156 Mulberry Cir · Waleska, GA 30143

$210,000

2 bd · 2.0 ba · 1,248 sqft · Manufactured public records · 128 Days on market

Built 1999 6.47 ac lot $168/sqft · 27% below area Est $287k · 27% under $25/mo HOA · 1% of rent

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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 +16.5/30.0
• ARV discount +15.0/15.0
• DSCR +5.1/10.0
• 1% rule +3.6/10.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Livability +2.4/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Incredible investment and redevelopment opportunity on a combined 6.47 acres across four individual parcels. This unique property offers multiple paths to value creation, making it ideal for builders, investors, or savvy renovators. One parcel currently features a 2-bedroom, 2-bath manufactured/modular home that is in need of renovation and is being sold as-is. The existing structure presents a clear fix-and-flip opportunity, while the overall acreage and parcel layout open the door for tear-down and redevelopment potential. With four separate plots included, this property provides flexibility for future use - whether restoring the existing home, reimagining the land for new construction, or pursuing a multi-lot development strategy (subject to zoning and approvals). Opportunities of this size and versatility are increasingly rare. Bring your vision, your builder, or your investment plan and unlock the full potential of this expansive property.

Key facts

• Combined acres
• Tear-down potential
• Expansive property

Tags

• INVESTMENT OPPORTUNITY
• REDEVELOPMENT OPPORTUNITY
• COMBINED ACRES
• TEAR-DOWN POTENTIAL
• MULTI-LOT DEVELOPMENT STRATEGY
• EXPANSIVE PROPERTY

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $210k.

Deal economics

• At list price, monthly cash flow is $123 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $180k (14.0% below list).
• Recommended offer: $180k (14.0% below list) — sets the bar for 1% rule.
• Cap rate 7.0% vs local median 1.3% in Waleska — 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 47/100 on livability (#593 in GA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, health & safety A+, crime A; Watch: schools F, amenities F, commute F.
• Pickens County (rural): math 35% / reading 35% proficiency, ranked #59 of 174 in GA (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 713 active listings in the ZIP; 260 units permitted in Pickens County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 128 days — a 12% lower offer ($185k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $180,497 (14.0% below list)

Questions for the listing agent

1. It's been on market 128 days. Have you received any prior offers? Is the seller open to a 14% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
7. 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.
8. 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.

Investment metrics

• 1% rule: 0.86% ✗
• Cap rate: 6.99%
• Cash-on-cash: 2.51%
• DSCR: 1.11
• GRM: 9.7

CMA / ARV

• ARV (median comp): $287,026
• List price: $210,000
• Delta: -26.84%
• Verdict: UNDERPRICED
• Comps: 12 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -12.4%
• Equity multiple: 0.55×
• Total profit: $-26,268
• Equity at exit: $31,312

10-year hold

• IRR: -3.3%
• Equity multiple: 0.78×
• Total profit: $-13,058
• Equity at exit: $18,157

Cash invested: $58,800 (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 30143

• Home prices YoY: -14.4%
• Active inventory: 713
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $1,805 medium
• Mortgage (P&I): −$1,101
• Tax from tax record: −$89 /mo · $1,072/yr
• Insurance: −$88
• HOA: −$25
• Vacancy / Maint / Mgmt: −$379
• Net cashflow: $123

Break-even live

Break-even rent $1,649

Max offer price $210,000

Occupancy floor 88%

Sensitivity live

Price	-10% $242	-5% $182	+0% $123	+5% $63	+10% $4
Rent	-10% $-20	-5% $52	+0% $123	+5% $194	+10% $265
Rate	-1.0pp $229	-0.5pp $176	base $123	+0.5pp $68	+1.0pp $13

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: $52,500
• Closing costs: $6,300
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $25 · $300/yr

Listing history 16 events

1. 2026-06-18
   days on market $210,000 Active 128 DOM
2. 2026-06-17
   days on market $210,000 Active 127 DOM
3. 2026-06-16
   days on market $210,000 Active 126 DOM
4. 2026-06-15
   days on market $210,000 Active 125 DOM
5. 2026-06-13
   days on market $210,000 Active 123 DOM
6. 2026-06-13
   days on market $210,000 Active 122 DOM
7. 2026-06-09
   days on market $210,000 Active 119 DOM
8. 2026-06-08
   days on market $210,000 Active 118 DOM
9. 2026-06-07
   days on market $210,000 Active 117 DOM
10. 2026-06-04
    days on market $210,000 Active 114 DOM
11. 2026-06-03
    statusdays on market $210,000 Active 113 DOM
12. 2026-06-02
    days on market $210,000 Price Change 112 DOM
13. 2026-06-01
    days on market $210,000 Price Change 111 DOM
14. 2026-06-01
    pricestatus $210,000 Price Change 110 DOM
15. 2026-05-31
    days on market $250,000 Active 110 DOM
16. 2026-02-10
    listed $250,000 New 967-char remark

    Show marketing remark (967 chars)

    Incredible investment and redevelopment opportunity on a combined 6.47 acres across four individual parcels. This unique property offers multiple paths to value creation, making it ideal for builders, investors, or savvy renovators. One parcel currently features a 2-bedroom, 2-bath manufactured/modular home that is in need of renovation and is being sold as-is. The existing structure presents a clear fix-and-flip opportunity, while the overall acreage and parcel layout open the door for tear-down and redevelopment potential. With four separate plots included, this property provides flexibility for future use - whether restoring the existing home, reimagining the land for new construction, or pursuing a multi-lot development strategy (subject to zoning and approvals). Opportunities of this size and versatility are increasingly rare. Bring your vision, your builder, or your investment plan and unlock the full potential of this expansive property.

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

Tax reassessment forecast GA · Resets to sale price

• Current annual tax: $1,072 · $89/mo
• Projected year-2 tax: $1,932 · $161/mo
• Expected delta: +$860/yr (+$72/mo · 80.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 4/10 Moderate 5 d/yr ≥99°F today · 12 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 6% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,660
• − Mortgage interest: −$11,763
• − Property taxes: −$1,072
• − Insurance: −$1,050
• − Repairs & maintenance: −$1,733
• − Management: −$1,733
• − HOA: −$300
• − Depreciation: −$6,109
• Taxable loss: −$2,100
• Est. tax savings @ 24.0%: +$504
• After-tax cash flow: $1,978/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.

Schools (NCES district)

• District: Pickens County
• NCES district ID: 1304110
• Math proficiency: 35% ▼ -11.00%
• Reading proficiency: 35% ▼ -5.00%
• Median HH income: $53,760
• Composite: 30.72/100
• National rank: #6165
• State rank: #59 of 174 in GA

Livability — Waleska

• Score: 47/100
• State rank: #593
• US rank: #26192

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 26,738

Population outlook (Pickens County) Hauer SSP2

• Today (2025): 32,161 people
• By 2030: 32,815 · +2.0%
• By 2040: 33,427 · +3.9%
• By 2050: 33,077 · +2.8%
• By 2075: 31,291 · -2.7%
• By 2100: 27,205 · -15.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Hispanic / Latino 5% Two or more races 5%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Slovak 5% Serbian 2% Romanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 4%

Political lean MEDSL · Pickens

• 2024 margin: Solid R (+65.8) · D 16.8% · R 82.6%
• 2008→2024 swing: -7.8pp toward R · 2008: -57.9pp · 2024: -65.8pp
• All cycles: 2024: R+65.8 2020: R+65.7 2016: R+69.2 2012: R+67.6 2008: R+57.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -47.27%
• Current HPI: 280.6731
• 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

1 event — show timeline

• 2026-02-10 Listed $250,000 GAMLS

Property tax history

+13.8%/yr

Latest (2025): $1,072 · +384.4% YoY. Source: county tax records.