226 Chivalry Ln

Ball Ground, GA 30107

$215,000C-

3 bd · 2.0 ba · 1,215 sqft · Built 2001 · Manufactured · Active · 50 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,016/mo
• Mortgage (P&I): −$1,127
• Tax + insurance: −$193
• HOA: −$0
• Vac / Maint / Mgmt: −$423
• Net cashflow: $272/mo
• Annual: $3,266/yr
• Cap rate: 7.81%
• Cash-on-cash: 5.42%
• DSCR: 1.24
• 1% rule: 0.94%
• Cash to close: $60,200

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $215k.
• At list price, monthly cash flow is $272 ($3k/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 $202k (6.2% below list).
• It's been on market 50 days — a 3% lower offer ($209k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $202k (6.2% 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 $6k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#80 in GA) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, health & safety D-.
• Pickens County (rural): math 35% / reading 35% proficiency, ranked #59 of 174 in GA (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Tate Elementary School (math 37% / reading 27%, grade F, #582 of 1,228 statewide, top 50%, 482 students, 51% FRL); Pickens County Junior High School (math 35% / reading 38%, grade F, #167 of 470 statewide, top 38%, 611 students, 45% FRL); Pickens County High School (math 34% / reading 28%, grade F, #127 of 424 statewide, top 30%, 1,259 students, 36% FRL) — zoned schools at 44% FRL track the district average.
• Market conditions: 320 active listings in the ZIP; high-income renter base; 260 units permitted in Pickens County in 2024 (0 in 5+ unit buildings).
• 5 sale attempts; this cycle's ask has dropped $15k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $173k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.8% vs local median 1.5% in Ball Ground — 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 50 days. Have you received any prior offers? Is the seller open to a 6% 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.
• 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?
• 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.