1387 Renee Dr

Belvedere Park, GA 30035

$332,700D

4 bd · 2.5 ba · 2,499 sqft · Built 1962 · SingleFamily · Pending · 385 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,327/mo
• Mortgage (P&I): −$1,745
• Tax + insurance: −$501
• HOA: −$0
• Vac / Maint / Mgmt: −$699
• Net cashflow: $382/mo
• Annual: $4,582/yr
• Cap rate: 7.67%
• Cash-on-cash: 4.92%
• DSCR: 1.22
• 1% rule: 1.00%
• Cash to close: $93,156

Investor read

• This is a 4-bed/2.5-bath single-family listed at $333k.
• At list price, monthly cash flow is $382 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $333k (0.0% below list).
• It's been on market 385 days — a 12% lower offer ($293k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $293k (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 $10k of value loss. Plan a longer hold.
• 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: Rowland Elementary School (math 2% / reading 12%, grade F, #1,144 of 1,228 statewide, top 94%, 416 students, 100% 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 100% FRL vs 68% district-wide (32 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 187 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• Current owner paid $104k; list at $333k implies a 218% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: moderate wind risk, 26% 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 7.7% 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.
• At $3,327/mo this rent would consume 60% of the median local household income ($67k/yr) (locally 1304% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 385 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 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?
• 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?
• 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.