1251 Boones Bridge Rd

Madison, GA 30650

$295,000F

3 bd · 1.5 ba · 2,052 sqft · Built 2001 · Manufactured · Under Contract · 28 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,795/mo
• Mortgage (P&I): −$1,547
• Tax + insurance: −$196
• HOA: −$0
• Vac / Maint / Mgmt: −$377
• Net cashflow: $-326/mo
• Annual: $-3,909/yr
• Cap rate: 4.97%
• Cash-on-cash: -4.73%
• DSCR: 0.79
• 1% rule: 0.61%
• Cash to close: $82,600

Investor read

• This is a 3-bed/1.5-bath manufactured listed at $295k.
• At list price, monthly cash flow is $-326 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $237k (19.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $179k (39.2% below list).
• It's been on market 28 days — a 2% lower offer ($291k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $179k (39.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#88 in GA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime B; Watch: amenities F, commute F, health & safety F.
• Morgan County (town): math 49% / reading 45% proficiency, ranked #20 of 174 in GA (top 12%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Morgan County Primary School (872 students, 50% FRL); Morgan County Middle School (math 44% / reading 49%, grade D+, #94 of 470 statewide, top 20%, 806 students, 41% FRL); Morgan County High School (math 39% / reading 32%, grade F, #81 of 424 statewide, top 19%, 1,072 students, 36% FRL) — zoned schools at 42% FRL track the district average.
• Market conditions: 155 active listings in the ZIP; 164 units permitted in Morgan County in 2024 (0 in 5+ unit buildings).
• Morgan County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 4 sale attempts since 8y ago; this cycle's ask has dropped $30k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $112k; list at $295k implies a 163% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.0% vs local median 1.8% in Madison — 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

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.