1526 Fortenberry Rd

Blairsville, GA 30512

$144,000B-

3 bd · 1.0 ba · 1,056 sqft · Built 1974 · Manufactured · Active · 595 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,905/mo
• Mortgage (P&I): −$755
• Tax + insurance: −$306
• HOA: −$0
• Vac / Maint / Mgmt: −$400
• Net cashflow: $443/mo
• Annual: $5,316/yr
• Cap rate: 10.54%
• Cash-on-cash: 15.16%
• DSCR: 1.67
• 1% rule: 1.32%
• Cash to close: $40,320

Investor read

• This is a 3-bed/1.0-bath manufactured listed at $144k.
• At list price, monthly cash flow is $443 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $144k).
• It's been on market 595 days — a 12% lower offer ($127k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $127k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $996 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#73 in GA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety A+; Watch: housing C-, amenities D, commute F.
• Union County (rural): math 37% / reading 42% proficiency, ranked #48 of 174 in GA (top 28%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: 789 active listings in the ZIP; 281 units permitted in Union County in 2024 (0 in 5+ unit buildings).
• Union County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 13 sale attempts since 4y 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 $65k; list at $144k implies a 122% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $40k cash investment doubles in ~9 years — after that, you're playing with house money.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 10.5% vs local median 2.6% in Blairsville — 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

• It's been on market 595 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.
• 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.