362 Old Macon Rd · Gray, GA 31032

$190,000

3 bd · 2.0 ba · 1,464 sqft · Manufactured public records · 6 Days on market

Built 1985 2.00 ac lot

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Why this score? — see what drove the D+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +16.8/30.0
• ARV discount +7.5/15.0
• DSCR +5.2/10.0
• 1% rule +4.5/10.0
• Appreciation +4.0/10.0
• Livability +3.8/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Fully renovated 3bed/2bath, 1464sqft manufactured home on 2 acres in Gray offering privacy with convenient access to Macon. Interior has been updated with New paint, New LVP flooring throughout, New Electrical & Plumbing Fixtures, and a fresh and updated kitchen with sage green cabinets, New quartz countertops, New Subway Tile Backsplash, and stainless steel appliances. The primary bathroom features matching sage green vanity, new quartz countertops, and new high end tiled walk-in shower, while the secondary bathroom features matching finishes with a tiled tub surround. Outdoor highlights include a covered, screened front porch and a spacious covered rear deck, ideal for outdoor use.

Key facts

• Quartz countertops
• Brand-new lvp
• Refinished cabinets

Tags

• 2 GOOD ACRES OF OPEN LAND
• BRAND-NEW LVP
• UPDATED LIGHT FIXTURES
• REFINISHED CABINETS
• QUARTZ COUNTERTOPS
• STAINLESS STEEL APPLIANCES

Property features AI

Finance

• Other: Property type: Residential, manufactured home on 2-acre lot
• HOA & community: No HOA

Exterior

• Parking: No designated parking listed
• Utilities: Well water; Septic tank; Electricity available; Water available
• Home design: Manufactured single-family residence; One level; Resale property
• Construction: Built in 1985; Wood siding; Composition roof; Manufactured house structure
• Exterior features: Deck; Porch; Screened porch; Lot has no listed special features

Interior

• Kitchen: Dishwasher; Refrigerator; Solid surface counters
• Bedrooms: 3 bedrooms (all on the main level)
• Flooring: Other
• Bathrooms: 2 full bathrooms (both on the main level)
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Separate shower; Split bedroom plan; Dining room and living room combo; Solid surface kitchen counters; Crawl space basement
• Laundry & utility: Laundry area (other)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $190k.

Deal economics

• At list price, monthly cash flow is $120 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $181k (4.5% below list).
• Recommended offer: $181k (4.5% below list) — sets the bar for 1% rule.
• Cap rate 7.1% vs local median 4.3% in Gray — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 76/100 on livability (#26 in GA, #3,600 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Jones County (rural): math 32% / reading 34% proficiency, ranked #72 of 174 in GA (top 41%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Dames Ferry Elementary School (math 40% / reading 38%, grade F, #456 of 1,228 statewide, top 38%, 584 students, 46% FRL); Clifton Ridge Middle School (math 19% / reading 30%, grade F, #301 of 470 statewide, top 66%, 550 students, 67% FRL); Jones County High School (math 19% / reading 26%, grade F, #210 of 424 statewide, top 50%, 1,626 students, 47% FRL).
• Market conditions: 94 active listings in the ZIP; 106 units permitted in Jones County in 2024 (6 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-1.9%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Jones County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 66% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $181,397 (4.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
3. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
4. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
5. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
6. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.95% ✗
• Cap rate: 7.05%
• Cash-on-cash: 2.71%
• DSCR: 1.12
• GRM: 8.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-1.92% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -6.7%
• Equity multiple: 0.73×
• Total profit: $-14,387
• Equity at exit: $37,619

10-year hold

• IRR: 1.2%
• Equity multiple: 1.10×
• Total profit: $5,244
• Equity at exit: $32,836

Cash invested: $53,200 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State Georgia: 90 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

Magistrate court evictions in 10-30 days; no rent control; preempted; few tenant protections.

Methodology + full state rankings →

ZIP-level market 31032

• Home prices YoY: -0.9%
• Active inventory: 94
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,814 medium
• Mortgage (P&I): −$996
• Tax est. 1.5%: −$238 /mo · $2,850/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$381
• Net cashflow: $120

Break-even live

Break-even rent $1,662

Max offer price $190,000

Occupancy floor 88%

Sensitivity live

Price	-10% $251	-5% $186	+0% $120	+5% $54	+10% $-11
Rent	-10% $-23	-5% $48	+0% $120	+5% $192	+10% $263
Rate	-1.0pp $216	-0.5pp $168	base $120	+0.5pp $71	+1.0pp $21

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-05-08
   status Pending 698-char remark

   Show marketing remark (698 chars)

   Fully renovated 3bed/2bath, 1464sqft manufactured home on 2 acres in Gray offering privacy with convenient access to Macon. Interior has been updated with New paint, New LVP flooring throughout, New Electrical & Plumbing Fixtures, and a fresh and updated kitchen with sage green cabinets, New quartz countertops, New Subway Tile Backsplash, and stainless steel appliances. The primary bathroom features matching sage green vanity, new quartz countertops, and new high end tiled walk-in shower, while the secondary bathroom features matching finishes with a tiled tub surround. Outdoor highlights include a covered, screened front porch and a spacious covered rear deck, ideal for outdoor use.

2. 2026-05-07
   status Under Contract 695-char remark

   Show marketing remark (698 chars)

   Fully renovated 3bed/2bath, 1464sqft manufactured home on 2 acres in Gray offering privacy with convenient access to Macon. Interior has been updated with New paint, New LVP flooring throughout, New Electrical & Plumbing Fixtures, and a fresh and updated kitchen with sage green cabinets, New quartz countertops, New Subway Tile Backsplash, and stainless steel appliances. The primary bathroom features matching sage green vanity, new quartz countertops, and new high end tiled walk-in shower, while the secondary bathroom features matching finishes with a tiled tub surround. Outdoor highlights include a covered, screened front porch and a spacious covered rear deck, ideal for outdoor use.

3. 2026-05-07
   historical Active Under Contract

   Show marketing remark (698 chars)

   Fully renovated 3bed/2bath, 1464sqft manufactured home on 2 acres in Gray offering privacy with convenient access to Macon. Interior has been updated with New paint, New LVP flooring throughout, New Electrical & Plumbing Fixtures, and a fresh and updated kitchen with sage green cabinets, New quartz countertops, New Subway Tile Backsplash, and stainless steel appliances. The primary bathroom features matching sage green vanity, new quartz countertops, and new high end tiled walk-in shower, while the secondary bathroom features matching finishes with a tiled tub surround. Outdoor highlights include a covered, screened front porch and a spacious covered rear deck, ideal for outdoor use.

4. 2026-05-01
   listed $190,000 Active 698-char remark

   Show marketing remark (698 chars)

   Fully renovated 3bed/2bath, 1464sqft manufactured home on 2 acres in Gray offering privacy with convenient access to Macon. Interior has been updated with New paint, New LVP flooring throughout, New Electrical & Plumbing Fixtures, and a fresh and updated kitchen with sage green cabinets, New quartz countertops, New Subway Tile Backsplash, and stainless steel appliances. The primary bathroom features matching sage green vanity, new quartz countertops, and new high end tiled walk-in shower, while the secondary bathroom features matching finishes with a tiled tub surround. Outdoor highlights include a covered, screened front porch and a spacious covered rear deck, ideal for outdoor use.

5. 2026-05-01
   listed $190,000 Active

   Show marketing remark (698 chars)

   Fully renovated 3bed/2bath, 1464sqft manufactured home on 2 acres in Gray offering privacy with convenient access to Macon. Interior has been updated with New paint, New LVP flooring throughout, New Electrical & Plumbing Fixtures, and a fresh and updated kitchen with sage green cabinets, New quartz countertops, New Subway Tile Backsplash, and stainless steel appliances. The primary bathroom features matching sage green vanity, new quartz countertops, and new high end tiled walk-in shower, while the secondary bathroom features matching finishes with a tiled tub surround. Outdoor highlights include a covered, screened front porch and a spacious covered rear deck, ideal for outdoor use.

6. 2026-04-29
   listed $190,000 New 695-char remark
7. 2025-12-30
   soldstatus $70,000
8. 2025-12-23
   soldstatus $70,000 Closed
9. 2025-12-23
   soldstatus $70,000 Closed
10. 2025-12-23
    soldstatus $70,000 Sold
11. 2025-12-07
    status Pending
12. 2025-12-07
    historical Active Under Contract
13. 2025-12-07
    status Under Contract
14. 2025-11-29
    listed $85,000 Active
15. 2025-11-25
    listed $85,000 Active
16. 2025-11-25
    listed $85,000 New
17. 2008-05-12
    soldstatus $25,000
18. 2003-05-08
    soldstatus $64,000
19. 2001-03-28
    soldstatus $58,000
20. 1995-07-06
    soldstatus $53,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥108°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 66% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,768
• − Mortgage interest: −$10,643
• − Property taxes: −$2,850
• − Insurance: −$950
• − Repairs & maintenance: −$1,741
• − Management: −$1,741
• − Depreciation: −$5,527
• Taxable loss: −$1,685
• Est. tax savings @ 24.0%: +$404
• After-tax cash flow: $1,844/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Jones County
• NCES district ID: 1303150
• Math proficiency: 32% ▼ -8.00%
• Reading proficiency: 34% ▼ -8.00%
• Median HH income: $51,630
• Composite: 28.84/100
• National rank: #6649
• State rank: #72 of 174 in GA

Livability — Gray

• Score: 76/100
• State rank: #26
• US rank: #3600

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment B- Housing A+ Health & safety A+ User ratings C+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 13,755

Population outlook (Jones County) Hauer SSP2

• Today (2025): 28,682 people
• By 2030: 28,394 · -1.0%
• By 2040: 27,246 · -5.0%
• By 2050: 25,575 · -10.8%
• By 2075: 21,857 · -23.8%
• By 2100: 17,453 · -39.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Black 18% Two or more races 2% Hispanic / Latino 2%
• Common ancestry: Italian 3% Romanian 2% Slovak 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Jones

• 2024 margin: Solid R (+38.0) · D 30.8% · R 68.8%
• 2008→2024 swing: -12.2pp toward R · 2008: -25.8pp · 2024: -38.0pp
• All cycles: 2024: R+38.0 2020: R+33.9 2016: R+34.7 2012: R+28.7 2008: R+25.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -1.92%
• Current HPI: 211.7341
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.66%
• F500 in state: 28

Industry mix (Fortune 500 HQ in GA)

Industry	F500 HQs	Revenue
▸Paper / Packaging	2	$29B
▸Retail	1	$160B
▸Transportation / Logistics	1	$91B
▸Airlines	1	$62B
▸Consumer Goods	1	$47B
▸Utilities	1	$25B

Price history

+264.2% since first listed

23 events — show timeline

• 2026-06-05 Sold (MLS) $193,000 MGMLS
• 2026-06-05 Sold (MLS) $193,000 CGMLS
• 2026-06-05 Sold (MLS) $193,000 GAMLS
• 2026-05-08 Pending — CGMLS
• 2026-05-07 Pending — GAMLS
• 2026-05-07 Contingent — MGMLS
• 2026-05-01 Listed $190,000 MGMLS
• 2026-05-01 Listed $190,000 CGMLS
• 2026-04-29 Listed $190,000 GAMLS
• 2025-12-30 Sold (Public Records) $70,000 Public Records
• 2025-12-23 Sold (MLS) $70,000 CGMLS
• 2025-12-23 Sold (MLS) $70,000 GAMLS
• 2025-12-23 Sold (MLS) $70,000 MGMLS
• 2025-12-07 Pending — CGMLS
• 2025-12-07 Contingent — MGMLS
• 2025-12-07 Pending — GAMLS
• 2025-11-29 Listed $85,000 CGMLS
• 2025-11-25 Listed $85,000 GAMLS
• 2025-11-25 Listed $85,000 MGMLS
• 2008-05-12 Sold (Public Records) $25,000 Public Records
• 2003-05-08 Sold (Public Records) $64,000 Public Records
• 2001-03-28 Sold (Public Records) $58,000 Public Records
• 1995-07-06 Sold (Public Records) $53,000 Public Records

Property tax history

+2.4%/yr

Latest (2025): $84 · +84.3% YoY. Source: county tax records.