6801 Bemiss Rd - 307 Ray City Plan

Ray City, GA 31645

$74,000B+

3 bd · 2.0 ba · 990 sqft · Built — · Manufactured · Active · 208 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,173/mo
• Mortgage (P&I): −$388
• Tax + insurance: −$123
• HOA: −$0
• Vac / Maint / Mgmt: −$246
• Net cashflow: $415/mo
• Annual: $4,984/yr
• Cap rate: 13.03%
• Cash-on-cash: 24.05%
• DSCR: 2.07
• 1% rule: 1.59%
• Cash to close: $20,720

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $74k. Condition is rated good.
• At list price, monthly cash flow is $415 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $74k).
• It's been on market 208 days — a 12% lower offer ($65k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $65k (12.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($512 loan paydown + $2k appreciation (3.3% local appreciation)).
• Location reads 64/100 on livability (#260 in GA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety D, schools F, amenities F.
• Lowndes County (rural): math 59% / reading 52% proficiency, ranked #8 of 174 in GA (top 5%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 39 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 896 units permitted in Lowndes County in 2024 (0 in 5+ unit buildings).
• Lowndes County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (3.3% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~3 years — after that, you're playing with house money.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 13.0% vs local median 4.1% in Ray City — 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.

Questions for listing agent

• It's been on market 208 days. Have you received any prior offers? Is the seller open to a 12% 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?
• 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.