355 Tupelo Pass Pass

Harlem, GA 30814

$339,900D-

5 bd · 3.0 ba · 2,797 sqft · Built 2025 · Other · Pending · 129 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,459/mo
• Mortgage (P&I): −$1,782
• Tax + insurance: −$203
• HOA: −$33
• Vac / Maint / Mgmt: −$516
• Net cashflow: $-76/mo
• Annual: $-908/yr
• Cap rate: 6.03%
• Cash-on-cash: -0.95%
• DSCR: 0.96
• 1% rule: 0.72%
• Cash to close: $95,172

Investor read

• This is a 5-bed/3.0-bath other listed at $340k.
• At list price, monthly cash flow is $-76 ($-908/yr) — negative.
• To cash-flow at today's rent, offer at most $327k (3.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $246k (27.7% below list).
• It's been on market 129 days — a 12% lower offer ($299k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $246k (27.7% 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 $10k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#256 in GA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: schools D-, amenities F, commute F.
• Columbia County (suburban): math 49% / reading 52% proficiency, ranked #13 of 174 in GA (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 146 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,213 units permitted in Columbia County in 2024 (0 in 5+ unit buildings).
• Columbia County population projected at +62% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts; this cycle's ask has dropped $34k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: major wind risk, 59% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.0% vs local median 3.9% in Harlem — 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

• 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 129 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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 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?
• 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.