604 W 40th St · Savannah, GA 31415

$220,000

2 bd · 1.0 ba · 570 sqft · SingleFamily public records · 171 Days on market

Built 1920 2,614 sqft lot $386/sqft · 59% above area Est $225k · at est.

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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 +19.1/30.0
• ARV discount +8.5/15.0
• DSCR +6.0/10.0
• 1% rule +4.3/10.0
• Livability +4.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Get ready to fall in love with this adorable 1920s bungalow nestled in a convenient location in historic downtown Savannah! Fully updated with stylish finishes, this 3-bed, 2-bath home blends timeless character with today's comfort. The inviting living room flows seamlessly into a bright, modern kitchen featuring a breakfast bar, butcher block countertops, and stylish cabinetry. Three spacious bedrooms and two well-appointed bathrooms provide plenty of room for family and guests. Thoughtful updates throughout maintain the home's original charm while adding fresh, contemporary appeal. Enjoy all the perks of downtown living with nearby cafes, shops, and Savannah's iconic squares just minutes from your doorstep. Schedule your showing today! Eligible for down payment assistance with the GA Dream program!

Key facts

• 1920s bungalow
• Modern kitchen
• Breakfast bar

Tags

• 1920S BUNGALOW
• MODERN KITCHEN
• BUTCHER BLOCK COUNTERTOPS
• BREAKFAST BAR
• HISTORIC DOWNTOWN SAVANNAH

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $220k.

Deal economics

• At list price, monthly cash flow is $235 ($3k/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 $204k (7.4% below list).
• Recommended offer: $194k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.6% 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: 78 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 52% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 2,694 units permitted in Chatham County in 2024 (973 in 5+ unit buildings).
• At $2,038/mo this rent would consume 66% of the median local household income ($37k/yr) (locally 613% 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 $2k of loan paydown is wiped out by about $7k 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 171 days — a 12% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 7y ago; this cycle's ask has dropped $35k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $105k; list at $220k implies a 110% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — 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 $193,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 171 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.93% ✗
• Cap rate: 7.57%
• Cash-on-cash: 4.58%
• DSCR: 1.20
• GRM: 9.0

CMA / ARV

• ARV (median comp): $224,751
• List price: $220,000
• Delta: -2.11%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -9.2%
• Equity multiple: 0.66×
• Total profit: $-20,742
• Equity at exit: $32,803

10-year hold

• IRR: 0.2%
• Equity multiple: 1.02×
• Total profit: $970
• Equity at exit: $19,022

Cash invested: $61,600 (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 31415

• Home prices YoY: -21.4%
• Active inventory: 78
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $2,038 high
• Mortgage (P&I): −$1,154
• Tax from tax record: −$130 /mo · $1,555/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$428
• Net cashflow: $235

Break-even live

Break-even rent $1,740

Max offer price $220,000

Occupancy floor 83%

Sensitivity live

Price	-10% $360	-5% $297	+0% $235	+5% $173	+10% $110
Rent	-10% $74	-5% $154	+0% $235	+5% $315	+10% $396
Rate	-1.0pp $346	-0.5pp $291	base $235	+0.5pp $178	+1.0pp $120

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2108 Bulloch St Savannah, GA	2.0	1.0	638	$1,095	$1.72	25d	1	0.20mi
316 W 40th St Unit D Savannah, GA	2.0	1.0	700	$1,500	$2.14	23d	1	0.21mi
316 W 40th St Unit E Savannah, GA	2.0	1.5	700	$1,500	$2.14	23d	1	0.21mi
2613 Montgomery St Unit A212 Savannah, GA	1.0	1.0	719	$2,948	$4.10	45d	1	0.23mi
2613 Montgomery St Unit A211 Savannah, GA	1.0	1.0	718	$3,411	$4.75	45d	1	0.23mi
2613 Montgomery St Unit A207 Savannah, GA	1.0	1.0	719	$2,876	$4.00	45d	1	0.23mi
2613 Montgomery St Unit A208 Savannah, GA	1.0	1.0	718	$2,836	$3.95	45d	1	0.23mi
2613 Montgomery St Unit A204 Savannah, GA	1.0	1.0	587	$2,671	$4.55	45d	1	0.23mi
2613 Montgomery St Unit A205 Savannah, GA	1.0	1.0	561	$2,300	$4.10	45d	1	0.23mi
2613 Montgomery St Unit A203 Savannah, GA	1.0	1.0	587	$2,201	$3.75	45d	1	0.23mi
2613 Montgomery St Unit B204 Savannah, GA	1.0	1.0	578	$2,168	$3.75	45d	1	0.23mi
2613 Montgomery St Unit A206 Savannah, GA	1.0	1.0	561	$2,104	$3.75	45d	1	0.23mi
2613 Montgomery St Unit A201 Savannah, GA	1.0	1.0	512	$2,022	$3.95	45d	1	0.23mi
2613 Montgomery St Unit A202 Savannah, GA	1.0	1.0	521	$1,954	$3.75	45d	1	0.23mi
2613 Montgomery St Savannah, GA	1.0	1.0	549	$2,348	$4.27	25d	15	0.23mi
2305 Whitaker St Unit C Savannah, GA	1.0	1.0	508	$1,600	$3.15	45d	1	0.35mi
2213 Bull St Savannah, GA	2.0	1.0–2.5	975	$3,725	$3.82	15d	108	0.43mi
1418 Montgomery St Savannah, GA	2.0	1.0–2.0	576	$1,900	$3.30	15d	13	0.50mi
7 Pearl St Unit 5 Savannah, GA	1.0	1.0	550	$1,500	$2.73	25d	1	0.54mi
7 Pearl St Savannah, GA	1.0	1.0	450	$1,245	$2.77	45d	1	0.54mi
111 W 48th St Unit A Savannah, GA	1.0	1.0	750	$1,500	$2.00	15d	1	0.56mi
3302 Bulloch St Savannah, GA	2.0	1.0	744	$995	$1.34	25d	1	0.57mi
8 E 33rd St Unit B Savannah, GA	1.0	1.0	558	$1,500	$2.69	15d	1	0.61mi
222 E 37th St Savannah, GA	1.0–2.0	1.0	555	$1,213	$2.19	45d	1	0.64mi
2426 Lincoln St Savannah, GA	1.0	1.0	525	$1,950	$3.71	45d	1	0.66mi
17 E 31st St Savannah, GA	1.0–2.0	1.0–2.0	848	$2,940	$3.46	15d	12	0.67mi
410 E Victory Dr Savannah, GA	1.0	1.0	588	$2,200	$3.74	25d	1	0.75mi
412 Seiler Ave Unit A Savannah, GA	1.0	1.0	651	$1,400	$2.15	45d	1	0.76mi
15 W 52nd St Savannah, GA	1.0	1.0	400	$1,595	$3.99	45d	1	0.76mi
15 W 52nd St Unit A Savannah, GA	1.0	1.0	400	$1,400	$3.50	15d	1	0.76mi
3708 Montgomery St Savannah, GA	2.0	1.0	725	$1,400	$1.93	15d	1	0.78mi
124 E Henry St Unit D Savannah, GA	1.0	1.0	750	$1,450	$1.93	15d	1	0.83mi
916 Howard St Unit 1386554P Savannah, GA	1.0	1.0	495	$3,534	$7.14	45d	1	0.84mi
110 E Duffy St Savannah, GA	1.0	1.0	500	$1,650	$3.30	45d	1	0.85mi
310 E Anderson St Unit C Savannah, GA	1.0	1.0	675	$1,295	$1.92	15d	1	0.87mi
533 E 38th St Savannah, GA	1.0	1.5	745	$1,500	$2.01	45d	1	0.87mi
601 W 54th St Savannah, GA	1.0–4.0	1.0–2.0	881	$1,417	$1.61	25d	1	0.88mi
313 E Henry St Unit C Savannah, GA	1.0	1.0	750	$1,745	$2.33	45d	1	0.89mi
805 Whitaker St #2 Savannah, GA	1.0	1.0	723	$2,500	$3.46	25d	1	0.93mi
106 W Gwinnett St Savannah, GA	1.0	1.0	380	$1,550	$4.08	15d	1	0.96mi

Listing history 16 events

1. 2026-05-31
   days on market $220,000 Active 171 DOM
2. 2026-05-30
   days on market $220,000 Active 170 DOM
3. 2026-04-07
   price $220,000 811-char remark

   Show marketing remark (811 chars)

   Get ready to fall in love with this adorable 1920s bungalow nestled in a convenient location in historic downtown Savannah! Fully updated with stylish finishes, this 3-bed, 2-bath home blends timeless character with today's comfort. The inviting living room flows seamlessly into a bright, modern kitchen featuring a breakfast bar, butcher block countertops, and stylish cabinetry. Three spacious bedrooms and two well-appointed bathrooms provide plenty of room for family and guests. Thoughtful updates throughout maintain the home's original charm while adding fresh, contemporary appeal. Enjoy all the perks of downtown living with nearby cafes, shops, and Savannah's iconic squares just minutes from your doorstep. Schedule your showing today! Eligible for down payment assistance with the GA Dream program!

4. 2026-03-13
   price $230,000 811-char remark

   Show marketing remark (811 chars)

   Get ready to fall in love with this adorable 1920s bungalow nestled in a convenient location in historic downtown Savannah! Fully updated with stylish finishes, this 3-bed, 2-bath home blends timeless character with today's comfort. The inviting living room flows seamlessly into a bright, modern kitchen featuring a breakfast bar, butcher block countertops, and stylish cabinetry. Three spacious bedrooms and two well-appointed bathrooms provide plenty of room for family and guests. Thoughtful updates throughout maintain the home's original charm while adding fresh, contemporary appeal. Enjoy all the perks of downtown living with nearby cafes, shops, and Savannah's iconic squares just minutes from your doorstep. Schedule your showing today! Eligible for down payment assistance with the GA Dream program!

5. 2026-03-03
   price $234,500 811-char remark

   Show marketing remark (811 chars)

   Get ready to fall in love with this adorable 1920s bungalow nestled in a convenient location in historic downtown Savannah! Fully updated with stylish finishes, this 3-bed, 2-bath home blends timeless character with today's comfort. The inviting living room flows seamlessly into a bright, modern kitchen featuring a breakfast bar, butcher block countertops, and stylish cabinetry. Three spacious bedrooms and two well-appointed bathrooms provide plenty of room for family and guests. Thoughtful updates throughout maintain the home's original charm while adding fresh, contemporary appeal. Enjoy all the perks of downtown living with nearby cafes, shops, and Savannah's iconic squares just minutes from your doorstep. Schedule your showing today! Eligible for down payment assistance with the GA Dream program!

6. 2026-02-05
   price $235,000 811-char remark

   Show marketing remark (811 chars)

   Get ready to fall in love with this adorable 1920s bungalow nestled in a convenient location in historic downtown Savannah! Fully updated with stylish finishes, this 3-bed, 2-bath home blends timeless character with today's comfort. The inviting living room flows seamlessly into a bright, modern kitchen featuring a breakfast bar, butcher block countertops, and stylish cabinetry. Three spacious bedrooms and two well-appointed bathrooms provide plenty of room for family and guests. Thoughtful updates throughout maintain the home's original charm while adding fresh, contemporary appeal. Enjoy all the perks of downtown living with nearby cafes, shops, and Savannah's iconic squares just minutes from your doorstep. Schedule your showing today! Eligible for down payment assistance with the GA Dream program!

7. 2026-01-12
   price $249,900 811-char remark

   Show marketing remark (811 chars)

   Get ready to fall in love with this adorable 1920s bungalow nestled in a convenient location in historic downtown Savannah! Fully updated with stylish finishes, this 3-bed, 2-bath home blends timeless character with today's comfort. The inviting living room flows seamlessly into a bright, modern kitchen featuring a breakfast bar, butcher block countertops, and stylish cabinetry. Three spacious bedrooms and two well-appointed bathrooms provide plenty of room for family and guests. Thoughtful updates throughout maintain the home's original charm while adding fresh, contemporary appeal. Enjoy all the perks of downtown living with nearby cafes, shops, and Savannah's iconic squares just minutes from your doorstep. Schedule your showing today! Eligible for down payment assistance with the GA Dream program!

8. 2025-11-18
   listed $255,000 Active 811-char remark

   Show marketing remark (811 chars)

   Get ready to fall in love with this adorable 1920s bungalow nestled in a convenient location in historic downtown Savannah! Fully updated with stylish finishes, this 3-bed, 2-bath home blends timeless character with today's comfort. The inviting living room flows seamlessly into a bright, modern kitchen featuring a breakfast bar, butcher block countertops, and stylish cabinetry. Three spacious bedrooms and two well-appointed bathrooms provide plenty of room for family and guests. Thoughtful updates throughout maintain the home's original charm while adding fresh, contemporary appeal. Enjoy all the perks of downtown living with nearby cafes, shops, and Savannah's iconic squares just minutes from your doorstep. Schedule your showing today! Eligible for down payment assistance with the GA Dream program!

9. 2025-09-05
   soldstatus $105,000
10. 2025-09-04
    soldstatus $105,000 254-char remark

    Show marketing remark (254 chars)

    Nestled in Savannah's Westside, this 1920s historic 3-bedroom, 2-bath bungalow awaits your creative vision. The heavy lifting has been done—all new plumbing, electrical, framing, and subfloor work complete. Now it's ready for your finishing touches

11. 2025-05-15
    listed $135,000 254-char remark

    Show marketing remark (254 chars)

    Nestled in Savannah's Westside, this 1920s historic 3-bedroom, 2-bath bungalow awaits your creative vision. The heavy lifting has been done—all new plumbing, electrical, framing, and subfloor work complete. Now it's ready for your finishing touches

12. 2019-08-27
    soldstatus $45,000
13. 2019-08-27
    soldstatus $45,000
14. 2019-05-16
    listed $50,000
15. 2004-08-18
    soldstatus $52,000
16. 2002-05-15
    soldstatus $40,600

ⓘ 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: $1,555 · $130/mo
• Projected year-2 tax: $2,024 · $169/mo
• Expected delta: +$469/yr (+$39/mo · 30.2%)

ⓘ 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 3/10 Moderate
• 🌡 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: $24,455
• − Mortgage interest: −$12,323
• − Property taxes: −$1,555
• − Insurance: −$1,100
• − Repairs & maintenance: −$1,956
• − Management: −$1,956
• − Depreciation: −$6,400
• Taxable loss: −$837
• Est. tax savings @ 24.0%: +$201
• After-tax cash flow: $3,020/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): 11,082
• Household income: $37,109
• Rent vs Own: 56.1% rent · 43.9% own
• Severe rent burden: 613.0

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: Predominantly Black (89%)
• Race & ethnicity: Black 89% White 5% Hispanic / Latino 5% Two or more races 3%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 4%

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: ▼ -55.36%
• Current HPI: 203.0696
• Rent YoY: —
• 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

+441.9% since first listed

14 events — show timeline

• 2026-04-07 Price Changed $220,000 Hive MLS
• 2026-03-13 Price Changed $230,000 Hive MLS
• 2026-03-03 Price Changed $234,500 Hive MLS
• 2026-02-05 Price Changed $235,000 Hive MLS
• 2026-01-12 Price Changed $249,900 Hive MLS
• 2025-11-18 Listed $255,000 Hive MLS
• 2025-09-05 Sold (Public Records) $105,000 Public Records
• 2025-09-04 Sold (MLS) $105,000 Hive MLS
• 2025-05-15 Listed $135,000 Hive MLS
• 2019-08-27 Sold (Public Records) $45,000 Public Records
• 2019-08-27 Sold (MLS) $45,000 Hive MLS
• 2019-05-16 Listed $50,000 Hive MLS
• 2004-08-18 Sold (Public Records) $52,000 Public Records
• 2002-05-15 Sold (Public Records) $40,600 Public Records

Property tax history

+13.5%/yr

Latest (2025): $1,555 · -21.2% YoY. Source: county tax records.