609 S Jefferson St · Milledgeville, GA 31061

$120,000

1 bd · 1.0 ba · 1,565 sqft · SingleFamily · 149 Days on market

Built 1964 Fair condition 4,356 sqft lot $77/sqft · 9% below area Est $132k · 9% under ↓ 20% since listing

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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 +17.6/30.0
• ARV discount +11.6/15.0
• DSCR +5.5/10.0
• 1% rule +4.7/10.0
• Rent growth +3.5/5.0
• Livability +3.4/5.0
• Condition / age +2.2/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 609 S Jefferson St, a property featuring two warehouse buildings offering a flexible setup for a variety of uses. The front warehouse includes an office/reception area with additional storage space behind, giving an ample amount of workspace and storage. The rear structure offers more workspace that can fit varied use and/or storage. Located just 1-2 minutes from downtown Milledgeville and only a short distance from Georgia Military College's south campus, the property offers excellent accessibility and visibility. A large carport with a newer metal roof adds covered storage or work area, making this an ideal option for someone seeking functional space close to downtown.

Key facts

• Flexible setup
• Large carport
• Newer metal roof

Tags

• OFFICE RECEPTION AREA
• ADDITIONAL STORAGE SPACE
• FLEXIBLE SETUP
• LARGE CARPORT
• NEWER METAL ROOF
• EXCELLENT ACCESSIBILITY

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $120k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $94 ($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 $117k (2.6% below list).
• Recommended offer: $106k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.2% vs local median 3.3% in Milledgeville — 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 68/100 on livability (#134 in GA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: amenities D+, crime F, commute F.
• Baldwin County (town): math 13% / reading 20% proficiency, ranked #152 of 174 in GA (top 87%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 72% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Oak Hill Ms (math 13% / reading 24%, grade F, #372 of 470 statewide, top 80%, 986 students, 89% FRL); Baldwin High School (math 10% / reading 21%, grade F, #290 of 424 statewide, top 69%, 1,311 students, 89% FRL) — zoned schools average 89% FRL vs 72% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.0%/yr); 380 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 202 units permitted in Baldwin County in 2024 (12 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Baldwin County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 149 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.

Recommended offer $105,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 149 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
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 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: 0.97% ✗
• Cap rate: 7.23%
• Cash-on-cash: 3.34%
• DSCR: 1.15
• GRM: 8.6

CMA / ARV

• ARV (median comp): $131,910
• List price: $120,000
• Delta: -9.03%
• Verdict: FAIR
• Comps: 8 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.05% rent growth · sell at horizon

5-year hold

• IRR: -9.9%
• Equity multiple: 0.64×
• Total profit: $-12,219
• Equity at exit: $17,892

10-year hold

• IRR: 0.9%
• Equity multiple: 1.07×
• Total profit: $2,336
• Equity at exit: $10,375

Cash invested: $33,600 (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 31061

• Home prices YoY: -29.9%
• Rents YoY: 4.0%
• Active inventory: 380
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,168 medium
• Mortgage (P&I): −$629
• Tax est. 1.5%: −$150 /mo · $1,800/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$245
• Net cashflow: $94

Break-even live

Break-even rent $1,050

Max offer price $120,000

Occupancy floor 87%

Sensitivity live

Price	-10% $177	-5% $135	+0% $94	+5% $52	+10% $11
Rent	-10% $1	-5% $47	+0% $94	+5% $140	+10% $186
Rate	-1.0pp $154	-0.5pp $124	base $94	+0.5pp $63	+1.0pp $31

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
205 Ivey Dr SW Milledgeville, GA	2.0	2.0	1171	$1,299	$1.11	45d	1	1.10mi
399 Allen Memorial Dr SW Milledgeville, GA	2.0	1.0	1209	$1,300	$1.08	45d	1	1.34mi
825 Matheson Rd Milledgeville, GA	2.0	1.0	1300	$1,100	$0.85	45d	1	1.49mi

Listing history 19 events

1. 2026-06-21
   days on market $120,000 Active 149 DOM
2. 2026-06-19
   days on market $120,000 Active 147 DOM
3. 2026-06-18
   days on market $120,000 Active 146 DOM
4. 2026-06-17
   days on market $120,000 Active 145 DOM
5. 2026-06-16
   days on market $120,000 Active 144 DOM
6. 2026-06-15
   days on market $120,000 Active 143 DOM
7. 2026-06-14
   days on market $120,000 Active 141 DOM
8. 2026-06-12
   days on market $120,000 Active 140 DOM
9. 2026-06-09
   days on market $120,000 Active 137 DOM
10. 2026-06-08
    days on market $120,000 Active 136 DOM
11. 2026-06-07
    days on market $120,000 Active 135 DOM
12. 2026-06-05
    days on market $120,000 Active 132 DOM
13. 2026-06-03
    days on market $120,000 Active 131 DOM
14. 2026-06-02
    days on market $120,000 Active 130 DOM
15. 2026-06-01
    days on market $120,000 Active 129 DOM
16. 2026-05-31
    days on market $120,000 Active 128 DOM
17. 2026-05-30
    days on market $120,000 Active 127 DOM
18. 2026-05-13
    price $120,000 690-char remark

    Show marketing remark (690 chars)

    Welcome to 609 S Jefferson St, a property featuring two warehouse buildings offering a flexible setup for a variety of uses. The front warehouse includes an office/reception area with additional storage space behind, giving an ample amount of workspace and storage. The rear structure offers more workspace that can fit varied use and/or storage. Located just 1-2 minutes from downtown Milledgeville and only a short distance from Georgia Military College's south campus, the property offers excellent accessibility and visibility. A large carport with a newer metal roof adds covered storage or work area, making this an ideal option for someone seeking functional space close to downtown.

19. 2026-01-22
    listed $150,000 New 690-char remark

    Show marketing remark (690 chars)

    Welcome to 609 S Jefferson St, a property featuring two warehouse buildings offering a flexible setup for a variety of uses. The front warehouse includes an office/reception area with additional storage space behind, giving an ample amount of workspace and storage. The rear structure offers more workspace that can fit varied use and/or storage. Located just 1-2 minutes from downtown Milledgeville and only a short distance from Georgia Military College's south campus, the property offers excellent accessibility and visibility. A large carport with a newer metal roof adds covered storage or work area, making this an ideal option for someone seeking functional space close to downtown.

ⓘ 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: $14,019
• − Mortgage interest: −$6,722
• − Property taxes: −$1,800
• − Insurance: −$600
• − Repairs & maintenance: −$1,121
• − Management: −$1,121
• − Depreciation: −$3,491
• Taxable loss: −$837
• Est. tax savings @ 24.0%: +$201
• After-tax cash flow: $1,324/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.

Condition & rehab AI · 12 photos

Fair 45/100 Extensive rehab

This property requires extensive repairs and finishing to improve its condition and increase its value for resale and rental.

Repairs flagged

• Major Exposed concrete foundation — Needs stabilization and landscaping.
• Major Exposed concrete floor — Needs flooring and finishing.
• Major Unfinished workspace — Needs finishing and organization.

Value-add opportunities

• Both Finish interior and exterior — Improves both resale and rental value.
• Both Install HVAC system — Enhances comfort and energy efficiency.
• Both Landscaping and curb appeal — Enhances curb appeal and property value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exposed concrete foundation · Needs stabilization and landscaping.	Major	$15,000–50,000
Exposed concrete floor · Needs flooring and finishing.	Major	$15,000–50,000
Unfinished workspace · Needs finishing and organization.	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both Finish interior and exterior — Improves both resale and rental value. ↑
• Both Install HVAC system — Enhances comfort and energy efficiency. ↑
• Both Landscaping and curb appeal — Enhances curb appeal and property value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Baldwin County
• NCES district ID: 1300210
• Math proficiency: 13% ▼ -8.00%
• Reading proficiency: 20% ▼ -5.00%
• Median HH income: $35,615
• Composite: 13.61/100
• National rank: #9508
• State rank: #152 of 174 in GA

Livability — Milledgeville

• Score: 68/100
• State rank: #134
• US rank: #9206

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Milledgeville, GA
• County: Baldwin County · 41,764 people
• City population: 41,764
• Metro: Milledgeville, GA
• Population (ZIP): 41,764
• Household income: $54,263
• Rent vs Own: 40.6% rent · 59.4% own
• Severe rent burden: 1630.0

Population outlook (Baldwin County) Hauer SSP2

• Today (2025): 45,602 people
• By 2030: 45,481 · -0.3%
• By 2040: 44,310 · -2.8%
• By 2050: 42,129 · -7.6%
• By 2075: 36,819 · -19.3%
• By 2100: 29,320 · -35.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: White 51% Black 43% Hispanic / Latino 3% Two or more races 3% Asian 2%
• Common ancestry: Slovak 1% Serbian 1% Italian 1%
• Foreign-born: 3% · Canada, South Korea
• Languages at home: 96% English-only · Spanish 2% Korean 1%

Political lean MEDSL · Baldwin

• 2024 margin: Toss-up / Even · D 48.6% · R 50.9%
• 2008→2024 swing: -6.8pp toward R · 2008: 4.6pp · 2024: -2.2pp
• All cycles: 2024: R+2.2 2020: D+1.3 2016: D+1.7 2012: D+5.5 2008: D+4.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -103.16%
• Current HPI: 241.3758
• Rent YoY: ▲ 4.05%
• Metro: Milledgeville, 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

-20.0% since first listed

2 events — show timeline

• 2026-05-13 Price Changed $120,000 GAMLS
• 2026-01-22 Listed $150,000 GAMLS