231 Stornoway Dr #2 · Clayton, GA 30525

$265,000

2 bd · 2.0 ba · 2,053 sqft · Condo · 58 Days on market

Built 1982 Good condition $129/sqft · 21% below area Est $335k · 21% under

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Why this score? — see what drove the C+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +17.2/30.0
• ARV discount +15.0/15.0
• 1% rule +5.8/10.0
• DSCR +5.4/10.0
• Appreciation +5.3/10.0
• Condition / age +4.0/5.0
• Schools +3.6/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0

Listing remarks MLS

Ground floor condominium in Stornoway with a large addition making this more spacious with open great room. Newly renovated primary bath. Stornoway is conveniently located in Clayton with a short drive via paved roads to shopping, dining, medical offices and more. Entrance on ground level just steps away from parking area with a second (back) entrance for convenience. Would make an excellent second home or simplified living for a senior. Open house tentatively planned for April 25th 11AM-1PM. Stay tuned for floor plan & associated documents.

Key facts

• Built 1982
• Listed 57 days

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $265k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $188 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $265k).
• Recommended offer: $257k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.1% vs local median 3.6% in Clayton — 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.

Location & tenants

• Location reads 66/100 on livability (#197 in GA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing B+; Watch: crime D, schools F, amenities F.
• Rabun County (rural): math 42% / reading 44% proficiency, ranked #37 of 174 in GA (top 21%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 256 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 147 units permitted in Rabun County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($2k loan paydown + $2k appreciation (0.7% local appreciation)).
• Rabun County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (0.7% appreciation + 3.0% rent growth), your $74k cash investment doubles in ~9 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 58 days — a 3% lower offer ($257k) is reasonable based on typical stale-listing flexibility.

Recommended offer $257,050 (3.0% below list)

Questions for the listing agent

1. It's been on market 58 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.08% ✓
• Cap rate: 7.15%
• Cash-on-cash: 3.05%
• DSCR: 1.14
• GRM: 7.7

CMA / ARV

• ARV (median comp): $335,010
• List price: $265,000
• Delta: -20.90%
• Verdict: UNDERPRICED
• Comps: 12 within 1.0 mi

Projected returns pro-forma

0.68% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 3.5%
• Equity multiple: 1.18×
• Total profit: $12,991
• Equity at exit: $86,047

10-year hold

• IRR: 8.3%
• Equity multiple: 1.97×
• Total profit: $72,245
• Equity at exit: $111,006

Cash invested: $74,200 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State Georgia: 90 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

Magistrate court evictions in 10-30 days; no rent control; preempted; few tenant protections.

Methodology + full state rankings →

ZIP-level market 30525

• Home prices YoY: 0.2%
• Active inventory: 256
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $2,853 medium
• Mortgage (P&I): −$1,390
• Tax est. 1.5%: −$331 /mo · $3,975/yr
• Insurance: −$110
• HOA est. from 1 same-building comp: −$234
• Vacancy / Maint / Mgmt: −$599
• Net cashflow: $188

Break-even live

Break-even rent $2,614

Max offer price $265,000

Occupancy floor 88%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $66,250
• Closing costs: $7,950
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
122 Cannon St Clayton, GA	3.0	2.0	1650	$3,250	$1.97	14d	1	1.24mi
38 Bulldog Ln Clayton, GA	2.0	2.0	2030	$2,500	$1.23	23d	1	1.36mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-18
   days on market $265,000 Active 58 DOM
2. 2026-06-17
   days on market $265,000 Active 57 DOM
3. 2026-06-16
   days on market $265,000 Active 56 DOM
4. 2026-06-15
   days on market $265,000 Active 55 DOM
5. 2026-06-13
   days on market $265,000 Active 53 DOM
6. 2026-06-12
   days on market $265,000 Active 52 DOM
7. 2026-06-09
   days on market $265,000 Active 49 DOM
8. 2026-06-08
   days on market $265,000 Active 48 DOM
9. 2026-06-07
   days on market $265,000 Active 47 DOM
10. 2026-06-07
    days on market $265,000 Active 46 DOM
11. 2026-06-04
    days on market $265,000 Active 43 DOM
12. 2026-06-02
    days on market $265,000 Active 42 DOM
13. 2026-06-01
    days on market $265,000 Active 41 DOM
14. 2026-05-31
    days on market $265,000 Active 40 DOM
15. 2026-05-31
    statusdays on market $265,000 Active 39 DOM
16. 2026-04-22
    listed $275,000 New 551-char remark

    Show marketing remark (551 chars)

    Ground floor condominium in Stornoway with a large addition making this more spacious with open great room. Newly renovated primary bath. Stornoway is conveniently located in Clayton with a short drive via paved roads to shopping, dining, medical offices and more. Entrance on ground level just steps away from parking area with a second (back) entrance for convenience. Would make an excellent second home or simplified living for a senior. Open house tentatively planned for April 25th 11AM-1PM. Stay tuned for floor plan & associated documents.

17. 2026-04-10
    historical $275,000 551-char remark

    Show marketing remark (551 chars)

    Ground floor condominium in Stornoway with a large addition making this more spacious with open great room. Newly renovated primary bath. Stornoway is conveniently located in Clayton with a short drive via paved roads to shopping, dining, medical offices and more. Entrance on ground level just steps away from parking area with a second (back) entrance for convenience. Would make an excellent second home or simplified living for a senior. Open house tentatively planned for April 25th 11AM-1PM. Stay tuned for floor plan & associated documents.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $34,235
• − Mortgage interest: −$14,844
• − Property taxes: −$3,975
• − Insurance: −$1,325
• − Repairs & maintenance: −$2,739
• − Management: −$2,739
• − HOA: −$2,808
• − Depreciation: −$7,709
• Taxable loss: −$1,904
• Est. tax savings @ 24.0%: +$457
• After-tax cash flow: $2,718/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This well-maintained townhouse is in good condition with minimal repairs needed. It offers a spacious layout and is conveniently located with a short drive to shopping and amenities. Painting and landscaping improvements would further enhance its curb appeal and value.

Value-add opportunities

• Both Painting exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics
• Both Landscaping improvements — Enhances curb appeal and adds value
• Resale New flooring in bathrooms — Modern flooring improves aesthetics and functionality
• Resale New kitchen appliances — Modern appliances enhance functionality and appeal

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Landscaping improvements — Enhances curb appeal and adds value ↑
• Resale New flooring in bathrooms — Modern flooring improves aesthetics and functionality ↑
• Resale New kitchen appliances — Modern appliances enhance functionality and appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Rabun County
• NCES district ID: 1304320
• Math proficiency: 42% ▼ -17.00%
• Reading proficiency: 44% ▼ -4.00%
• Median HH income: $35,980
• Composite: 35.64/100
• National rank: #4882
• State rank: #37 of 174 in GA

Livability — Clayton

• Score: 66/100
• State rank: #197
• US rank: #12208

Category grades

Amenities F Commute F Cost of living A+ Crime D Employment F Housing B+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Clayton, GA
• Population (ZIP): 7,265

Population outlook (Rabun County) Hauer SSP2

• Today (2025): 16,227 people
• By 2030: 16,000 · -1.4%
• By 2040: 15,213 · -6.2%
• By 2050: 13,974 · -13.9%
• By 2075: 10,717 · -34.0%
• By 2100: 7,824 · -51.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 8% Two or more races 8%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Serbian 4% Slovak 3% Romanian 2%
• Foreign-born: 5% · Canada
• Languages at home: 91% English-only · Spanish 8% Other Indo-European 1%

Political lean MEDSL · Rabun

• 2024 margin: Solid R (+56.9) · D 21.3% · R 78.2%
• 2008→2024 swing: -11.0pp toward R · 2008: -45.9pp · 2024: -56.9pp
• All cycles: 2024: R+56.9 2020: R+57.4 2016: R+60.9 2012: R+56.4 2008: R+45.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 0.68%
• Current HPI: 310.5456
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.66%
• F500 in state: 28

Industry mix (Fortune 500 HQ in GA)

Industry	F500 HQs	Revenue
▸Paper / Packaging	2	$29B
▸Retail	1	$160B
▸Transportation / Logistics	1	$91B
▸Airlines	1	$62B
▸Consumer Goods	1	$47B
▸Utilities	1	$25B

Price history

+0.0% since first listed

2 events — show timeline

• 2026-04-22 Listed $275,000 GAMLS
• 2026-04-10 Coming Soon $275,000 GAMLS