2627 Cole Rd

Carnesville, GA 30521

$130,000C

3 bd · 2.0 ba · 1,144 sqft · Built 1999 · Manufactured · Under Contract · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,058/mo
• Mortgage (P&I): −$682
• Tax + insurance: −$89
• HOA: −$0
• Vac / Maint / Mgmt: −$222
• Net cashflow: $65/mo
• Annual: $782/yr
• Cap rate: 6.89%
• Cash-on-cash: 2.15%
• DSCR: 1.10
• 1% rule: 0.81%
• Cash to close: $36,400

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $130k.
• At list price, monthly cash flow is $65 ($782/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $106k (18.6% below list).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $106k (18.6% below list) — sets the bar for 1% rule.
• In year one you build about $8k of equity ($899 loan paydown + $7k appreciation (5.4% local appreciation)).
• Location reads 64/100 on livability (#269 in GA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, crime D, amenities F.
• Franklin County (rural): math 38% / reading 35% proficiency, ranked #61 of 174 in GA (top 35%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Carnesville Elementary School (math 54% / reading 42%, grade D, #289 of 1,228 statewide, top 24%, 703 students, 58% FRL); Franklin County Middle School (math 32% / reading 35%, grade F, #206 of 470 statewide, top 45%, 826 students, 60% FRL); Franklin County High School (math 34% / reading 34%, grade F, #93 of 424 statewide, top 23%, 1,048 students, 49% FRL) — zoned schools at 56% FRL track the district average.
• Market conditions: 61 active listings in the ZIP; 163 units permitted in Franklin County in 2024 (0 in 5+ unit buildings).
• 4 sale attempts since 10y ago; this cycle's ask has dropped $15k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $32k; list at $130k implies a 313% gain — meaningful room to come down on a strong offer.
• At projected returns (5.4% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.9% vs local median 2.0% in Carnesville — 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

• 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?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.