243 Merry Dr NW · Milledgeville, GA 31061

$189,000

3 bd · 2.0 ba · 1,792 sqft · Other · 119 Days on market

Built 2021 0.84 ac lot $105/sqft · 22% below area Est $243k · 22% under

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Why this score? — see what drove the D- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• ARV discount +15.0/15.0
• Cash flow +8.1/30.0
• Rent growth +3.5/5.0
• Livability +3.4/5.0
• 1% rule +2.5/10.0
• Condition / age +2.5/5.0
• DSCR +2.1/10.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome home to this beautifully kept 3-bedroom, 2-bath manufactured home built in 2021 and in excellent condition. It has a fresh, modern feel with full sheetrock walls throughout and a stylish tiled backsplash that gives the kitchen just the right pop of character. The open layout makes the space feel bright and inviting, perfect for everyday living or having friends and family over. The bedrooms are comfortably sized, and the primary suite offers its own private bath for a little extra convenience. This move-in ready home has been well cared for and still feels like new. If you're looking for low-maintenance living with updated finishes and great space, this one checks all the boxes.

Key facts

• 0.84 acre lot
• Built 2021
• Listed 118 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $189k.

Deal economics

• At list price, monthly cash flow is $-188 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $162k (14.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $141k (25.1% below list).
• Recommended offer: $141k (25.1% below list) — sets the bar for 1% rule.
• Cap rate 5.1% vs local median 2.9% in Milledgeville — 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.

Location & tenants

• Location reads 68/100 on livability (#134 in GA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: amenities D+, schools F, crime F.
• Baldwin County (town): math 13% / reading 20% proficiency, ranked #152 of 174 in GA (top 87%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 72% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+4.0%/yr); 375 active listings in the ZIP; 202 units permitted in Baldwin County in 2024 (12 in 5+ unit buildings).
• This rent runs 31% of the median local income ($54k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Baldwin County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 119 days — a 9% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $15k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 59% 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.

Recommended offer $141,485 (25.1% below list)

Questions for the listing agent

1. 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?
2. It's been on market 119 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. Crime grade is F 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?
7. 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?
8. 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.
9. 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.
10. 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.

Investment metrics

• 1% rule: 0.75% ✗
• Cap rate: 5.10%
• Cash-on-cash: -4.27%
• DSCR: 0.81
• GRM: 11.1

CMA / ARV

• ARV (median comp): $242,917
• List price: $189,000
• Delta: -22.20%
• Verdict: UNDERPRICED
• Comps: 19 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.05% rent growth · sell at horizon

5-year hold

• IRR: -22.3%
• Equity multiple: 0.22×
• Total profit: $-41,094
• Equity at exit: $28,181

10-year hold

• IRR: -14.0%
• Equity multiple: 0.15×
• Total profit: $-44,817
• Equity at exit: $16,341

Cash invested: $52,920 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State Georgia: 90 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

Magistrate court evictions in 10-30 days; no rent control; preempted; few tenant protections.

Methodology + full state rankings →

ZIP-level market 31061

• Home prices YoY: -29.9%
• Rents YoY: 4.0%
• Active inventory: 375
• Price-to-rent: 11.1×

Monthly cashflow live

• Estimated rent: $1,415 medium
• Mortgage (P&I): −$991
• Tax est. 1.5%: −$236 /mo · $2,835/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$297
• Net cashflow: $-188

Break-even live

Break-even rent $1,653

Max offer price $161,737

Occupancy floor —

Sensitivity live

Price	-10% $-58	-5% $-123	+0% $-188	+5% $-254	+10% $-319
Rent	-10% $-300	-5% $-244	+0% $-188	+5% $-133	+10% $-77
Rate	-1.0pp $-93	-0.5pp $-140	base $-188	+0.5pp $-237	+1.0pp $-287

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $47,250
• Closing costs: $5,670
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-19
   days on market $189,000 Active 119 DOM
2. 2026-06-18
   days on market $189,000 Active 118 DOM
3. 2026-06-17
   days on market $189,000 Active 117 DOM
4. 2026-06-16
   days on market $189,000 Active 116 DOM
5. 2026-06-15
   days on market $189,000 Active 115 DOM
6. 2026-06-14
   days on market $189,000 Active 113 DOM
7. 2026-06-12
   days on market $189,000 Active 112 DOM
8. 2026-06-09
   days on market $189,000 Active 109 DOM
9. 2026-06-08
   days on market $189,000 Active 108 DOM
10. 2026-06-07
    days on market $189,000 Active 107 DOM
11. 2026-06-05
    days on market $189,000 Active 104 DOM
12. 2026-06-03
    days on market $189,000 Active 103 DOM
13. 2026-06-02
    days on market $189,000 Active 102 DOM
14. 2026-06-01
    days on market $189,000 Active 101 DOM
15. 2026-05-31
    statusdays on market $189,000 Active 100 DOM
16. 2026-05-30
    days on market $189,000 Price Change 99 DOM
17. 2026-03-13
    price $199,900 695-char remark

    Show marketing remark (701 chars)

    Welcome home to this beautifully kept 3-bedroom, 2-bath manufactured home built in 2021 and in excellent condition. It has a fresh, modern feel with full sheetrock walls throughout and a stylish tiled backsplash that gives the kitchen just the right pop of character. The open layout makes the space feel bright and inviting, perfect for everyday living or having friends and family over. The bedrooms are comfortably sized, and the primary suite offers its own private bath for a little extra convenience. This move-in ready home has been well cared for and still feels like new. If you're looking for low-maintenance living with updated finishes and great space, this one checks all the boxes.

18. 2026-03-13
    price $199,900 701-char remark

    Show marketing remark (701 chars)

    Welcome home to this beautifully kept 3-bedroom, 2-bath manufactured home built in 2021 and in excellent condition. It has a fresh, modern feel with full sheetrock walls throughout and a stylish tiled backsplash that gives the kitchen just the right pop of character. The open layout makes the space feel bright and inviting, perfect for everyday living or having friends and family over. The bedrooms are comfortably sized, and the primary suite offers its own private bath for a little extra convenience. This move-in ready home has been well cared for and still feels like new. If you're looking for low-maintenance living with updated finishes and great space, this one checks all the boxes.

19. 2026-02-20
    listed $203,900 Active 695-char remark

    Show marketing remark (695 chars)

    Welcome home to this beautifully kept 3-bedroom, 2-bath manufactured home built in 2021 and in excellent condition. It has a fresh, modern feel with full sheetrock walls throughout and a stylish tiled backsplash that gives the kitchen just the right pop of character. The open layout makes the space feel bright and inviting, perfect for everyday living or having friends and family over. The bedrooms are comfortably sized, and the primary suite offers its own private bath for a little extra convenience. This move-in ready home has been well cared for and still feels like new. If you're looking for low-maintenance living with updated finishes and great space, this one checks all the boxes.

20. 2026-02-19
    listed $203,900 New 701-char remark

    Show marketing remark (701 chars)

    Welcome home to this beautifully kept 3-bedroom, 2-bath manufactured home built in 2021 and in excellent condition. It has a fresh, modern feel with full sheetrock walls throughout and a stylish tiled backsplash that gives the kitchen just the right pop of character. The open layout makes the space feel bright and inviting, perfect for everyday living or having friends and family over. The bedrooms are comfortably sized, and the primary suite offers its own private bath for a little extra convenience. This move-in ready home has been well cared for and still feels like new. If you're looking for low-maintenance living with updated finishes and great space, this one checks all the boxes.

21. 2025-07-29
    soldstatus $169,000
22. 2024-12-30
    soldstatus $85,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 7/10 Severe 7 d/yr ≥109°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 59% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,978
• − Mortgage interest: −$10,587
• − Property taxes: −$2,835
• − Insurance: −$945
• − Repairs & maintenance: −$1,358
• − Management: −$1,358
• − Depreciation: −$5,498
• Taxable loss: −$5,603
• Est. tax savings @ 24.0%: +$1,345
• After-tax cash flow: $-916/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Baldwin County
• NCES district ID: 1300210
• Math proficiency: 13% ▼ -8.00%
• Reading proficiency: 20% ▼ -5.00%
• Median HH income: $35,615
• Composite: 13.61/100
• National rank: #9508
• State rank: #152 of 174 in GA

Livability — Milledgeville

• Score: 68/100
• State rank: #134
• US rank: #9206

Category grades

Amenities D+ Commute F Cost of living A+ Crime F Employment F Housing A- Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Baldwin County · 41,764 people
• City population: 41,764
• Metro: Milledgeville, GA
• Population (ZIP): 41,764
• Household income: $54,263
• Rent vs Own: 40.6% rent · 59.4% own
• Severe rent burden: 1630.0

Population outlook (Baldwin County) Hauer SSP2

• Today (2025): 45,602 people
• By 2030: 45,481 · -0.3%
• By 2040: 44,310 · -2.8%
• By 2050: 42,129 · -7.6%
• By 2075: 36,819 · -19.3%
• By 2100: 29,320 · -35.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: White 51% Black 43% Hispanic / Latino 3% Two or more races 3% Asian 2%
• Common ancestry: Slovak 1% Serbian 1% Italian 1%
• Foreign-born: 3% · Canada, South Korea
• Languages at home: 96% English-only · Spanish 2% Korean 1%

Political lean MEDSL · Baldwin

• 2024 margin: Toss-up / Even · D 48.6% · R 50.9%
• 2008→2024 swing: -6.8pp toward R · 2008: 4.6pp · 2024: -2.2pp
• All cycles: 2024: R+2.2 2020: D+1.3 2016: D+1.7 2012: D+5.5 2008: D+4.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -103.16%
• Current HPI: 241.3758
• Rent YoY: ▲ 4.05%
• Metro: Milledgeville, GA
• State GDP YoY: ▲ 2.66%
• F500 in state: 28

Industry mix (Fortune 500 HQ in GA)

Industry	F500 HQs	Revenue
▸Paper / Packaging	2	$29B
▸Retail	1	$160B
▸Transportation / Logistics	1	$91B
▸Airlines	1	$62B
▸Consumer Goods	1	$47B
▸Utilities	1	$25B

Price history

+135.2% since first listed

6 events — show timeline

• 2026-03-13 Price Changed $199,900 MGMLS
• 2026-03-13 Price Changed $199,900 GAMLS
• 2026-02-20 Listed $203,900 MGMLS
• 2026-02-19 Listed $203,900 GAMLS
• 2025-07-29 Sold (Public Records) $169,000 Public Records
• 2024-12-30 Sold (Public Records) $85,000 Public Records

Property tax history

-22.7%/yr

Latest (2025): $25 · -94.6% YoY. Source: county tax records.