4205 17th Ave

Columbus, GA 31904

$145,900C

3 bd · 2.0 ba · 1,915 sqft · Built 1950 · SingleFamily · Pending · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,500/mo
• Mortgage (P&I): −$765
• Tax + insurance: −$246
• HOA: −$0
• Vac / Maint / Mgmt: −$315
• Net cashflow: $173/mo
• Annual: $2,081/yr
• Cap rate: 7.72%
• Cash-on-cash: 5.09%
• DSCR: 1.23
• 1% rule: 1.03%
• Cash to close: $40,852

Investor read

• This is a 3-bed/2.0-bath single-family listed at $146k.
• At list price, monthly cash flow is $173 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $146k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#254 in GA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety B; Watch: amenities D+, crime F, commute F.
• Muscogee County (urban): math 21% / reading 30% proficiency, ranked #120 of 174 in GA (top 69%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Johnson Elementary School (math 22% / reading 22%, grade F, #810 of 1,228 statewide, top 69%, 325 students, 97% FRL); Richards Middle School (math 45% / reading 59%, grade C+, #60 of 470 statewide, top 13%, 819 students, 97% FRL); Jordan Vocational High School (math 12% / reading 12%, grade F, #342 of 424 statewide, top 81%, 869 students, 96% FRL) — zoned schools average 97% FRL vs 61% district-wide (36 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+3.0%/yr); 337 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 291 units permitted in Muscogee County in 2024 (30 in 5+ unit buildings).
• Muscogee County population projected at +15% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Climate carrying-cost: major wind risk, 76% 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.
• Cap rate 7.7% vs local median 4.6% in Columbus — 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

• Built in 1950 — 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.
• 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.
• 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.