230 Stornoway Dr Unit 4 · Clayton, GA 30525

$199,000

2 bd · 2.0 ba · 1,338 sqft · Condo · 77 Days on market

Built 1981 Fair condition $149/sqft · 17% below area Est $240k · 17% under $200/mo HOA · 10% of rent ↓ 4% since listing

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Why this score? — see what drove the C grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• ARV discount +15.0/15.0
• Cash flow +14.9/30.0
• 1% rule +5.4/10.0
• Appreciation +5.3/10.0
• DSCR +4.6/10.0
• Schools +3.6/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Listing remarks MLS

CHARMING MOUNTAIN CONDO NEAR DOWNTOWN CLAYTON Nestled in a peaceful natural setting, this inviting mountain condo features large windows that fill the home with natural light while showcasing the surrounding wooded landscape. Enjoy the perfect balance of mountain tranquility and convenient close-to-town living, with downtown Clayton's shopping, dining, and local attractions just one mile away. The exterior is well maintained: fresh paint & new roof. The interior is a fixer-upper and is priced to sell, offering a fantastic opportunity for buyers looking to renovate and take this property to the next level. The unique layout offers no steps to the front door, yet the elevated setting provides a wonderful "treehouse" feel, as if you're relaxing in your own observation tower overlooking the forest. The spacious 1,338 sq ft floor plan is low-maintenance and comfortable, making it ideal as a full-time residence, weekend mountain getaway, or investment property. THIS IS A 55+ CONDO.

Key facts

• Close to town
• Mountain condo
• Fresh paint

Tags

• MOUNTAIN CONDO
• NATURAL LIGHT
• WOODED LANDSCAPE
• CLOSE TO TOWN
• WELL MAINTAINED
• FRESH PAINT

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $199k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $58 ($692/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $199k).
• Recommended offer: $187k (6.0% below list) — sets the bar for market timing.
• Cap rate 6.6% vs local median 3.7% 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.

Location & tenants

• 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, schools F, amenities 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.
• Market conditions: 260 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 147 units permitted in Rabun County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($1k loan paydown + $1k appreciation (0.7% local appreciation)).
• Rabun County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (0.7% appreciation + 3.0% rent growth), your $56k cash investment doubles in ~10 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 77 days — a 6% lower offer ($187k) is reasonable based on typical stale-listing flexibility.

Recommended offer $187,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 77 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.04% ✓
• Cap rate: 6.64%
• Cash-on-cash: 1.24%
• DSCR: 1.06
• GRM: 8.0

CMA / ARV

• ARV (median comp): $239,520
• List price: $199,000
• Delta: -16.92%
• Verdict: UNDERPRICED
• Comps: 19 within 1.0 mi

Projected returns pro-forma

0.68% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 1.6%
• Equity multiple: 1.08×
• Total profit: $4,430
• Equity at exit: $64,617

10-year hold

• IRR: 6.5%
• Equity multiple: 1.77×
• Total profit: $42,796
• Equity at exit: $83,359

Cash invested: $55,720 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State Georgia: 90 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

Magistrate court evictions in 10-30 days; no rent control; preempted; few tenant protections.

Methodology + full state rankings →

ZIP-level market 30525

• Home prices YoY: 0.2%
• Active inventory: 260
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $2,067 medium
• Mortgage (P&I): −$1,044
• Tax est. 1.5%: −$249 /mo · $2,985/yr
• Insurance: −$83
• HOA: −$200
• Vacancy / Maint / Mgmt: −$434
• Net cashflow: $58

Break-even live

Break-even rent $1,994

Max offer price $199,000

Occupancy floor 92%

Sensitivity live

Price	-10% $195	-5% $126	+0% $58	+5% $-11	+10% $-80
Rent	-10% $-106	-5% $-24	+0% $58	+5% $139	+10% $221
Rate	-1.0pp $158	-0.5pp $108	base $58	+0.5pp $6	+1.0pp $-46

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
37 Bynum St Clayton, GA	1.0–2.0	1.0–2.0	890	$1,800	$2.02	4d	6	0.45mi
92 Bleckley Dr Clayton, GA	2.0	2.0	1081	$1,600	$1.48	22d	1	1.10mi
122 Cannon St Clayton, GA	3.0	2.0	1650	$3,250	$1.97	15d	1	1.30mi

HOA detail condo

• Monthly dues: $200 · $2,400/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 7 events

1. 2026-06-03
   status $199,000 Under Contract 77 DOM
2. 2026-06-02
   days on market $199,000 Active 77 DOM
3. 2026-06-01
   days on market $199,000 Active 76 DOM
4. 2026-05-31
   days on market $199,000 Active 75 DOM
5. 2026-05-31
   days on market $199,000 Active 74 DOM
6. 2026-04-20
   price $199,000 1007-char remark

   Show marketing remark (1007 chars)

   CHARMING MOUNTAIN CONDO NEAR DOWNTOWN CLAYTON Nestled in a peaceful natural setting, this inviting mountain condo features large windows that fill the home with natural light while showcasing the surrounding wooded landscape. Enjoy the perfect balance of mountain tranquility and convenient close-to-town living, with downtown Clayton's shopping, dining, and local attractions just one mile away. The exterior is well maintained: fresh paint & new roof. The interior is a fixer-upper and is priced to sell, offering a fantastic opportunity for buyers looking to renovate and take this property to the next level. The unique layout offers no steps to the front door, yet the elevated setting provides a wonderful "treehouse" feel, as if you're relaxing in your own observation tower overlooking the forest. The spacious 1,338 sq ft floor plan is low-maintenance and comfortable, making it ideal as a full-time residence, weekend mountain getaway, or investment property. THIS IS A 55+ CONDO.

7. 2026-03-09
   listed $208,000 New 1007-char remark

   Show marketing remark (1007 chars)

   CHARMING MOUNTAIN CONDO NEAR DOWNTOWN CLAYTON Nestled in a peaceful natural setting, this inviting mountain condo features large windows that fill the home with natural light while showcasing the surrounding wooded landscape. Enjoy the perfect balance of mountain tranquility and convenient close-to-town living, with downtown Clayton's shopping, dining, and local attractions just one mile away. The exterior is well maintained: fresh paint & new roof. The interior is a fixer-upper and is priced to sell, offering a fantastic opportunity for buyers looking to renovate and take this property to the next level. The unique layout offers no steps to the front door, yet the elevated setting provides a wonderful "treehouse" feel, as if you're relaxing in your own observation tower overlooking the forest. The spacious 1,338 sq ft floor plan is low-maintenance and comfortable, making it ideal as a full-time residence, weekend mountain getaway, or investment property. THIS IS A 55+ CONDO.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $24,804
• − Mortgage interest: −$11,147
• − Property taxes: −$2,985
• − Insurance: −$995
• − Repairs & maintenance: −$1,984
• − Management: −$1,984
• − HOA: −$2,400
• − Depreciation: −$5,789
• Taxable loss: −$2,481
• Est. tax savings @ 24.0%: +$595
• After-tax cash flow: $1,288/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This mountain condo is in fair condition with moderate repairs needed, particularly in the kitchen and bathrooms. It offers a great opportunity for buyers to renovate and increase its value.

Repairs flagged

• Moderate kitchen cabinets — dated and in need of replacement
• Moderate kitchen appliances — outdated and in need of replacement
• Moderate bathroom fixtures — dated and in need of replacement

Value-add opportunities

• Resale paint interior walls — Fresh paint can make a significant difference in the home's appearance and value
• Resale replace carpeted flooring — Carpet can make a home feel dated and less appealing to potential buyers
• Resale replace kitchen cabinets and appliances — Dated kitchen cabinets and appliances can significantly reduce a home's value
• Resale repair/replace bathroom fixtures — Outdated bathroom fixtures can make a home less appealing to potential buyers
• Both landscaping — Well-maintained landscaping can enhance curb appeal and add value to the property

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and in need of replacement	Moderate	$3,000–15,000
kitchen appliances · outdated and in need of replacement	Moderate	$3,000–15,000
bathroom fixtures · dated and in need of replacement	Moderate	$3,000–15,000
Total estimated repair cost · 3 items		$9,000–45,000

Value-add ROI direction

• Resale paint interior walls — Fresh paint can make a significant difference in the home's appearance and value ↑
• Resale replace carpeted flooring — Carpet can make a home feel dated and less appealing to potential buyers ↑
• Resale replace kitchen cabinets and appliances — Dated kitchen cabinets and appliances can significantly reduce a home's value ↑
• Resale repair/replace bathroom fixtures — Outdated bathroom fixtures can make a home less appealing to potential buyers ↑
• Both landscaping — Well-maintained landscaping can enhance curb appeal and add value to the property ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Rabun County
• NCES district ID: 1304320
• Math proficiency: 42% ▼ -17.00%
• Reading proficiency: 44% ▼ -4.00%
• Median HH income: $35,980
• Composite: 35.64/100
• National rank: #4882
• State rank: #37 of 174 in GA

Livability — Clayton

• Score: 66/100
• State rank: #197
• US rank: #12208

Category grades

Amenities F Commute F Cost of living A+ Crime D Employment F Housing B+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Clayton, GA
• Population (ZIP): 7,265

Population outlook (Rabun County) Hauer SSP2

• Today (2025): 16,227 people
• By 2030: 16,000 · -1.4%
• By 2040: 15,213 · -6.2%
• By 2050: 13,974 · -13.9%
• By 2075: 10,717 · -34.0%
• By 2100: 7,824 · -51.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 8% Two or more races 8%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Serbian 4% Slovak 3% Romanian 2%
• Foreign-born: 5% · Canada
• Languages at home: 91% English-only · Spanish 8% Other Indo-European 1%

Political lean MEDSL · Rabun

• 2024 margin: Solid R (+56.9) · D 21.3% · R 78.2%
• 2008→2024 swing: -11.0pp toward R · 2008: -45.9pp · 2024: -56.9pp
• All cycles: 2024: R+56.9 2020: R+57.4 2016: R+60.9 2012: R+56.4 2008: R+45.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 0.68%
• Current HPI: 310.5456
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.66%
• F500 in state: 28

Industry mix (Fortune 500 HQ in GA)

Industry	F500 HQs	Revenue
▸Paper / Packaging	2	$29B
▸Retail	1	$160B
▸Transportation / Logistics	1	$91B
▸Airlines	1	$62B
▸Consumer Goods	1	$47B
▸Utilities	1	$25B

Price history

-4.3% since first listed

2 events — show timeline

• 2026-04-20 Price Changed $199,000 GAMLS
• 2026-03-09 Listed $208,000 GAMLS