16 North St

Manchester, GA 31816

$80,000A-

3 bd · 1.0 ba · 1,832 sqft · Built 1915 · SingleFamily · Active · 129 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,450/mo
• Mortgage (P&I): −$420
• Tax + insurance: −$101
• HOA: −$0
• Vac / Maint / Mgmt: −$304
• Net cashflow: $625/mo
• Annual: $7,502/yr
• Cap rate: 15.67%
• Cash-on-cash: 33.49%
• DSCR: 2.49
• 1% rule: 1.81%
• Cash to close: $22,400

Investor read

• This is a 3-bed/1.0-bath single-family listed at $80k.
• At list price, monthly cash flow is $625 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• It's been on market 129 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $70k (12.0% below list) — sets the bar for market timing.
• In year one you build about $9k of equity ($553 loan paydown + $8k appreciation (10.0% local appreciation)).
• 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: crime D-, amenities F, commute 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.
• Zoned schools: Mountain View Elementary School (math 28% / reading 22%, grade F, #745 of 1,228 statewide, top 61%, 756 students, 99% FRL); Manchester Middle School (math 20% / reading 26%, grade F, #321 of 470 statewide, top 69%, 313 students, 96% FRL); Manchester High School (math 24% / reading 37%, grade F, #128 of 424 statewide, top 30%, 403 students, 96% FRL) — zoned schools average 97% FRL vs 71% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 47 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 180 units permitted in Meriwether County in 2024 (0 in 5+ unit buildings).
• Meriwether County population projected at -28% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 8 sale attempts; this cycle's ask has dropped $10k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $14k; list at $80k implies a 471% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 61% chance of damaging wind over 30y; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 129 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?
• 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?
• 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.