300 Ginger Creek Ln #303

Clayton, GA 30525

$220,000B-

3 bd · 3.0 ba · 1,696 sqft · Built 2000 · Condo · Active · 248 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,539/mo
• Mortgage (P&I): −$1,154
• Tax + insurance: −$367
• HOA: −$200
• Vac / Maint / Mgmt: −$533
• Net cashflow: $285/mo
• Annual: $3,424/yr
• Cap rate: 7.85%
• Cash-on-cash: 5.56%
• DSCR: 1.25
• 1% rule: 1.15%
• Cash to close: $61,600

Investor read

• This is a 3-bed/3.0-bath condo listed at $220k. Condition is rated good.
• At list price, monthly cash flow is $285 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $220k).
• It's been on market 248 days — a 12% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $194k (12.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($2k loan paydown + $1k appreciation (0.7% local appreciation)).
• Location reads 66/100 on livability (#197 in GA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing B+; Watch: crime D, amenities F, commute F.
• Rabun County (rural): math 42% / reading 44% proficiency, ranked #37 of 174 in GA (top 21%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Rabun County Elementary School (math 37% / reading 42%, grade F, #435 of 1,228 statewide, top 37%, 660 students, 58% FRL); Rabun County Middle School (math 47% / reading 46%, grade D+, #94 of 470 statewide, top 20%, 342 students, 59% FRL); Rabun County High School (math 57% / reading 47%, grade D+, #26 of 424 statewide, top 6%, 653 students, 48% FRL) — zoned schools at 55% FRL track the district average.
• Market conditions: 413 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); 147 units permitted in Rabun County in 2024 (0 in 5+ unit buildings).
• Rabun County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $20k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (0.7% appreciation + 3.0% rent growth), your $62k cash investment doubles in ~8 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 7.8% vs local median 3.5% in Clayton — 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 $2,539/mo this rent would consume 52% of the median local household income ($58k/yr) (locally 16% 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 248 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.

Repairs flagged (vision-AI assessment)

• Minor: kitchen cabinets — Aesthetic update needed.
• Minor: bathroom fixtures — Update needed for a fresh look.