223 W 38th St · Savannah, GA 31401

$425,000

5 bd · 2.0 ba · 2,515 sqft · Other public records · 27 Days on market

Built 1890 3,877 sqft lot ↓ 5% since listing

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Why this score? — see what drove the D- 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 +12.4/30.0
• ARV discount +7.5/15.0
• Livability +4.3/5.0
• DSCR +3.7/10.0
• 1% rule +3.5/10.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Located in the heart of Savannah, 223 West 39th Street presents a rare opportunity for homeowners, investors, and developers alike. Zoned TN-2 (Traditional Neighborhood-2), this property offers exceptional flexibility and long-term potential in a rapidly growing area. TN-2 zoning is designed to support walkable, in-town living and allows for a variety of residential uses. With this designation, you have the ability to build or convert the property into single-family, duplex, or multi-family housing, making it ideal for generating rental income or creating a multi-unit investment. The zoning also supports accessory dwelling units (ADUs), giving you the option to add a carriage house or garage apartment for additional income or guest space. Positioned on an oversized corner lot, the property provides ample room for expansion, redevelopment, or outdoor living enhancements. Whether you're looking to renovate and hold, build new construction, or develop multiple units, the possibilities here are strong. Conveniently located just minutes from downtown Savannah, SCAD, hospitals, shopping, and dining, this property combines location, zoning flexibility, and investment potential a powerful combination in today's market.

Key facts

• Oversized corner lot
• 3,877 sq ft lot
• Built 1890

Tags

• ACCESSORY DWELLING UNITS
• OVERSIZED CORNER LOT
• MINUTES FROM DOWNTOWN

Property features AI

Exterior

• Parking: Off-street parking; On-street parking
• Utilities: Public water; Public sewer
• Home design: Duplex (residential income); Attached property with one common wall; 2 stories
• Construction: Frame construction with wood siding
• Exterior features: Composition roof

Interior

• Kitchen: No specific kitchen appliance list provided
• Bedrooms: One unit with 2 bedrooms; One unit with 3 bedrooms
• Flooring: Carpet; Wood
• Bathrooms: Two full bathrooms total (one full bath in each unit)
• Heating & cooling: Forced air heating; Cooling: None/Other
• Interior features: Electric water heater; Has a view
• Laundry & utility: Washer hookup

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath other listed at $425k.

Deal economics

• At list price, monthly cash flow is $-67 ($-799/yr) — negative.
• To cash-flow at today's rent, offer at most $415k (2.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $363k (14.5% below list).
• Recommended offer: $363k (14.5% below list) — sets the bar for 1% rule.
• Cap rate 6.1% vs local median 4.0% in Savannah — 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 86/100 on livability (#1 in GA, #397 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+; Watch: employment D, schools F.
• Savannah-Chatham County (urban): math 20% / reading 26% proficiency, ranked #134 of 174 in GA (top 77%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising (+3.0%/yr); 332 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,694 units permitted in Chatham County in 2024 (973 in 5+ unit buildings).
• At $3,634/mo this rent would consume 83% of the median local household income ($53k/yr) (locally 2031% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Chatham County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($419k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% 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.

Recommended offer $363,358 (14.5% below list)

Questions for the listing agent

1. 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?
2. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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?
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 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: 0.85% ✗
• Cap rate: 6.11%
• Cash-on-cash: -0.67%
• DSCR: 0.97
• GRM: 9.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.95% rent growth · sell at horizon

5-year hold

• IRR: -17.4%
• Equity multiple: 0.38×
• Total profit: $-73,235
• Equity at exit: $63,369

10-year hold

• IRR: -9.5%
• Equity multiple: 0.41×
• Total profit: $-69,756
• Equity at exit: $36,746

Cash invested: $119,000 (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 31401

• Rents YoY: 3.0%
• Active inventory: 332
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $3,634 high
• Mortgage (P&I): −$2,229
• Tax est. 1.5%: −$531 /mo · $6,375/yr
• Insurance: −$177
• HOA: −$0
• Vacancy / Maint / Mgmt: −$763
• Net cashflow: $-67

Break-even live

Break-even rent $3,718

Max offer price $415,370

Occupancy floor 97%

Sensitivity live

Price	-10% $227	-5% $80	+0% $-67	+5% $-213	+10% $-360
Rent	-10% $-354	-5% $-210	+0% $-67	+5% $77	+10% $221
Rate	-1.0pp $147	-0.5pp $42	base $-67	+0.5pp $-177	+1.0pp $-289

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: $106,250
• Closing costs: $12,750
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3 W 36th St Apt 2 Savannah, GA	4.0	1.0	1750	$4,200	$2.40	45d	1	0.23mi
513 E 33rd St Savannah, GA	4.0	3.0	1800	$3,399	$1.89	15d	1	0.65mi
607 E 37th St Savannah, GA	4.0	2.0	1771	$2,300	$1.30	45d	1	0.69mi
1921 Reynolds St Savannah, GA	4.0	2.0	1773	$3,150	$1.78	45d	1	0.74mi
637 E 39th St Savannah, GA	4.0	3.0	2162	$2,895	$1.34	25d	1	0.79mi
524 E Duffy St Unit 1369217P Savannah, GA	4.0	2.0	2152	$5,801	$2.70	25d	1	0.85mi
701 Maupas Ave Savannah, GA	4.0	2.0	3000	$3,500	$1.17	15d	1	0.87mi
305 Alice St Unit 1244804P Savannah, GA	4.0	4.5	1926	$11,578	$6.01	23d	1	1.04mi
809 E Henry St Savannah, GA	5.0	2.0	3081	$3,200	$1.04	15d	1	1.13mi
120 E 61st St Savannah, GA	4.0	4.0	1750	$2,082	$1.19	45d	1	1.34mi

Listing history 6 events

1. 2026-05-14
   status Pending 1273-char remark

   Show marketing remark (1231 chars)

   Located in the heart of Savannah, 223 West 39th Street presents a rare opportunity for homeowners, investors, and developers alike. Zoned TN-2 (Traditional Neighborhood-2), this property offers exceptional flexibility and long-term potential in a rapidly growing area. TN-2 zoning is designed to support walkable, in-town living and allows for a variety of residential uses. With this designation, you have the ability to build or convert the property into single-family, duplex, or multi-family housing, making it ideal for generating rental income or creating a multi-unit investment. The zoning also supports accessory dwelling units (ADUs), giving you the option to add a carriage house or garage apartment for additional income or guest space. Positioned on an oversized corner lot, the property provides ample room for expansion, redevelopment, or outdoor living enhancements. Whether you're looking to renovate and hold, build new construction, or develop multiple units, the possibilities here are strong. Conveniently located just minutes from downtown Savannah, SCAD, hospitals, shopping, and dining, this property combines location, zoning flexibility, and investment potential a powerful combination in today's market.

2. 2026-05-14
   status Under Contract 1231-char remark

   Show marketing remark (1231 chars)

   Located in the heart of Savannah, 223 West 39th Street presents a rare opportunity for homeowners, investors, and developers alike. Zoned TN-2 (Traditional Neighborhood-2), this property offers exceptional flexibility and long-term potential in a rapidly growing area. TN-2 zoning is designed to support walkable, in-town living and allows for a variety of residential uses. With this designation, you have the ability to build or convert the property into single-family, duplex, or multi-family housing, making it ideal for generating rental income or creating a multi-unit investment. The zoning also supports accessory dwelling units (ADUs), giving you the option to add a carriage house or garage apartment for additional income or guest space. Positioned on an oversized corner lot, the property provides ample room for expansion, redevelopment, or outdoor living enhancements. Whether you're looking to renovate and hold, build new construction, or develop multiple units, the possibilities here are strong. Conveniently located just minutes from downtown Savannah, SCAD, hospitals, shopping, and dining, this property combines location, zoning flexibility, and investment potential a powerful combination in today's market.

3. 2026-05-06
   historical Active Under Contract 1273-char remark

   Show marketing remark (1231 chars)

   Located in the heart of Savannah, 223 West 39th Street presents a rare opportunity for homeowners, investors, and developers alike. Zoned TN-2 (Traditional Neighborhood-2), this property offers exceptional flexibility and long-term potential in a rapidly growing area. TN-2 zoning is designed to support walkable, in-town living and allows for a variety of residential uses. With this designation, you have the ability to build or convert the property into single-family, duplex, or multi-family housing, making it ideal for generating rental income or creating a multi-unit investment. The zoning also supports accessory dwelling units (ADUs), giving you the option to add a carriage house or garage apartment for additional income or guest space. Positioned on an oversized corner lot, the property provides ample room for expansion, redevelopment, or outdoor living enhancements. Whether you're looking to renovate and hold, build new construction, or develop multiple units, the possibilities here are strong. Conveniently located just minutes from downtown Savannah, SCAD, hospitals, shopping, and dining, this property combines location, zoning flexibility, and investment potential a powerful combination in today's market.

4. 2026-05-06
   historical Active Under Contract 1231-char remark

   Show marketing remark (1231 chars)

   Located in the heart of Savannah, 223 West 39th Street presents a rare opportunity for homeowners, investors, and developers alike. Zoned TN-2 (Traditional Neighborhood-2), this property offers exceptional flexibility and long-term potential in a rapidly growing area. TN-2 zoning is designed to support walkable, in-town living and allows for a variety of residential uses. With this designation, you have the ability to build or convert the property into single-family, duplex, or multi-family housing, making it ideal for generating rental income or creating a multi-unit investment. The zoning also supports accessory dwelling units (ADUs), giving you the option to add a carriage house or garage apartment for additional income or guest space. Positioned on an oversized corner lot, the property provides ample room for expansion, redevelopment, or outdoor living enhancements. Whether you're looking to renovate and hold, build new construction, or develop multiple units, the possibilities here are strong. Conveniently located just minutes from downtown Savannah, SCAD, hospitals, shopping, and dining, this property combines location, zoning flexibility, and investment potential a powerful combination in today's market.

5. 2026-04-17
   listed $425,000 Active 1273-char remark

   Show marketing remark (1231 chars)

   Located in the heart of Savannah, 223 West 39th Street presents a rare opportunity for homeowners, investors, and developers alike. Zoned TN-2 (Traditional Neighborhood-2), this property offers exceptional flexibility and long-term potential in a rapidly growing area. TN-2 zoning is designed to support walkable, in-town living and allows for a variety of residential uses. With this designation, you have the ability to build or convert the property into single-family, duplex, or multi-family housing, making it ideal for generating rental income or creating a multi-unit investment. The zoning also supports accessory dwelling units (ADUs), giving you the option to add a carriage house or garage apartment for additional income or guest space. Positioned on an oversized corner lot, the property provides ample room for expansion, redevelopment, or outdoor living enhancements. Whether you're looking to renovate and hold, build new construction, or develop multiple units, the possibilities here are strong. Conveniently located just minutes from downtown Savannah, SCAD, hospitals, shopping, and dining, this property combines location, zoning flexibility, and investment potential a powerful combination in today's market.

6. 2026-04-17
   listed $425,000 New 1231-char remark

   Show marketing remark (1231 chars)

   Located in the heart of Savannah, 223 West 39th Street presents a rare opportunity for homeowners, investors, and developers alike. Zoned TN-2 (Traditional Neighborhood-2), this property offers exceptional flexibility and long-term potential in a rapidly growing area. TN-2 zoning is designed to support walkable, in-town living and allows for a variety of residential uses. With this designation, you have the ability to build or convert the property into single-family, duplex, or multi-family housing, making it ideal for generating rental income or creating a multi-unit investment. The zoning also supports accessory dwelling units (ADUs), giving you the option to add a carriage house or garage apartment for additional income or guest space. Positioned on an oversized corner lot, the property provides ample room for expansion, redevelopment, or outdoor living enhancements. Whether you're looking to renovate and hold, build new construction, or develop multiple units, the possibilities here are strong. Conveniently located just minutes from downtown Savannah, SCAD, hospitals, shopping, and dining, this property combines location, zoning flexibility, and investment potential a powerful combination in today's market.

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥108°F today · 18 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 7 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $43,603
• − Mortgage interest: −$23,807
• − Property taxes: −$6,375
• − Insurance: −$2,125
• − Repairs & maintenance: −$3,488
• − Management: −$3,488
• − Depreciation: −$12,364
• Taxable loss: −$8,044
• Est. tax savings @ 24.0%: +$1,931
• After-tax cash flow: $1,132/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: Savannah-Chatham County
• NCES district ID: 1301020
• Math proficiency: 20% ▼ -11.00%
• Reading proficiency: 26% ▼ -5.00%
• Median HH income: $47,443
• Composite: 20.14/100
• National rank: #8639
• State rank: #134 of 174 in GA

Livability — Savannah

• Score: 86/100
• State rank: #1
• US rank: #397

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Savannah, GA
• County: Chatham County · 271,602 people
• City population: 216,564
• Metro: Savannah, GA
• Population (ZIP): 20,445
• Household income: $52,509
• Rent vs Own: 64.3% rent · 35.7% own
• Severe rent burden: 2031.0

Population outlook (Chatham County) Hauer SSP2

• Today (2025): 332,584 people
• By 2030: 355,508 · +6.9%
• By 2040: 400,030 · +20.3%
• By 2050: 443,019 · +33.2%
• By 2075: 534,579 · +60.7%
• By 2100: 583,863 · +75.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 53% Black 35% Hispanic / Latino 7% Two or more races 5% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Slovak 2% Lithuanian 2% Romanian 2%
• Foreign-born: 8% · Canada, China
• Languages at home: 90% English-only · Spanish 4% Chinese 2% Other Indo-European 1%

Political lean MEDSL · Chatham

• 2024 margin: D (+18.0) · D 58.6% · R 40.6%
• 2008→2024 swing: +3.6pp toward D · 2008: 14.4pp · 2024: 18.0pp
• All cycles: 2024: D+18.0 2020: D+18.8 2016: D+14.5 2012: D+12.0 2008: D+14.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -358.74%
• Current HPI: 553.5645
• Rent YoY: ▲ 2.95%
• Metro: Savannah, GA
• 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

-4.7% since first listed

8 events — show timeline

• 2026-06-17 Sold (MLS) $405,000 GAMLS
• 2026-06-17 Sold (MLS) $405,000 Hive MLS
• 2026-05-14 Pending — Hive MLS
• 2026-05-14 Pending — GAMLS
• 2026-05-06 Contingent — Hive MLS
• 2026-05-06 Contingent — GAMLS
• 2026-04-17 Listed $425,000 GAMLS
• 2026-04-17 Listed $425,000 Hive MLS