315 Monroe St

Macon-Bibb County, GA 31201

$157,000B-

6 bd · 2.0 ba · 2,104 sqft · Built 1900 · MultiFamily · Active · 26 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,585/mo
• Mortgage (P&I): −$823
• Tax + insurance: −$113
• HOA: −$0
• Vac / Maint / Mgmt: −$543
• Net cashflow: $1,106/mo
• Annual: $13,275/yr
• Cap rate: 14.75%
• Cash-on-cash: 30.20%
• DSCR: 2.34
• 1% rule: 1.65%
• Cash to close: $43,960

Investor read

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $157k.
• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $553/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $157k).
• It's been on market 26 days — a 2% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $155k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Bibb County (urban): math 11% / reading 18% proficiency, ranked #161 of 174 in GA (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 75% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+3.1%/yr); 74 active listings in the ZIP; 2 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 154 units permitted in Bibb County in 2024 (0 in 5+ unit buildings).
• Bibb County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 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.
• Current owner paid $60k; list at $157k implies a 160% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.1% rent growth), your $44k cash investment doubles in ~4 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 63% 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.
• Cap rate 14.7% vs local median 5.4% in Macon-Bibb County — 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.
• At $2,585/mo this rent would consume 105% of the median local household income ($29k/yr) (locally 1124% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1900 — 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.
• 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.