600 Shamrock Dr

Albany, GA 31721

$144,900D+

3 bd · 2.0 ba · 1,885 sqft · Built 1973 · SingleFamily · Active · 67 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,434/mo
• Mortgage (P&I): −$760
• Tax + insurance: −$208
• HOA: −$0
• Vac / Maint / Mgmt: −$301
• Net cashflow: $165/mo
• Annual: $1,982/yr
• Cap rate: 7.66%
• Cash-on-cash: 4.89%
• DSCR: 1.22
• 1% rule: 0.99%
• Cash to close: $40,572

Investor read

• This is a 3-bed/2.0-bath single-family listed at $145k.
• At list price, monthly cash flow is $165 ($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 $143k (1.0% below list).
• It's been on market 67 days — a 6% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $136k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• 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: Live Oak Elementary School (math 22% / reading 17%, grade F, #878 of 1,228 statewide, top 75%, 805 students, 100% FRL); Merry Acres Middle School (math 2% / reading 12%, grade F, #449 of 470 statewide, top 97%, 764 students, 100% FRL); Westover High School (math 5% / reading 24%, grade F, #297 of 424 statewide, top 74%, 1,360 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: 186 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 45 units permitted in Dougherty County in 2024 (20 in 5+ unit buildings).
• Dougherty County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 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: 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.
• Cap rate 7.7% 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.

Questions for listing agent

• It's been on market 67 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1973 — 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?
• 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?
• 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.