709 Fleming Rd

Cordele, GA 31015

$120,000D+

2 bd · 1.0 ba · 1,092 sqft · Built 1948 · SingleFamily · Active · 124 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,169/mo
• Mortgage (P&I): −$629
• Tax + insurance: −$129
• HOA: −$0
• Vac / Maint / Mgmt: −$246
• Net cashflow: $165/mo
• Annual: $1,981/yr
• Cap rate: 7.94%
• Cash-on-cash: 5.89%
• DSCR: 1.26
• 1% rule: 0.97%
• Cash to close: $33,600

Investor read

• This is a 2-bed/1.0-bath single-family listed at $120k.
• At list price, monthly cash flow is $165 ($2k/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).
• It's been on market 124 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $106k (12.0% below list) — sets the bar for market timing.
• 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.
• Location reads 53/100 on livability (#556 in GA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: crime F, amenities F, commute F.
• Crisp County (rural): math 20% / reading 21% proficiency, ranked #143 of 174 in GA (top 82%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Crisp County Primary School (math 10% / reading 14%, grade F, #1,041 of 1,228 statewide, top 87%, 996 students, 99% FRL); Crisp County Middle School (math 25% / reading 28%, grade F, #282 of 470 statewide, top 61%, 796 students, 99% FRL); Crisp County High School (math 16% / reading 17%, grade F, #284 of 424 statewide, top 67%, 1,093 students, 99% FRL) — zoned schools average 99% FRL vs 73% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 173 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 21 units permitted in Crisp County in 2024 (0 in 5+ unit buildings).
• Crisp County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 3y ago; this cycle's ask is 92208% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.9% vs local median 4.1% in Cordele — 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 124 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1948 — 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?
• 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?
• 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.