204 Angie Way

Winder, GA 30620

$309,000D

3 bd · 2.5 ba · 2,166 sqft · Built 1998 · SingleFamily · Pending · 23 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,283/mo
• Mortgage (P&I): −$1,620
• Tax + insurance: −$359
• HOA: −$29
• Vac / Maint / Mgmt: −$479
• Net cashflow: $-205/mo
• Annual: $-2,454/yr
• Cap rate: 5.50%
• Cash-on-cash: -2.84%
• DSCR: 0.87
• 1% rule: 0.74%
• Cash to close: $86,520

Investor read

• This is a 3-bed/2.5-bath single-family listed at $309k.
• At list price, monthly cash flow is $-205 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $273k (11.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $228k (26.1% below list).
• It's been on market 23 days — a 2% lower offer ($304k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $228k (26.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#47 in GA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, amenities F, commute F.
• Barrow County (rural): math 29% / reading 34% proficiency, ranked #77 of 174 in GA (top 44%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Yargo Elementary School (math 34% / reading 34%, grade F, #554 of 1,228 statewide, top 46%, 896 students, 55% FRL); Haymon-Morris Middle School (math 30% / reading 34%, grade F, #229 of 470 statewide, top 49%, 809 students, 54% FRL); Apalachee High School (math 13% / reading 35%, grade F, #203 of 424 statewide, top 48%, 1,894 students, 49% FRL) — zoned schools at 53% FRL track the district average.
• Market conditions: Rents rising fast (+5.7%/yr); 218 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,427 units permitted in Barrow County in 2024 (311 in 5+ unit buildings).
• Barrow County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts 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.
• Current owner paid $145k; list at $309k implies a 113% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.5% vs local median 4.1% in Winder — 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.
• This rent runs 33% of the median local income ($84k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.
• 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.