1016 Ann St

Waycross, GA 31503

$46,000B+

2 bd · 1.0 ba · 768 sqft · Built 1944 · SingleFamily · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $985/mo
• Mortgage (P&I): −$241
• Tax + insurance: −$464
• HOA: −$0
• Vac / Maint / Mgmt: −$207
• Net cashflow: $73/mo
• Annual: $878/yr
• Cap rate: 19.33%
• Cash-on-cash: 46.56%
• DSCR: 3.07
• 1% rule: 2.14%
• Cash to close: $12,880

Investor read

• This is a 2-bed/1.0-bath single-family listed at $46k.
• At list price, monthly cash flow is $73 ($878/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($985 rent vs $46k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $318 of loan paydown is wiped out by about $1k 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-, crime F, amenities 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.
• Zoned schools: Ruskin Elementary School (math 32% / reading 32%, grade F, #582 of 1,228 statewide, top 50%, 379 students, 94% FRL); Ware County Middle School (math 21% / reading 39%, grade F, #243 of 470 statewide, top 53%, 783 students, 80% FRL); Ware County High School (math 33% / reading 30%, grade F, #122 of 424 statewide, top 30%, 1,589 students, 86% FRL) — zoned schools average 87% FRL vs 64% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: flood insurance adds $427/mo; built in 1944 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 147 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 19.3% 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

• Built in 1944 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.
• 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.