Griffin, GA	2.0	1.0	1028	$1,250	$1.22	44d	1	0.03mi
502 W Broadway St Griffin, GA	1.0–2.0	1.0–2.0	1133	$1,745	$1.54	1d	17	0.16mi
315 W Chappell St Unit 317 Griffin, GA	2.0	1.0	980	$900	$0.92	24d	1	0.19mi
205 W Cherry St Griffin, GA	2.0	1.0	972	$950	$0.98	3d	1	0.21mi
708 Ellis St Griffin, GA	2.0	1.0	768	$1,000	$1.30	3d	1	0.23mi
217 W Central Ave Unit B Griffin, GA	2.0	1.0	750	$995	$1.33	5d	1	0.28mi
731 Williams St Unit A Griffin, GA	1.0	1.0	770	$800	$1.04	44d	1	0.28mi
413 N Hill St Unit B Griffin, GA	2.0	1.0	792	$875	$1.10	4d	1	0.28mi
353 N 13th St Unit 353 Griffin, GA	2.0	1.0	1059	$950	$0.90	24d	1	0.30mi
716 Ray St Griffin, GA	2.0	1.0	788	$1,300	$1.65	44d	1	0.32mi
212 Alabama St Griffin, GA	2.0	1.0	728	$995	$1.37	44d	1	0.32mi
813 W Quilly St Griffin, GA	2.0	1.0	838	$1,200	$1.43	4d	1	0.33mi
405 N 15th St Unit A Griffin, GA	1.0	1.0	586	$650	$1.11	3d	1	0.45mi
804 N 8th St Griffin, GA	2.0	1.0	600	$750	$1.25	1d	30	0.46mi
816 Lane St Griffin, GA	3.0	2.0	1120	$1,300	$1.16	44d	1	0.48mi
317 N 4th St Griffin, GA	2.0	1.0	760	$1,000	$1.32	24d	1	0.61mi
117 Blanton Ave Unit A Griffin, GA	2.0	1.0	718	$975	$1.36	24d	1	0.61mi
724 W Taylor St Griffin, GA	1.0	1.0	650	$900	$1.38	44d	1	0.64mi
416 W Poplar St Griffin, GA	1.0–2.0	1.0	925	$1,436	$1.55	1d	4	0.64mi
614 W Poplar St Griffin, GA	3.0	1.0	1100	$1,100	$1.00	22d	1	0.66mi
616 W Poplar St Unit 1 Griffin, GA	1.0	1.0	900	$595	$0.66	22d	1	0.67mi
422 Meriwether St Unit 2 Griffin, GA	3.0	2.0	1100	$1,250	$1.14	13d	1	0.68mi
521 Meriwether St Apt C Griffin, GA	2.0	1.0	800	$1,150	$1.44	44d	1	0.70mi
521 Meriwether St Unit C Triplex Griffin, GA	2.0	1.0	800	$1,200	$1.50	44d	1	0.70mi
521 Meriwether St Unit A Triplex Griffin, GA	2.0	1.0	850	$1,250	$1.47	44d	1	0.70mi
415 N 18th St Unit 417 D Griffin, GA	2.0	1.0	865	$1,050	$1.21	44d	1	0.73mi
419 N 18th St Unit F Griffin, GA	2.0	1.0	865	$1,050	$1.21	24d	1	0.73mi
419 N 18th St Griffin, GA	2.0	1.0	865	$1,050	$1.21	18d	1	0.73mi
738 W Poplar St Unit 4 Griffin, GA	1.0	1.0	755	$600	$0.79	10d	1	0.73mi
214 Kentucky Ave Unit D Griffin, GA	2.0	1.0	700	$1,050	$1.50	5d	1	0.74mi
358 N 19th St Griffin, GA	2.0	1.0	936	$1,025	$1.10	2d	1	0.74mi
617 Meriwether St Griffin, GA	1.0–2.0	1.0	745	$1,481	$1.99	1d	4	0.75mi
356 N 19th St Griffin, GA	2.0	1.5	896	$995	$1.11	1d	1	0.76mi
311 S 5th St Unit A Griffin, GA	2.0	1.0	975	$1,350	$1.38	44d	1	0.82mi
1128 W College St Unit A-1 Model Unit Griffin, GA	2.0	1.0	900	$1,250	$1.39	44d	1	0.83mi
215 Hillside Cir Griffin, GA	2.0	1.0	1002	$975	$0.97	24d	1	0.99mi
207 Hillside Cir Griffin, GA	3.0	1.0	1054	$1,100	$1.04	22d	1	1.00mi
1048 W College Street Ext Griffin, GA	1.0	1.0	606	$750	$1.24	24d	1	1.03mi
1313 Ridgeview Dr Griffin, GA	3.0	1.0	840	$1,050	$1.25	24d	1	1.08mi
812 E Tinsley St Unit 814 Griffin, GA	2.0	1.0	800	$975	$1.22	44d	1	1.12mi

Listing history 16 events

1. 2026-06-18
   days on market $139,900 Active 83 DOM
2. 2026-06-17
   days on market $139,900 Active 82 DOM
3. 2026-06-16
   days on market $139,900 Active 81 DOM
4. 2026-06-15
   days on market $139,900 Active 80 DOM
5. 2026-06-13
   days on market $139,900 Active 78 DOM
6. 2026-06-09
   days on market $139,900 Active 74 DOM
7. 2026-06-08
   days on market $139,900 Active 73 DOM
8. 2026-06-07
   days on market $139,900 Active 72 DOM
9. 2026-06-04
   days on market $139,900 Active 69 DOM
10. 2026-06-03
    days on market $139,900 Active 68 DOM
11. 2026-06-02
    days on market $139,900 Active 67 DOM
12. 2026-06-01
    days on market $139,900 Active 66 DOM
13. 2026-05-31
    days on market $139,900 Active 65 DOM
14. 2026-03-26
    listed $139,900 New 559-char remark

    Show marketing remark (559 chars)

    NEW RENOVATION, COME SEE IT TODAY. This single family 2-bedroom, 1 bath home has been fully updated and move in ready at an incredible price! Everything brand new from top to bottom! Including brand new roof, new interior doors, bathroom upgrades, interior/exterior paint, and beautiful hardwood floors. The kitchen features new stainless-steel appliances, new kitchen cabinets, and granite countertops. There's even a large shed in the backyard for extra storage. The fully fenced back yard offers privacy and a carport is in the rear to park your vehicle.

15. 2025-10-02
    soldstatus $78,000
16. 2025-09-19
    soldstatus $51,500

ⓘ 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: $691 · $58/mo
• Projected year-2 tax: $1,287 · $107/mo
• Expected delta: +$596/yr (+$50/mo · 86.3%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥104°F today · 18 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 39% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,503
• − Mortgage interest: −$7,837
• − Property taxes: −$691
• − Insurance: −$700
• − Repairs & maintenance: −$1,080
• − Management: −$1,080
• − Depreciation: −$4,070
• Taxable loss: −$1,955
• Est. tax savings @ 24.0%: +$469
• After-tax cash flow: $942/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: Griffin-Spalding County
• NCES district ID: 1302520
• Math proficiency: 13% ▼ -13.00%
• Reading proficiency: 19% ▼ -12.00%
• Median HH income: $40,895
• Composite: 13.71/100
• National rank: #9496
• State rank: #151 of 174 in GA

Livability — Griffin

• Score: 54/100
• State rank: #529
• US rank: #23746

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Griffin, GA
• County: Spalding County · 66,676 people
• City population: 28,414
• Metro: Atlanta-Sandy Springs-Alpharetta, GA
• Population (ZIP): 38,262
• Household income: $59,054
• Rent vs Own: 39.5% rent · 60.5% own
• Severe rent burden: 1297.0

Population outlook (Spalding County) Hauer SSP2

• Today (2025): 63,015 people
• By 2030: 61,689 · -2.1%
• By 2040: 57,932 · -8.1%
• By 2050: 53,474 · -15.1%
• By 2075: 43,228 · -31.4%
• By 2100: 32,290 · -48.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 50% Black 38% Hispanic / Latino 7% Two or more races 5% Asian 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Slovak 1% Serbian 1%
• Foreign-born: 4% · Canada, South Korea
• Languages at home: 92% English-only · Spanish 6% Korean 1%

Political lean MEDSL · Spalding

• 2024 margin: R (+16.7) · D 41.4% · R 58.1%
• 2008→2024 swing: +2.1pp toward D · 2008: -18.8pp · 2024: -16.7pp
• All cycles: 2024: R+16.7 2020: R+20.8 2016: R+24.2 2012: R+20.0 2008: R+18.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -142.92%
• Current HPI: 225.7933
• Rent YoY: ▲ 3.34%
• 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

+171.7% since first listed

3 events — show timeline

• 2026-03-26 Listed $139,900 GAMLS
• 2025-10-02 Sold (Public Records) $78,000 Public Records
• 2025-09-19 Sold (Public Records) $51,500 Public Records

Property tax history

+3.4%/yr

Latest (2025): $691 · -2.2% YoY. Source: county tax records.