430 Lindbergh Dr Unit H2

Atlanta, GA 30305

$140,000C

2 bd · 1.5 ba · 1,188 sqft · Built 1957 · Condo · Under Contract · 186 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,200/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$377
• HOA: −$628
• Vac / Maint / Mgmt: −$462
• Net cashflow: $-2/mo
• Annual: $-19/yr
• Cap rate: 6.28%
• Cash-on-cash: -0.05%
• DSCR: 1.00
• 1% rule: 1.57%
• Cash to close: $39,200

Investor read

• This is a 2-bed/1.5-bath condo listed at $140k.
• At list price, monthly cash flow is $-2 ($-19/yr) — negative.
• To cash-flow at today's rent, offer at most $140k (0.2% below list).
• Meets the 1% rule at list price ($2k rent vs $140k).
• It's been on market 186 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $123k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $968 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#6 in GA, #919 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: cost of living C-.
• Atlanta Public Schools (urban): math 28% / reading 35% proficiency, ranked #80 of 174 in GA (top 46%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Kipp Ways Primary Charter School (math 5% / reading 5%, grade F, #1,160 of 1,228 statewide, top 98%, 477 students, 100% FRL, charter); Willis A. Sutton Middle School (math 36% / reading 55%, grade D+, #97 of 470 statewide, top 22%, 1,548 students, 34% FRL); North Atlanta High School (math 27% / reading 17%, grade F, #213 of 424 statewide, top 51%, 2,316 students, 24% FRL) — zoned schools average 53% FRL vs 71% district-wide (18 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: property tax is 2.7% of price; HOA is 29% of rent; built in 1957 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+4.8%/yr); 427 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 7d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 11,565 units permitted in Fulton County in 2024 (8,159 in 5+ unit buildings).
• Fulton County population projected at +38% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 5 sale attempts since 5y ago; this cycle's ask has dropped $100k (42%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: moderate wind risk, 25% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.3% vs local median 3.1% in Atlanta — 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

• 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 186 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1957 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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.