3 bd · 2.0 ba ·
1,024 sqft ·
Built 1973
· MultiFamily
· Active
· 4 DOM
Cashflow @ list (25.0% down · 7.5%)
Estimated rent
$875/mo
Mortgage (P&I)
−$131
Tax + insurance
−$33
HOA
−$0
Vac / Maint / Mgmt
−$184
Net cashflow
$528/mo
Annual
$6,331/yr
Cap rate
31.62%
Cash-on-cash
90.45%
DSCR
5.02
1% rule
3.50%
Cash to close
$7,000
Investor read
This is a 3-bed/2.0-bath multifamily listed at $25k.
At list price, monthly cash flow is $528 ($6k/yr) — positive.
The deal already cash-flows at list — no discount required.
Meets the 1% rule at list price ($875 rent vs $25k).
Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
Local home prices are declining (-3.0%/yr); year-one equity from $173 of loan paydown is wiped out by about $750 of value loss. Plan a longer hold.
Location reads 55/100 on livability (#519 in GA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: health & safety C-, crime F, amenities F.
Ware County (town): math 27% / reading 35% proficiency, ranked #95 of 174 in GA (top 55%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
Zoned schools: Williams Heights Elementary School (math 28% / reading 35%, grade F, #612 of 1,228 statewide, top 50%, 426 students, 80% FRL); Waycross Middle School (math 22% / reading 37%, grade F, #249 of 470 statewide, top 55%, 583 students, 86% FRL); Ware County High School (math 33% / reading 30%, grade F, #122 of 424 statewide, top 30%, 1,589 students, 86% FRL) — zoned schools average 84% FRL vs 64% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
Market conditions: 115 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 45 units permitted in Ware County in 2024 (0 in 5+ unit buildings).
Ware County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
Current owner paid $14k; list at $25k implies a 79% gain — meaningful room to come down on a strong offer.
At projected returns (-3.0% appreciation + 3.0% rent growth), your $7k cash investment doubles in ~2 years — after that, you're playing with house money.
Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
Cap rate 31.6% vs local median 5.1% in Waycross — 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
Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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?
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.
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.
CashFlowRE · CFR-TAE0A1E6JXTY28
· Data 15 h agocashflowre.app · 2026-05-29