1077 Polson Cir NE · Crescent, GA 31331

$229,900

3 bd · 1.0 ba · 1,512 sqft · SingleFamily public records · 427 Days on market

Built 2006 0.40 ac lot $152/sqft · 31% below area Est $331k · 31% under

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Why this score? — see what drove the D 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).

• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• Cash flow +4.9/30.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• 1% rule +0.4/10.0
• DSCR +0.0/10.0

Listing remarks MLS

Coastal living in Shellman Bluff. This 3 bedroom 2 bath modular home is situated on just under half an acre (. 4) and is located in the quiet community of Shellman Shades. The home features a spacious living room, dining room and kitchen with island and eat in area. The primary suite is generously sized and offers an en-suite with soaking tub, separate shower and large single vanity. The bath has direct access to the mud room which has access to the 2 car garage and kitchen. The split bedroom plan has 2 additional bedrooms and a shared bath with single vanity and tub/shower combo. The seller has worked hard to have this home ready for the new owner; the roof was just replaced this month and he is also offering a generous allowance for cosmetic changes. This property is ideally located just a stones throw to Sapelo Saltwater Fishing Club and a short golf cart ride to Shellman Bluff marina, stores, restaurants, shops and Sapelo Hammock Golf Club.

Key facts

• Split bedroom plan
• Kitchen with island
• Quiet community

Tags

• QUIET COMMUNITY
• SPACIOUS LIVING ROOM
• KITCHEN WITH ISLAND
• EN-SUITE WITH SOAKING TUB
• DIRECT ACCESS TO MUD ROOM
• SPLIT BEDROOM PLAN

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $230k.

Deal economics

• At list price, monthly cash flow is $-555 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $132k (42.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $125k (45.5% below list).
• Recommended offer: $125k (45.5% below list) — sets the bar for 1% rule.
• Cap rate 3.4% 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.

Location & tenants

• Location reads: area grade D — 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.
• Market conditions: 292 active listings in the ZIP; 127 units permitted in McIntosh County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $25k of equity ($2k loan paydown + $23k appreciation (10.0% local appreciation)).
• McIntosh County population projected at -34% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 427 days — a 12% lower offer ($202k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 16y ago; this cycle's ask has dropped $15k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $100k; list at $230k implies a 130% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; severe wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $125,247 (45.5% below list)

Questions for the listing agent

1. 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?
2. It's been on market 427 days. Have you received any prior offers? Is the seller open to a 46% concession, seller financing, or rate buy-down credit?
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. 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?
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: 0.54% ✗
• Cap rate: 3.40%
• Cash-on-cash: -10.35%
• DSCR: 0.54
• GRM: 15.3

CMA / ARV

• ARV (median comp): $331,338
• List price: $229,900
• Delta: -30.61%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1104 Moorehaven Cir NE	0.41mi	4/2.0 (+1)	1,525 (+1%)	8mo	$248,000	$163	64
1062 New Shellman Rd	0.65mi	3/2.0	1,530 (+1%)	23mo	$165,000	$108	45
1020 Palm Dr NE	0.66mi	3/2.0	1,646 (+9%)	13mo	$256,990	$156	40
1045 NE Palm Dr NE	0.70mi	3/2.0	1,646 (+9%)	12mo	$252,990	$154	39
1106 Dovie Dr NE	0.74mi	3/2.5	1,418 (-6%)	14mo	$530,000	$374	38
1003 NE Battery Row	0.71mi	3/2.0	1,646 (+9%)	16mo	$258,990	$157	35
1069 Shellman Hammock Dr NE	0.71mi	2/2.0 (-1)	1,296 (-14%)	3mo	$305,000	$235	31
1237 River Plantation Pl NE	0.66mi	2/2.5 (-1)	1,667 (+10%)	15mo	$499,900	$300	29

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 17.0%
• Equity multiple: 2.40×
• Total profit: $89,846
• Equity at exit: $207,112

10-year hold

• IRR: 16.1%
• Equity multiple: 5.54×
• Total profit: $292,368
• Equity at exit: $446,645

Cash invested: $64,372 (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 31331

• Active inventory: 292
• Price-to-rent: 15.3×

Monthly cashflow live

• Estimated rent: $1,252 medium
• Mortgage (P&I): −$1,206
• Tax from tax record: −$243 /mo · $2,918/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$263
• Net cashflow: $-555

Break-even live

Break-even rent $1,955

Max offer price $131,837

Occupancy floor —

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: $57,475
• Closing costs: $6,897
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-06-19
   days on market $229,900 Active 427 DOM
2. 2026-06-18
   days on market $229,900 Active 426 DOM
3. 2026-06-17
   days on market $229,900 Active 425 DOM
4. 2026-06-16
   days on market $229,900 Active 424 DOM
5. 2026-06-15
   days on market $229,900 Active 423 DOM
6. 2026-06-14
   days on market $229,900 Active 421 DOM
7. 2026-06-13
   days on market $229,900 Active 420 DOM
8. 2026-06-10
   days on market $229,900 Active 418 DOM
9. 2026-06-09
   days on market $229,900 Active 417 DOM
10. 2026-06-08
    days on market $229,900 Active 416 DOM
11. 2026-06-07
    days on market $229,900 Active 415 DOM
12. 2026-06-05
    days on market $229,900 Active 412 DOM
13. 2026-06-03
    days on market $229,900 Active 411 DOM
14. 2026-06-02
    days on market $229,900 Active 410 DOM
15. 2026-06-01
    days on market $229,900 Active 409 DOM
16. 2026-05-31
    days on market $229,900 Active 408 DOM
17. 2026-05-30
    days on market $229,900 Active 407 DOM
18. 2026-04-08
    price $229,900 962-char remark

    Show marketing remark (962 chars)

    Coastal living in Shellman Bluff. This 3 bedroom 2 bath modular home is situated on just under half an acre (. 4) and is located in the quiet community of Shellman Shades. The home features a spacious living room, dining room and kitchen with island and eat in area. The primary suite is generously sized and offers an en-suite with soaking tub, separate shower and large single vanity. The bath has direct access to the mud room which has access to the 2 car garage and kitchen. The split bedroom plan has 2 additional bedrooms and a shared bath with single vanity and tub/shower combo. The seller has worked hard to have this home ready for the new owner; the roof was just replaced this month and he is also offering a generous allowance for cosmetic changes. This property is ideally located just a stones throw to Sapelo Saltwater Fishing Club and a short golf cart ride to Shellman Bluff marina, stores, restaurants, shops and Sapelo Hammock Golf Club.

19. 2025-08-08
    price $234,900 962-char remark

    Show marketing remark (962 chars)

    Coastal living in Shellman Bluff. This 3 bedroom 2 bath modular home is situated on just under half an acre (. 4) and is located in the quiet community of Shellman Shades. The home features a spacious living room, dining room and kitchen with island and eat in area. The primary suite is generously sized and offers an en-suite with soaking tub, separate shower and large single vanity. The bath has direct access to the mud room which has access to the 2 car garage and kitchen. The split bedroom plan has 2 additional bedrooms and a shared bath with single vanity and tub/shower combo. The seller has worked hard to have this home ready for the new owner; the roof was just replaced this month and he is also offering a generous allowance for cosmetic changes. This property is ideally located just a stones throw to Sapelo Saltwater Fishing Club and a short golf cart ride to Shellman Bluff marina, stores, restaurants, shops and Sapelo Hammock Golf Club.

20. 2025-06-02
    price $239,900 962-char remark

    Show marketing remark (962 chars)

    Coastal living in Shellman Bluff. This 3 bedroom 2 bath modular home is situated on just under half an acre (. 4) and is located in the quiet community of Shellman Shades. The home features a spacious living room, dining room and kitchen with island and eat in area. The primary suite is generously sized and offers an en-suite with soaking tub, separate shower and large single vanity. The bath has direct access to the mud room which has access to the 2 car garage and kitchen. The split bedroom plan has 2 additional bedrooms and a shared bath with single vanity and tub/shower combo. The seller has worked hard to have this home ready for the new owner; the roof was just replaced this month and he is also offering a generous allowance for cosmetic changes. This property is ideally located just a stones throw to Sapelo Saltwater Fishing Club and a short golf cart ride to Shellman Bluff marina, stores, restaurants, shops and Sapelo Hammock Golf Club.

21. 2025-04-18
    listed $245,000 Active 962-char remark

    Show marketing remark (962 chars)

    Coastal living in Shellman Bluff. This 3 bedroom 2 bath modular home is situated on just under half an acre (. 4) and is located in the quiet community of Shellman Shades. The home features a spacious living room, dining room and kitchen with island and eat in area. The primary suite is generously sized and offers an en-suite with soaking tub, separate shower and large single vanity. The bath has direct access to the mud room which has access to the 2 car garage and kitchen. The split bedroom plan has 2 additional bedrooms and a shared bath with single vanity and tub/shower combo. The seller has worked hard to have this home ready for the new owner; the roof was just replaced this month and he is also offering a generous allowance for cosmetic changes. This property is ideally located just a stones throw to Sapelo Saltwater Fishing Club and a short golf cart ride to Shellman Bluff marina, stores, restaurants, shops and Sapelo Hammock Golf Club.

22. 2020-08-28
    soldstatus $100,000 916-char remark

    Show marketing remark (916 chars)

    Shellman Bluff Coastal Bluff Life waiting for you to come home or Getaway Cottage. Small community known as Shellman Shades with just a handful of homes (most are not full time) and within minutes by golf cart or car to hoists, docks, restaurants, grocery, gas, and more. Not a mobile home and concrete foundation with oversized concrete floor boat storage with garage door. Open spacious living areas throughout home. Room for additional storage as well. Patio deck for grilling and front porch for watching the sun and moon come up! Wood-burning fireplace to add some cozy to your evenings. Spacious master and bath with oversized laundry and storage room as you enter home from garage. Minutes to I-95 and commuting if you must. Reach out for a home showing and let's get you in before all the fish are gone. Come see what everyone is talking about with the "Bluff Life!" We can make it happen for YOU!

23. 2020-07-28
    soldstatus $103,000
24. 2020-01-25
    listed $119,900 916-char remark

    Show marketing remark (916 chars)

    Shellman Bluff Coastal Bluff Life waiting for you to come home or Getaway Cottage. Small community known as Shellman Shades with just a handful of homes (most are not full time) and within minutes by golf cart or car to hoists, docks, restaurants, grocery, gas, and more. Not a mobile home and concrete foundation with oversized concrete floor boat storage with garage door. Open spacious living areas throughout home. Room for additional storage as well. Patio deck for grilling and front porch for watching the sun and moon come up! Wood-burning fireplace to add some cozy to your evenings. Spacious master and bath with oversized laundry and storage room as you enter home from garage. Minutes to I-95 and commuting if you must. Reach out for a home showing and let's get you in before all the fish are gone. Come see what everyone is talking about with the "Bluff Life!" We can make it happen for YOU!

25. 2012-11-30
    soldstatus $84,000
26. 2010-12-15
    soldstatus $45,675
27. 2010-02-10
    listed $89,900
28. 2002-09-01
    soldstatus $22,000
29. 2001-05-03
    soldstatus $44,800

ⓘ 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: $2,918 · $243/mo
• Projected year-2 tax: $2,918 · $243/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 8/10 Severe
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°F today · 20 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,030
• − Mortgage interest: −$12,878
• − Property taxes: −$2,918
• − Insurance: −$1,150
• − Repairs & maintenance: −$1,202
• − Management: −$1,202
• − Depreciation: −$6,688
• Taxable loss: −$11,008
• Est. tax savings @ 24.0%: +$2,642
• After-tax cash flow: $-4,019/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: Mcintosh County
• NCES district ID: 1303600
• Math proficiency: 23% ▬ 0.00%
• Reading proficiency: 29% ▼ -1.00%
• Median HH income: $41,742
• Composite: 22.08/100
• National rank: #8188
• State rank: #118 of 174 in GA

Livability — Crescent

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 5,997

Population outlook (McIntosh County) Hauer SSP2

• Today (2025): 12,922 people
• By 2030: 12,156 · -5.9%
• By 2040: 10,332 · -20.0%
• By 2050: 8,526 · -34.0%
• By 2075: 5,506 · -57.4%
• By 2100: 3,635 · -71.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (64%)
• Race & ethnicity: White 64% Black 28% Two or more races 6%
• Common ancestry: Italian 1% French 1% Serbian 1%
• Foreign-born: 0%
• Languages at home: 99% English-only · German/W. Germanic 1%

Political lean MEDSL · McIntosh

• 2024 margin: Strong R (+28.6) · D 35.5% · R 64.1%
• 2008→2024 swing: -22.6pp toward R · 2008: -6.0pp · 2024: -28.6pp
• All cycles: 2024: R+28.6 2020: R+21.0 2016: R+20.1 2012: R+8.6 2008: R+6.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 85.75%
• Current HPI: 329.1351
• 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

+413.2% since first listed

12 events — show timeline

• 2026-04-08 Price Changed $229,900 GIAR
• 2025-08-08 Price Changed $234,900 GIAR
• 2025-06-02 Price Changed $239,900 GIAR
• 2025-04-18 Listed $245,000 GIAR
• 2020-08-28 Sold (MLS) $100,000 GIAR
• 2020-07-28 Sold (Public Records) $103,000 Public Records
• 2020-01-25 Listed $119,900 GIAR
• 2012-11-30 Sold (Public Records) $84,000 Public Records
• 2010-12-15 Sold (MLS) $45,675 GIAR
• 2010-02-10 Listed $89,900 GIAR
• 2002-09-01 Sold (Public Records) $22,000 Public Records
• 2001-05-03 Sold (Public Records) $44,800 Public Records

Property tax history

+7.3%/yr

Latest (2025): $2,918 · +2.1% YoY. Source: county tax records.