Wayne County

Wayne County sits at a median home price of $212,715 and a median rent of $1,225, producing a gross rent-to-price ratio of 0.69% monthly, or roughly 8.3% annualized. That lands the county in the lower half of what most cash-flow investors consider workable territory. The model cap rate comes in at 4.49%, which is thin but not disqualifying in a market where appreciation is doing real work: home prices grew 6.63% year-over-year, the county scores 91 out of 100 on appreciation and ranks 88th nationally out of 1,000 counties tracked, landing in the 89th percentile. The cash-flow picture is harder to defend at current financing costs. At a 6.85% rate on an 80% LTV loan, the model produces a monthly mortgage of $1,115, estimated expenses of $429, and a net cash flow of negative $319 per month, translating to a cash-on-cash return of -7.82%. This is not a market where leverage pays you right now; it is a market where you are buying appreciation and accepting carry costs to get it.

The profile here suits an appreciation-oriented investor or a hybrid buyer who can bring more equity to the table to close the cash-flow gap. The affordability index of 84 and median price under $215,000 mean entry barriers are low relative to most appreciation markets, and that combination, appreciating prices in an affordable range, points toward continued demand from owner-occupant buyers bidding prices higher. A cash-flow-first investor needs to either put significantly more than 20% down, target properties that rent above the county median, or find off-market deals at a meaningful discount to the $212,715 median. A value-add operator hunting distressed inventory at, say, $160,000 to $170,000 with rents at or above the $1,225 median could flip the cash-flow math into positive territory and still participate in the appreciation trend. The stability score of 50 is the number to watch: it signals meaningful volatility risk, so investors relying on steady occupancy and predictable rent growth to underwrite their carry should price that uncertainty in.

No economic anchor data was provided for Wayne County, so conclusions about employer concentration, job quality, or institutional demand drivers are outside the scope of what the available data supports.

On carry costs, the combined monthly tax and insurance figure is $227, using a state-average effective property tax rate of 0.92% and an insurance rate of 0.36%. That $227 is already embedded in the $429 monthly expense estimate and the negative cash-flow result. The 0.92% property tax rate is flagged as normal, so it is not a structural headwind the way it would be in high-tax states. Worth noting: this rate is a state-average estimate from Tax Foundation 2024 data, and your actual county or township rate in Wayne may differ, so pull the current millage rate from the Wayne County tax assessor before finalizing your underwrite.

The stability score of 50 is the clearest risk flag in the data. For a county of 30,277 people, demand for rentals is concentrated in a narrow base, and any softening in local employment or population trends would show up quickly in vacancy and rent pressure. The county is small enough that a single large employer adding or cutting shifts could move the rental market meaningfully. Without vacancy or economic concentration data provided, this cannot be quantified further, but investors should treat the low stability score as a signal to stress-test their underwrite at higher vacancy assumptions than they might use in a larger metro.

Among the neighboring counties, Wayne compares favorably on appreciation (scoring 91 versus neighbors ranging from 68 to 77 overall) but unfavorably on the cash-flow metrics that flow from the rent-to-price ratio. Lanier County is the most interesting contrast: nearly identical median home prices ($210,779 versus $212,715) but a gross rent-to-price ratio of 0.98% monthly versus Wayne's 0.69%. At similar purchase prices, Lanier's $1,722.50 median rent produces substantially better income coverage and likely a positive or near-breakeven cash-on-cash at current rates. Toombs, Tattnall, and Cook counties all offer lower entry prices ($157,000 to $188,000), which can improve cash-flow math but come with lower overall scores (68 to 72) and no indication of comparable appreciation velocity. Decatur County at an overall score of 77 edges Wayne on the composite but sits at a similar price range without the appreciation score Wayne carries. Choose Wayne over its neighbors when your primary thesis is price growth in an affordable market and you can absorb the monthly carry deficit or structure the deal to reduce it. Choose Lanier if income coverage and current yield are the priority and you are indifferent between the two on entry price.