356 River Vista Dr

Dillard, GA 30537

$179,900C-

2 bd · 2.0 ba · 552 sqft · Built 2005 · SingleFamily · Active · 188 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,346/mo
• Mortgage (P&I): −$943
• Tax + insurance: −$161
• HOA: −$0
• Vac / Maint / Mgmt: −$283
• Net cashflow: $-42/mo
• Annual: $-500/yr
• Cap rate: 6.02%
• Cash-on-cash: -0.99%
• DSCR: 0.96
• 1% rule: 0.75%
• Cash to close: $50,372

Investor read

• This is a 2-bed/2.0-bath single-family listed at $180k.
• At list price, monthly cash flow is $-42 ($-500/yr) — negative.
• To cash-flow at today's rent, offer at most $173k (4.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $135k (25.2% below list).
• It's been on market 188 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $135k (25.2% below list) — sets the bar for 1% rule.
• In year one you build about $19k of equity ($1k loan paydown + $18k appreciation (10.0% local appreciation)).
• Location reads 58/100 on livability (#423 in GA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing B+; Watch: employment 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: 96 active listings in the ZIP; 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.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $50k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 6.0% vs local median 2.8% in Dillard — 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

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 188 days. Have you received any prior offers? Is the seller open to a 25% 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?
• 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.