200 Sullivan Rd

Reed Creek, GA 29643

$172,500C+

3 bd · 2.0 ba · 1,456 sqft · Built 2000 · Manufactured · Active · 236 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,729/mo
• Mortgage (P&I): −$905
• Tax + insurance: −$134
• HOA: −$0
• Vac / Maint / Mgmt: −$363
• Net cashflow: $327/mo
• Annual: $3,924/yr
• Cap rate: 8.57%
• Cash-on-cash: 8.12%
• DSCR: 1.36
• 1% rule: 1.00%
• Cash to close: $48,300

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $172k.
• At list price, monthly cash flow is $327 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $172k).
• It's been on market 236 days — a 12% lower offer ($152k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $152k (12.0% below list) — sets the bar for market timing.
• 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.
• Location reads 65/100 on livability (#218 in GA) — a middle-class / working-renter tenant base. Strengths: crime A+, housing B+; Watch: health & safety C-, employment D, amenities F.
• Anderson 04 (rural): math 56% / reading 60% proficiency, ranked #4 of 80 in SC (top 5%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Pendleton Elementary (math 32% / reading 37%, grade F, #344 of 597 statewide, top 60%, 479 students, 100% FRL); Riverside Middle (math 48% / reading 55%, grade C, #34 of 229 statewide, top 15%, 426 students, 63% FRL); Pendleton High (math 72% / reading 92%, grade A, #19 of 196 statewide, top 10%, 880 students, 59% FRL) — zoned schools average 74% FRL vs 46% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 1,255 units permitted in Anderson County in 2024 (0 in 5+ unit buildings).
• Anderson County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 6 sale attempts; this cycle's ask has dropped $18k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $30k; list at $172k implies a 475% gain — meaningful room to come down on a strong offer.
• Cap rate 8.6% vs local median 1.5% in Reed Creek — 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 236 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.