1938 Starnes St · Augusta-Richmond County consolidated government (balance), GA 30904

$122,000

1 bd · 2.0 ba · 952 sqft · MultiFamily public records · 38 Days on market

Built 1921 6,970 sqft lot $128/sqft · at area comps Est $123k · at est.

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.7/15.0
• Rent growth +3.6/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Located in a desirable Harrisburg neighborhood on a block that is seeing considerable reinvestment and improvement. They are in close proximity to the Medical District and downtown. This rare four-property (1934, 1936, 1938 and 1940) investment portfolio on Starnes Street presents a strong value-add opportunity with significant income upside. All 4 properties have updated electrical panels, newer windows, vinyl siding, and three of the four homes feature newer roofs. The SFRs have long-term residents in place. The duplex, 1938 Starnes, is now vacant allowing for projected monthly gross income of 1,600+. This would provide a total gross income of 4,155 or higher for all 4 properties. The lea

Key facts

• Newer roofs
• Newer windows
• Vinyl siding

Tags

• HARRISBURG NEIGHBORHOOD
• MEDICAL DISTRICT PROXIMITY
• UPDATED ELECTRICAL PANELS
• NEWER WINDOWS
• VINYL SIDING
• NEWER ROOFS

Property features AI

Finance

• Other: Zoning: R
• Financial info: Multiple 1-bedroom rental units with reported rents around $970 per unit
• HOA & community: Homeowners association present

Exterior

• Parking: Other parking
• Utilities: Public water; Public sewer
• Home design: Residential income duplex; One story
• Construction: Vinyl siding and frame construction; Shingle/composition roof; Pillar/post/pier foundation; Built as a duplex
• Exterior features: Level lot; City street and state road frontage; Sidewalks; Street lights; Has a view; No pool; Porch

Interior

• Kitchen: Refrigerator; Range
• Bedrooms: Multiple 1-bedroom units (each unit listed as 1 bedroom)
• Heating & cooling: Wall/window air conditioning units; Electric heating; Space heaters
• Interior features: Window coverings; Porch
• Laundry & utility: Laundry closet

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/2.0-bath units multifamily listed at $122k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $526/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $122k).
• Recommended offer: $118k (3.0% below list) — sets the bar for market timing.
• Cap rate 16.6% vs local median 5.3% in Augusta-Richmond County consolidated government (balance) — 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.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Richmond County (urban): math 12% / reading 20% proficiency, ranked #154 of 174 in GA (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 72% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Monte Sano Elementary School (math 2% / reading 8%, grade F, #1,160 of 1,228 statewide, top 98%, 410 students, 98% FRL); Academy of Richmond County High School (math 2% / reading 17%, grade F, #365 of 424 statewide, top 88%, 1,141 students, 98% FRL) — zoned schools average 98% FRL vs 72% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.3%/yr); 222 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 561 units permitted in Richmond County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $843 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Richmond County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 4.3% rent growth), your $34k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 2y 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 $13k; list at $122k implies a 853% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1921 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 66% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $118,340 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1921 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. 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.

Investment metrics

• 1% rule: 1.97% ✓
• Cap rate: 16.63%
• Cash-on-cash: 36.93%
• DSCR: 2.64
• GRM: 4.2

CMA / ARV

• ARV (median comp): $122,595
• List price: $122,000
• Delta: -0.48%
• Verdict: FAIR
• Comps: 5 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.29% rent growth · sell at horizon

5-year hold

• IRR: 34.3%
• Equity multiple: 2.48×
• Total profit: $50,397
• Equity at exit: $18,191

10-year hold

• IRR: 41.8%
• Equity multiple: 5.20×
• Total profit: $143,614
• Equity at exit: $10,548

Cash invested: $34,160 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State Georgia: 90 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

Magistrate court evictions in 10-30 days; no rent control; preempted; few tenant protections.

Methodology + full state rankings →

ZIP-level market 30904

• Rents YoY: 4.3%
• Active inventory: 222
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $2,409 medium
• Mortgage (P&I): −$640
• Tax from tax record: −$161 /mo · $1,934/yr
• Insurance: −$51
• HOA: −$0
• Vacancy / Maint / Mgmt: −$506
• Net cashflow: $1,051

Break-even live

Break-even rent $1,078

Max offer price $122,000

Occupancy floor 51%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$2,410
Total (2 units)			$2,409

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $30,500
• Closing costs: $3,660
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2028 Battle Row Augusta, GA	2.0	2.0	1100	$1,650	$1.50	43d	1	0.20mi
1838 Watkins St Augusta, GA	2.0	1.0	672	$1,050	$1.56	23d	1	0.26mi
2097 Heckle St Unit B Augusta, GA	1.0	1.0	700	$1,095	$1.56	14d	1	0.30mi
531 Tubman St Augusta, GA	2.0	1.0	864	$1,250	$1.45	43d	1	0.34mi
1836 Greene St Augusta, GA	1.0	1.0	620	$950	$1.53	23d	1	0.44mi
1202 Holden Dr Augusta, GA	2.0	1.0	675	$1,150	$1.70	43d	1	0.50mi
2165 Telfair St Unit B Augusta, GA	2.0	1.0	825	$800	$0.97	14d	1	0.51mi
2165 Telfair St Unit A Augusta, GA	2.0	1.0	825	$850	$1.03	43d	1	0.51mi
1730 Hicks St Apt A Augusta, GA	2.0	1.0	750	$750	$1.00	14d	1	0.51mi
2165 1/2 Telfair St Augusta, GA	2.0	1.0	825	$800	$0.97	14d	1	0.52mi
930 Hickman Rd Unit F Augusta, GA	1.0	1.0	600	$995	$1.66	43d	1	0.52mi
930 Hickman Rd Unit C Augusta, GA	1.0	1.0	600	$950	$1.58	14d	1	0.52mi
936 Hickman Rd Unit 3 Augusta, GA	2.0	2.0	875	$1,195	$1.37	14d	1	0.53mi
936 Hickman Rd Unit 7 Augusta, GA	1.0	1.0	600	$995	$1.66	43d	1	0.53mi
938 Hickman Rd Unit 6 Augusta, GA	1.0	1.0	550	$875	$1.59	43d	1	0.54mi
938 Hickman Rd Unit 8 Augusta, GA	1.0	1.0	600	$995	$1.66	14d	1	0.54mi
1220 Holden Dr Augusta, GA	2.0	1.0	675	$1,095	$1.62	43d	1	0.54mi
1240 Holden Dr Augusta, GA	2.0	1.0	675	$1,095	$1.62	43d	1	0.63mi
102 Curry St Augusta, GA	2.0	1.0	1001	$895	$0.89	23d	1	0.63mi
102 Curry St Augusta, GA	2.0	1.0	1001	$895	$0.89	14d	1	0.63mi
501 Milledge Rd Augusta, GA	2.0	1.0	1008	$1,098	$1.09	14d	2	0.63mi
1701 Goodrich St Augusta, GA	1.0–3.0	1.0–2.0	1056	$1,631	$1.54	14d	11	0.76mi
2016 Central Ave Unit A Augusta, GA	1.0	1.0	900	$1,000	$1.11	23d	1	0.80mi
1313 Wilson St Apt C Augusta, GA	2.0	2.0	900	$1,350	$1.50	43d	1	0.80mi
1912 Richmond Ave Unit 1912 Augusta, GA	2.0	1.0	812	$1,195	$1.47	14d	1	0.84mi
1328 Baker Ave Augusta, GA	2.0	1.0	761	$975	$1.28	43d	1	0.85mi
1110 Troupe St Augusta, GA	2.0	1.0	1035	$1,100	$1.06	23d	1	0.85mi
1112 Troupe St Augusta, GA	2.0	1.0	1035	$1,100	$1.06	23d	1	0.85mi
1606 Broad St Augusta, GA	2.0	2.0	1066	$1,200	$1.13	23d	1	0.88mi
2198 Central Ave Unit D Augusta, GA	2.0	1.0	900	$950	$1.06	23d	1	0.96mi
1480 Wrightsboro Rd Augusta, GA	1.0–3.0	1.0–2.0	1046	$1,350	$1.29	21d	13	1.11mi
1480 Wrightsboro Rd Augusta, GA	1.0	1.0	775	$1,628	$2.10	14d	1	1.11mi
2222 Queens Way Augusta, GA	1.0	1.0	750	$725	$0.97	43d	1	1.14mi
2222 Queens Way Augusta, GA	1.0	1.0	750	$725	$0.97	23d	1	1.14mi
1450 Greene St Augusta, GA	1.0	1.0	720	$1,480	$2.06	43d	1	1.16mi
1399 Walton Way Augusta, GA	1.0	1.0	582	$1,401	$2.41	43d	1	1.22mi
1399 Walton Way Augusta, GA	2.0	2.0	1017	$1,690	$1.66	23d	1	1.22mi
1425 Lee Beard Way Augusta, GA	1.0–2.0	1.0	776	$923	$1.19	43d	1	1.24mi
1506 Pendleton Rd Augusta, GA	2.0	1.0	1026	$1,300	$1.27	23d	1	1.32mi
1506 Pendleton Rd Augusta, GA	2.0	1.0	1026	$1,300	$1.27	43d	1	1.32mi

Listing history 35 events

1. 2026-06-18
   days on market $122,000 Active 38 DOM
2. 2026-06-17
   days on market $122,000 Active 37 DOM
3. 2026-06-16
   days on market $122,000 Active 36 DOM
4. 2026-06-15
   days on market $122,000 Active 35 DOM
5. 2026-06-14
   days on market $122,000 Active 33 DOM
6. 2026-06-10
   days on market $122,000 Active 30 DOM
7. 2026-06-09
   days on market $122,000 Active 29 DOM
8. 2026-06-08
   days on market $122,000 Active 28 DOM
9. 2026-06-07
   pricestatusdays on market $122,000 Active 27 DOM
10. 2026-06-03
    days on market $119,900 Active Under Contract 23 DOM
11. 2026-06-02
    days on market $119,900 Active Under Contract 22 DOM
12. 2026-06-01
    days on market $119,900 Active Under Contract 21 DOM
13. 2026-05-31
    days on market $119,900 Active Under Contract 20 DOM
14. 2026-05-30
    days on market $119,900 Active Under Contract 19 DOM
15. 2026-03-16
    status Active
16. 2026-03-06
    historical
17. 2026-03-06
    status Pending
18. 2026-01-19
    status Active
19. 2026-01-16
    status Pending
20. 2025-12-14
    listed $119,900 Active
21. 2025-12-14
    listed $119,900 Active 1359-char remark
22. 2025-06-18
    historical
23. 2025-06-18
    historical
24. 2025-06-06
    listed $132,000
25. 2025-06-06
    listed $132,000
26. 2024-09-25
    historical $880
27. 2024-09-22
    listed $880
28. 2024-09-21
    historical $880
29. 2024-07-29
    listed $880
30. 2024-07-29
    historical $880
31. 2024-05-18
    price $880
32. 2024-04-10
    listed $800
33. 2024-04-10
    historical $800
34. 2024-01-24
    listed $800
35. 1977-07-01
    soldstatus $12,800

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast GA · Resets to sale price

• Current annual tax: $1,934 · $161/mo
• Projected year-2 tax: $1,934 · $161/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥108°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 66% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,908
• − Mortgage interest: −$6,834
• − Property taxes: −$1,934
• − Insurance: −$610
• − Repairs & maintenance: −$2,313
• − Management: −$2,313
• − Depreciation: −$3,549
• Taxable income: $11,355
• Est. tax owed @ 24.0%: −$2,725
• After-tax cash flow: $9,890/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Richmond County
• NCES district ID: 1304380
• Math proficiency: 12% ▼ -9.00%
• Reading proficiency: 20% ▼ -6.00%
• Median HH income: $38,069
• Composite: 13.43/100
• National rank: #9524
• State rank: #154 of 174 in GA

Livability — Augusta-Richmond County consolidated government (balance)

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Augusta-Richmond County consolidated government (balance), GA
• County: Richmond County · 190,917 people
• City population: 154,035
• Metro: Augusta-Richmond County, GA-SC
• Population (ZIP): 23,400
• Household income: $46,696
• Rent vs Own: 52.8% rent · 47.2% own
• Severe rent burden: 1594.0

Population outlook (Richmond County) Hauer SSP2

• Today (2025): 200,753 people
• By 2030: 200,232 · -0.3%
• By 2040: 196,813 · -2.0%
• By 2050: 190,347 · -5.2%
• By 2075: 172,496 · -14.1%
• By 2100: 146,284 · -27.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: Black 47% White 41% Hispanic / Latino 6% Two or more races 6% Asian 2%
• Hispanic origin (detail): Mexican 1%
• Common ancestry: Italian 1% Slovak 1% Romanian 1%
• Foreign-born: 3% · Canada, South Korea, Jamaica
• Languages at home: 93% English-only · Spanish 4% Korean 1%

Political lean MEDSL · Richmond

• 2024 margin: Solid D (+36.1) · D 67.8% · R 31.7%
• 2008→2024 swing: +4.3pp toward D · 2008: 31.8pp · 2024: 36.1pp
• All cycles: 2024: D+36.1 2020: D+37.2 2016: D+32.4 2012: D+33.8 2008: D+31.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -211.97%
• Current HPI: 199.0807
• Rent YoY: ▲ 4.29%
• Metro: Augusta-Richmond County, GA-SC
• State GDP YoY: ▲ 2.66%
• F500 in state: 28

Industry mix (Fortune 500 HQ in GA)

Industry	F500 HQs	Revenue
▸Paper / Packaging	2	$29B
▸Retail	1	$160B
▸Transportation / Logistics	1	$91B
▸Airlines	1	$62B
▸Consumer Goods	1	$47B
▸Utilities	1	$25B

Price history

+853.1% since first listed

24 events — show timeline

• 2026-06-05 Price Changed $122,000 Hive MLS
• 2026-06-05 Relisted — Hive MLS
• 2026-05-24 Contingent — Hive MLS
• 2026-03-16 Relisted — Hive MLS
• 2026-03-06 Listing Removed — Hive MLS
• 2026-03-06 Pending — Hive MLS
• 2026-01-19 Relisted — Hive MLS
• 2026-01-16 Pending — Hive MLS
• 2025-12-14 Listed $119,900 Hive MLS
• 2025-12-14 Listed $119,900 Hive MLS
• 2025-06-18 Listing Removed — Hive MLS
• 2025-06-18 Listing Removed — Hive MLS
• 2025-06-06 Listed $132,000 Hive MLS
• 2025-06-06 Listed $132,000 Hive MLS
• 2024-09-25 Rental Removed $880 RENTALBEAST
• 2024-09-22 Listed for Rent $880 RENTALBEAST
• 2024-09-21 Rental Removed $880 APPFOLIO
• 2024-07-29 Listed for Rent $880 APPFOLIO
• 2024-07-29 Rental Removed $880 APPFOLIO
• 2024-05-18 Price Changed $880 APPFOLIO
• 2024-04-10 Listed for Rent $800 APPFOLIO
• 2024-04-10 Rental Removed $800 APPFOLIO
• 2024-01-24 Listed for Rent $800 APPFOLIO
• 1977-07-01 Sold (Public Records) $12,800 Public Records

Property tax history

+5.0%/yr

Latest (2025): $1,934 · +3.5% YoY. Source: county tax records.