621 Unionville Rd

Forsyth, GA 30204

$165,000C-

3 bd · 2.0 ba · 1,620 sqft · Built 1997 · Manufactured · Under Contract · 53 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,525/mo
• Mortgage (P&I): −$865
• Tax + insurance: −$141
• HOA: −$0
• Vac / Maint / Mgmt: −$320
• Net cashflow: $198/mo
• Annual: $2,379/yr
• Cap rate: 7.73%
• Cash-on-cash: 5.15%
• DSCR: 1.23
• 1% rule: 0.92%
• Cash to close: $46,200

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $165k.
• At list price, monthly cash flow is $198 ($2k/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 $153k (7.6% below list).
• It's been on market 53 days — a 3% lower offer ($160k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $153k (7.6% below list) — sets the bar for 1% rule.
• 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 76/100 on livability (#24 in GA, #3,557 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, amenities F, commute F.
• Monroe County (rural): math 43% / reading 48% proficiency, ranked #22 of 174 in GA (top 13%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Samuel E. Hubbard Elementary School (math 48% / reading 41%, grade F, #336 of 1,228 statewide, top 29%, 732 students, 57% FRL); Mary Persons High School (math 21% / reading 57%, grade F, #59 of 424 statewide, top 14%, 1,287 students, 41% FRL) — zoned schools at 49% FRL track the district average.
• Market conditions: 99 active listings in the ZIP; 281 units permitted in Monroe County in 2024 (0 in 5+ unit buildings).
• 2 sale attempts; this cycle's ask has dropped $34k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: major wind risk, 52% 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 7.7% vs local median 2.1% in Forsyth — 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 53 days. Have you received any prior offers? Is the seller open to a 8% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.