1108 A/B Fourth Ave · Albany, GA 31707

$119,000

4 bd · 2.0 ba · 1,788 sqft · MultiFamily · 118 Days on market

Built 1948 0.39 ac lot

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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 +29.8/30.0
• DSCR +10.0/10.0
• 1% rule +8.4/10.0
• ARV discount +7.5/15.0
• Rent growth +4.8/5.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• Schools +1.1/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Duplex, 2br 1 bath and 1 brm 1 bath block home with CHA

Key facts

• 0.39 acre lot
• Built 1948
• Listed 117 days

Property features AI

Finance

• Other: Lot approximately 0.39 acre
• Financial info: Annual tax amount listed

Exterior

• Utilities: Sewer connected
• Home design: One-story multi-family residential income property (duplex/quad/multi-unit)
• Construction: Brick construction
• Exterior features: Covered patio/porch; Shingle roof

Interior

• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric central heating
• Interior features: Carpet and vinyl flooring

What this means for you Summary

Snapshot

• This is a 2 × 2.0-bed/1.0-bath units multifamily listed at $119k.

Deal economics

• At list price, monthly cash flow is $436 ($5k/yr) — positive. Per door: $218/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $119k).
• Recommended offer: $108k (9.0% below list) — sets the bar for market timing.
• Cap rate 10.7% vs local median 4.7% in Albany — 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 60/100 on livability (#371 in GA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A-, health & safety B+; Watch: schools F, crime F, amenities F.
• Dougherty County (urban): math 12% / reading 16% proficiency, ranked #163 of 174 in GA (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 79% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+9.4%/yr); 184 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 45 units permitted in Dougherty County in 2024 (20 in 5+ unit buildings).
• This rent runs 38% of the median local income ($51k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $823 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Dougherty County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $33k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 118 days — a 9% lower offer ($108k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $108,290 (9.0% below list)

Questions for the listing agent

1. It's been on market 118 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.34% ✓
• Cap rate: 10.69%
• Cash-on-cash: 15.71%
• DSCR: 1.70
• GRM: 6.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 12.1%
• Equity multiple: 1.51×
• Total profit: $16,934
• Equity at exit: $17,743

10-year hold

• IRR: 24.7%
• Equity multiple: 3.67×
• Total profit: $88,925
• Equity at exit: $10,289

Cash invested: $33,320 (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 31707

• Rents YoY: 9.4%
• Active inventory: 184
• Price-to-rent: 12.5×

Monthly cashflow live

• Estimated rent: $1,593 high
• Mortgage (P&I): −$624
• Tax est. 1.5%: −$149 /mo · $1,785/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$335
• Net cashflow: $436

Break-even live

Break-even rent $1,041

Max offer price $119,000

Occupancy floor 68%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2.0	1	$1,592
Total (2 units)			$1,593

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: $29,750
• Closing costs: $3,570
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
612 Florence Dr Albany, GA	3.0	1.0	1428	$1,200	$0.84	21d	1	0.51mi
1906 Robinhood Rd Albany, GA	3.0	2.0	1845	$1,600	$0.87	21d	1	1.34mi

Listing history 17 events

1. 2026-06-19
   days on market $119,000 Active 118 DOM
2. 2026-06-18
   days on market $119,000 Active 117 DOM
3. 2026-06-17
   days on market $119,000 Active 116 DOM
4. 2026-06-16
   days on market $119,000 Active 115 DOM
5. 2026-06-15
   days on market $119,000 Active 114 DOM
6. 2026-06-14
   days on market $119,000 Active 112 DOM
7. 2026-06-13
   days on market $119,000 Active 111 DOM
8. 2026-06-10
   days on market $119,000 Active 109 DOM
9. 2026-06-09
   days on market $119,000 Active 108 DOM
10. 2026-06-08
    days on market $119,000 Active 107 DOM
11. 2026-06-07
    days on market $119,000 Active 106 DOM
12. 2026-06-05
    days on market $119,000 Active 103 DOM
13. 2026-06-02
    days on market $119,000 Active 101 DOM
14. 2026-06-01
    days on market $119,000 Active 100 DOM
15. 2026-05-31
    days on market $119,000 Active 99 DOM
16. 2026-05-30
    days on market $119,000 Active 98 DOM
17. 2026-02-21
    listed $119,000 Active

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

Taxation est. · year 1

• Rental income: $19,116
• − Mortgage interest: −$6,666
• − Property taxes: −$1,785
• − Insurance: −$595
• − Repairs & maintenance: −$1,529
• − Management: −$1,529
• − Depreciation: −$3,462
• Taxable income: $3,550
• Est. tax owed @ 24.0%: −$852
• After-tax cash flow: $4,381/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: Dougherty County
• NCES district ID: 1301830
• Math proficiency: 12% ▼ -15.00%
• Reading proficiency: 16% ▼ -9.00%
• Median HH income: $33,105
• Composite: 11.31/100
• National rank: #9716
• State rank: #163 of 174 in GA

Livability — Albany

• Score: 60/100
• State rank: #371
• US rank: #18903

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Albany, GA
• County: Dougherty County · 89,040 people
• City population: 89,040
• Metro: Albany, GA
• Population (ZIP): 22,679
• Household income: $50,862
• Rent vs Own: 57.3% rent · 42.7% own
• Severe rent burden: 1572.0

Population outlook (Dougherty County) Hauer SSP2

• Today (2025): 84,551 people
• By 2030: 80,637 · -4.6%
• By 2040: 72,090 · -14.7%
• By 2050: 64,056 · -24.2%
• By 2075: 46,332 · -45.2%
• By 2100: 33,127 · -60.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority Black (63%)
• Race & ethnicity: Black 63% White 31% Two or more races 3% Hispanic / Latino 3% Asian 1%
• Common ancestry: Serbian 1% Iranian 1% Slovak 1%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 2% Other Indo-European 1%

Political lean MEDSL · Dougherty

• 2024 margin: Solid D (+41.1) · D 70.4% · R 29.3%
• 2008→2024 swing: +6.2pp toward D · 2008: 35.0pp · 2024: 41.1pp
• All cycles: 2024: D+41.1 2020: D+40.0 2016: D+38.3 2012: D+39.0 2008: D+35.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -130.86%
• Current HPI: 173.4443
• Rent YoY: ▲ 9.39%
• Metro: Albany, 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

1 event — show timeline

• 2026-02-21 Listed $119,000 SWGABOR