7117 Pineneedle Dr SW · Covington, GA 30014

$235,000

4 bd · 2.0 ba · 1,536 sqft · MultiFamily public records · 144 Days on market

Built 1985 0.35 ac lot

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Why this score? — see what drove the B- 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.2/10.0
• ARV discount +7.5/15.0
• Livability +3.0/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Turnkey Income-Generating Duplex in Covington – 100% Occupied & Cash Flowing Day One!** Start generating revenue immediately with this fully occupied duplex at 7117 Pine Needle Dr. Located in an established Covington neighborhood, this solid investment property features two mirror-image units, each offering a spacious 2-bedroom, 1-bath layout. With reliable tenants already in place in both units, this asset provides instant cash flow with zero downtime for the new owner. Built in 1985, the property sits on a low-maintenance 0.35-acre lot and totals approximately 1,536 square feet. Both units are separately metered for electricity, gas, and water, keeping landlord expenses low and management simple. The floor plans are functional and tenant-friendly, featuring comfortable living areas, practical kitchens, and durable flooring suitable for long-term rentals. **Key Features:** * **Instant ROI:** Both units are currently leased—collect rent from the day you close. * **Unit Mix:** Two spacious 2 Bed / 1 Bath units (approx. 768 sq ft each). * **Investor-Friendly Setup:** Separate meters for all utilities (Electric, Gas, Water). * **Location:** Conveniently situated near Covington’s shopping, dining, and major highways for easy commuting. Zoned for Middle Ridge Elementary, Liberty Middle, and Eastside High School. * **Low Maintenance:** Durable exterior construction and a manageable lot size reduce upkeep costs. Whether you are a seasoned investor looking to add a performing asset to your portfolio or a new buyer seeking a "house hack" opportunity down the road, this duplex checks all the boxes. Do not disturb tenants—showings during due diligence only. **Don't miss this opportunity to acquire a stabilizing, income-producing asset in the growing Newton County market!**

Key facts

• Low maintenance lot
• 0.35 acre lot
• 4 parking spots

Tags

• INCOME GENERATING DUPLEX
• FULLY OCCUPIED DUPLEX
• SEPARATELY METERED UTILITIES
• LOW MAINTENANCE LOT

🏷️ Possibly a rental listed for sale. The $235,000 price doesn't fit this home's estimated sale value (~$630,567) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $235k.

Deal economics

• At list price, monthly cash flow is $892 ($11k/yr) — positive. Per door: $446/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $235k).
• Recommended offer: $207k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.8% vs local median 3.8% in Covington — 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 59/100 on livability (#396 in GA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, health & safety B+; Watch: crime F, amenities F, commute F.
• Newton County (suburban): math 17% / reading 26% proficiency, ranked #137 of 174 in GA (top 79%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Newton County Theme School At Ficquett (math 49% / reading 65%, grade C+, #151 of 1,228 statewide, top 13%, 977 students, 29% FRL); Liberty Middle School (math 7% / reading 15%, grade F, #426 of 470 statewide, top 91%, 944 students, 85% FRL); Eastside High School (math 7% / reading 17%, grade F, #342 of 424 statewide, top 81%, 1,621 students, 46% FRL).
• Market conditions: Rents flat; 486 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 1,480 units permitted in Newton County in 2024 (702 in 5+ unit buildings).
• At $3,093/mo this rent would consume 51% of the median local household income ($72k/yr) (locally 1934% 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 $7k of value loss. Plan a longer hold.
• Newton County population projected at +23% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 0.5% rent growth), your $66k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 144 days — a 12% lower offer ($207k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y 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.

Risks & watch-outs

• Climate carrying-cost: moderate wind risk, 26% 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 $206,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 144 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.32% ✓
• Cap rate: 10.85%
• Cash-on-cash: 16.27%
• DSCR: 1.72
• GRM: 6.3

CMA / ARV

• ARV (median comp): $630,567
• List price: $235,000
• Delta: -62.73%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.52% rent growth · sell at horizon

5-year hold

• IRR: 4.5%
• Equity multiple: 1.17×
• Total profit: $11,219
• Equity at exit: $35,039

10-year hold

• IRR: 11.6%
• Equity multiple: 1.81×
• Total profit: $53,545
• Equity at exit: $20,319

Cash invested: $65,800 (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 30014

• Home prices YoY: -19.2%
• Rents YoY: 0.5%
• Active inventory: 486
• Price-to-rent: 12.7×

Monthly cashflow live

• Estimated rent: $3,093 high
• Mortgage (P&I): −$1,232
• Tax from tax record: −$221 /mo · $2,651/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$650
• Net cashflow: $892

Break-even live

Break-even rent $1,964

Max offer price $235,000

Occupancy floor 66%

Sensitivity live

Price	-10% $1,025	-5% $959	+0% $892	+5% $826	+10% $759
Rent	-10% $648	-5% $770	+0% $892	+5% $1,014	+10% $1,137
Rate	-1.0pp $1,011	-0.5pp $952	base $892	+0.5pp $831	+1.0pp $769

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,092
Total (2 units)			$3,093

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8246 Collier St SW Covington, GA	3.0	1.0	1225	$1,300	$1.06	45d	1	0.29mi
6103 Oakwood Cir SW Covington, GA	3.0	2.0	1372	$900	$0.66	19d	1	0.31mi
9123 Jefferson Village Dr SW Covington, GA	3.0	2.0	1220	$1,750	$1.43	23d	1	0.55mi
9135 Jefferson Village Dr SW Covington, GA	3.0	2.5	1126	$1,736	$1.54	7d	1	0.56mi
9161 Thrash St SW Covington, GA	4.0	2.0	1272	$1,481	$1.16	45d	1	0.57mi
6126 Avery St SW Covington, GA	3.0	2.5	1600	$1,831	$1.14	0d	1	0.75mi
10154 Allen Dr SW Covington, GA	3.0	2.0	1056	$1,800	$1.70	7d	1	0.76mi
10154 Allen Dr SW Covington, GA	3.0	2.0	1056	$1,800	$1.70	22d	1	0.76mi
4112 Dorchester Dr SE Covington, GA	3.0–5.0	2.5–4.0	2299	$3,022	$1.31	0d	1	0.96mi
8247 Spillers Dr SW Covington, GA	3.0	1.5	1530	$1,500	$0.98	14d	1	1.09mi
120 Ella Dr Covington, GA	4.0	2.0	1907	$2,101	$1.10	14d	1	1.17mi
100 Fleeta Dr Covington, GA	3.0	2.0	1379	$1,550	$1.12	7d	1	1.31mi
65 Kenzi Way SW Covington, GA	3.0	2.0	1217	$1,000	$0.82	7d	1	1.35mi
9220 Spillers Dr SW Covington, GA	3.0	2.0	1192	$1,455	$1.22	7d	1	1.40mi
195 Ridge Pointe Dr Covington, GA	5.0	2.5	2005	$2,230	$1.11	21d	1	1.40mi

Listing history 25 events

1. 2026-06-21
   days on market $235,000 Active 144 DOM
2. 2026-06-18
   days on market $235,000 Active 141 DOM
3. 2026-06-17
   days on market $235,000 Active 140 DOM
4. 2026-06-16
   days on market $235,000 Active 139 DOM
5. 2026-06-15
   days on market $235,000 Active 138 DOM
6. 2026-06-13
   days on market $235,000 Active 136 DOM
7. 2026-06-13
   days on market $235,000 Active 135 DOM
8. 2026-06-09
   days on market $235,000 Active 132 DOM
9. 2026-06-08
   days on market $235,000 Active 131 DOM
10. 2026-06-07
    days on market $235,000 Active 130 DOM
11. 2026-06-04
    days on market $235,000 Active 127 DOM
12. 2026-06-03
    days on market $235,000 Active 126 DOM
13. 2026-06-02
    days on market $235,000 Active 125 DOM
14. 2026-06-01
    days on market $235,000 Active 124 DOM
15. 2026-05-31
    days on market $235,000 Active 123 DOM
16. 2026-04-20
    price $235,000 1852-char remark

    Show marketing remark (1852 chars)

    Turnkey Income-Generating Duplex in Covington – 100% Occupied & Cash Flowing Day One!** Start generating revenue immediately with this fully occupied duplex at 7117 Pine Needle Dr. Located in an established Covington neighborhood, this solid investment property features two mirror-image units, each offering a spacious 2-bedroom, 1-bath layout. With reliable tenants already in place in both units, this asset provides instant cash flow with zero downtime for the new owner. Built in 1985, the property sits on a low-maintenance 0.35-acre lot and totals approximately 1,536 square feet. Both units are separately metered for electricity, gas, and water, keeping landlord expenses low and management simple. The floor plans are functional and tenant-friendly, featuring comfortable living areas, practical kitchens, and durable flooring suitable for long-term rentals. **Key Features:** * **Instant ROI:** Both units are currently leased—collect rent from the day you close. * **Unit Mix:** Two spacious 2 Bed / 1 Bath units (approx. 768 sq ft each). * **Investor-Friendly Setup:** Separate meters for all utilities (Electric, Gas, Water). * **Location:** Conveniently situated near Covington’s shopping, dining, and major highways for easy commuting. Zoned for Middle Ridge Elementary, Liberty Middle, and Eastside High School. * **Low Maintenance:** Durable exterior construction and a manageable lot size reduce upkeep costs. Whether you are a seasoned investor looking to add a performing asset to your portfolio or a new buyer seeking a "house hack" opportunity down the road, this duplex checks all the boxes. Do not disturb tenants—showings during due diligence only. **Don't miss this opportunity to acquire a stabilizing, income-producing asset in the growing Newton County market!**

17. 2026-01-28
    listed $244,600 Active 1852-char remark

    Show marketing remark (1852 chars)

    Turnkey Income-Generating Duplex in Covington – 100% Occupied & Cash Flowing Day One!** Start generating revenue immediately with this fully occupied duplex at 7117 Pine Needle Dr. Located in an established Covington neighborhood, this solid investment property features two mirror-image units, each offering a spacious 2-bedroom, 1-bath layout. With reliable tenants already in place in both units, this asset provides instant cash flow with zero downtime for the new owner. Built in 1985, the property sits on a low-maintenance 0.35-acre lot and totals approximately 1,536 square feet. Both units are separately metered for electricity, gas, and water, keeping landlord expenses low and management simple. The floor plans are functional and tenant-friendly, featuring comfortable living areas, practical kitchens, and durable flooring suitable for long-term rentals. **Key Features:** * **Instant ROI:** Both units are currently leased—collect rent from the day you close. * **Unit Mix:** Two spacious 2 Bed / 1 Bath units (approx. 768 sq ft each). * **Investor-Friendly Setup:** Separate meters for all utilities (Electric, Gas, Water). * **Location:** Conveniently situated near Covington’s shopping, dining, and major highways for easy commuting. Zoned for Middle Ridge Elementary, Liberty Middle, and Eastside High School. * **Low Maintenance:** Durable exterior construction and a manageable lot size reduce upkeep costs. Whether you are a seasoned investor looking to add a performing asset to your portfolio or a new buyer seeking a "house hack" opportunity down the road, this duplex checks all the boxes. Do not disturb tenants—showings during due diligence only. **Don't miss this opportunity to acquire a stabilizing, income-producing asset in the growing Newton County market!**

18. 2023-03-24
    soldstatus $245,000
19. 2023-03-10
    soldstatus $245,000 Sold 291-char remark

    Show marketing remark (291 chars)

    Great Investment Opportunity. 2 bedroom / 1 bath duplex each side with tenant in place with lease in one unit. Cash Flow from day one. Please do not disturb tenants, but vacant side (7119) can be viewed via Supra Lockbox. No showings until due diligence period on tenant occupied side (7117)

20. 2023-02-24
    status Under Contract 291-char remark

    Show marketing remark (291 chars)

    Great Investment Opportunity. 2 bedroom / 1 bath duplex each side with tenant in place with lease in one unit. Cash Flow from day one. Please do not disturb tenants, but vacant side (7119) can be viewed via Supra Lockbox. No showings until due diligence period on tenant occupied side (7117)

21. 2022-12-01
    listed $250,000 New 291-char remark

    Show marketing remark (291 chars)

    Great Investment Opportunity. 2 bedroom / 1 bath duplex each side with tenant in place with lease in one unit. Cash Flow from day one. Please do not disturb tenants, but vacant side (7119) can be viewed via Supra Lockbox. No showings until due diligence period on tenant occupied side (7117)

22. 2021-03-31
    soldstatus $110,000
23. 2006-06-08
    soldstatus $107,000
24. 2004-10-06
    soldstatus $80,000
25. 1993-12-30
    soldstatus $11,000

ⓘ 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: $2,651 · $221/mo
• Projected year-2 tax: $2,651 · $221/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 10% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥106°F today · 18 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 26% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $37,116
• − Mortgage interest: −$13,164
• − Property taxes: −$2,651
• − Insurance: −$1,175
• − Repairs & maintenance: −$2,969
• − Management: −$2,969
• − Depreciation: −$6,836
• Taxable income: $7,351
• Est. tax owed @ 24.0%: −$1,764
• After-tax cash flow: $8,943/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: Newton County
• NCES district ID: 1303930
• Math proficiency: 17% ▼ -13.00%
• Reading proficiency: 26% ▼ -8.00%
• Median HH income: $50,768
• Composite: 19.2/100
• National rank: #8816
• State rank: #137 of 174 in GA

Livability — Covington

• Score: 59/100
• State rank: #396
• US rank: #19602

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Covington, GA
• County: Newton County · 104,393 people
• City population: 104,393
• Metro: Atlanta-Sandy Springs-Alpharetta, GA
• Population (ZIP): 41,425
• Household income: $72,254
• Rent vs Own: 38.7% rent · 61.3% own
• Severe rent burden: 1934.0

Population outlook (Newton County) Hauer SSP2

• Today (2025): 118,372 people
• By 2030: 124,234 · +5.0%
• By 2040: 135,550 · +14.5%
• By 2050: 145,309 · +22.8%
• By 2075: 166,843 · +40.9%
• By 2100: 175,800 · +48.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 53% Black 35% Hispanic / Latino 7% Two or more races 6% Asian 2%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Italian 2% Slovak 2% Serbian 1%
• Foreign-born: 7% · Canada
• Languages at home: 93% English-only · Spanish 5% Other Indo-European 1%

Political lean MEDSL · Newton

• 2024 margin: D (+15.1) · D 57.3% · R 42.2%
• 2008→2024 swing: +14.0pp toward D · 2008: 1.2pp · 2024: 15.1pp
• All cycles: 2024: D+15.1 2020: D+10.9 2016: D+2.4 2012: D+2.0 2008: D+1.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -64.50%
• Current HPI: 270.9868
• Rent YoY: ▲ 0.52%
• 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

+2036.4% since first listed

10 events — show timeline

• 2026-04-20 Price Changed $235,000 FMLS
• 2026-01-28 Listed $244,600 FMLS
• 2023-03-24 Sold (Public Records) $245,000 Public Records
• 2023-03-10 Sold (MLS) $245,000 GAMLS
• 2023-02-24 Pending — GAMLS
• 2022-12-01 Listed $250,000 GAMLS
• 2021-03-31 Sold (Public Records) $110,000 Public Records
• 2006-06-08 Sold (Public Records) $107,000 Public Records
• 2004-10-06 Sold (Public Records) $80,000 Public Records
• 1993-12-30 Sold (Public Records) $11,000 Public Records

Property tax history

+4.0%/yr

Latest (2025): $2,651 · +25.0% YoY. Source: county tax records.