124 Covered Wagon Dr · Dallas, GA 30132

$150,000

2 bd · 1.0 ba · 1,056 sqft · Manufactured public records · 74 Days on market

Built 1983 0.54 ac lot $142/sqft · 42% below area Est $257k · 42% under

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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 +28.1/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +6.5/10.0
• Schools +3.6/10.0
• Livability +3.3/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great Investment Property or first time buyer for sale! Double wide on 0.54 acres with 2 bedrooms and 2 baths including metal carport. Call for your appointment today!

Key facts

• 0.54 acre lot
• Garage
• Built 1983

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $150k.

Deal economics

• At list price, monthly cash flow is $473 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $141k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.1% vs local median 4.2% in Dallas — 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 (#192 in GA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, schools D, amenities F.
• Paulding County (suburban): math 39% / reading 42% proficiency, ranked #33 of 174 in GA (top 19%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+1.8%/yr); 652 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 1,458 units permitted in Paulding County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Paulding County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 1.8% rent growth), your $42k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 74 days — a 6% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 18y 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 $42k; list at $150k implies a 253% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $141,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 74 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are D-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. 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.
6. 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.
7. 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: 1.15% ✓
• Cap rate: 10.08%
• Cash-on-cash: 13.52%
• DSCR: 1.60
• GRM: 7.2

CMA / ARV

• ARV (median comp): $257,000
• List price: $150,000
• Delta: -41.63%
• Verdict: UNDERPRICED
• Comps: 11 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.84% rent growth · sell at horizon

5-year hold

• IRR: 2.4%
• Equity multiple: 1.09×
• Total profit: $3,779
• Equity at exit: $22,365

10-year hold

• IRR: 10.9%
• Equity multiple: 1.81×
• Total profit: $33,856
• Equity at exit: $12,969

Cash invested: $42,000 (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 30132

• Home prices YoY: -33.1%
• Rents YoY: 1.8%
• Active inventory: 652
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,728 medium
• Mortgage (P&I): −$787
• Tax from tax record: −$43 /mo · $511/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$363
• Net cashflow: $473

Break-even live

Break-even rent $1,129

Max offer price $150,000

Occupancy floor 68%

Sensitivity live

Price	-10% $558	-5% $516	+0% $473	+5% $431	+10% $388
Rent	-10% $337	-5% $405	+0% $473	+5% $542	+10% $610
Rate	-1.0pp $549	-0.5pp $511	base $473	+0.5pp $434	+1.0pp $395

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
41 Riders Rdg Dallas, GA	2.0	1.0	792	$1,500	$1.89	44d	1	0.39mi

Listing history 15 events

1. 2026-06-13
   status $150,000 Pending 74 DOM
2. 2026-06-09
   days on market $150,000 Active Under Contract 74 DOM
3. 2026-06-08
   days on market $150,000 Active Under Contract 73 DOM
4. 2026-06-07
   days on market $150,000 Active Under Contract 72 DOM
5. 2026-06-04
   days on market $150,000 Active Under Contract 69 DOM
6. 2026-06-03
   days on market $150,000 Active Under Contract 68 DOM
7. 2026-06-02
   days on market $150,000 Active Under Contract 67 DOM
8. 2026-06-02
   status $150,000 Active Under Contract 66 DOM
9. 2026-06-01
   days on market $150,000 Active 66 DOM
10. 2026-05-31
    days on market $150,000 Active 65 DOM
11. 2026-03-25
    listed $150,000 New 167-char remark

    Show marketing remark (167 chars)

    Great Investment Property or first time buyer for sale! Double wide on 0.54 acres with 2 bedrooms and 2 baths including metal carport. Call for your appointment today!

12. 2026-03-25
    listed $150,000 Active 167-char remark

    Show marketing remark (167 chars)

    Great Investment Property or first time buyer for sale! Double wide on 0.54 acres with 2 bedrooms and 2 baths including metal carport. Call for your appointment today!

13. 2008-10-30
    soldstatus $42,500
14. 2008-04-22
    listed $54,900
15. 1997-08-15
    soldstatus $39,900

ⓘ 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: $511 · $43/mo
• Projected year-2 tax: $1,380 · $115/mo
• Expected delta: +$869/yr (+$72/mo · 170.3%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥105°F today · 18 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 20% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,733
• − Mortgage interest: −$8,402
• − Property taxes: −$511
• − Insurance: −$750
• − Repairs & maintenance: −$1,659
• − Management: −$1,659
• − Depreciation: −$4,364
• Taxable income: $3,389
• Est. tax owed @ 24.0%: −$813
• After-tax cash flow: $4,866/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: Paulding County
• NCES district ID: 1304020
• Math proficiency: 39% ▼ -6.00%
• Reading proficiency: 42% ▼ -7.00%
• Median HH income: $61,447
• Composite: 36.0/100
• National rank: #4784
• State rank: #33 of 174 in GA

Livability — Dallas

• Score: 66/100
• State rank: #192
• US rank: #11802

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Paulding County · 134,013 people
• City population: 106,793
• Metro: Atlanta-Sandy Springs-Alpharetta, GA
• Population (ZIP): 53,348
• Household income: $109,914
• Rent vs Own: 20.2% rent · 79.8% own
• Severe rent burden: 593.0

Population outlook (Paulding County) Hauer SSP2

• Today (2025): 175,714 people
• By 2030: 186,082 · +5.9%
• By 2040: 204,414 · +16.3%
• By 2050: 217,040 · +23.5%
• By 2075: 236,980 · +34.9%
• By 2100: 238,314 · +35.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (64%)
• Race & ethnicity: White 64% Black 19% Hispanic / Latino 9% Two or more races 8% Asian 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Slovak 2% Romanian 2% Lithuanian 2%
• Foreign-born: 8% · Canada, China
• Languages at home: 91% English-only · Spanish 5% Other Indo-European 1% Tagalog/Filipino 1%

Political lean MEDSL · Paulding

• 2024 margin: Strong R (+24.1) · D 37.6% · R 61.7%
• 2008→2024 swing: +14.4pp toward D · 2008: -38.5pp · 2024: -24.1pp
• All cycles: 2024: R+24.1 2020: R+29.1 2016: R+41.2 2012: R+43.6 2008: R+38.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -92.85%
• Current HPI: 187.6553
• Rent YoY: ▲ 1.84%
• Metro: Atlanta-Sandy Springs-Alpharetta, GA
• 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

+275.9% since first listed

5 events — show timeline

• 2026-03-25 Listed $150,000 FMLS
• 2026-03-25 Listed $150,000 GAMLS
• 2008-10-30 Sold (MLS) $42,500 FMLS
• 2008-04-22 Listed $54,900 FMLS
• 1997-08-15 Sold (Public Records) $39,900 Public Records

Property tax history

+2.6%/yr

Latest (2025): $511 · -1.1% YoY. Source: county tax records.