233 Railroad St · Sparta, GA 31087

$40,000

4 bd · 1.0 ba · 1,864 sqft · SingleFamily public records · 32 Days on market

Built 1906 0.34 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +1.0/10.0
• Schools +0.5/10.0

Listing remarks

Investor opportunity in historic Sparta! Built in 1906, this spacious 4-bedroom home offers approximately 1,864 square feet and sits on a 0.34-acre lot. The property retains early-century character and presents a strong renovation opportunity for buyers interested in restoring a historic home or adding to a long-term investment portfolio. Features include: • Generous floor plan • Original historic structure and layout • Fireplace • Large lot with outdoor potential • Located near downtown Sparta amenities Property is being sold as-is and will require repairs. Ideal for renovation buyers, investors, or restoration enthusiasts seeking a historic property in Middle G

Key facts

• Historic sparta
• Large lot
• Outdoor potential

Tags

• HISTORIC SPARTA
• EARLY-CENTURY CHARACTER
• STRONG RENOVATION OPPORTUNITY
• ORIGINAL HISTORIC STRUCTURE
• LARGE LOT
• OUTDOOR POTENTIAL

Property features AI

Finance

• Other: Directions: Take GA-16 E to Railroad St in Sparta; turn right onto Railroad Street — property is on the left.

Exterior

• Home design: Single-family detached residence; One story; About 1,864 finished square feet
• Construction: Lot approximately 0.34 acre
• Exterior features: Front porch

Interior

• Bathrooms: 1 full bathroom
• Interior features: Fireplace (2 total)

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $843 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Recommended offer: $39k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 60/100 on livability (#383 in GA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A, housing A; Watch: schools F, amenities F, commute F.
• Hancock County (rural): math 3% / reading 12% proficiency, ranked #173 of 174 in GA (top 99%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 80% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 116 active listings in the ZIP; 28 units permitted in Hancock County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $277 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Hancock County population projected at -34% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($39k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; built in 1906 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 51% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $38,800 (3.0% below list)

Questions for the listing agent

1. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1906 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 3.66% ✓
• Cap rate: 31.58%
• Cash-on-cash: 90.33%
• DSCR: 5.02
• GRM: 2.3

CMA / ARV

• ARV (on-the-fly): $100,656
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
485 Adams St	0.41mi	3/1.0 (-1)	1,940 (+4%)	10mo	$40,000	$21	61
9064 E Broad St	0.74mi	4/2.0	2,052 (+10%)	16mo	$110,000	$54	32

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: 91.0%
• Equity multiple: 5.22×
• Total profit: $47,257
• Equity at exit: $5,964

10-year hold

• IRR: 93.9%
• Equity multiple: 10.86×
• Total profit: $110,473
• Equity at exit: $3,458

Cash invested: $11,200 (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 31087

• Home prices YoY: -3.8%
• Active inventory: 116
• Price-to-rent: 2.3×

Monthly cashflow live

• Estimated rent: $1,464 medium
• Mortgage (P&I): −$210
• Tax from tax record: −$87 /mo · $1,048/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$307
• Net cashflow: $843

Break-even live

Break-even rent $397

Max offer price $40,000

Occupancy floor 37%

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-19
   days on market $40,000 Active 32 DOM
2. 2026-06-18
   days on market $40,000 Active 31 DOM
3. 2026-06-17
   days on market $40,000 Active 30 DOM
4. 2026-06-16
   days on market $40,000 Active 29 DOM
5. 2026-06-15
   days on market $40,000 Active 28 DOM
6. 2026-06-14
   days on market $40,000 Active 26 DOM
7. 2026-06-12
   days on market $40,000 Active 25 DOM
8. 2026-06-09
   days on market $40,000 Active 22 DOM
9. 2026-06-08
   days on market $40,000 Active 21 DOM
10. 2026-06-07
    days on market $40,000 Active 20 DOM
11. 2026-06-05
    days on market $40,000 Active 17 DOM
12. 2026-06-03
    days on market $40,000 Active 16 DOM
13. 2026-06-02
    days on market $40,000 Active 15 DOM
14. 2026-06-01
    days on market $40,000 Active 14 DOM
15. 2026-05-31
    days on market $40,000 Active 13 DOM
16. 2026-05-30
    days on market $40,000 Active 12 DOM
17. 2026-05-18
    listed $40,000 Active

ⓘ 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: $1,048 · $87/mo
• Projected year-2 tax: $1,048 · $87/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 6/10 Major 7 d/yr ≥106°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 51% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,571
• − Mortgage interest: −$2,241
• − Property taxes: −$1,048
• − Insurance: −$200
• − Repairs & maintenance: −$1,406
• − Management: −$1,406
• − Depreciation: −$1,164
• Taxable income: $10,108
• Est. tax owed @ 24.0%: −$2,426
• After-tax cash flow: $7,691/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: Hancock County
• NCES district ID: 1302640
• Math proficiency: 3% ▼ -5.00%
• Reading proficiency: 12% ▼ -8.00%
• Median HH income: $26,519
• Composite: 5.27/100
• National rank: #10034
• State rank: #173 of 174 in GA

Livability — Sparta

• Score: 60/100
• State rank: #383
• US rank: #19278

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sparta, GA
• Population (ZIP): 8,679

Population outlook (Hancock County) Hauer SSP2

• Today (2025): 7,443 people
• By 2030: 6,846 · -8.0%
• By 2040: 5,713 · -23.2%
• By 2050: 4,912 · -34.0%
• By 2075: 3,967 · -46.7%
• By 2100: 3,398 · -54.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (72%)
• Race & ethnicity: Black 72% White 26% Two or more races 1%
• Common ancestry: Slovak 1% Iranian 1% Serbian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Hancock

• 2024 margin: Solid D (+35.4) · D 67.5% · R 32.2%
• 2008→2024 swing: -27.7pp toward R · 2008: 63.1pp · 2024: 35.4pp
• All cycles: 2024: D+35.4 2020: D+43.9 2016: D+51.9 2012: D+62.2 2008: D+63.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -8.00%
• Current HPI: 200.3531
• Rent YoY: —
• Metro: —
• 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

• 2026-05-18 Listed $40,000 CGMLS

Property tax history

+3.5%/yr

Latest (2025): $1,048 · -0.3% YoY. Source: county tax records.