910 Crooked Crk

Crooked Creek, GA 31024

$139,000B-

3 bd · 2.0 ba · 1,216 sqft · Built 1998 · Manufactured · Active · 84 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,221/mo
• Mortgage (P&I): −$729
• Tax + insurance: −$298
• HOA: −$0
• Vac / Maint / Mgmt: −$466
• Net cashflow: $727/mo
• Annual: $8,727/yr
• Cap rate: 13.15%
• Cash-on-cash: 24.47%
• DSCR: 2.09
• 1% rule: 1.60%
• Cash to close: $38,920

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $139k.
• At list price, monthly cash flow is $727 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $139k).
• It's been on market 84 days — a 6% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $131k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $961 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 39/100 on livability (#613 in GA) — a limited-amenity area; tenant pool skews transient or value-seeking. Strengths: cost of living A+, crime A; Watch: schools F, amenities F, commute F.
• Putnam County (rural): math 33% / reading 30% proficiency, ranked #86 of 174 in GA (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 69% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: 522 active listings in the ZIP; 129 units permitted in Putnam County in 2024 (50 in 5+ unit buildings).
• Putnam County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $11k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $9k; list at $139k implies a 1444% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~6 years — after that, you're playing with house money.
• Climate carrying-cost: severe flood risk; major wind risk, 51% 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.
• Cap rate 13.1% vs local median 1.6% in Crooked 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.
• This rent runs 40% of the median local income ($66k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 84 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.