509-511 W 40th St · Savannah, GA 31415

$124,900

3 bd · 1.5 ba · 1,890 sqft · SingleFamily public records · 88 Days on market

Built 1900 0.68 ac lot $66/sqft · 66% below area ↓ 34% since listing

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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 +7.5/15.0
• 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

Single family home ready for restoration with additional lot on separate PIN. Located in Savannah's East Victorian neighborhood in an active area of restoration.

Key facts

• Additional lot
• 0.68 acre lot
• Garage

Tags

• ADDITIONAL LOT
• ACTIVE AREA OF RESTORATION

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $125k).
• Recommended offer: $117k (6.0% below list) — sets the bar for market timing.
• Cap rate 17.7% 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: 76 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 62% 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 $2,527/mo this rent would consume 82% 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 $864 of loan paydown is wiped out by about $4k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 88 days — a 6% lower offer ($117k) is reasonable based on typical stale-listing flexibility.
• 8 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.

Risks & watch-outs

• Watch-outs: built in 1900 — 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 $117,406 (6.0% below list)

Questions for the listing agent

1. It's been on market 88 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — 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. 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: 2.02% ✓
• Cap rate: 17.68%
• Cash-on-cash: 40.68%
• DSCR: 2.81
• GRM: 4.1

CMA / ARV

• ARV (median comp): $497,868
• List price: $124,900
• Delta: -74.91%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
540 W 44th St	0.19mi	3/1.5	1,873 (-1%)	4mo	$215,000	$115	86
614 W 38th St	0.17mi	4/2.5 (+1)	1,777 (-6%)	1mo	$298,000	$168	72
2119 Harden St	0.26mi	4/2.0 (+1)	1,750 (-7%)	1mo	$280,000	$160	68
2309 Jefferson St	0.15mi	3/2.5	1,708 (-10%)	7mo	$619,000	$362	67
1901 Martin Luther King Jr Blvd	0.30mi	4/2.0 (+1)	2,024 (+7%)	8mo	$380,000	$188	60
21 Brady St	0.45mi	4/2.0 (+1)	1,965 (+4%)	6mo	$350,000	$178	60
925 W Victory Dr	0.37mi	3/1.0	1,704 (-10%)	9mo	$120,000	$70	57
220 W 33rd St	0.47mi	4/2.0 (+1)	2,043 (+8%)	2mo	$200,000	$98	56
415 Maupas Ave	0.68mi	3/2.5	2,046 (+8%)	2mo	$758,000	$370	49
17 E 33rd St	0.58mi	3/2.0	1,686 (-11%)	6mo	$525,000	$311	48
522 Acacia St	0.47mi	4/2.5 (+1)	1,696 (-10%)	9mo	$330,000	$195	44
220 W Duffy St	0.73mi	4/2.0 (+1)	2,064 (+9%)	8mo	$425,000	$206	37

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 37.1%
• Equity multiple: 2.58×
• Total profit: $55,271
• Equity at exit: $18,623

10-year hold

• IRR: 43.7%
• Equity multiple: 5.16×
• Total profit: $145,378
• Equity at exit: $10,799

Cash invested: $34,972 (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 31415

• Home prices YoY: -21.4%
• Active inventory: 76
• Price-to-rent: 4.1×

Monthly cashflow live

• Estimated rent: $2,527 high
• Mortgage (P&I): −$655
• Tax from tax record: −$104 /mo · $1,243/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$531
• Net cashflow: $1,185

Break-even live

Break-even rent $1,026

Max offer price $124,900

Occupancy floor 48%

Sensitivity live

Price	-10% $1,256	-5% $1,221	+0% $1,185	+5% $1,150	+10% $1,115
Rent	-10% $986	-5% $1,086	+0% $1,185	+5% $1,285	+10% $1,385
Rate	-1.0pp $1,248	-0.5pp $1,217	base $1,185	+0.5pp $1,153	+1.0pp $1,120

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: $31,225
• Closing costs: $3,747
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
310 W 42nd St Savannah, GA	3.0	2.0	1300	$1,800	$1.38	44d	1	0.15mi
601 W 37th St Unit B Savannah, GA	2.0	2.0	1300	$2,000	$1.54	44d	1	0.18mi
211 W 40th St Unit B Savannah, GA	3.0	1.0	1400	$3,200	$2.29	24d	1	0.20mi
212 W 40th St Savannah, GA	3.0	2.0	2030	$3,600	$1.77	24d	1	0.20mi
630 W 38th St Savannah, GA	3.0	2.0	1600	$1,950	$1.22	14d	1	0.20mi
216 W 43rd St Savannah, GA	3.0	3.0	1722	$2,900	$1.68	24d	1	0.21mi
206 W 39th St Savannah, GA	3.0	2.5	1966	$2,650	$1.35	24d	1	0.22mi
2305 Whitaker St Unit A Savannah, GA	3.0	3.0	1600	$3,300	$2.06	14d	1	0.28mi
217 W 36th St Savannah, GA	3.0	2.0	1950	$3,200	$1.64	44d	1	0.30mi
2235 Whitaker St Savannah, GA	3.0	2.0	1600	$2,950	$1.84	14d	1	0.30mi
219 W 36th St Savannah, GA	3.0	2.0	1950	$3,200	$1.64	44d	1	0.30mi
107 W 37th St Savannah, GA	4.0	2.0	1300	$3,200	$2.46	44d	1	0.33mi
909 W 36th St Savannah, GA	2.0	1.0	1404	$1,450	$1.03	44d	1	0.37mi
2213 Bull St Savannah, GA	2.0	1.0–2.5	975	$3,725	$3.82	14d	108	0.37mi
2206 Bull St Unit NA Savannah, GA	2.0	1.0	1400	$2,500	$1.79	24d	1	0.38mi
2206 Bull St Savannah, GA	2.0	1.0	1400	$2,500	$1.79	44d	1	0.38mi
102 W 36th St Savannah, GA	3.0	2.0	1500	$4,500	$3.00	24d	1	0.40mi
3 W 36th St Apt 2 Savannah, GA	4.0	1.0	1750	$4,200	$2.40	44d	1	0.42mi
23 E 37th St Unit 1 Savannah, GA	2.0	1.0	1770	$1,850	$1.05	44d	1	0.44mi
1025 W 38th St Savannah, GA	4.0	3.0	1722	$2,400	$1.39	24d	1	0.46mi
18 E 45th St Savannah, GA	3.0	2.0	2343	$3,800	$1.62	44d	1	0.46mi
123 E 40th St Savannah, GA	3.0	1.0	1389	$1,900	$1.37	44d	1	0.47mi
1723 Whitaker St Savannah, GA	3.0	1.5	1845	$1,800	$0.98	44d	1	0.48mi
201 E 39th St Unit B Savannah, GA	3.0	1.5	1550	$2,100	$1.35	44d	1	0.52mi
11 E 34th St Savannah, GA	2.0	2.0	1325	$2,500	$1.89	44d	1	0.54mi
2402 Lincoln St Savannah, GA	2.0	2.0	1400	$1,925	$1.38	44d	1	0.58mi
1409 Jefferson St Savannah, GA	3.0	2.5	1347	$2,699	$2.00	44d	1	0.58mi
25 E 33rd St Savannah, GA	2.0	1.0	1519	$2,300	$1.51	14d	1	0.60mi
2002 Habersham St Savannah, GA	3.0	2.0	1242	$1,995	$1.61	44d	1	0.70mi
3601 Bull St Apt 3 Savannah, GA	3.0	2.0	1386	$1,825	$1.32	44d	1	0.72mi
3601 Bull St Unit 2 Savannah, GA	3.0	2.0	1386	$1,900	$1.37	44d	1	0.72mi
3605 Bull St Unit 3 Savannah, GA	3.0	2.0	1408	$1,600	$1.14	24d	1	0.73mi
3605 Bull St #2 Savannah, GA	3.0	2.0	1408	$1,695	$1.20	44d	1	0.73mi
310 E 33rd St Unit 33 Savannah, GA	2.0	2.0	1270	$1,995	$1.57	22d	1	0.74mi
1004 W 53rd St Savannah, GA	3.0	2.0	1700	$2,300	$1.35	44d	1	0.76mi
216 E 48th St Savannah, GA	3.0	1.0	1950	$2,395	$1.23	44d	1	0.78mi
214 E 48th St Savannah, GA	3.0	2.0	1950	$2,499	$1.28	44d	1	0.78mi
212 W Park Ave Savannah, GA	2.0	1.0	1557	$1,600	$1.03	24d	1	0.79mi
138 E 50th St Unit 2 Savannah, GA	3.0	2.0	2200	$3,000	$1.36	44d	1	0.80mi
513 E 36th St Savannah, GA	2.0	1.5	1543	$2,395	$1.55	44d	1	0.80mi

Listing history 34 events

1. 2026-06-18
   days on market $124,900 Active 88 DOM
2. 2026-06-17
   days on market $124,900 Active 87 DOM
3. 2026-06-16
   days on market $124,900 Active 86 DOM
4. 2026-06-15
   days on market $124,900 Active 85 DOM
5. 2026-06-14
   days on market $124,900 Active 83 DOM
6. 2026-06-13
   days on market $124,900 Active 82 DOM
7. 2026-06-10
   days on market $124,900 Active 80 DOM
8. 2026-06-09
   days on market $124,900 Active 79 DOM
9. 2026-06-08
   days on market $124,900 Active 78 DOM
10. 2026-06-07
    days on market $124,900 Active 77 DOM
11. 2026-06-05
    days on market $124,900 Active 74 DOM
12. 2026-06-03
    days on market $124,900 Active 73 DOM
13. 2026-06-02
    days on market $124,900 Active 72 DOM
14. 2026-06-01
    days on market $124,900 Active 71 DOM
15. 2026-05-31
    days on market $124,900 Active 70 DOM
16. 2026-05-30
    days on market $124,900 Active 69 DOM
17. 2026-03-26
    status Active 161-char remark

    Show marketing remark (161 chars)

    Single family home ready for restoration with additional lot on separate PIN. Located in Savannah's East Victorian neighborhood in an active area of restoration.

18. 2026-03-26
    historical 161-char remark

    Show marketing remark (161 chars)

    Single family home ready for restoration with additional lot on separate PIN. Located in Savannah's East Victorian neighborhood in an active area of restoration.

19. 2026-03-22
    status Active 161-char remark

    Show marketing remark (161 chars)

    Single family home ready for restoration with additional lot on separate PIN. Located in Savannah's East Victorian neighborhood in an active area of restoration.

20. 2025-12-16
    price $124,900 161-char remark

    Show marketing remark (161 chars)

    Single family home ready for restoration with additional lot on separate PIN. Located in Savannah's East Victorian neighborhood in an active area of restoration.

21. 2025-10-01
    historical 161-char remark

    Show marketing remark (161 chars)

    Single family home ready for restoration with additional lot on separate PIN. Located in Savannah's East Victorian neighborhood in an active area of restoration.

22. 2025-09-10
    listed $129,900 Active 161-char remark

    Show marketing remark (161 chars)

    Single family home ready for restoration with additional lot on separate PIN. Located in Savannah's East Victorian neighborhood in an active area of restoration.

23. 2025-04-04
    historical
24. 2025-04-04
    historical
25. 2025-03-09
    listed $150,000
26. 2025-03-09
    listed $150,000
27. 2024-12-26
    historical
28. 2024-12-23
    historical
29. 2024-09-16
    price $250,000
30. 2024-09-11
    listed $250,000
31. 2024-09-09
    listed $190,000 New
32. 2024-06-13
    soldstatus $130,000
33. 2024-06-07
    soldstatus $170,000
34. 2024-04-24
    listed $190,000

ⓘ 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: $1,243 · $104/mo
• Projected year-2 tax: $1,243 · $104/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 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: $30,321
• − Mortgage interest: −$6,996
• − Property taxes: −$1,243
• − Insurance: −$624
• − Repairs & maintenance: −$2,426
• − Management: −$2,426
• − Depreciation: −$3,633
• Taxable income: $12,972
• Est. tax owed @ 24.0%: −$3,113
• After-tax cash flow: $11,113/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

-34.3% since first listed

18 events — show timeline

• 2026-03-26 Relisted — Hive MLS
• 2026-03-26 Listing Removed — Hive MLS
• 2026-03-22 Relisted — Hive MLS
• 2025-12-16 Price Changed $124,900 Hive MLS
• 2025-10-01 Listing Removed — Hive MLS
• 2025-09-10 Listed $129,900 Hive MLS
• 2025-04-04 Listing Removed — Hive MLS
• 2025-04-04 Listing Removed — Hive MLS
• 2025-03-09 Listed $150,000 Hive MLS
• 2025-03-09 Listed $150,000 Hive MLS
• 2024-12-26 Listing Removed — GAMLS
• 2024-12-23 Listing Removed — Hive MLS
• 2024-09-16 Price Changed $250,000 GAMLS
• 2024-09-11 Listed $250,000 Hive MLS
• 2024-09-09 Listed $190,000 GAMLS
• 2024-06-13 Sold (Public Records) $130,000 Public Records
• 2024-06-07 Sold (MLS) $170,000 Hive MLS
• 2024-04-24 Listed $190,000 Hive MLS

Property tax history

+6.9%/yr

Latest (2025): $1,243 · -28.2% YoY. Source: county tax records.