5507 Hemlock Ct

Lula, GA 30554

$171,465C+

2 bd · 1.0 ba · 1,152 sqft · Built 2000 · Manufactured · Active · 48 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,895/mo
• Mortgage (P&I): −$899
• Tax + insurance: −$105
• HOA: −$0
• Vac / Maint / Mgmt: −$398
• Net cashflow: $493/mo
• Annual: $5,910/yr
• Cap rate: 9.74%
• Cash-on-cash: 12.31%
• DSCR: 1.55
• 1% rule: 1.11%
• Cash to close: $48,010

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $171k.
• At list price, monthly cash flow is $493 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $171k).
• It's been on market 48 days — a 3% lower offer ($166k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $166k (3.0% 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 68/100 on livability (#130 in GA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: schools F, amenities F, commute F.
• Hall County (rural): math 28% / reading 33% proficiency, ranked #81 of 174 in GA (top 47%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 100 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 2,274 units permitted in Hall County in 2024 (620 in 5+ unit buildings).
• Hall County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 6 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $48k cash investment doubles in ~10 years — after that, you're playing with house money.
• Cap rate 9.7% vs local median 3.3% in Lula — 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 48 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• 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.