511 Circle Dr

Calhoun, GA 30701

$254,987F

3 bd · 2.0 ba · 1,218 sqft · Built 2006 · SingleFamily · Active · 137 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,003/mo
• Mortgage (P&I): −$1,337
• Tax + insurance: −$263
• HOA: −$0
• Vac / Maint / Mgmt: −$421
• Net cashflow: $-18/mo
• Annual: $-211/yr
• Cap rate: 6.21%
• Cash-on-cash: -0.29%
• DSCR: 0.99
• 1% rule: 0.79%
• Cash to close: $71,396

Investor read

• This is a 3-bed/2.0-bath single-family listed at $255k.
• At list price, monthly cash flow is $-18 ($-211/yr) — negative.
• To cash-flow at today's rent, offer at most $252k (1.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $200k (21.5% below list).
• It's been on market 137 days — a 12% lower offer ($224k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $200k (21.5% below list) — sets the bar for 1% rule.
• 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.
• Location reads 68/100 on livability (#129 in GA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: crime C-, amenities F, commute F.
• Gordon County (rural): math 34% / reading 36% proficiency, ranked #65 of 174 in GA (top 37%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Belwood Elementary School (math 47% / reading 42%, grade F, #336 of 1,228 statewide, top 29%, 518 students, 63% FRL); Ashworth Middle School (math 34% / reading 40%, grade F, #164 of 470 statewide, top 35%, 596 students, 65% FRL); Gordon Central High School (math 12% / reading 32%, grade F, #213 of 424 statewide, top 51%, 871 students, 63% FRL).
• Market conditions: Rents rising (+1.5%/yr); 398 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 414 units permitted in Gordon County in 2024 (0 in 5+ unit buildings).
• 5 sale attempts since 12y 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.
• Current owner paid $71k; list at $255k implies a 260% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.2% vs local median 4.1% in Calhoun — 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.
• This rent runs 38% of the median local income ($64k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• It's been on market 137 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
• 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?
• 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.
• 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.