495 Shenandoah Dr

Dahlonega, GA 30533

$159,900B-

6 bd · 2.0 ba · 1,296 sqft · Built 2003 · Manufactured · Under Contract · 34 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,619/mo
• Mortgage (P&I): −$839
• Tax + insurance: −$266
• HOA: −$0
• Vac / Maint / Mgmt: −$550
• Net cashflow: $964/mo
• Annual: $11,572/yr
• Cap rate: 13.53%
• Cash-on-cash: 25.85%
• DSCR: 2.15
• 1% rule: 1.64%
• Cash to close: $44,772

Investor read

• This is a 6-bed/2.0-bath manufactured listed at $160k.
• At list price, monthly cash flow is $964 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $160k).
• It's been on market 34 days — a 3% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $155k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#241 in GA) — a middle-class / working-renter tenant base. Strengths: crime A+, health & safety A+; Watch: employment D, housing D, commute F.
• Lumpkin County (rural): math 38% / reading 45% proficiency, ranked #41 of 174 in GA (top 24%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Long Branch Elementary School (math 42% / reading 47%, grade F, #336 of 1,228 statewide, top 29%, 392 students, 55% FRL).
• Market conditions: 378 active listings in the ZIP; 277 units permitted in Lumpkin County in 2024 (0 in 5+ unit buildings).
• Lumpkin County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Current owner paid $57k; list at $160k implies a 183% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $45k cash investment doubles in ~5 years — after that, you're playing with house money.
• Cap rate 13.5% vs local median 3.1% in Dahlonega — 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.
• This rent runs 42% of the median local income ($74k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% 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.