Waycross, GA Cap Rate: 6.39% — Rental Property Analysis
Waycross is one of the most affordable markets in the country in the South with a small but investable metro of 50,000. At a 6.39% estimated cap rate, this is a solid market where rents of $1,190/mo lag behind home prices. With a median home price of $165,000 and steady population growth supports long-term rental demand, Waycross stands out as a market worth serious analysis for rental investors.
Market data powered by Zillow Home Value Index (ZHVI) and Zillow Observed Rent Index (ZORI) · Updated Feb 2026
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Strong investment fundamentals
Based on $165,000 median price and $1,190/mo median rent
Est. Cap Rate
6.39%
1% Rule
0.72%
Fails
GRM
11.6x
Price / Income
3.3x
Market Data
Median Home Price$165,000
Median Monthly Rent$1,190
Property Tax Rate0.93%
Population50,000
Population Growth0.9% / yr
Median Household Income$49,350
Vacancy Rate6.2%
Annual Appreciation2.9%
2026 Market Update: Waycross
Waycross's 0.7% rent-to-price ratio is well below the 1% rule. At median prices of $165,000, the $1,190/mo rent produces only $878/mo in NOI. Investors here need to target below-median properties or pursue value-add strategies to make the numbers work.
At current rates, a 20% down conventional loan ($33K at 7%) would result in approximately $0/mo cash flow — negative at median prices. Larger down payments, seller financing, or buying 15–25% below median are strategies to turn the numbers positive.
The 11.6x gross rent multiplier and 6.2% vacancy rate position Waycross as a value-oriented market. With annual appreciation at 2.9%, total returns (cash flow + equity growth) run approximately 9.3% before financing leverage.
Cap Rate Calculator — Waycross
Pre-filled with Waycross medians. Adjust to match a specific property.
Property Details
$
$
3–8% typical
%
Monthly Expenses
0.93% rate
$
$
8–10% of rent
$
8–12% of rent
$
Cap Rate
5.23%Moderate
Net Operating Income ÷ Purchase Price
NOI / Year
$8,631
net operating income
Gross Rent Multiplier
11.6x
Good (<15)
1% Rule
0.72%
✗ Fails
Monthly Cash Flow
$719
before debt service
Annual Breakdown
Gross Rental Income$14,280
Less Vacancy−$885
Effective Income$13,395
Less Operating Expenses−$4,764
Net Operating Income$8,631
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Factor in financing to see your actual return on invested capital in Waycross.
$
$41,250
%
%
years
$
taxes + ins + maint + mgmt
$
$
Cash-on-Cash Return
-3.03%Weak
Annual Cash Flow ÷ Total Cash Invested
Total Cash Invested
$46,200
$41,250 down + $4,950 closing
Monthly Mortgage
$807
on $124K loan
Monthly Cash Flow
$-117
after all expenses
Annual Cash Flow
$-1,401
before taxes
Cash Flow Breakdown
Monthly Rent$1,190
Less Expenses−$500
Less Mortgage−$807
Monthly Cash Flow$-117
Is Waycross a Good Place to Invest in Rental Property?
Waycross, GA has a population of 50,000 and has been growing at 0.9% annually — roughly in line with national trends, meaning demand is stable but not exceptional. The median home price of $165,000 paired with median rents of $1,190/mo produces an estimated cap rate of 6.39%.
Property taxes at 0.93% fall within the national average range and shouldn't present unusual challenges. The vacancy rate of 6.2% is moderate and within normal parameters for a healthy rental market.
At a price-to-income ratio of 3.3x, homes cost about 3.3 times the local median income of $49,350. This relatively affordable ratio suggests a deep pool of renters who find buying out of reach, supporting rental demand. Home values have appreciated at roughly 2.9% annually. Steady appreciation means total returns will be primarily cash flow-driven — the more sustainable model for long-term wealth building.
Bottom line: Waycross offers attractive fundamentals for rental investors. low taxes, and cap rates above 6% put it in the upper tier of investable markets.
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