2491 Athens Hwy · Madison, GA 30650

$129,900

3 bd · 2.0 ba · 1,344 sqft · Manufactured public records · 39 Days on market

Built 1983 1.50 ac lot $97/sqft · 64% below area

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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
• DSCR +10.0/10.0
• 1% rule +8.6/10.0
• ARV discount +7.5/15.0
• Schools +4.0/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This property is located just a few miles from downtown Madison; less than a 5 minute drive. The ranch home sits on 1.5 acres with a walk in crawl space allowing easy access for maintenance. The home is in need of repairs & improvements with great potential, and is priced accordingly. County water is available. Sold as is. Please call, text, or email with any questions.

Key facts

• Walk in crawl space
• 1.5 acre lot
• Built 1983

Tags

• WALK IN CRAWL SPACE
• COUNTY WATER AVAILABLE

Property features AI

Finance

• Other: Parcel number: 035 010
• Financial info: Listing offered As-Is; Cash offers accepted
• HOA & community: No homeowners association; No association fees

Exterior

• Parking: Off-street parking
• Utilities: Well water; Septic tank; Electricity available; Propane available; Water service available
• Home design: Manufactured single-family residence; Manufactured house structure; Resale property; Located on 1.5-acre lot; Subdivision: Hard Labor; Very GPS friendly
• Construction: Built in 1983; Vinyl siding; Metal roof; Block foundation
• Exterior features: Sloped lot

Interior

• Kitchen: No appliances listed
• Bedrooms: 4 bedrooms on the main level
• Flooring: Other flooring
• Bathrooms: 2 full bathrooms (main level)
• Heating & cooling: Has heating (type: other); No central cooling
• Interior features: Bookcases; Rear stairs; One-level layout; Den; Family room; Masonry fireplace in family room (1)
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $130k.

Deal economics

• At list price, monthly cash flow is $499 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $126k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.9% vs local median 1.9% in Madison — 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 71/100 on livability (#88 in GA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime B; Watch: amenities F, commute F, health & safety F.
• Morgan County (town): math 49% / reading 45% proficiency, ranked #20 of 174 in GA (top 12%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Morgan County Primary School (872 students, 50% FRL).
• Market conditions: 160 active listings in the ZIP; 164 units permitted in Morgan County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $898 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Morgan County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($126k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $126,003 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.36% ✓
• Cap rate: 10.90%
• Cash-on-cash: 16.45%
• DSCR: 1.73
• GRM: 6.1

CMA / ARV

• ARV (median comp): $358,448
• List price: $129,900
• Delta: -63.76%
• Verdict: UNDERPRICED
• Comps: 5 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 7.5%
• Equity multiple: 1.30×
• Total profit: $10,735
• Equity at exit: $19,369

10-year hold

• IRR: 16.8%
• Equity multiple: 2.38×
• Total profit: $50,350
• Equity at exit: $11,231

Cash invested: $36,372 (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 30650

• Active inventory: 160
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $1,768 medium
• Mortgage (P&I): −$681
• Tax est. 1.5%: −$162 /mo · $1,948/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$371
• Net cashflow: $499

Break-even live

Break-even rent $1,136

Max offer price $129,900

Occupancy floor 67%

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-19
   days on market $129,900 Active 39 DOM
2. 2026-06-18
   days on market $129,900 Active 38 DOM
3. 2026-06-17
   days on market $129,900 Active 37 DOM
4. 2026-06-16
   days on market $129,900 Active 36 DOM
5. 2026-06-15
   days on market $129,900 Active 35 DOM
6. 2026-06-14
   days on market $129,900 Active 33 DOM
7. 2026-06-13
   days on market $129,900 Active 32 DOM
8. 2026-06-10
   days on market $129,900 Active 30 DOM
9. 2026-06-09
   days on market $129,900 Active 29 DOM
10. 2026-06-08
    days on market $129,900 Active 28 DOM
11. 2026-06-07
    days on market $129,900 Active 27 DOM
12. 2026-06-02
    days on market $129,900 Active 22 DOM
13. 2026-06-01
    days on market $129,900 Active 21 DOM
14. 2026-05-31
    days on market $129,900 Active 20 DOM
15. 2026-05-30
    days on market $129,900 Active 19 DOM
16. 2026-05-08
    listed $129,900 New 380-char remark

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥106°F today · 17 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: $21,210
• − Mortgage interest: −$7,276
• − Property taxes: −$1,948
• − Insurance: −$650
• − Repairs & maintenance: −$1,697
• − Management: −$1,697
• − Depreciation: −$3,779
• Taxable income: $4,163
• Est. tax owed @ 24.0%: −$999
• After-tax cash flow: $4,984/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: Morgan County
• NCES district ID: 1303780
• Math proficiency: 49% ▼ -6.00%
• Reading proficiency: 45% ▼ -7.00%
• Median HH income: $50,713
• Composite: 40.39/100
• National rank: #3731
• State rank: #20 of 174 in GA

Livability — Madison

• Score: 71/100
• State rank: #88
• US rank: #7252

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 13,398
• Population (ZIP): 13,398

Population outlook (Morgan County) Hauer SSP2

• Today (2025): 18,277 people
• By 2030: 18,213 · -0.4%
• By 2040: 17,709 · -3.1%
• By 2050: 16,761 · -8.3%
• By 2075: 14,143 · -22.6%
• By 2100: 10,523 · -42.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Black 26% Hispanic / Latino 4% Two or more races 3%
• Common ancestry: Slovak 3% Italian 2% Serbian 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2% Other Asian/Pacific 1%

Political lean MEDSL · Morgan

• 2024 margin: Solid R (+46.0) · D 26.8% · R 72.8%
• 2008→2024 swing: -14.3pp toward R · 2008: -31.6pp · 2024: -46.0pp
• All cycles: 2024: R+46.0 2020: R+41.7 2016: R+41.4 2012: R+38.0 2008: R+31.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -171.25%
• Current HPI: 282.7041
• 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

1 event — show timeline

• 2026-05-08 Listed $129,900 GAMLS

Property tax history

+41.6%/yr

Latest (2025): $109 · -2.0% YoY. Source: county tax records.