226 Boulder Ln · Locust Grove, GA 30248

$165,000

3 bd · 2.0 ba · 1,320 sqft · Manufactured · 104 Days on market

Built 2008 $125/sqft · 23% below area Est $214k · 23% 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 +25.5/30.0
• ARV discount +15.0/15.0
• DSCR +8.5/10.0
• 1% rule +6.8/10.0
• Livability +3.1/5.0
• Rent growth +3.0/5.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Well-maintained 3 bedroom, 2 bathroom manufactured home located in Skyland Park, Locust Grove, GA. This home features a comfortable layout with a spacious living area, functional kitchen, and a private primary suite with its own full bathroom and Walking closet . Conveniently located near shopping, restaurants, and quick access to I-75, making commuting easy. Perfect opportunity for first-time buyers, downsizers, or investors.

Key facts

• Full bathroom
• Walking closet
• Quick access to i-75

Tags

• PRIVATE PRIMARY SUITE
• FULL BATHROOM
• WALKING CLOSET
• CONVENIENTLY LOCATED
• QUICK ACCESS TO I-75

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $165k.

Deal economics

• At list price, monthly cash flow is $387 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• Recommended offer: $150k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.1% vs local median 4.1% in Locust Grove — 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 62/100 on livability (#315 in GA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, employment D+, schools F.
• Henry County (rural): math 24% / reading 33% proficiency, ranked #89 of 174 in GA (top 51%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising (+2.2%/yr); 496 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,989 units permitted in Henry County in 2024 (92 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 $5k of value loss. Plan a longer hold.
• Henry County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 104 days — a 9% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y ago; this cycle's ask has dropped $25k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $22k; list at $165k implies a 667% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $150,150 (9.0% below list)

Questions for the listing agent

1. It's been on market 104 days. Have you received any prior offers? Is the seller open to a 9% 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 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. 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: 1.18% ✓
• Cap rate: 9.11%
• Cash-on-cash: 10.05%
• DSCR: 1.45
• GRM: 7.1

CMA / ARV

• ARV (median comp): $214,394
• List price: $165,000
• Delta: -23.04%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.16% rent growth · sell at horizon

5-year hold

• IRR: -2.1%
• Equity multiple: 0.92×
• Total profit: $-3,700
• Equity at exit: $24,602

10-year hold

• IRR: 6.6%
• Equity multiple: 1.48×
• Total profit: $22,058
• Equity at exit: $14,266

Cash invested: $46,200 (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 30248

• Home prices YoY: -21.0%
• Rents YoY: 2.2%
• Active inventory: 496
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,948 high
• Mortgage (P&I): −$865
• Tax from tax record: −$218 /mo · $2,615/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$409
• Net cashflow: $387

Break-even live

Break-even rent $1,458

Max offer price $165,000

Occupancy floor 75%

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
384 Jasmine Dr Locust Grove, GA	3.0	2.5	1719	$1,880	$1.09	43d	1	0.17mi
239 Kings Cv Locust Grove, GA	3.0	2.0	1479	$1,570	$1.06	12d	1	0.27mi
163 Brentwood Ln Locust Grove, GA	4.0	3.0	1602	$1,650	$1.03	43d	1	0.27mi
308 Kellys Walk Locust Grove, GA	3.0	2.0	1319	$1,805	$1.37	1d	1	0.54mi
329 Kellys Walk Locust Grove, GA	3.0	2.0	1550	$1,769	$1.14	2d	1	0.58mi
125 Waters Edge Dr Locust Grove, GA	3.0	2.0	1320	$1,825	$1.38	24d	1	0.73mi
2237 Ross Ln Locust Grove, GA	3.0	2.0	1530	$1,800	$1.18	12d	1	0.84mi
1320 Elmstead Pl Locust Grove, GA	3.0–5.0	2.0–3.0	2245	$2,104	$0.94	1d	1	0.89mi
1221 Browns Country Ln Locust Grove, GA	3.0	2.0	1379	$1,759	$1.28	43d	1	1.20mi
317 Nutwood Trce Locust Grove, GA	3.0	2.5	1690	$1,985	$1.17	43d	1	1.22mi
206 Nadia Ct Locust Grove, GA	3.0	2.0	1557	$1,785	$1.15	24d	1	1.32mi

Listing history 19 events

1. 2026-06-18
   days on market $165,000 Active 104 DOM
2. 2026-06-17
   days on market $165,000 Active 103 DOM
3. 2026-06-16
   days on market $165,000 Active 102 DOM
4. 2026-06-15
   days on market $165,000 Active 101 DOM
5. 2026-06-13
   days on market $165,000 Active 99 DOM
6. 2026-06-09
   days on market $165,000 Active 95 DOM
7. 2026-06-08
   days on market $165,000 Active 94 DOM
8. 2026-06-07
   days on market $165,000 Active 93 DOM
9. 2026-06-04
   days on market $165,000 Active 90 DOM
10. 2026-06-03
    days on market $165,000 Active 89 DOM
11. 2026-06-02
    days on market $165,000 Active 88 DOM
12. 2026-06-01
    days on market $165,000 Active 87 DOM
13. 2026-05-31
    days on market $165,000 Active 86 DOM
14. 2026-04-14
    price $169,900 431-char remark

    Show marketing remark (431 chars)

    Well-maintained 3 bedroom, 2 bathroom manufactured home located in Skyland Park, Locust Grove, GA. This home features a comfortable layout with a spacious living area, functional kitchen, and a private primary suite with its own full bathroom and Walking closet . Conveniently located near shopping, restaurants, and quick access to I-75, making commuting easy. Perfect opportunity for first-time buyers, downsizers, or investors.

15. 2026-03-06
    listed $189,900 New 431-char remark

    Show marketing remark (431 chars)

    Well-maintained 3 bedroom, 2 bathroom manufactured home located in Skyland Park, Locust Grove, GA. This home features a comfortable layout with a spacious living area, functional kitchen, and a private primary suite with its own full bathroom and Walking closet . Conveniently located near shopping, restaurants, and quick access to I-75, making commuting easy. Perfect opportunity for first-time buyers, downsizers, or investors.

16. 2023-09-20
    status Under Contract 237-char remark

    Show marketing remark (237 chars)

    Nice Cul-De-Sac lot For a Manufactured Home. Located in a Lake Community with no Association Fees. Utilities are available. Location within 10 minutes to Interstate I-75, Tanger Outlet, Walmart, I Ingles, fast food and restaurants.

17. 2023-09-20
    soldstatus $21,500 Sold 237-char remark

    Show marketing remark (237 chars)

    Nice Cul-De-Sac lot For a Manufactured Home. Located in a Lake Community with no Association Fees. Utilities are available. Location within 10 minutes to Interstate I-75, Tanger Outlet, Walmart, I Ingles, fast food and restaurants.

18. 2023-09-05
    listed $28,500 New 237-char remark

    Show marketing remark (237 chars)

    Nice Cul-De-Sac lot For a Manufactured Home. Located in a Lake Community with no Association Fees. Utilities are available. Location within 10 minutes to Interstate I-75, Tanger Outlet, Walmart, I Ingles, fast food and restaurants.

19. 1996-12-06
    soldstatus $8,000

ⓘ 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: $2,615 · $218/mo
• Projected year-2 tax: $2,615 · $218/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 · 18 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% 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: $23,373
• − Mortgage interest: −$9,243
• − Property taxes: −$2,615
• − Insurance: −$825
• − Repairs & maintenance: −$1,870
• − Management: −$1,870
• − Depreciation: −$4,800
• Taxable income: $2,150
• Est. tax owed @ 24.0%: −$516
• After-tax cash flow: $4,125/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: Henry County
• NCES district ID: 1302820
• Math proficiency: 24% ▼ -9.00%
• Reading proficiency: 33% ▼ -7.00%
• Median HH income: $62,594
• Composite: 26.13/100
• National rank: #7279
• State rank: #89 of 174 in GA

Livability — Locust Grove

• Score: 62/100
• State rank: #315
• US rank: #17034

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Locust Grove, GA
• County: Henry County · 316,359 people
• City population: 36,038
• Metro: Atlanta-Sandy Springs-Alpharetta, GA
• Population (ZIP): 36,038
• Household income: $83,823
• Rent vs Own: 15.8% rent · 84.2% own
• Severe rent burden: 485.0

Population outlook (Henry County) Hauer SSP2

• Today (2025): 249,041 people
• By 2030: 264,369 · +6.2%
• By 2040: 294,459 · +18.2%
• By 2050: 322,249 · +29.4%
• By 2075: 392,310 · +57.5%
• By 2100: 437,836 · +75.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 51% Black 37% Hispanic / Latino 9% Two or more races 5%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3%
• Common ancestry: Slovak 2% Italian 2% Iranian 1%
• Foreign-born: 6% · Canada
• Languages at home: 92% English-only · Spanish 6% French/Haitian/Cajun 1%

Political lean MEDSL · Henry

• 2024 margin: Strong D (+29.7) · D 64.5% · R 34.9%
• 2008→2024 swing: +37.1pp toward D · 2008: -7.5pp · 2024: 29.7pp
• All cycles: 2024: D+29.7 2020: D+20.5 2016: D+4.3 2012: R+3.2 2008: R+7.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -54.09%
• Current HPI: 203.5358
• Rent YoY: ▲ 2.16%
• 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

+2023.8% since first listed

6 events — show timeline

• 2026-04-14 Price Changed $169,900 GAMLS
• 2026-03-06 Listed $189,900 GAMLS
• 2023-09-20 Pending — GAMLS
• 2023-09-20 Sold (MLS) $21,500 GAMLS
• 2023-09-05 Listed $28,500 GAMLS
• 1996-12-06 Sold (Public Records) $8,000 Public Records

Property tax history

+16.5%/yr

Latest (2025): $2,615 · +512.2% YoY. Source: county tax records.