Macon combines historic intown neighborhoods, a growing medical and university presence and nearby Robins Air Force Base. Prices for small apartment buildings are well below Atlanta's, which helps the ratio.
In short: LendingStreet finances 5 to 8 unit rental buildings across Macon-Bibb County and nearby Houston County with DSCR loans that qualify on rent, not tax returns. Loans start at $150,000 with no stated maximum and a 1.0x standard minimum DSCR. Georgia assesses property at 40% of fair market value and charges an intangible recording tax on new loans, both of which belong in your numbers.
Intown Macon, one of the largest historic districts in Georgia, has large homes divided into apartments and small brick buildings. Beall's Hill near Mercer University and Vineville along Vineville Avenue have similar stock. Ingleside and Shirley Hills are more expensive and mostly single-family.
East Macon and Pleasant Hill have lower prices and more renovation needs. Warner Robins, about 20 minutes south, has small buildings that rent to Air Force personnel and civilian workers.
| Area | Typical stock | What to check |
|---|---|---|
| Intown Macon | Divided historic homes, brick walk-ups | Historic review, legal unit count |
| Beall's Hill and Vineville | Small buildings near Mercer | Student and medical demand |
| East Macon and Pleasant Hill | Older stock | Condition, collections |
| Warner Robins | Small garden buildings | Military turnover |
Mercer University and its medical school, Atrium Health Navicent and Piedmont Macon support renter demand near downtown. Robins Air Force Base is the largest employer in central Georgia, and many workers live in Warner Robins and south Macon.
Macon's rents are well below Atlanta's, but so are prices, which is why rent-to-price ratios here can support a DSCR loan at higher leverage than many larger metros. Buildings close to Mercer, the hospitals and downtown's restaurant and music scene lease fastest.
Warner Robins and Houston County have a separate tax structure and school system. Investors who buy near the base should run taxes using Houston County rates rather than Macon-Bibb's.
This example is illustrative and not a quote. An investor buys a divided historic home in Intown Macon with six legal apartments for $480,000. Rents average $875 per unit across all 6 units, for $5,250 of gross monthly rent. The budget carries $520 a month for taxes and $330 for insurance.
With a 75% LTV loan of $360,000, estimated principal and interest runs about $2,517 and the total payment about $3,367, which puts DSCR near 1.56x. Cutting leverage to 70% LTV, a $336,000 loan, lowers the payment to about $3,199 and lifts DSCR to about 1.64x, at the cost of $24,000 more down.
Lower prices give Macon buildings room in the ratio. The intangible recording tax adds about $1,080 at closing on the 75% loan, a cost that does not affect DSCR but does affect cash needed.
| Item | 75% LTV | 70% LTV |
|---|---|---|
| Purchase price | $480,000 | $480,000 |
| Loan amount | $360,000 | $336,000 |
| Down payment | $120,000 | $144,000 |
| Estimated principal and interest | $2,517 | $2,349 |
| Property taxes (monthly) | $520 | $520 |
| Insurance (monthly) | $330 | $330 |
| Total monthly payment | $3,367 | $3,199 |
| Gross monthly rent | $5,250 | $5,250 |
| DSCR | About 1.56x | About 1.64x |
Georgia assesses property at 40% of fair market value, then applies county, city and school millage. Homestead exemptions do not apply to rentals. Macon-Bibb consolidated in 2014, so one government sets most local rates. Budget on your purchase price.
Georgia charges a transfer tax of $1 per $1,000 of price, typically paid by the seller, and an intangible recording tax on new loans of $1.50 per $500 of loan amount, paid by the borrower. On a $400,000 loan that is $1,200. Closings are handled by attorneys.
Because Macon-Bibb sets one consolidated millage for most of the county, tax comparisons between neighborhoods are simpler than in many Georgia metros, though school and special service district lines still matter. Pull the parcel record from the Macon-Bibb tax assessor before you make an offer.
Central Georgia sees severe storms and occasional tornadoes. Older buildings in historic districts may have original wiring or older roofs, which affects premiums. Inspect early and share results with your agent.
Low areas near the Ocmulgee River and some creeks are in mapped flood zones. Check the FEMA map and add any required flood premium to the monthly payment before setting the loan amount.
Older wood-frame homes converted to apartments often need updated electrical service, smoke detection and fire separation between units. Insurers may ask about these items, and the city may require them when permits are pulled.
Exterior changes in Macon's historic districts may require review by the Macon-Bibb design review board. Confirm zoning allows the building's unit count and that conversions were permitted.
Ask for a zoning verification letter if the building is a divided home. A property that was converted without permits may be treated as fewer units by the appraiser, lowering both value and usable rent.
Because the Macon building has eight units or fewer, the file is reviewed under residential DSCR guidelines. Income comes from the rent roll and the appraiser's market rent opinion, and the payment side includes principal, interest, taxes and insurance. Personal income documents are not part of the qualification.
Program basics: $150,000 minimum with no stated maximum, up to 80% LTV on purchases, up to 75% LTV on cash-out, a 1.0x standard minimum ratio, a 620 minimum credit score and 30-year terms. On five to eight units, maximum LTV is frequently below the headline numbers and varies by program, so plan your down payment conservatively.
Tell us the address, unit count, rents and what you want the loan to do, using the form below or (877) 298-1001. Our investor loans are business-purpose loans on non-owner-occupied property. The financing team runs the ratio at a few loan amounts so you can see the tradeoff between leverage and DSCR. See also our Georgia 5-8 unit DSCR page.
It is a tax of $1.50 per $500 of the loan amount, paid by the borrower when the security deed is recorded. It adds to cash needed at closing but does not affect the DSCR.
Property is assessed at 40% of fair market value, then taxed at county, city and school millage. Rentals do not receive homestead exemptions, so budget the full bill.
Yes, especially in south Macon and Warner Robins, where many base workers live. Military and civilian turnover is steady, and buildings close to the base lease quickly.
Yes. Exterior changes in Intown Macon and other historic districts may need design review, which can add time and cost to renovations.
Yes. Georgia closings are conducted by attorneys, who also handle title and recording.
Yes, up to 75% LTV on a cash-out refinance, often lower on 5-8 units. Seasoning requirements vary by program, and the rent must still cover the new payment.
Not with our DSCR program. Properties with 1 to 8 units are financed as residential investment property, qualified on rent. Nine units and up is commercial.
Yes. LLC borrowers are standard on our DSCR loans, and you sign for the loan personally as part of the process.
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