5533 Russell Ave

Eastman, GA 31023

$130,000B-

3 bd · 1.0 ba · 1,380 sqft · Built 1965 · SingleFamily · Active · 103 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,591/mo
• Mortgage (P&I): −$682
• Tax + insurance: −$114
• HOA: −$0
• Vac / Maint / Mgmt: −$334
• Net cashflow: $461/mo
• Annual: $5,532/yr
• Cap rate: 10.55%
• Cash-on-cash: 15.20%
• DSCR: 1.68
• 1% rule: 1.22%
• Cash to close: $36,400

Investor read

• This is a 3-bed/1.0-bath single-family listed at $130k.
• At list price, monthly cash flow is $461 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• It's been on market 103 days — a 9% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $118k (9.0% below list) — sets the bar for market timing.
• In year one you build about $12k of equity ($899 loan paydown + $11k appreciation (8.8% local appreciation)).
• Location reads 61/100 on livability (#333 in GA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Dodge County (rural): math 18% / reading 26% proficiency, ranked #139 of 174 in GA (top 80%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: South Dodge Elementary School (math 20% / reading 25%, grade F, #803 of 1,228 statewide, top 66%, 675 students, 91% FRL); Dodge County Middle School (math 18% / reading 27%, grade F, #327 of 470 statewide, top 70%, 628 students, 68% FRL); Dodge County High School (math 2% / reading 27%, grade F, #297 of 424 statewide, top 74%, 834 students, 68% FRL).
• Market conditions: 74 active listings in the ZIP; 13 units permitted in Dodge County in 2024 (0 in 5+ unit buildings).
• Dodge County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts since 2y 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 $51k; list at $130k implies a 155% gain — meaningful room to come down on a strong offer.
• At projected returns (8.8% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 10.5% vs local median 6.3% in Eastman — 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.

Questions for listing agent

• It's been on market 103 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.