5534 Russell Ave

Eastman, GA 31023

$78,400A-

3 bd · 2.0 ba · 1,287 sqft · Built 1970 · SingleFamily · Price Change · 113 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,595/mo
• Mortgage (P&I): −$411
• Tax + insurance: −$171
• HOA: −$0
• Vac / Maint / Mgmt: −$335
• Net cashflow: $679/mo
• Annual: $8,144/yr
• Cap rate: 16.68%
• Cash-on-cash: 37.10%
• DSCR: 2.65
• 1% rule: 2.04%
• Cash to close: $21,952

Investor read

• This is a 3-bed/2.0-bath single-family listed at $78k.
• At list price, monthly cash flow is $679 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $78k).
• It's been on market 113 days — a 9% lower offer ($71k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $71k (9.0% below list) — sets the bar for market timing.
• In year one you build about $7k of equity ($542 loan paydown + $7k appreciation (8.8% local appreciation)).
• Location reads 61/100 on livability (#333 in GA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools F, crime F, amenities F.
• Dodge County (rural): math 18% / reading 26% proficiency, ranked #139 of 174 in GA (top 80%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 73 active listings in the ZIP; 13 units permitted in Dodge County in 2024 (0 in 5+ unit buildings).
• Dodge County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 5y ago; this cycle's ask has dropped $57k (42%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (8.8% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 16.7% vs local median 6.3% in Eastman — 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

• It's been on market 113 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.