107 Ellis St

Augusta-Richmond County consolidated government (balance), GA 30901

$160,000B

3 bd · 2.0 ba · 1,246 sqft · Built 1921 · MultiFamily · Active · 29 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,933/mo
• Mortgage (P&I): −$839
• Tax + insurance: −$309
• HOA: −$0
• Vac / Maint / Mgmt: −$406
• Net cashflow: $379/mo
• Annual: $4,551/yr
• Cap rate: 9.14%
• Cash-on-cash: 10.16%
• DSCR: 1.45
• 1% rule: 1.21%
• Cash to close: $44,800

Investor read

• This is a 2 × 1-bed/1-bath units multifamily listed at $160k.
• At list price, monthly cash flow is $379 ($5k/yr) — positive. Per door: $190/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• It's been on market 29 days — a 2% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $158k (1.5% below list) — sets the bar for market timing.
• In year one you build about $14k of equity ($1k loan paydown + $13k appreciation (8.2% local appreciation)).
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Richmond County (urban): math 12% / reading 20% proficiency, ranked #154 of 174 in GA (top 88%) — 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: W.S. Hornsby Elementary School (math 2% / reading 2%, grade F, #1,204 of 1,228 statewide, top 100%, 567 students, 98% FRL); Laney High School (math 2% / reading 8%, grade F, #394 of 424 statewide, top 97%, 684 students, 98% FRL) — zoned schools average 98% FRL vs 72% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 4% at this address vs 16% district-wide (-12 pts) — the specific schools serving this property underperform the Richmond County average; the district grade overstates school quality for this exact location.
• Watch-outs: built in 1921 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents soft (-1.3%/yr); 131 active listings in the ZIP; 30 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 47% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 561 units permitted in Richmond County in 2024 (0 in 5+ unit buildings).
• Richmond County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 13 sale attempts since 6y 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.
• At projected returns (8.2% appreciation + 0.0% rent growth), your $45k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 67% 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.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1921 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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 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.