2514 Skeenah Gap Rd

Morganton, GA 30572

$374,900D

3 bd · 2.0 ba · 1,800 sqft · Built 2024 · Manufactured · Active · 21 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,400/mo
• Mortgage (P&I): −$1,966
• Tax + insurance: −$625
• HOA: −$0
• Vac / Maint / Mgmt: −$504
• Net cashflow: $-695/mo
• Annual: $-8,338/yr
• Cap rate: 4.07%
• Cash-on-cash: -7.94%
• DSCR: 0.65
• 1% rule: 0.64%
• Cash to close: $104,972

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $375k.
• At list price, monthly cash flow is $-695 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $274k (26.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $240k (36.0% below list).
• It's been on market 21 days — a 2% lower offer ($369k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $240k (36.0% below list) — sets the bar for 1% rule.
• In year one you build about $13k of equity ($3k loan paydown + $11k appreciation (2.8% local appreciation)).
• Location reads 57/100 on livability (#456 in GA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: health & safety C-, crime D-, amenities F.
• Fannin County (rural): math 40% / reading 39% proficiency, ranked #51 of 174 in GA (top 29%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: West Fannin Elementary School (math 39% / reading 31%, grade F, #523 of 1,228 statewide, top 43%, 439 students, 61% FRL); Fannin County Middle School (math 41% / reading 43%, grade D-, #126 of 470 statewide, top 28%, 619 students, 53% FRL); Fannin County High School (math 27% / reading 47%, grade F, #68 of 424 statewide, top 17%, 900 students, 44% FRL) — zoned schools at 53% FRL track the district average.
• Market conditions: 59 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 375 units permitted in Fannin County in 2024 (0 in 5+ unit buildings).
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• By year 3, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 4.1% vs local median 3.1% in Morganton — 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

• 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?
• 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 D 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.
• 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.