600 County Road 349

Good Hope, AL 35098

$157,000B

3 bd · 2.0 ba · 1,280 sqft · Built 2021 · Manufactured · Active · 53 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,856/mo
• Mortgage (P&I): −$823
• Tax + insurance: −$262
• HOA: −$0
• Vac / Maint / Mgmt: −$390
• Net cashflow: $382/mo
• Annual: $4,580/yr
• Cap rate: 9.21%
• Cash-on-cash: 10.42%
• DSCR: 1.46
• 1% rule: 1.18%
• Cash to close: $43,960

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $157k. Condition is rated fair.
• At list price, monthly cash flow is $382 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $157k).
• It's been on market 53 days — a 3% lower offer ($152k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $152k (3.0% below list) — sets the bar for market timing.
• In year one you build about $7k of equity ($1k loan paydown + $6k appreciation (3.8% local appreciation)).
• Location reads 63/100 on livability (#199 in AL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D, amenities F, commute F.
• Cullman County (rural): math 19% / reading 49% proficiency, ranked #49 of 129 in AL (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Good Hope Elementary School (math 22% / reading 53%, grade F, #266 of 627 statewide, top 42%, 344 students, 68% FRL); Good Hope Middle School (math 19% / reading 54%, grade F, #76 of 257 statewide, top 31%, 386 students, 62% FRL); Good Hope High School (math 27% / reading 17%, grade F, #142 of 305 statewide, top 51%, 443 students, 53% FRL).
• Market conditions: 17 active listings in the ZIP; 180 units permitted in Cullman County in 2024 (0 in 5+ unit buildings).
• 2 sale attempts since 4y 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 $128k; 22% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (3.8% appreciation + 3.0% rent growth), your $44k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 27% 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.
• Cap rate 9.2% vs local median 4.1% in Good Hope — 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

• It's been on market 53 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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.

Repairs flagged (vision-AI assessment)

• Moderate: kitchen cabinets — dated and in need of replacement
• Moderate: kitchen appliances — dated and in need of replacement
• Moderate: bathroom fixtures — basic and in need of replacement
• Minor: landscaping — some overgrown areas