213 Monarch Dr

Albany, GA 31705

$56,900B-

2 bd · 1.0 ba · 875 sqft · Built 1952 · SingleFamily · Active · 88 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $929/mo
• Mortgage (P&I): −$298
• Tax + insurance: −$70
• HOA: −$0
• Vac / Maint / Mgmt: −$195
• Net cashflow: $366/mo
• Annual: $4,390/yr
• Cap rate: 14.01%
• Cash-on-cash: 27.56%
• DSCR: 2.23
• 1% rule: 1.63%
• Cash to close: $15,932

Investor read

• This is a 2-bed/1.0-bath single-family listed at $57k.
• At list price, monthly cash flow is $366 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($929 rent vs $57k).
• It's been on market 88 days — a 6% lower offer ($53k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $53k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $393 of loan paydown is wiped out by about $2k 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: Turner Elementary School (math 12% / reading 12%, grade F, #1,041 of 1,228 statewide, top 87%, 451 students, 100% FRL); Radium Springs Middle School (math 2% / reading 8%, grade F, #462 of 470 statewide, top 99%, 919 students, 100% FRL); Dougherty Comprehensive High School (math 2% / reading 5%, grade F, #413 of 424 statewide, top 99%, 1,204 students, 100% FRL) — zoned schools average 100% FRL vs 79% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+8.1%/yr); 128 active listings in the ZIP; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 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.
• 2 sale attempts; this cycle's ask has dropped $3k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $45k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $16k cash investment doubles in ~4 years — after that, you're playing with house money.
• Climate carrying-cost: severe wind risk, 97% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 14.0% vs local median 5.0% 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 88 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1952 — 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.