Augusta's small multifamily stock is a mix of old and new: converted homes and brick duplexes near downtown and the medical district, and 1970s and 1980s fourplexes along the corridors in west and south Augusta. Prices are modest, which means rents can carry the payment at normal leverage.
In short: LendingStreet finances Augusta duplexes, triplexes and fourplexes with DSCR loans that qualify on the combined rent of all units, with no W-2s or tax returns and LLC borrowers allowed. Loans start at $150,000 with no stated maximum, purchases go up to 80% LTV, cash-out up to 75% and the standard minimum DSCR is 1.0x. Because many Augusta 2-4 unit buildings are older, condition, insurance and unit-by-unit rents decide the file more than price does.
Near downtown, you will find converted homes and small brick buildings in Olde Town, Harrisburg, Summerville and the blocks around the medical district. Many were built before 1950. In west Augusta and along corridors such as Wrightsboro Road, Walton Way and Washington Road, you will find clusters of 1970s and 1980s fourplexes and duplexes, often built in groups by the same developer.
In Columbia County, newer duplexes and townhome-style buildings appear in Martinez and Evans, though HOA rules in some communities limit rentals. Grovetown has newer duplexes serving Fort Gordon households.
Medical residents, nurses and hospital staff rent near Augusta University and Wellstar MCG and Piedmont Augusta. Service members and civilian employees at Fort Gordon rent in Grovetown and west Augusta. Students at Augusta University and Paine College, and workers commuting to plants along the river, round out demand.
Two-bedroom units with in-unit laundry and off-street parking lease fastest. Older units with window air conditioning rent for less. Get rent estimates for each unit, since lenders often use the lower of the lease and market rent.
Turnover can be higher than in single-family rentals, especially with military and medical tenants on fixed assignments. That is not a problem for the DSCR ratio, which uses market rent, but it matters for your own cash flow planning. Budget for a few weeks of vacancy and make-ready work per unit each year.
Augusta-Richmond County zoning sets where two-family and multi-family uses are allowed. Many older buildings near downtown predate current zoning, so confirm that the number of units is legal. An appraiser who finds an unpermitted unit may value the building with fewer units.
Olde Town, Summerville, Harrisburg-West End and other historic districts require review for exterior changes such as windows, porches and siding. That does not stop a purchase, but it can affect renovation budgets and timelines.
Parts of Augusta near the Savannah River, Rae's Creek and Butler Creek sit in mapped flood zones. A building in a flood zone needs flood insurance, which is part of the monthly payment in the DSCR ratio. Check the FEMA flood map and get a flood quote before your due diligence period ends.
This example is illustrative and not a quote. An investor buys a 1980s fourplex in west Augusta for $420,000. Each two-bedroom unit rents for $900, for $3,600 a month in total. Taxes are $380 a month and insurance is $260.
At 75% LTV the loan is $315,000. Estimated principal and interest on a 30-year term is about $2,149, so the total payment is about $2,789. DSCR is about 1.29x. At 80% LTV the ratio would be tighter but may still work, depending on the program.
| Item | West Augusta fourplex |
|---|---|
| Purchase price | $420,000 |
| Loan at 75% LTV | $315,000 |
| Estimated principal and interest | $2,149 |
| Taxes | $380 |
| Insurance | $260 |
| Total monthly payment | $2,789 |
| Combined rent (4 units) | $3,600 |
| DSCR | 1.29x |
Richmond County and Columbia County each set their own millage. Investors do not receive the homestead exemption, and a sale can lead to a reassessment. Use the full rate on your purchase price when you run numbers.
Georgia closings are handled by attorneys. Expect the intangible recording tax on the new long-term note, based on the loan amount, and a transfer tax on the deed. Ask your attorney for figures early.
A 1920s converted house and a 1980s fourplex have different problems, but both deserve a careful look.
Many Augusta buyers purchase a tired duplex or fourplex with a fix-and-flip or bridge loan, update the units and raise rents, then refinance into a 30-year DSCR loan. Rate-and-term goes up to 80% LTV on some programs and cash-out up to 75%. Cash-out seasoning varies by program; see /dscr-cash-out-refinance-seasoning.html.
Have new leases signed before you apply so the refinance is sized on the higher rents.
Keep invoices and photos of the work. An appraiser who can see the upgrades, such as new HVAC, updated kitchens and new flooring, can support a higher value and higher market rents, both of which help the refinance.
Five to eight unit buildings still count as residential for our DSCR programs, though max LTV can vary by program; see /dscr-loans-5-8-units-augusta-ga.html. If you own five or more Augusta rentals, a blanket portfolio loan can combine them.
Several duplexes owned together can also go into a blanket, which can be useful when the individual buildings are small enough that separate loans would bump against the $150,000 minimum.
Augusta investors with buildings in North Augusta or Aiken can finance South Carolina 2-4 unit properties the same way, subject to that state's closing process.
Our investor loans are business-purpose loans on non-owner-occupied property. Send the address, price, rent roll and any permits, and we will run the ratio on actual and market rent. Call (877) 298-1001 or use the form below.
Yes, as an investment property. The loan qualifies on the combined rent of all four units.
Financing works the same way. Exterior renovations may need design review, so plan for time and cost.
Yes. Leases with service members count like any other lease.
Up to 80% on a purchase and up to 75% on cash-out, provided the rent clears the program's DSCR minimum.
Most 2-4 unit buildings here are priced above the $150,000 minimum loan amount once leverage is applied, but very low-priced duplexes may fall short.
No. These loans are for investment property only.
Lenders typically use market rent from the appraisal for vacant units.
Yes. Rate-and-term or cash-out refinances are available, subject to seasoning rules that vary by program.
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