197 Turkey Court Trl

Gay, GA 30222

$135,000C-

3 bd · 2.0 ba · 1,248 sqft · Built 1998 · Manufactured · Active · 96 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $982/mo
• Mortgage (P&I): −$708
• Tax + insurance: −$105
• HOA: −$0
• Vac / Maint / Mgmt: −$206
• Net cashflow: $-38/mo
• Annual: $-451/yr
• Cap rate: 5.96%
• Cash-on-cash: -1.19%
• DSCR: 0.95
• 1% rule: 0.73%
• Cash to close: $37,800

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $135k.
• At list price, monthly cash flow is $-38 ($-451/yr) — negative.
• To cash-flow at today's rent, offer at most $128k (4.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $98k (27.3% below list).
• It's been on market 96 days — a 9% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $98k (27.3% below list) — sets the bar for 1% rule.
• In year one you build about $14k of equity ($933 loan paydown + $14k appreciation (10.0% local appreciation)).
• Location reads 66/100 on livability (#201 in GA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, employment A, housing A-; Watch: schools F, amenities F, commute F.
• Meriwether County (rural): math 18% / reading 22% proficiency, ranked #144 of 174 in GA (top 83%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 43 active listings in the ZIP; 180 units permitted in Meriwether County in 2024 (0 in 5+ unit buildings).
• Meriwether County population projected at -28% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 9y ago; this cycle's ask has dropped $30k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $57k; list at $135k implies a 137% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 47% chance of damaging wind over 30y; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

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?
• It's been on market 96 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
• 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.