4426 Saunders Dr

Columbus, GA 31909

$2,700,000B-

None bd · None ba · 25,000 sqft · Built — · MultiFamily · Active · 29 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $45,578/mo
• Mortgage (P&I): −$14,159
• Tax + insurance: −$4,500
• HOA: −$0
• Vac / Maint / Mgmt: −$9,571
• Net cashflow: $17,348/mo
• Annual: $208,170/yr
• Cap rate: 14.00%
• Cash-on-cash: 27.54%
• DSCR: 2.23
• 1% rule: 1.69%
• Cash to close: $756,000

Investor read

• This is a multifamily listed at $2.70M. Condition is rated fair.
• At list price, monthly cash flow is $17k ($208k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($46k rent vs $2.70M).
• It's been on market 29 days — a 2% lower offer ($2.66M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $2.66M (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $19k of loan paydown is wiped out by about $81k 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+, schools F, crime 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.
• Market conditions: Rents rising (+2.8%/yr); 148 active listings in the ZIP; 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.
• At projected returns (-3.0% appreciation + 2.8% rent growth), your $756k cash investment doubles in ~5 years — after that, you're playing with house money.
• Cap rate 14.0% vs local median 4.7% 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.
• At $45,578/mo this rent would consume 791% of the median local household income ($69k/yr) (locally 1819% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Repairs flagged (vision-AI assessment)

• Major: roof — Significant damage and visible leaks
• Major: exterior siding — Significant wear and tear
• Minor: exterior landscaping — Some overgrown areas