389 Madison Ave · Colbert, GA 30628

$149,900

3 bd · 1.0 ba · 912 sqft · SingleFamily public records

Built 1991

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Why this score? — see what drove the C+ 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 +20.7/30.0
• Appreciation +9.6/10.0
• ARV discount +7.5/15.0
• DSCR +6.6/10.0
• 1% rule +4.6/10.0
• Schools +3.7/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Welcome to your next fixer upper! This 3 bedroom, 1 bathroom is ready for a refresh. With 3 acres, this property has lots of opportunities. Who wants a to host a few chickens and a heard of goats? Priced to sell as is, where is. The property is located approx. 8 miles from the Hwy 29 Super Kroger. Close to Athens, but country living in Madison County! This property is being sold by a Court-Appointed Administrator. Seller will consider all offers. Please do not visit the property without a scheduled appointment. The property is under video/camera surveillance.

Key facts

• Built 1991

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $204 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $144k (3.8% below list).
• Recommended offer: $144k (3.8% below list) — sets the bar for 1% rule.
• Cap rate 7.9% vs local median 2.6% in Colbert — 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 65/100 on livability (#206 in GA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, schools D+, crime D+.
• Madison County (rural): math 46% / reading 42% proficiency, ranked #29 of 174 in GA (top 17%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 48 active listings in the ZIP; 189 units permitted in Madison County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $15k of equity ($1k loan paydown + $14k appreciation (9.2% local appreciation)).
• At projected returns (9.2% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 21y 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 $24k; list at $150k implies a 538% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: moderate wind risk, 25% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $144,138 (3.8% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. Crime grade is D 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?
4. 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.
5. 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.
6. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.96% ✗
• Cap rate: 7.93%
• Cash-on-cash: 5.83%
• DSCR: 1.26
• GRM: 8.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

9.22% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 27.0%
• Equity multiple: 3.07×
• Total profit: $86,696
• Equity at exit: $126,641

10-year hold

• IRR: 23.8%
• Equity multiple: 6.80×
• Total profit: $243,269
• Equity at exit: $264,636

Cash invested: $41,972 (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 30628

• Home prices YoY: 3.2%
• Active inventory: 48
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,441 medium
• Mortgage (P&I): −$786
• Tax from tax record: −$86 /mo · $1,034/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$303
• Net cashflow: $204

Break-even live

Break-even rent $1,183

Max offer price $149,900

Occupancy floor 81%

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-05-26
   listed $149,900
2. 2011-10-25
   soldstatus $23,500
3. 2010-11-15
   listed $44,900
4. 2006-02-15
   soldstatus $50,000
5. 2005-09-23
   listed $54,900

ⓘ 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: $1,034 · $86/mo
• Projected year-2 tax: $1,379 · $115/mo
• Expected delta: +$345/yr (+$29/mo · 33.4%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥106°F today · 17 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 25% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,297
• − Mortgage interest: −$8,397
• − Property taxes: −$1,034
• − Insurance: −$750
• − Repairs & maintenance: −$1,384
• − Management: −$1,384
• − Depreciation: −$4,361
• Taxable loss: −$11
• Est. tax savings @ 24.0%: +$3
• After-tax cash flow: $2,451/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: Madison County
• NCES district ID: 1303480
• Math proficiency: 46% ▼ -10.00%
• Reading proficiency: 42% ▼ -9.00%
• Median HH income: $43,465
• Composite: 37.21/100
• National rank: #4469
• State rank: #29 of 174 in GA

Livability — Colbert

• Score: 65/100
• State rank: #206
• US rank: #12623

Category grades

Amenities F Commute F Cost of living A+ Crime D+ Employment C- Housing A+ Health & safety F User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 7,261
• Population (ZIP): 7,261

Population outlook (Madison County) Hauer SSP2

• Today (2025): 28,986 people
• By 2030: 28,972 · +-0.0%
• By 2040: 28,711 · -0.9%
• By 2050: 28,282 · -2.4%
• By 2075: 28,346 · -2.2%
• By 2100: 28,189 · -2.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Black 9% Two or more races 5% Asian 5% Hispanic / Latino 4%
• Common ancestry: Russian 3% Serbian 2% Italian 2%
• Foreign-born: 5% · Philippines, Canada
• Languages at home: 92% English-only · Spanish 4% Other Asian/Pacific 4%

Political lean MEDSL · Madison

• 2024 margin: Solid R (+54.8) · D 22.4% · R 77.2%
• 2008→2024 swing: -8.4pp toward R · 2008: -46.4pp · 2024: -54.8pp
• All cycles: 2024: R+54.8 2020: R+53.0 2016: R+56.7 2012: R+53.8 2008: R+46.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 9.22%
• Current HPI: 298.3635
• Rent YoY: —
• Metro: —
• 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

+173.0% since first listed

5 events — show timeline

• 2026-05-26 Listed $149,900 FSBO.com
• 2011-10-25 Sold (MLS) $23,500 Hive MLS
• 2010-11-15 Listed $44,900 Hive MLS
• 2006-02-15 Sold (MLS) $50,000 Hive MLS
• 2005-09-23 Listed $54,900 Hive MLS

Property tax history

+6.0%/yr

Latest (2025): $1,034 · +2.7% YoY. Source: county tax records.