52 Dowdy Ln- Mobile Home Park #5

Ray City, GA 31645

$369,000B+

None bd · None ba · 5,528 sqft · Built — · MultiFamily · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,469/mo
• Mortgage (P&I): −$1,935
• Tax + insurance: −$615
• HOA: −$0
• Vac / Maint / Mgmt: −$1,358
• Net cashflow: $2,560/mo
• Annual: $30,725/yr
• Cap rate: 14.62%
• Cash-on-cash: 29.74%
• DSCR: 2.32
• 1% rule: 1.75%
• Cash to close: $103,320

Investor read

• This is a multifamily listed at $369k. Condition is rated fair.
• At list price, monthly cash flow is $3k ($31k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $369k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $15k of equity ($3k loan paydown + $12k appreciation (3.3% local appreciation)).
• Location reads 64/100 on livability (#260 in GA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety D, amenities F, commute F.
• Berrien County (rural): math 48% / reading 44% proficiency, ranked #24 of 174 in GA (top 14%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Berrien Primary School (813 students, 83% FRL); Berrien Middle School (math 49% / reading 46%, grade C-, #84 of 470 statewide, top 19%, 684 students, 54% FRL); Berrien High School (math 32% / reading 42%, grade F, #68 of 424 statewide, top 17%, 851 students, 43% FRL) — zoned schools at 60% FRL track the district average.
• Market conditions: 40 active listings in the ZIP; 96 units permitted in Berrien County in 2024 (0 in 5+ unit buildings).
• Berrien County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.3% appreciation + 3.0% rent growth), your $103k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$36k 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; major wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 14.6% vs local median 4.1% in Ray City — 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

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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?
• 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 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.

Repairs flagged (vision-AI assessment)

• Major: Roof inspection and repairs — Metal roofs may have leaks or damage that needs addressing.
• Moderate: Exterior painting and repairs — Paint chipping and siding damage require attention to maintain appearance.
• Major: Flooring replacement — Given the age of the homes, flooring may be worn and in need of replacement.