1261 Lavista Rd NE Unit N8

North Druid Hills, GA 30324

$229,999F

2 bd · 3.0 ba · 1,500 sqft · Built 1966 · Condo · Active · 368 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,311/mo
• Mortgage (P&I): −$1,206
• Tax + insurance: −$383
• HOA: −$1,159
• Vac / Maint / Mgmt: −$485
• Net cashflow: $-923/mo
• Annual: $-11,077/yr
• Cap rate: 1.48%
• Cash-on-cash: -17.20%
• DSCR: 0.23
• 1% rule: 1.00%
• Cash to close: $64,400

Investor read

• This is a 2-bed/3.0-bath condo listed at $230k.
• At list price, monthly cash flow is $-923 ($-11k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $230k).
• It's been on market 368 days — a 12% lower offer ($202k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $202k (12.0% below list) — sets the bar for market timing.
• 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 83/100 on livability (#5 in GA, #882 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, employment A+; Watch: cost of living F.
• Dekalb County (suburban): math 19% / reading 28% proficiency, ranked #125 of 174 in GA (top 72%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: HOA is 50% of rent.
• Market conditions: Rents flat; 327 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,240 units permitted in DeKalb County in 2024 (385 in 5+ unit buildings).
• DeKalb County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 17y ago; this cycle's ask has dropped $59k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $27k; list at $230k implies a 752% 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 1.5% vs local median 2.1% in North Druid Hills — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.
• This rent runs 30% of the median local income ($92k/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 368 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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 A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?