1 Callaway St · Manchester, GA 31816

$74,900

3 bd · 1.0 ba · 944 sqft · SingleFamily public records · 60 Days on market

Built 1910 8,276 sqft lot $79/sqft · 19% above area Est $75k · at est.

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Why this score? — see what drove the B+ 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).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.8/15.0
• Livability +2.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0

Listing remarks MLS

CORNER LOT OPPORTUNITY! This 2BR/2BA home offers approximately 1,130 sqft with a flexible bonus room off the kitchen—ideal for a small bedroom, home office, or playroom. The galley-style kitchen includes a pantry, with no appliances currently in place. The home has seen numerous updates, including a durable metal roof, central heat and air system only 2 years old, vinyl siding and vinyl windows installed approximately 6 years ago. Electrical has been updated with a rewire after the current owner's purchase, and most of the plumbing has also been modernized. Exterior features include a fenced backyard, outbuilding for storage, and access to public utilities. Property is being sold “as is. ” Cash or conventional financing will be needed.

Key facts

• Durable metal roof
• Flexible bonus room
• Vinyl siding

Tags

• CORNER LOT OPPORTUNITY
• FLEXIBLE BONUS ROOM
• GALLEY STYLE KITCHEN
• DURABLE METAL ROOF
• CENTRAL HEAT AND AIR SYSTEM
• VINYL SIDING

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $686 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Recommended offer: $73k (3.0% below list) — sets the bar for market timing.
• Cap rate 17.3% vs local median 5.1% in Manchester — 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 55/100 on livability (#525 in GA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: schools F, crime D-, amenities F.
• Meriwether County (rural): math 18% / reading 22% proficiency, ranked #144 of 174 in GA (top 83%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 45 active listings in the ZIP; 180 units permitted in Meriwether County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $8k of equity ($518 loan paydown + $7k appreciation (10.0% local appreciation)).
• Meriwether County population projected at -28% 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 $21k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($73k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $5k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $25k; list at $75k implies a 195% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 62% 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.

Recommended offer $72,653 (3.0% below list)

Questions for the listing agent

1. It's been on market 60 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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.

Investment metrics

• 1% rule: 1.94% ✓
• Cap rate: 17.28%
• Cash-on-cash: 39.23%
• DSCR: 2.75
• GRM: 4.3

CMA / ARV

• ARV (median comp): $75,334
• List price: $74,900
• Delta: -0.58%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
307 3rd Ave	0.55mi	2/1.0 (-1)	1,000 (+6%)	0mo	$78,000	$78	59
19 Truitt St	0.31mi	2/1.0 (-1)	1,049 (+11%)	4mo	$60,000	$57	58
16 Poplar St	0.47mi	3/1.0	880 (-7%)	13mo	$10,000	$11	56

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 54.6%
• Equity multiple: 5.03×
• Total profit: $84,452
• Equity at exit: $67,476

10-year hold

• IRR: 48.1%
• Equity multiple: 11.22×
• Total profit: $214,334
• Equity at exit: $145,514

Cash invested: $20,972 (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 31816

• Home prices YoY: 8.7%
• Active inventory: 45
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $1,455 medium
• Mortgage (P&I): −$393
• Tax from tax record: −$40 /mo · $478/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$306
• Net cashflow: $686

Break-even live

Break-even rent $587

Max offer price $74,900

Occupancy floor 48%

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: $18,725
• Closing costs: $2,247
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-19
   days on market $74,900 Active 60 DOM
2. 2026-06-18
   days on market $74,900 Active 59 DOM
3. 2026-06-17
   days on market $74,900 Active 58 DOM
4. 2026-06-16
   days on market $74,900 Active 57 DOM
5. 2026-06-15
   days on market $74,900 Active 56 DOM
6. 2026-06-14
   days on market $74,900 Active 54 DOM
7. 2026-06-12
   days on market $74,900 Active 53 DOM
8. 2026-06-09
   days on market $74,900 Active 50 DOM
9. 2026-06-08
   statusdays on market $74,900 Active 49 DOM
10. 2026-06-07
    pricestatusdays on market $74,900 Price Change 48 DOM
11. 2026-06-05
    days on market $79,900 Active 45 DOM
12. 2026-06-03
    days on market $79,900 Active 44 DOM
13. 2026-06-02
    days on market $79,900 Active 43 DOM
14. 2026-06-01
    days on market $79,900 Active 42 DOM
15. 2026-05-31
    days on market $79,900 Active 41 DOM
16. 2026-05-30
    days on market $79,900 Active 40 DOM
17. 2026-04-20
    listed $79,900 Active 763-char remark

    Show marketing remark (754 chars)

    CORNER LOT OPPORTUNITY! This 2BR/2BA home offers approximately 1,130 sqft with a flexible bonus room off the kitchen-ideal for a small bedroom, home office, or playroom. The galley-style kitchen includes a pantry, with no appliances currently in place. The home has seen numerous updates, including a durable metal roof, central heat and air system only 2 years old, vinyl siding and vinyl windows installed approximately 6 years ago. Electrical has been updated with a rewire after the current owner's purchase, and most of the plumbing has also been modernized. Exterior features include a fenced backyard, outbuilding for storage, and access to public utilities. Property is being sold "as is." Cash or conventional financing will be needed.

18. 2026-04-20
    listed $79,900 New 754-char remark

    Show marketing remark (754 chars)

    CORNER LOT OPPORTUNITY! This 2BR/2BA home offers approximately 1,130 sqft with a flexible bonus room off the kitchen-ideal for a small bedroom, home office, or playroom. The galley-style kitchen includes a pantry, with no appliances currently in place. The home has seen numerous updates, including a durable metal roof, central heat and air system only 2 years old, vinyl siding and vinyl windows installed approximately 6 years ago. Electrical has been updated with a rewire after the current owner's purchase, and most of the plumbing has also been modernized. Exterior features include a fenced backyard, outbuilding for storage, and access to public utilities. Property is being sold "as is." Cash or conventional financing will be needed.

19. 2004-01-23
    soldstatus $25,400
20. 1996-11-01
    soldstatus $33,500
21. 1996-08-01
    soldstatus $16,500

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

Tax reassessment forecast GA · Resets to sale price

• Current annual tax: $478 · $40/mo
• Projected year-2 tax: $689 · $57/mo
• Expected delta: +$211/yr (+$18/mo · 44.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥106°F today · 20 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 62% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,461
• − Mortgage interest: −$4,196
• − Property taxes: −$478
• − Insurance: −$374
• − Repairs & maintenance: −$1,397
• − Management: −$1,397
• − Depreciation: −$2,179
• Taxable income: $7,440
• Est. tax owed @ 24.0%: −$1,786
• After-tax cash flow: $6,442/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.

Schools (NCES district)

• District: Meriwether County
• NCES district ID: 1303630
• Math proficiency: 18% ▼ -11.00%
• Reading proficiency: 22% ▼ -6.00%
• Median HH income: $36,287
• Composite: 16.59/100
• National rank: #9175
• State rank: #144 of 174 in GA

Livability — Manchester

• Score: 55/100
• State rank: #525
• US rank: #23555

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Manchester, GA
• Population (ZIP): 4,872

Population outlook (Meriwether County) Hauer SSP2

• Today (2025): 19,554 people
• By 2030: 18,482 · -5.5%
• By 2040: 16,204 · -17.1%
• By 2050: 14,030 · -28.2%
• By 2075: 9,539 · -51.2%
• By 2100: 6,136 · -68.6%

Race, ethnicity, and origin ACS 2023

• Race & ethnicity: Black 49% White 48% Two or more races 2%
• Common ancestry: Portuguese 1% Italian 1% Slovak 1%
• Foreign-born: 0%

Political lean MEDSL · Meriwether

• 2024 margin: Strong R (+25.5) · D 37.1% · R 62.6%
• 2008→2024 swing: -20.0pp toward R · 2008: -5.4pp · 2024: -25.5pp
• All cycles: 2024: R+25.5 2020: R+20.6 2016: R+15.4 2012: R+5.7 2008: R+5.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 23.75%
• Current HPI: 298.3716
• 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

+384.2% since first listed

5 events — show timeline

• 2026-04-20 Listed $79,900 CBOR
• 2026-04-20 Listed $79,900 GAMLS
• 2004-01-23 Sold (Public Records) $25,400 Public Records
• 1996-11-01 Sold (Public Records) $33,500 Public Records
• 1996-08-01 Sold (Public Records) $16,500 Public Records

Property tax history

+2.7%/yr

Latest (2025): $478 · +0.6% YoY. Source: county tax records.