3800 Kensingwood Trce · Belvedere Park, GA 30032

$164,900

3 bd · 2.0 ba · 1,496 sqft · Condo public records · 240 Days on market

Built 1974 $110/sqft · 14% below area Est $191k · 14% under

---

Why this score? — see what drove the C+ 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).

• Cash flow +25.3/30.0
• ARV discount +13.7/15.0
• DSCR +8.3/10.0
• 1% rule +6.4/10.0
• Livability +3.4/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

OFFER SUBMITTAL INSTRUCTIONS: Corporate seller is accepting all offers. Seller will review all offers and respond accordingly upon receipt. ACCEPTING ALL OFFERS - AGENTS ARE PROTECTED SOLD AS-IS. AS-OCCUPIED. CORPORATE OWNER. This listing was "entry only" as designated by MLS. Accordingly, Buyer and Seller shall negotiate directly and Broker will not be a signatory to disclosures or any other contract documents.

Key facts

• Parking
• Built 1974
• Listed 240 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $165k.

Deal economics

• At list price, monthly cash flow is $373 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• Recommended offer: $145k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.0% vs local median 3.6% in Belvedere Park — 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 68/100 on livability (#153 in GA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: amenities F, commute F, health & safety 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.
• Zoned schools: Oakcliff Elementary School (math 15% / reading 21%, grade F, #926 of 1,228 statewide, top 76%, 660 students, 94% FRL); The Champion Middle Theme School (math 21% / reading 52%, grade F, #167 of 470 statewide, top 38%, 751 students, 100% FRL); Towers High School (math 2% / reading 12%, grade F, #385 of 424 statewide, top 92%, 764 students, 100% FRL) — zoned schools average 98% FRL vs 68% district-wide (30 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.3%/yr); 431 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 52% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,240 units permitted in DeKalb County in 2024 (385 in 5+ unit buildings).
• This rent runs 36% of the median local income ($63k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• DeKalb County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 240 days — a 12% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• 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.

Recommended offer $145,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 240 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.14% ✓
• Cap rate: 9.01%
• Cash-on-cash: 9.69%
• DSCR: 1.43
• GRM: 7.3

CMA / ARV

• ARV (median comp): $191,221
• List price: $164,900
• Delta: -13.76%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.34% rent growth · sell at horizon

5-year hold

• IRR: -3.6%
• Equity multiple: 0.87×
• Total profit: $-6,054
• Equity at exit: $24,587

10-year hold

• IRR: 4.2%
• Equity multiple: 1.28×
• Total profit: $13,087
• Equity at exit: $14,258

Cash invested: $46,172 (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 30032

• Rents YoY: 1.3%
• Active inventory: 431
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $1,881 high
• Mortgage (P&I): −$865
• Tax from tax record: −$180 /mo · $2,159/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$395
• Net cashflow: $373

Break-even live

Break-even rent $1,409

Max offer price $164,900

Occupancy floor 75%

Sensitivity live

Price	-10% $466	-5% $420	+0% $373	+5% $326	+10% $279
Rent	-10% $224	-5% $299	+0% $373	+5% $447	+10% $521
Rate	-1.0pp $456	-0.5pp $415	base $373	+0.5pp $330	+1.0pp $287

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: $41,225
• Closing costs: $4,947
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3841 Kensington Rd Decatur, GA	2.0–3.0	2.0	1220	$1,800	$1.48	1d	13	0.06mi
3893 Kensington Rd Decatur, GA	2.0	2.0	930	$1,299	$1.40	45d	1	0.12mi
1055 Holcombe Rd Decatur, GA	2.0–3.0	1.5	1157	$1,459	$1.26	4d	6	0.17mi
3960 Redan Rd Stone Mountain, GA	1.0–3.0	1.0–2.0	1339	$3,194	$2.39	3d	19	0.38mi
3824 London Dr Decatur, GA	3.0	2.5	1544	$1,531	$0.99	45d	1	0.47mi
3964 Carlinswood Way Stone Mountain, GA	3.0	2.5	1681	$2,000	$1.19	45d	1	0.48mi
1081 Brittania Rd Unit 1 Stone Mountain, GA	3.0	2.5	1866	$1,950	$1.05	45d	1	0.49mi
1081 Brittania Rd Stone Mountain, GA	3.0	3.0	1866	$1,950	$1.05	45d	1	0.49mi
4011 Redan Rd #5 Stone Mountain, GA	3.0	2.5	1426	$2,040	$1.43	20d	1	0.53mi
4011 Redan Rd #5 Stone Mountain, GA	3.0	2.5	1400	$2,040	$1.46	45d	1	0.53mi
1023 Privy Ln Stone Mountain, GA	3.0	2.5	1701	$2,700	$1.59	6d	1	0.59mi
3800 W Wood Path Stone Mountain, GA	3.0	2.0	1344	$2,500	$1.86	45d	1	0.72mi
3465 Kensington Rd Decatur, GA	1.0–2.0	1.0–1.5	850	$1,650	$1.94	19d	1	0.72mi
3961 Covington Hwy Decatur, GA	2.0–3.0	1.0–1.5	1000	$1,560	$1.56	4d	8	0.77mi
1221 S Indian Creek Dr Stone Mountain, GA	1.0–2.0	1.0–2.0	905	$1,790	$1.98	26d	15	0.81mi
1221 S Indian Creek Dr Stone Mountain, GA	1.0–2.0	1.0–2.0	905	$1,725	$1.91	1d	16	0.81mi
4151 Memorial Dr Decatur, GA	1.0–3.0	1.0–2.0	816	$1,892	$2.32	1d	143	0.86mi
3728 Loren Dr Decatur, GA	3.0	1.5	1340	$2,150	$1.60	45d	1	0.93mi
3787 Redwing Cir Decatur, GA	3.0	1.0	1220	$1,495	$1.23	45d	1	1.10mi
1423 Dennis Dr Decatur, GA	3.0	1.0	1062	$1,200	$1.13	19d	1	1.11mi
750 Avondale Creek Dr Unit 144 Decatur, GA	2.0	2.0	956	$1,816	$1.90	45d	1	1.15mi
750 Avondale Creek Dr Decatur, GA	2.0	1.0–2.0	732	$1,901	$2.60	3d	14	1.15mi
260 Northern Ave Avondale Estates, GA	1.0–3.0	1.0–2.0	1155	$1,380	$1.19	45d	4	1.17mi
3907 Redwing Cir Decatur, GA	1.0–2.0	1.0–2.0	836	$1,149	$1.37	45d	18	1.18mi
3330 Mountain Dr Decatur, GA	1.0–3.0	1.0–2.0	972	$1,750	$1.80	0d	26	1.24mi
1473 Hyatt Cir Decatur, GA	3.0	2.5	1386	$2,050	$1.48	45d	1	1.25mi
3096 Calcutta St Decatur, GA	3.0	2.5	1386	$1,895	$1.37	45d	1	1.27mi
3106 Calcutta St Decatur, GA	3.0	2.5	1386	$1,895	$1.37	45d	1	1.28mi
3681 Pavilion Point Decatur, GA	2.0–4.0	1.0–2.0	1355	$1,700	$1.25	45d	1	1.28mi
3121 Journal Ct Decatur, GA	3.0	2.5	1386	$1,895	$1.37	21d	1	1.29mi
1502 Vernon Blvd Decatur, GA	3.0	3.0	1515	$2,050	$1.35	26d	1	1.29mi
1150 Maple Walk Cir Decatur, GA	2.0	2.0	1050	$1,299	$1.24	26d	3	1.30mi
3799 N Decatur Rd Decatur, GA	1.0–3.0	1.0–2.0	1087	$1,295	$1.19	1d	13	1.30mi
3900 Memorial Dr Decatur, GA	1.0–2.0	1.0–1.5	1050	$1,275	$1.21	14d	4	1.39mi
1428 David Cir Unit A11 Decatur, GA	3.0	1.5	1362	$1,830	$1.34	45d	1	1.41mi
1387 Midview Dr Decatur, GA	3.0	1.0	1026	$1,750	$1.71	45d	1	1.42mi
1683 Vernon Blvd Decatur, GA	3.0	2.5	1515	$1,840	$1.21	20d	1	1.42mi
1368 Alverado Way Decatur, GA	2.0	1.0	1088	$1,523	$1.40	45d	1	1.43mi
3235 Beech Dr Decatur, GA	3.0	2.0	1264	$2,400	$1.90	45d	1	1.44mi
3184 Delancy St Decatur, GA	3.0	2.5	1515	$1,800	$1.19	45d	1	1.44mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 23 events

1. 2026-06-21
   days on market $164,900 Active 240 DOM
2. 2026-06-18
   days on market $164,900 Active 237 DOM
3. 2026-06-17
   days on market $164,900 Active 236 DOM
4. 2026-06-16
   days on market $164,900 Active 235 DOM
5. 2026-06-15
   days on market $164,900 Active 234 DOM
6. 2026-06-13
   days on market $164,900 Active 232 DOM
7. 2026-06-09
   days on market $164,900 Active 228 DOM
8. 2026-06-08
   days on market $164,900 Active 227 DOM
9. 2026-06-07
   days on market $164,900 Active 226 DOM
10. 2026-06-04
    days on market $164,900 Active 223 DOM
11. 2026-06-03
    days on market $164,900 Active 222 DOM
12. 2026-06-02
    days on market $164,900 Active 221 DOM
13. 2026-06-01
    days on market $164,900 Active 220 DOM
14. 2026-05-31
    days on market $164,900 Active 219 DOM
15. 2026-04-07
    status Back On Market 435-char remark

    Show marketing remark (435 chars)

    OFFER SUBMITTAL INSTRUCTIONS: Corporate seller is accepting all offers. Seller will review all offers and respond accordingly upon receipt. ACCEPTING ALL OFFERS - AGENTS ARE PROTECTED SOLD AS-IS. AS-OCCUPIED. CORPORATE OWNER. This listing was "entry only" as designated by MLS. Accordingly, Buyer and Seller shall negotiate directly and Broker will not be a signatory to disclosures or any other contract documents.

16. 2026-03-31
    historical 435-char remark

    Show marketing remark (435 chars)

    OFFER SUBMITTAL INSTRUCTIONS: Corporate seller is accepting all offers. Seller will review all offers and respond accordingly upon receipt. ACCEPTING ALL OFFERS - AGENTS ARE PROTECTED SOLD AS-IS. AS-OCCUPIED. CORPORATE OWNER. This listing was "entry only" as designated by MLS. Accordingly, Buyer and Seller shall negotiate directly and Broker will not be a signatory to disclosures or any other contract documents.

17. 2025-12-17
    price $164,900 405-char remark

    Show marketing remark (435 chars)

    OFFER SUBMITTAL INSTRUCTIONS: Corporate seller is accepting all offers. Seller will review all offers and respond accordingly upon receipt. ACCEPTING ALL OFFERS - AGENTS ARE PROTECTED SOLD AS-IS. AS-OCCUPIED. CORPORATE OWNER. This listing was "entry only" as designated by MLS. Accordingly, Buyer and Seller shall negotiate directly and Broker will not be a signatory to disclosures or any other contract documents.

18. 2025-12-17
    price $164,900 435-char remark

    Show marketing remark (435 chars)

    OFFER SUBMITTAL INSTRUCTIONS: Corporate seller is accepting all offers. Seller will review all offers and respond accordingly upon receipt. ACCEPTING ALL OFFERS - AGENTS ARE PROTECTED SOLD AS-IS. AS-OCCUPIED. CORPORATE OWNER. This listing was "entry only" as designated by MLS. Accordingly, Buyer and Seller shall negotiate directly and Broker will not be a signatory to disclosures or any other contract documents.

19. 2025-10-24
    listed $175,000 New 435-char remark

    Show marketing remark (405 chars)

    Corporate seller is accepting all offers. Seller will review all offers and respond accordingly upon receipt. ACCEPTING ALL OFFERS - AGENTS ARE PROTECTED SOLD AS-IS. AS-OCCUPIED. CORPORATE OWNER. This listing was "entry only" as designated by MLS. Accordingly, Buyer and Seller shall negotiate directly and Broker will not be a signatory to disclosures or any other contract documents.

20. 2025-10-24
    listed $175,000 Active 405-char remark

    Show marketing remark (405 chars)

    Corporate seller is accepting all offers. Seller will review all offers and respond accordingly upon receipt. ACCEPTING ALL OFFERS - AGENTS ARE PROTECTED SOLD AS-IS. AS-OCCUPIED. CORPORATE OWNER. This listing was "entry only" as designated by MLS. Accordingly, Buyer and Seller shall negotiate directly and Broker will not be a signatory to disclosures or any other contract documents.

21. 2025-02-25
    soldstatus $341,049
22. 2005-11-07
    soldstatus $68,000
23. 1985-08-31
    soldstatus $40,200

ⓘ 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: $2,159 · $180/mo
• Projected year-2 tax: $2,159 · $180/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 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥104°F today · 18 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 24% chance of damaging wind over 30 yrs
• 🫁 Air quality 6/10 Major 8 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,576
• − Mortgage interest: −$9,237
• − Property taxes: −$2,159
• − Insurance: −$824
• − Repairs & maintenance: −$1,806
• − Management: −$1,806
• − Depreciation: −$4,797
• Taxable income: $1,946
• Est. tax owed @ 24.0%: −$467
• After-tax cash flow: $4,007/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: Dekalb County
• NCES district ID: 1301740
• Math proficiency: 19% ▼ -12.00%
• Reading proficiency: 28% ▼ -7.00%
• Median HH income: $51,448
• Composite: 20.92/100
• National rank: #8482
• State rank: #125 of 174 in GA

Livability — Belvedere Park

• Score: 68/100
• State rank: #153
• US rank: #9886

Category grades

Amenities F Commute F Cost of living A+ Crime B- Employment C Housing A+ Health & safety F User ratings C+

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Dekalb County · 782,738 people
• City population: 42,812
• Metro: Atlanta-Sandy Springs-Alpharetta, GA
• Population (ZIP): 42,948
• Household income: $62,765
• Rent vs Own: 43.8% rent · 56.2% own
• Severe rent burden: 2097.0

Population outlook (DeKalb County) Hauer SSP2

• Today (2025): 839,977 people
• By 2030: 891,768 · +6.2%
• By 2040: 988,894 · +17.7%
• By 2050: 1,074,583 · +27.9%
• By 2075: 1,245,026 · +48.2%
• By 2100: 1,303,135 · +55.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (70%)
• Race & ethnicity: Black 70% White 18% Two or more races 6% Hispanic / Latino 5% Asian 2%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Slovak 1% Italian 1% Serbian 1%
• Foreign-born: 7% · Canada, China, Guatemala
• Languages at home: 91% English-only · Spanish 4% Arabic 1% Other Indo-European 0%

Political lean MEDSL · DeKalb

• 2024 margin: Solid D (+64.8) · D 81.9% · R 17.1% · Other 1.0%
• 2008→2024 swing: +6.1pp toward D · 2008: 58.6pp · 2024: 64.8pp
• All cycles: 2024: D+64.8 2020: D+67.4 2016: D+64.8 2012: D+56.8 2008: D+58.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -203.83%
• Current HPI: 221.0467
• Rent YoY: ▲ 1.34%
• Metro: Atlanta-Sandy Springs-Alpharetta, GA
• 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

+310.2% since first listed

9 events — show timeline

• 2026-04-07 Relisted — GAMLS
• 2026-03-31 Listing Removed — GAMLS
• 2025-12-17 Price Changed $164,900 FMLS
• 2025-12-17 Price Changed $164,900 GAMLS
• 2025-10-24 Listed $175,000 FMLS
• 2025-10-24 Listed $175,000 GAMLS
• 2025-02-25 Sold (Public Records) $341,049 Public Records
• 2005-11-07 Sold (Public Records) $68,000 Public Records
• 1985-08-31 Sold (Public Records) $40,200 Public Records

Property tax history

+3.3%/yr

Latest (2025): $2,159 · -7.4% YoY. Source: county tax records.