Long County

Long County, Georgia posts a gross rent-to-price ratio of 0.80% monthly (7.98% annualized), which is solid enough to generate real cap rate territory, and the modeled cap rate bears that out at 5.19%. That number puts Long squarely in the middle of the cash-flow versus appreciation spectrum, leaning modestly toward cash-flow relative to most coastal Georgia markets, but not delivering the raw yield you'd need to absorb a conventional mortgage without friction. The median home price of $285,363 against median rent of $1,899 produces a price-to-rent ratio of roughly 150, which is reasonable by national standards. Home price appreciation is running at 2.25% year-over-year, modest but positive, and the affordability index of 69 suggests the market is accessible without being distressed. The honest tension here is between that 5.19% cap rate and the cash-on-cash reality: at a 6.85% financing rate with 20% down, the model produces negative $261 per month in cash flow and a cash-on-cash return of -4.77%. The cap rate tells you the asset-level economics are workable; the COC tells you that conventional leverage at current rates turns this into a carry trade, not a cash-flow play.

That distinction matters when deciding who this market suits. An all-cash or low-leverage buyer can capture the 5.19% cap rate directly, which is a reasonable unlevered return for a small-county Georgia asset. A value-add operator who can push rents above the $1,899 median, or acquire below the $285,363 median price, has a path to positive leverage. A pure appreciation buyer has less of a case here: 2.25% price growth is real but not the kind of number that justifies absorbing negative carry unless there is a specific basis-in thesis. The overall score of 68 (77th national percentile, 17th in Georgia out of 159 counties) reflects a market with genuine upside on yield but structural limits on how far leverage can stretch at current rates. The cash-flow score of 80 confirms that the underlying rent economics are above average; the problem is the financing environment, not the asset class.

Long County's stability score of 50 is the single number that warrants the most scrutiny. No economic anchor data was provided, so the specific employer base cannot be assessed here, but a population of 16,804 in a rural southeast Georgia county implies a thin labor market with limited demand diversification. Small-county markets can carry single-employer or single-sector concentration risk that doesn't show up in rent ratios until it does, and a stability score at the midpoint of the scale is a flag worth taking seriously before committing capital.

On carry costs, the tax and insurance picture is not a material headwind. Georgia's state-average effective property tax rate is 0.92%, flagged as normal, and combined with an insurance rate of 0.36%, the monthly tax-and-insurance load is $304. That is a manageable line item on a $285,000 asset and is already embedded in the $664 estimated monthly expense figure. The caveat is that the 0.92% is a state-average estimate from Tax Foundation 2024 data, and actual Long County or township rates may differ, so verify the mill rate directly before finalizing your underwrite. The fact that this rate is not flagged as high is a mild tailwind relative to other southeastern rural markets where insurance costs in particular have been climbing.

The neighbor comparison is instructive. Tattnall County (overall score 71) and Toombs County (overall score 72) both score slightly higher than Long on the composite while offering median prices of $188,123 and $169,068 respectively. If your goal is positive cash-on-cash at current financing rates, the math almost certainly works better in either of those two counties: lower acquisition cost compresses the mortgage payment, and even if rents are lower, the rent-to-price ratio likely improves. Lee County sits at a $266,123 median with a 0.77% monthly rent-to-price ratio, slightly below Long's 0.80%, and scores 66 overall, making it a weaker choice on both yield and composite metrics. Chattahoochee County at $138,388 is the cheapest in the peer group but scores 64, suggesting the yield math does not overcome whatever liquidity or demand constraints drive that lower score. Cook County at $157,160 also scores 68 but without rent data provided, a direct yield comparison cannot be made.

Choose Long County over its neighbors when you are acquiring off-market or below the median price, when you have a specific demand driver in mind (proximity to Fort Stewart roughly 40 miles north creates some military-adjacent rental demand worth investigating), or when you are operating with limited or no leverage and the 5.19% cap rate is sufficient for your return target. Pass on it, or underweight it relative to Tattnall or Toombs, if positive cash-on-cash with conventional financing is your primary screen, or if you need a deep liquidity pool for exit.