1702 Albany Ave

Waycross, GA 31503

$138,000C-

3 bd · 3.0 ba · 1,880 sqft · Built 1930 · SingleFamily · Active · 202 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,189/mo
• Mortgage (P&I): −$724
• Tax + insurance: −$107
• HOA: −$0
• Vac / Maint / Mgmt: −$250
• Net cashflow: $109/mo
• Annual: $1,306/yr
• Cap rate: 7.24%
• Cash-on-cash: 3.38%
• DSCR: 1.15
• 1% rule: 0.86%
• Cash to close: $38,640

Investor read

• This is a 3-bed/3.0-bath single-family listed at $138k.
• At list price, monthly cash flow is $109 ($1k/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 $119k (13.8% below list).
• It's been on market 202 days — a 12% lower offer ($121k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $119k (13.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $954 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 55/100 on livability (#519 in GA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: health & safety C-, schools D-, crime F.
• Ware County (town): math 27% / reading 35% proficiency, ranked #95 of 174 in GA (top 55%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 146 active listings in the ZIP; 45 units permitted in Ware County in 2024 (0 in 5+ unit buildings).
• Ware County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts; this cycle's ask has dropped $24k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $79k; list at $138k implies a 75% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.2% vs local median 5.1% in Waycross — 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

• It's been on market 202 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
• Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• Crime grade is F 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?
• 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.
• 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.