503 Terrapin Ln

Winder, GA 30680

$245,000D-

2 bd · 2.5 ba · 1,268 sqft · Built 2006 · SingleFamily · Active · 74 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,057/mo
• Mortgage (P&I): −$1,285
• Tax + insurance: −$268
• HOA: −$110
• Vac / Maint / Mgmt: −$432
• Net cashflow: $-39/mo
• Annual: $-462/yr
• Cap rate: 6.10%
• Cash-on-cash: -0.67%
• DSCR: 0.97
• 1% rule: 0.84%
• Cash to close: $68,600

Investor read

• This is a 2-bed/2.5-bath single-family listed at $245k.
• At list price, monthly cash flow is $-39 ($-462/yr) — negative.
• To cash-flow at today's rent, offer at most $238k (2.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $206k (16.1% below list).
• It's been on market 74 days — a 6% lower offer ($230k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $206k (16.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#47 in GA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, schools D-, amenities F.
• Barrow County (rural): math 29% / reading 34% proficiency, ranked #77 of 174 in GA (top 44%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+2.3%/yr); 563 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,427 units permitted in Barrow County in 2024 (311 in 5+ unit buildings).
• Barrow County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 9 sale attempts since 20y ago 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.
• Current owner paid $147k; list at $245k implies a 67% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.1% vs local median 3.9% in Winder — 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 30% of the median local income ($81k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 74 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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 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?
• 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.