2403 E 37th St · Savannah, GA 31404

$249,999

3 bd · 1.0 ba · 1,159 sqft · SingleFamily public records · 74 Days on market

Built 1952 6,299 sqft lot $216/sqft · 16% below area Est $299k · 16% under

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Why this score? — see what drove the D 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).

• ARV discount +14.9/15.0
• Cash flow +9.0/30.0
• Livability +4.3/5.0
• Rent growth +3.4/5.0
• 1% rule +2.6/10.0
• DSCR +2.5/10.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great Opportunity or Ideal Starter Home! This 3-bedroom, 1-bath home offers charm, functionality, and valuable updates already completed. Featuring beautiful hardwood flooring, stainless steel appliances, all newly installed windows, and an HVAC system approximately 2 years old, this home provides a solid foundation for its next owner. Enjoy a bright sunroom filled with natural light, creating the perfect additional living space, office, or sitting area. Ideal for buyers looking to make a home their own over time or investors seeking their next opportunity, this property offers great potential in a convenient Savannah location. Just minutes from Tybee Island, downtown Savannah, shopping, dining, and entertainment options, you'll love the accessibility and lifestyle this home provides. Property is being sold as-is. Don’t miss your chance to make it your own!

Key facts

• Hardwood flooring
• Hvac system
• Bright sunroom

Tags

• HARDWOOD FLOORING
• STAINLESS STEEL APPLIANCES
• NEWLY INSTALLED WINDOWS
• HVAC SYSTEM
• BRIGHT SUNROOM
• MINUTES FROM TYBEE ISLAND

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $250k.

Deal economics

• At list price, monthly cash flow is $-198 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $215k (14.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $191k (23.7% below list).
• Recommended offer: $191k (23.7% below list) — sets the bar for 1% rule.
• Cap rate 5.3% vs local median 4.0% in Savannah — 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.

Location & tenants

• Location reads 86/100 on livability (#1 in GA, #397 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+; Watch: employment D, schools F.
• Savannah-Chatham County (urban): math 20% / reading 26% proficiency, ranked #134 of 174 in GA (top 77%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising (+3.6%/yr); 228 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 58% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,694 units permitted in Chatham County in 2024 (973 in 5+ unit buildings).
• This rent runs 43% of the median local income ($53k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Chatham County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 74 days — a 6% lower offer ($235k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 7y ago; this cycle's ask has dropped $21k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $130k; list at $250k implies a 93% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% 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.

Recommended offer $190,761 (23.7% below list)

Questions for the listing agent

1. 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?
2. It's been on market 74 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
3. Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.76% ✗
• Cap rate: 5.34%
• Cash-on-cash: -3.39%
• DSCR: 0.85
• GRM: 10.9

CMA / ARV

• ARV (median comp): $299,373
• List price: $249,999
• Delta: -16.49%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2305 E 40th St	0.21mi	2/1.0 (-1)	1,075 (-7%)	2mo	$249,900	$232	72
2320 Alabama Ave	0.42mi	3/2.0	1,184 (+2%)	4mo	$272,500	$230	70
2113 Texas Ave	0.47mi	3/1.5	1,206 (+4%)	5mo	$306,000	$254	66
2238 Alaska St	0.68mi	2/1.0 (-1)	1,185 (+2%)	1mo	$145,000	$122	59
2201 Alaska St	0.68mi	3/1.5	1,200 (+4%)	2mo	$142,000	$118	58
2214 Shell Rd	0.67mi	3/2.0	1,097 (-5%)	6mo	$110,000	$100	50
2148 Tennessee Ave	0.40mi	4/2.0 (+1)	1,307 (+13%)	1mo	$299,400	$229	50
2120 Vermont Ave	0.37mi	4/2.0 (+1)	1,324 (+14%)	3mo	$315,000	$238	47
2125 Florida Ave	0.56mi	2/1.0 (-1)	1,044 (-10%)	6mo	$265,000	$254	47
2508 Mississippi Ave	0.62mi	3/2.0	1,040 (-10%)	6mo	$269,000	$259	45
616 Virginia Ave	0.67mi	3/1.5	1,331 (+15%)	1mo	$365,000	$274	41
2110 Louisiana Ave	0.62mi	4/2.0 (+1)	1,316 (+14%)	3mo	$319,900	$243	37

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 · 3.62% rent growth · sell at horizon

5-year hold

• IRR: -21.3%
• Equity multiple: 0.26×
• Total profit: $-51,909
• Equity at exit: $37,276

10-year hold

• IRR: -13.5%
• Equity multiple: 0.19×
• Total profit: $-56,403
• Equity at exit: $21,615

Cash invested: $70,000 (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 31404

• Rents YoY: 3.6%
• Active inventory: 228
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $1,908 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$290 /mo · $3,478/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$401
• Net cashflow: $-198

Break-even live

Break-even rent $2,158

Max offer price $215,022

Occupancy floor —

Sensitivity live

Price	-10% $-56	-5% $-127	+0% $-198	+5% $-269	+10% $-340
Rent	-10% $-349	-5% $-273	+0% $-198	+5% $-123	+10% $-47
Rate	-1.0pp $-72	-0.5pp $-134	base $-198	+0.5pp $-263	+1.0pp $-329

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2328 E 41st St Savannah, GA	2.0	1.0	1072	$1,700	$1.59	45d	1	0.18mi
37 Altman Cir Savannah, GA	2.0	2.0	879	$1,750	$1.99	45d	1	0.27mi
2201 E 37th St Savannah, GA	3.0	1.5	1424	$1,800	$1.26	25d	1	0.28mi
2149 Vermont Ave Savannah, GA	3.0	2.0	1213	$1,955	$1.61	45d	1	0.29mi
375 Laurel Oak Ln Thunderbolt, GA	3.0	2.5	1200	$1,800	$1.50	45d	1	0.31mi
2220 E Victory Dr #24 Savannah, GA	2.0	1.5	1102	$1,700	$1.54	25d	1	0.32mi
2323 Downing Ave Savannah, GA	2.0–3.0	1.5–2.0	1014	$1,899	$1.87	15d	14	0.38mi
2033 E 41st St Savannah, GA	4.0	2.0	1448	$2,800	$1.93	45d	1	0.49mi
2010 Vermont Ave Savannah, GA	2.0	1.0	892	$1,690	$1.89	45d	1	0.51mi
2141 New York Ave Unit A Savannah, GA	2.0	1.0	765	$1,750	$2.29	45d	1	0.51mi
2503 Mississippi Ave Savannah, GA	3.0	1.5	1373	$1,800	$1.31	45d	1	0.60mi
2201 Mississippi Ave Savannah, GA	2.0	1.0	1005	$1,595	$1.59	45d	1	0.61mi
1110 New Jersey Ave Savannah, GA	2.0	1.0	714	$1,500	$2.10	45d	1	0.63mi
2112 Clars Ave Unit A Savannah, GA	2.0	1.0	1500	$1,700	$1.13	45d	1	0.66mi
2611 Dogwood Ave Savannah, GA	2.0	1.0	822	$1,700	$2.07	25d	1	0.75mi
2137 Bolling St Savannah, GA	3.0	1.0	1204	$1,575	$1.31	25d	1	0.76mi
2612 Dogwood Ave Savannah, GA	1.0–3.0	1.0–2.0	1020	$1,775	$1.74	15d	11	0.77mi
2002 E 51st St Unit Labs Savannah, GA	3.0	1.0	1044	$1,680	$1.61	45d	1	0.92mi
1810 E 32nd St Savannah, GA	3.0	1.5	1218	$3,000	$2.46	25d	1	0.93mi
114 Oleander Ave Unit Na Savannah, GA	3.0	1.0	1128	$2,100	$1.86	45d	1	0.98mi
3608 Duane Ct Savannah, GA	2.0	1.0	975	$1,095	$1.12	25d	1	1.01mi
3608 Duane Ct Unit C Savannah, GA	2.0	1.0	975	$1,095	$1.12	45d	1	1.01mi
1704 E 31st St Savannah, GA	3.0	2.0	1137	$2,350	$2.07	45d	1	1.03mi
1800 E 38th St Savannah, GA	2.0	1.0	846	$1,338	$1.58	45d	1	1.04mi
2840 Wicklow St Savannah, GA	1.0–3.0	1.0–2.0	1071	$2,869	$2.68	15d	50	1.04mi
3601 Eastgate Dr Savannah, GA	3.0	2.0	1400	$2,500	$1.79	45d	1	1.06mi
2102 Auburn St Savannah, GA	3.0	1.0	828	$1,795	$2.17	45d	1	1.07mi
3650 Duane Ct Apt A Savannah, GA	2.0	1.0	850	$1,150	$1.35	25d	1	1.12mi
1513 E 37th St Savannah, GA	3.0	1.0	1268	$1,775	$1.40	45d	1	1.18mi
1655 McKinnon Dr Savannah, GA	4.0	2.0	1292	$1,795	$1.39	25d	1	1.21mi
24 N Parkwood Dr Savannah, GA	3.0	2.0	1277	$2,200	$1.72	15d	1	1.21mi
1612 Skidaway Rd Savannah, GA	2.0	1.0	1453	$1,800	$1.24	45d	1	1.23mi
1436 E 42nd St Savannah, GA	3.0	2.0	1447	$2,290	$1.58	15d	1	1.23mi
3715 Skidaway Rd Savannah, GA	3.0	2.0	1154	$1,895	$1.64	25d	1	1.26mi
2110 E 56th St Savannah, GA	3.0	2.0	1140	$2,200	$1.93	45d	1	1.27mi
3222 Bee Rd Savannah, GA	2.0	1.0	900	$1,195	$1.33	15d	1	1.28mi
1502 E 31st St Savannah, GA	3.0	2.0	1212	$1,700	$1.40	15d	1	1.28mi
2800 Capital St Savannah, GA	1.0–3.0	1.0	980	$1,650	$1.68	45d	1	1.31mi
1518 E Park Ave Savannah, GA	2.0–3.0	1.0–2.5	1261	$1,703	$1.35	15d	6	1.33mi
1401 E 33rd St Savannah, GA	3.0	1.0	960	$1,650	$1.72	45d	1	1.33mi

Listing history 27 events

1. 2026-06-21
   days on market $249,999 Active 74 DOM
2. 2026-06-18
   days on market $249,999 Active 71 DOM
3. 2026-06-17
   days on market $249,999 Active 70 DOM
4. 2026-06-16
   days on market $249,999 Active 69 DOM
5. 2026-06-15
   days on market $249,999 Active 68 DOM
6. 2026-06-14
   days on market $249,999 Active 66 DOM
7. 2026-06-13
   days on market $249,999 Active 65 DOM
8. 2026-06-10
   days on market $249,999 Active 63 DOM
9. 2026-06-09
   days on market $249,999 Active 62 DOM
10. 2026-06-08
    days on market $249,999 Active 61 DOM
11. 2026-06-07
    days on market $249,999 Active 60 DOM
12. 2026-06-05
    days on market $249,999 Active 57 DOM
13. 2026-06-03
    days on market $249,999 Active 56 DOM
14. 2026-06-02
    days on market $249,999 Active 55 DOM
15. 2026-06-01
    days on market $249,999 Active 54 DOM
16. 2026-05-31
    days on market $249,999 Active 53 DOM
17. 2026-05-30
    days on market $249,999 Active 52 DOM
18. 2026-05-07
    price $264,900 876-char remark

    Show marketing remark (847 chars)

    Great Investment Opportunity or Ideal Starter Home! This 3-bedroom, 1-bath home is full of potential and ready for its next chapter. Featuring beautiful hardwood flooring, stainless steel appliances, all newly installed windows, and an HVAC system approximately 2 years old, this property offers a solid foundation for its next owner. Enjoy a bright sunroom that brings in natural light and creates a cozy additional living space. Ideal for investors looking to expand their portfolio or first-time buyers ready to add their personal touch, this home just needs a little TLC to truly shine. Conveniently located just minutes from Tybee Island, downtown Savannah, and a variety of entertainment options, you'll love the accessibility and lifestyle this location offers. Property is being sold as-is. Don't miss this opportunity to make it your own!

19. 2026-05-07
    price $264,900 847-char remark

    Show marketing remark (847 chars)

    Great Investment Opportunity or Ideal Starter Home! This 3-bedroom, 1-bath home is full of potential and ready for its next chapter. Featuring beautiful hardwood flooring, stainless steel appliances, all newly installed windows, and an HVAC system approximately 2 years old, this property offers a solid foundation for its next owner. Enjoy a bright sunroom that brings in natural light and creates a cozy additional living space. Ideal for investors looking to expand their portfolio or first-time buyers ready to add their personal touch, this home just needs a little TLC to truly shine. Conveniently located just minutes from Tybee Island, downtown Savannah, and a variety of entertainment options, you'll love the accessibility and lifestyle this location offers. Property is being sold as-is. Don't miss this opportunity to make it your own!

20. 2026-04-08
    listed $271,000 Active 876-char remark

    Show marketing remark (847 chars)

    Great Investment Opportunity or Ideal Starter Home! This 3-bedroom, 1-bath home is full of potential and ready for its next chapter. Featuring beautiful hardwood flooring, stainless steel appliances, all newly installed windows, and an HVAC system approximately 2 years old, this property offers a solid foundation for its next owner. Enjoy a bright sunroom that brings in natural light and creates a cozy additional living space. Ideal for investors looking to expand their portfolio or first-time buyers ready to add their personal touch, this home just needs a little TLC to truly shine. Conveniently located just minutes from Tybee Island, downtown Savannah, and a variety of entertainment options, you'll love the accessibility and lifestyle this location offers. Property is being sold as-is. Don't miss this opportunity to make it your own!

21. 2026-04-08
    listed $271,000 New 847-char remark

    Show marketing remark (847 chars)

    Great Investment Opportunity or Ideal Starter Home! This 3-bedroom, 1-bath home is full of potential and ready for its next chapter. Featuring beautiful hardwood flooring, stainless steel appliances, all newly installed windows, and an HVAC system approximately 2 years old, this property offers a solid foundation for its next owner. Enjoy a bright sunroom that brings in natural light and creates a cozy additional living space. Ideal for investors looking to expand their portfolio or first-time buyers ready to add their personal touch, this home just needs a little TLC to truly shine. Conveniently located just minutes from Tybee Island, downtown Savannah, and a variety of entertainment options, you'll love the accessibility and lifestyle this location offers. Property is being sold as-is. Don't miss this opportunity to make it your own!

22. 2019-02-22
    soldstatus $129,500
23. 2019-02-18
    soldstatus $129,500
24. 2019-02-18
    soldstatus $129,500
25. 2019-01-05
    listed $129,500
26. 2019-01-05
    listed $129,500
27. 1999-02-22
    soldstatus $65,500

ⓘ 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: $3,478 · $290/mo
• Projected year-2 tax: $3,478 · $290/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 2/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 18 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,891
• − Mortgage interest: −$14,004
• − Property taxes: −$3,478
• − Insurance: −$1,250
• − Repairs & maintenance: −$1,831
• − Management: −$1,831
• − Depreciation: −$7,273
• Taxable loss: −$6,776
• Est. tax savings @ 24.0%: +$1,626
• After-tax cash flow: $-750/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: Savannah-Chatham County
• NCES district ID: 1301020
• Math proficiency: 20% ▼ -11.00%
• Reading proficiency: 26% ▼ -5.00%
• Median HH income: $47,443
• Composite: 20.14/100
• National rank: #8639
• State rank: #134 of 174 in GA

Livability — Savannah

• Score: 86/100
• State rank: #1
• US rank: #397

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Savannah, GA
• County: Chatham County · 271,602 people
• City population: 216,564
• Metro: Savannah, GA
• Population (ZIP): 30,062
• Household income: $53,303
• Rent vs Own: 49.8% rent · 50.2% own
• Severe rent burden: 1649.0

Population outlook (Chatham County) Hauer SSP2

• Today (2025): 332,584 people
• By 2030: 355,508 · +6.9%
• By 2040: 400,030 · +20.3%
• By 2050: 443,019 · +33.2%
• By 2075: 534,579 · +60.7%
• By 2100: 583,863 · +75.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority Black (60%)
• Race & ethnicity: Black 60% White 33% Two or more races 4% Hispanic / Latino 3% Asian 1%
• Common ancestry: Romanian 2% Lithuanian 1% Slovak 1%
• Foreign-born: 4% · Canada, Vietnam
• Languages at home: 93% English-only · Spanish 3% Other Asian/Pacific 1% French/Haitian/Cajun 1%

Political lean MEDSL · Chatham

• 2024 margin: D (+18.0) · D 58.6% · R 40.6%
• 2008→2024 swing: +3.6pp toward D · 2008: 14.4pp · 2024: 18.0pp
• All cycles: 2024: D+18.0 2020: D+18.8 2016: D+14.5 2012: D+12.0 2008: D+14.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -187.86%
• Current HPI: 310.0764
• Rent YoY: ▲ 3.62%
• Metro: Savannah, GA
• 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

+304.4% since first listed

10 events — show timeline

• 2026-05-07 Price Changed $264,900 Hive MLS
• 2026-05-07 Price Changed $264,900 GAMLS
• 2026-04-08 Listed $271,000 Hive MLS
• 2026-04-08 Listed $271,000 GAMLS
• 2019-02-22 Sold (Public Records) $129,500 Public Records
• 2019-02-18 Sold (MLS) $129,500 Hive MLS
• 2019-02-18 Sold (MLS) $129,500 GAMLS
• 2019-01-05 Listed $129,500 Hive MLS
• 2019-01-05 Listed $129,500 GAMLS
• 1999-02-22 Sold (Public Records) $65,500 Public Records

Property tax history

+15.1%/yr

Latest (2025): $3,478 · +11.3% YoY. Source: county tax records.