1829 Joy Lake Rd · Lake City, GA 30260

$275,000

4 bd · 2.0 ba · 2,479 sqft · SingleFamily public records · 108 Days on market

Built 1953 0.52 ac lot $111/sqft · 10% below area Est $304k · 9% under

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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 +12.9/30.0
• ARV discount +11.8/15.0
• DSCR +3.9/10.0
• Livability +3.5/5.0
• 1% rule +3.3/10.0
• Condition / age +2.5/5.0
• Rent growth +2.2/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Spacious 5BR / 3BA brick home with dual-zone HVAC and two separate entrances, ideal for roommates or multi-generational living. Excellent layout, strong rental potential, and convenient Clayton County location. A rare opportunity for house hackers and investors. Situated on HALF ACRE lot with CIRCULAR DRIVEWAY. NO HOA.

Key facts

• Large level lot
• Open layout
• Wide driveway

Tags

• LARGE LEVEL LOT
• EXCEPTIONAL PARKING CAPACITY
• WIDE DRIVEWAY
• OPEN LAYOUT

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $275k.

Deal economics

• At list price, monthly cash flow is $-20 ($-245/yr) — negative.
• To cash-flow at today's rent, offer at most $271k (1.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $229k (16.9% below list).
• Recommended offer: $229k (16.9% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 4.2% in Lake City — 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 70/100 on livability (#98 in GA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools D-, crime F, amenities F.
• Clayton County (suburban): math 11% / reading 20% proficiency, ranked #155 of 174 in GA (top 89%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 78% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents soft (-1.0%/yr); 173 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 7d on market — plan ~1-2 weeks tenant-placement turnaround); 865 units permitted in Clayton County in 2024 (448 in 5+ unit buildings).
• At $2,287/mo this rent would consume 52% of the median local household income ($53k/yr) (locally 1956% 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 $8k of value loss. Plan a longer hold.
• Clayton County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 108 days — a 9% lower offer ($250k) is reasonable based on typical stale-listing flexibility.
• 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.
• Current owner paid $125k; list at $275k implies a 120% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wind risk, 26% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $228,659 (16.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 108 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
3. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 D-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. 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?
9. 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.
10. 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.
11. 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: 0.83% ✗
• Cap rate: 6.20%
• Cash-on-cash: -0.32%
• DSCR: 0.99
• GRM: 10.0

CMA / ARV

• ARV (median comp): $303,852
• List price: $275,000
• Delta: -9.50%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1829 Joy Lake Rd	0.00mi	4/2.0	2,475 (-0%)	8mo	$125,000	$51	93
1829 Joy Lake Rd	0.00mi	5/3.0 (+1)	2,475 (-0%)	1mo	$275,000	$111	90
4950 Summersun Dr	0.44mi	4/2.5	2,476 (-0%)	13mo	$330,350	$133	67
1991 Summerview Ct	0.38mi	4/2.5	2,207 (-11%)	21mo	$295,000	$134	45

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -20.1%
• Equity multiple: 0.32×
• Total profit: $-52,572
• Equity at exit: $41,003

10-year hold

• IRR: -21.1%
• Equity multiple: 0.05×
• Total profit: $-73,391
• Equity at exit: $23,777

Cash invested: $77,000 (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 30260

• Home prices YoY: -33.8%
• Rents YoY: -1.0%
• Active inventory: 173
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $2,287 high
• Mortgage (P&I): −$1,442
• Tax from tax record: −$270 /mo · $3,241/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$480
• Net cashflow: $-20

Break-even live

Break-even rent $2,312

Max offer price $271,399

Occupancy floor 96%

Sensitivity live

Price	-10% $135	-5% $57	+0% $-20	+5% $-98	+10% $-176
Rent	-10% $-201	-5% $-111	+0% $-20	+5% $70	+10% $160
Rate	-1.0pp $118	-0.5pp $50	base $-20	+0.5pp $-92	+1.0pp $-164

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4974 Summersun Dr Morrow, GA	4.0	2.0	1935	$2,375	$1.23	0d	1	0.52mi
2271 Wentworth Park Dr Ellenwood, GA	4.0	2.5	1705	$2,119	$1.24	18d	1	0.86mi
2292 Shady Dr Morrow, GA	3.0	2.5	1714	$2,199	$1.28	0d	1	1.00mi
2314 Shady Dr Morrow, GA	4.0	2.5	1705	$2,179	$1.28	12d	1	1.04mi
5969 Twilight Trl Morrow, GA	4.0	2.0	1887	$2,015	$1.07	5d	1	1.15mi
5552 Phillips Dr Morrow, GA	3.0	2.0	1750	$1,816	$1.04	6d	1	1.47mi
2242 Marion Ln Morrow, GA	4.0	2.0	2567	$2,210	$0.86	5d	1	1.49mi
2603 Old Rex Morrow Rd Ellenwood, GA	4.0	3.0	1800	$2,510	$1.39	45d	1	1.50mi

Listing history 15 events

1. 2026-05-31
   days on market $275,000 Active 108 DOM
2. 2026-04-23
   status Back On Market 322-char remark

   Show marketing remark (322 chars)

   Spacious 5BR / 3BA brick home with dual-zone HVAC and two separate entrances, ideal for roommates or multi-generational living. Excellent layout, strong rental potential, and convenient Clayton County location. A rare opportunity for house hackers and investors. Situated on HALF ACRE lot with CIRCULAR DRIVEWAY. NO HOA.

3. 2026-04-22
   historical 322-char remark

   Show marketing remark (322 chars)

   Spacious 5BR / 3BA brick home with dual-zone HVAC and two separate entrances, ideal for roommates or multi-generational living. Excellent layout, strong rental potential, and convenient Clayton County location. A rare opportunity for house hackers and investors. Situated on HALF ACRE lot with CIRCULAR DRIVEWAY. NO HOA.

4. 2026-04-16
   status Back On Market 322-char remark

   Show marketing remark (322 chars)

   Spacious 5BR / 3BA brick home with dual-zone HVAC and two separate entrances, ideal for roommates or multi-generational living. Excellent layout, strong rental potential, and convenient Clayton County location. A rare opportunity for house hackers and investors. Situated on HALF ACRE lot with CIRCULAR DRIVEWAY. NO HOA.

5. 2026-04-15
   historical 322-char remark

   Show marketing remark (322 chars)

   Spacious 5BR / 3BA brick home with dual-zone HVAC and two separate entrances, ideal for roommates or multi-generational living. Excellent layout, strong rental potential, and convenient Clayton County location. A rare opportunity for house hackers and investors. Situated on HALF ACRE lot with CIRCULAR DRIVEWAY. NO HOA.

6. 2026-04-10
   price $275,000 322-char remark

   Show marketing remark (322 chars)

   Spacious 5BR / 3BA brick home with dual-zone HVAC and two separate entrances, ideal for roommates or multi-generational living. Excellent layout, strong rental potential, and convenient Clayton County location. A rare opportunity for house hackers and investors. Situated on HALF ACRE lot with CIRCULAR DRIVEWAY. NO HOA.

7. 2026-04-02
   status Back On Market 322-char remark

   Show marketing remark (322 chars)

   Spacious 5BR / 3BA brick home with dual-zone HVAC and two separate entrances, ideal for roommates or multi-generational living. Excellent layout, strong rental potential, and convenient Clayton County location. A rare opportunity for house hackers and investors. Situated on HALF ACRE lot with CIRCULAR DRIVEWAY. NO HOA.

8. 2026-03-31
   historical 322-char remark

   Show marketing remark (322 chars)

   Spacious 5BR / 3BA brick home with dual-zone HVAC and two separate entrances, ideal for roommates or multi-generational living. Excellent layout, strong rental potential, and convenient Clayton County location. A rare opportunity for house hackers and investors. Situated on HALF ACRE lot with CIRCULAR DRIVEWAY. NO HOA.

9. 2026-03-28
   status Back On Market 322-char remark

   Show marketing remark (322 chars)

   Spacious 5BR / 3BA brick home with dual-zone HVAC and two separate entrances, ideal for roommates or multi-generational living. Excellent layout, strong rental potential, and convenient Clayton County location. A rare opportunity for house hackers and investors. Situated on HALF ACRE lot with CIRCULAR DRIVEWAY. NO HOA.

10. 2026-03-10
    status Under Contract 322-char remark

    Show marketing remark (322 chars)

    Spacious 5BR / 3BA brick home with dual-zone HVAC and two separate entrances, ideal for roommates or multi-generational living. Excellent layout, strong rental potential, and convenient Clayton County location. A rare opportunity for house hackers and investors. Situated on HALF ACRE lot with CIRCULAR DRIVEWAY. NO HOA.

11. 2026-01-19
    listed $285,000 New 322-char remark

    Show marketing remark (322 chars)

    Spacious 5BR / 3BA brick home with dual-zone HVAC and two separate entrances, ideal for roommates or multi-generational living. Excellent layout, strong rental potential, and convenient Clayton County location. A rare opportunity for house hackers and investors. Situated on HALF ACRE lot with CIRCULAR DRIVEWAY. NO HOA.

12. 2025-10-28
    soldstatus $125,000 Sold 156-char remark

    Show marketing remark (156 chars)

    Investor's Delight!!! Hurry.. this home will not last long. All Brick 4 Bedrooms and 2 Baths, Circular Drive with ample parking, and a newer roof. Needs TLC

13. 2025-10-28
    soldstatus $125,000

    Show marketing remark (156 chars)

    Investor's Delight!!! Hurry.. this home will not last long. All Brick 4 Bedrooms and 2 Baths, Circular Drive with ample parking, and a newer roof. Needs TLC

14. 2025-06-20
    status Under Contract 156-char remark

    Show marketing remark (156 chars)

    Investor's Delight!!! Hurry.. this home will not last long. All Brick 4 Bedrooms and 2 Baths, Circular Drive with ample parking, and a newer roof. Needs TLC

15. 2025-06-16
    listed $124,990 New 156-char remark

    Show marketing remark (156 chars)

    Investor's Delight!!! Hurry.. this home will not last long. All Brick 4 Bedrooms and 2 Baths, Circular Drive with ample parking, and a newer roof. Needs TLC

ⓘ 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: $3,241 · $270/mo
• Projected year-2 tax: $3,241 · $270/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥105°F today · 17 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 26% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,439
• − Mortgage interest: −$15,404
• − Property taxes: −$3,241
• − Insurance: −$1,375
• − Repairs & maintenance: −$2,195
• − Management: −$2,195
• − Depreciation: −$8,000
• Taxable loss: −$4,971
• Est. tax savings @ 24.0%: +$1,193
• After-tax cash flow: $949/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: Clayton County
• NCES district ID: 1301230
• Math proficiency: 11% ▼ -13.00%
• Reading proficiency: 20% ▼ -9.00%
• Median HH income: $42,266
• Composite: 13.41/100
• National rank: #9527
• State rank: #155 of 174 in GA

Livability — Lake City

• Score: 70/100
• State rank: #98
• US rank: #7863

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lake City, GA
• County: Clayton County · 230,153 people
• Metro: Atlanta-Sandy Springs-Alpharetta, GA
• Population (ZIP): 28,693
• Household income: $52,666
• Rent vs Own: 52.6% rent · 47.4% own
• Severe rent burden: 1956.0

Population outlook (Clayton County) Hauer SSP2

• Today (2025): 310,777 people
• By 2030: 329,762 · +6.1%
• By 2040: 368,052 · +18.4%
• By 2050: 401,196 · +29.1%
• By 2075: 472,488 · +52.0%
• By 2100: 500,446 · +61.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: Black 50% Asian 20% Hispanic / Latino 19% Two or more races 7% White 7%
• Hispanic origin (detail): Mexican 11% Dominican 1%
• Foreign-born: 24% · Vietnam, Canada, South Korea
• Languages at home: 63% English-only · Spanish 17% Vietnamese 16% Other Asian/Pacific 1%

Political lean MEDSL · Clayton

• 2024 margin: Solid D (+69.2) · D 84.3% · R 15.1%
• 2008→2024 swing: +2.8pp toward D · 2008: 66.4pp · 2024: 69.2pp
• All cycles: 2024: D+69.2 2020: D+70.9 2016: D+71.9 2012: D+70.1 2008: D+66.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -98.24%
• Current HPI: 192.3741
• Rent YoY: ▼ -1.00%
• 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

+120.0% since first listed

14 events — show timeline

• 2026-04-23 Relisted — GAMLS
• 2026-04-22 Listing Removed — GAMLS
• 2026-04-16 Relisted — GAMLS
• 2026-04-15 Listing Removed — GAMLS
• 2026-04-10 Price Changed $275,000 GAMLS
• 2026-04-02 Relisted — GAMLS
• 2026-03-31 Listing Removed — GAMLS
• 2026-03-28 Relisted — GAMLS
• 2026-03-10 Pending — GAMLS
• 2026-01-19 Listed $285,000 GAMLS
• 2025-10-28 Sold (Public Records) $125,000 Public Records
• 2025-10-28 Sold (MLS) $125,000 GAMLS
• 2025-06-20 Pending — GAMLS
• 2025-06-16 Listed $124,990 GAMLS

Property tax history

+9.3%/yr

Latest (2025): $3,241 · +41.9% YoY. Source: county tax records.