185 Cedar Ln

Morganton, GA 30560

$227,450C+

3 bd · 2.0 ba · 1,200 sqft · Built 2000 · SingleFamily · Active · 102 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,531/mo
• Mortgage (P&I): −$1,193
• Tax + insurance: −$379
• HOA: −$0
• Vac / Maint / Mgmt: −$532
• Net cashflow: $428/mo
• Annual: $5,134/yr
• Cap rate: 8.55%
• Cash-on-cash: 8.06%
• DSCR: 1.36
• 1% rule: 1.11%
• Cash to close: $63,686

Investor read

• This is a 3-bed/2.0-bath single-family listed at $227k. Condition is rated good.
• At list price, monthly cash flow is $428 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $227k).
• It's been on market 102 days — a 9% lower offer ($207k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $207k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 57/100 on livability (#456 in GA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: health & safety C-, crime D-, amenities F.
• Fannin County (rural): math 40% / reading 39% proficiency, ranked #51 of 174 in GA (top 29%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: East Fannin Elementary School (math 42% / reading 32%, grade F, #485 of 1,228 statewide, top 41%, 415 students, 63% FRL); Fannin County Middle School (math 41% / reading 43%, grade D-, #126 of 470 statewide, top 28%, 619 students, 53% FRL); Fannin County High School (math 27% / reading 47%, grade F, #68 of 424 statewide, top 17%, 900 students, 44% FRL) — zoned schools at 53% FRL track the district average.
• Market conditions: 496 active listings in the ZIP; 375 units permitted in Fannin County in 2024 (0 in 5+ unit buildings).
• 2 sale attempts; this cycle's ask has dropped $32k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $110k; list at $227k implies a 107% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.6% vs local median 2.1% in Morganton — 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.
• At $2,531/mo this rent would consume 54% of the median local household income ($56k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 102 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• 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.
• 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.