1000 Mallery Street Ext Unit N47

St. Simons, GA 31522

$409,900F

2 bd · 2.5 ba · 1,112 sqft · Built 1984 · Townhouse · Active · 52 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,291/mo
• Mortgage (P&I): −$2,150
• Tax + insurance: −$295
• HOA: −$390
• Vac / Maint / Mgmt: −$691
• Net cashflow: $-234/mo
• Annual: $-2,813/yr
• Cap rate: 5.61%
• Cash-on-cash: -2.45%
• DSCR: 0.89
• 1% rule: 0.80%
• Cash to close: $114,772

Investor read

• This is a 2-bed/2.5-bath townhouse listed at $410k.
• At list price, monthly cash flow is $-234 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $368k (10.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $329k (19.7% below list).
• It's been on market 52 days — a 3% lower offer ($398k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $329k (19.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Location reads: area grade F — affects rentability + tenant quality, not the cash-flow math above.
• Glynn County (other): math 37% / reading 42% proficiency, ranked #47 of 174 in GA (top 27%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Glynn Middle (math 42% / reading 58%, grade C, #68 of 470 statewide, top 15%, 815 students, 51% FRL) — zoned schools at 51% FRL track the district average.
• Market conditions: Rents rising (+2.3%/yr); 577 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 734 units permitted in Glynn County in 2024 (136 in 5+ unit buildings).
• Glynn County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 5 sale attempts since 9y 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 $289k; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.6% vs local median 1.7% in St. Simons — 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.
• This rent runs 36% of the median local income ($109k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 52 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.