186 Paramount Dr

Crooked Creek, GA 31024

$159,900B-

4 bd · 2.0 ba · 1,440 sqft · Built 1989 · Manufactured · Active · 79 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,524/mo
• Mortgage (P&I): −$839
• Tax + insurance: −$150
• HOA: −$0
• Vac / Maint / Mgmt: −$530
• Net cashflow: $1,006/mo
• Annual: $12,072/yr
• Cap rate: 13.84%
• Cash-on-cash: 26.96%
• DSCR: 2.20
• 1% rule: 1.58%
• Cash to close: $44,772

Investor read

• This is a 4-bed/2.0-bath manufactured listed at $160k.
• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $160k).
• It's been on market 79 days — a 6% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $150k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 39/100 on livability (#613 in GA) — a limited-amenity area; tenant pool skews transient or value-seeking. Strengths: cost of living A+, crime A; Watch: schools F, amenities F, commute F.
• Putnam County (rural): math 33% / reading 30% proficiency, ranked #86 of 174 in GA (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 69% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 522 active listings in the ZIP; 129 units permitted in Putnam County in 2024 (50 in 5+ unit buildings).
• Putnam County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 4y ago; this cycle's ask has dropped $40k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $105k; list at $160k implies a 52% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $45k cash investment doubles in ~5 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 48% 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.
• Cap rate 13.8% vs local median 1.6% in Crooked Creek — 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.
• At $2,524/mo this rent would consume 46% of the median local household income ($66k/yr) (locally 696% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 79 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
• What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
• Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
• 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.