360 Black Knob Church Rd

Fairmount, GA 30734

$255,500D

3 bd · 2.0 ba · 1,188 sqft · Built 2000 · Manufactured · Active · 28 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,008/mo
• Mortgage (P&I): −$1,340
• Tax + insurance: −$152
• HOA: −$0
• Vac / Maint / Mgmt: −$422
• Net cashflow: $94/mo
• Annual: $1,133/yr
• Cap rate: 6.74%
• Cash-on-cash: 1.58%
• DSCR: 1.07
• 1% rule: 0.79%
• Cash to close: $71,540

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $256k.
• At list price, monthly cash flow is $94 ($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 $201k (21.4% below list).
• It's been on market 28 days — a 2% lower offer ($252k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $201k (21.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#148 in GA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F.
• Pickens County (rural): math 35% / reading 35% proficiency, ranked #59 of 174 in GA (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Hill City Elementary School (math 47% / reading 32%, grade F, #435 of 1,228 statewide, top 37%, 596 students, 45% FRL); Jasper Middle School (math 32% / reading 40%, grade F, #178 of 470 statewide, top 39%, 628 students, 48% FRL); Pickens County High School (math 34% / reading 28%, grade F, #127 of 424 statewide, top 30%, 1,259 students, 36% FRL) — zoned schools at 43% FRL track the district average.
• Market conditions: 219 active listings in the ZIP; 260 units permitted in Pickens County in 2024 (0 in 5+ unit buildings).
• 6 sale attempts since 20y ago 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.
• Current owner paid $35k; list at $256k implies a 630% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.7% vs local median 3.1% in Fairmount — 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.

Questions for listing agent

• 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?
• 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?
• 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.
• 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.
• 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.