6005 Chancey Rd

Offerman, GA 31557

$145,000D-

2 bd · 1.0 ba · 672 sqft · Built 1998 · Manufactured · Under Contract · 226 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $864/mo
• Mortgage (P&I): −$760
• Tax + insurance: −$91
• HOA: −$0
• Vac / Maint / Mgmt: −$181
• Net cashflow: $-168/mo
• Annual: $-2,020/yr
• Cap rate: 4.90%
• Cash-on-cash: -4.97%
• DSCR: 0.78
• 1% rule: 0.60%
• Cash to close: $40,600

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $145k.
• At list price, monthly cash flow is $-168 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $115k (20.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $86k (40.4% below list).
• It's been on market 226 days — a 12% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $86k (40.4% below list) — sets the bar for 1% rule.
• In year one you build about $16k of equity ($1k loan paydown + $14k appreciation (10.0% local appreciation)).
• Location reads 53/100 on livability (#555 in GA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing B+; Watch: schools F, crime F, amenities F.
• Pierce County (rural): math 52% / reading 51% proficiency, ranked #15 of 174 in GA (top 9%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 27 active listings in the ZIP; 88 units permitted in Pierce County in 2024 (0 in 5+ unit buildings).
• By year 3, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; severe wildfire risk; 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 226 days. Have you received any prior offers? Is the seller open to a 40% 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?
• 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?
• 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.