1551 Broad St NE

Milstead, GA 30012

$120,000C-

1 bd · 1.0 ba · 1,089 sqft · Built 1900 · SingleFamily · Active · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,267/mo
• Mortgage (P&I): −$629
• Tax + insurance: −$285
• HOA: −$0
• Vac / Maint / Mgmt: −$266
• Net cashflow: $87/mo
• Annual: $1,041/yr
• Cap rate: 7.16%
• Cash-on-cash: 3.10%
• DSCR: 1.14
• 1% rule: 1.06%
• Cash to close: $33,600

Investor read

• This is a 1-bed/1.0-bath single-family listed at $120k.
• At list price, monthly cash flow is $87 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• It's been on market 17 days — a 2% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $118k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Rockdale County (suburban): math 14% / reading 29% proficiency, ranked #136 of 174 in GA (top 78%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Hightower Trail Elementary School (math 27% / reading 32%, grade F, #633 of 1,228 statewide, top 54%, 533 students, 81% FRL); Conyers Middle School (math 9% / reading 24%, grade F, #388 of 470 statewide, top 83%, 1,031 students, 78% FRL); Rockdale County High School (math 12% / reading 17%, grade F, #315 of 424 statewide, top 76%, 2,369 students, 64% FRL).
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents flat; 281 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 7d on market — plan ~1-2 weeks tenant-placement turnaround); 483 units permitted in Rockdale County in 2024 (0 in 5+ unit buildings).
• Rockdale County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 6 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.
• Climate carrying-cost: major wind risk, 27% 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.

Questions for listing agent

• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.