66 Two States St · Calvary, GA 32333

$64,900

3 bd · 2.0 ba · 1,216 sqft · Manufactured public records · 49 Days on market

Built 1999 0.58 ac lot $53/sqft · 62% below area $8/mo HOA · 1% of rent ↓ 7% since listing

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +2.8/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home to Quail Ridge. Located on the Florida-Georgia state line, this manufactured home community is a great place to call home. This property is a 16'wide manufactured home on a . 58 acre level lot with plenty of room to expand. The 3 bedroom home has a large master bedroom and spacious master bathroom. The split plan features an open central living/dining/kitchen area with cathedral ceilings. The home will need some repair and updating.

Key facts

• 0.58 acre lot
• Parking
• Built 1999

Property features AI

Finance

• HOA & community: Association fee of $100 (includes road maintenance)

Exterior

• Parking: Driveway
• Utilities: Septic tank
• Home design: Vinyl siding
• Construction: Vinyl siding construction
• Exterior features: Deck; Private maintained paved road

Interior

• Kitchen: Oven; Range
• Bedrooms: Bedroom 2 — 12 x 9; Bedroom 3 — 12 x 8
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air; Ceiling fans
• Interior features: Tray ceilings; Vaulted ceilings; Garden tub (Roman tub); Stall shower; Split bedroom floorplan
• Laundry & utility: Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $65k.

Deal economics

• At list price, monthly cash flow is $697 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Recommended offer: $63k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 55/100 on livability (#520 in GA) — a working-class tenant base; expect higher turnover. Strengths: employment A+, cost of living A+, crime A; Watch: schools F, amenities F, commute F.
• Gadsden (rural): math 31% / reading 31% proficiency, ranked #70 of 73 in FL (top 96%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 83% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 107 units permitted in Gadsden County in 2024 (36 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Gadsden County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($63k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $62,953 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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.
6. 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.
7. 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: 2.29% ✓
• Cap rate: 19.17%
• Cash-on-cash: 46.00%
• DSCR: 3.05
• GRM: 3.6

CMA / ARV

• ARV (median comp): $171,849
• List price: $64,900
• Delta: -62.23%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
28 Two States St	0.04mi	3/2.0	1,216 (0%)	12mo	$55,000	$45	88
122 Quail Ridge Rd	0.58mi	2/2.0 (-1)	1,288 (+6%)	7mo	$149,000	$116	52

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 43.2%
• Equity multiple: 2.87×
• Total profit: $33,891
• Equity at exit: $9,677

10-year hold

• IRR: 49.3%
• Equity multiple: 5.78×
• Total profit: $86,804
• Equity at exit: $5,611

Cash invested: $18,172 (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 32333

• Home prices YoY: -24.2%
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $1,485 medium
• Mortgage (P&I): −$340
• Tax from tax record: −$101 /mo · $1,216/yr
• Insurance: −$27
• HOA: −$8
• Vacancy / Maint / Mgmt: −$312
• Net cashflow: $697

Break-even live

Break-even rent $603

Max offer price $64,900

Occupancy floor 48%

Sensitivity live

Price	-10% $733	-5% $715	+0% $697	+5% $678	+10% $660
Rent	-10% $579	-5% $638	+0% $697	+5% $755	+10% $814
Rate	-1.0pp $729	-0.5pp $713	base $697	+0.5pp $680	+1.0pp $663

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: $16,225
• Closing costs: $1,947
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $8 · $96/yr

Listing history 17 events

1. 2026-06-18
   days on market $64,900 Active 49 DOM
2. 2026-06-17
   days on market $64,900 Active 48 DOM
3. 2026-06-16
   days on market $64,900 Active 47 DOM
4. 2026-06-15
   days on market $64,900 Active 46 DOM
5. 2026-06-14
   days on market $64,900 Active 44 DOM
6. 2026-06-13
   days on market $64,900 Active 43 DOM
7. 2026-06-10
   days on market $64,900 Active 41 DOM
8. 2026-06-09
   days on market $64,900 Active 40 DOM
9. 2026-06-08
   days on market $64,900 Active 39 DOM
10. 2026-06-07
    days on market $64,900 Active 38 DOM
11. 2026-06-05
    pricedays on market $64,900 Active 35 DOM
12. 2026-06-03
    days on market $69,900 Active 34 DOM
13. 2026-06-02
    days on market $69,900 Active 33 DOM
14. 2026-06-01
    days on market $69,900 Active 32 DOM
15. 2026-05-31
    days on market $69,900 Active 31 DOM
16. 2026-05-30
    days on market $69,900 Active 30 DOM
17. 2026-04-30
    listed $69,900 Active 449-char remark

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

Tax reassessment forecast GA · Resets to sale price

• Current annual tax: $1,216 · $101/mo
• Projected year-2 tax: $1,216 · $101/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 8/10 Severe 7 d/yr ≥108°F today · 19 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 8 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,823
• − Mortgage interest: −$3,635
• − Property taxes: −$1,216
• − Insurance: −$324
• − Repairs & maintenance: −$1,426
• − Management: −$1,426
• − HOA: −$96
• − Depreciation: −$1,888
• Taxable income: $7,811
• Est. tax owed @ 24.0%: −$1,875
• After-tax cash flow: $6,485/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: Gadsden
• NCES district ID: 1200600
• Math proficiency: 31% ▼ -16.00%
• Reading proficiency: 31% ▼ -7.00%
• Median HH income: $36,470
• Composite: 25.75/100
• National rank: #7373
• State rank: #70 of 73 in FL

Livability — Calvary

• Score: 55/100
• State rank: #520
• US rank: #23471

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 11,379

Population outlook (Gadsden County) Hauer SSP2

• Today (2025): 42,956 people
• By 2030: 40,878 · -4.8%
• By 2040: 36,218 · -15.7%
• By 2050: 31,502 · -26.7%
• By 2075: 21,828 · -49.2%
• By 2100: 14,480 · -66.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 54% Black 36% Hispanic / Latino 8% Two or more races 3% Native American 2%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Italian 3% Slovak 2% Romanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 93% English-only · Spanish 6%

Political lean MEDSL · Gadsden

• 2024 margin: Solid D (+30.7) · D 65.0% · R 34.3%
• 2008→2024 swing: -8.3pp toward R · 2008: 39.0pp · 2024: 30.7pp
• All cycles: 2024: D+30.7 2020: D+36.6 2016: D+37.5 2012: D+40.6 2008: D+39.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -49.83%
• Current HPI: 155.9185
• 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

-7.2% since first listed

2 events — show timeline

• 2026-06-04 Price Changed $64,900 CATRS
• 2026-04-30 Listed $69,900 CATRS

Property tax history

+16.8%/yr

Latest (2025): $1,216 · +725.9% YoY. Source: county tax records.