1055 Journey St NE

Crescent, GA 31331

$72,900B

2 bd · 2.0 ba · 980 sqft · Built 1981 · Manufactured · Active · 26 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $930/mo
• Mortgage (P&I): −$382
• Tax + insurance: −$188
• HOA: −$0
• Vac / Maint / Mgmt: −$195
• Net cashflow: $165/mo
• Annual: $1,976/yr
• Cap rate: 10.10%
• Cash-on-cash: 13.59%
• DSCR: 1.60
• 1% rule: 1.28%
• Cash to close: $20,412

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $73k. Condition is rated poor.
• At list price, monthly cash flow is $165 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($930 rent vs $73k).
• It's been on market 26 days — a 2% lower offer ($72k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $72k (1.5% below list) — sets the bar for market timing.
• In year one you build about $8k of equity ($504 loan paydown + $7k appreciation (10.0% local appreciation)).
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Mcintosh County (town): math 23% / reading 29% proficiency, ranked #118 of 174 in GA (top 68%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: 293 active listings in the ZIP; 127 units permitted in McIntosh County in 2024 (0 in 5+ unit buildings).
• McIntosh County population projected at -34% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 10.1% vs local median 1.0% in Crescent — 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?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — No photos of the roof
• Major: exterior — No photos of the exterior
• Major: interior walls/paint — No photos of the interior walls/paint
• Major: HVAC/mechanicals — No photos of the HVAC/mechanicals
• Major: landscaping/curb appeal — No photos of the landscaping/curb appeal