1003 Summit North Dr NE

Atlanta, GA 30324

$225,000F

2 bd · 2.0 ba · 1,280 sqft · Built 1982 · Condo · Active · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,030/mo
• Mortgage (P&I): −$1,180
• Tax + insurance: −$375
• HOA: −$361
• Vac / Maint / Mgmt: −$426
• Net cashflow: $-312/mo
• Annual: $-3,749/yr
• Cap rate: 4.63%
• Cash-on-cash: -5.95%
• DSCR: 0.74
• 1% rule: 0.90%
• Cash to close: $63,000

Investor read

• This is a 2-bed/2.0-bath condo listed at $225k. Condition is rated fair.
• At list price, monthly cash flow is $-312 ($-4k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $203k (9.8% below list).
• It's been on market 16 days — a 2% lower offer ($222k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $203k (9.8% below list) — sets the bar for 1% rule.
• 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 (#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: Garden Hills Elementary School (math 32% / reading 42%, grade F, #485 of 1,228 statewide, top 41%, 468 students, 58% FRL); 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 39% FRL vs 71% district-wide (32 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents flat; 329 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 10d 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.
• 4 sale attempts since 7y 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.
• 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 4.6% 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.

Repairs flagged (vision-AI assessment)

• Major: kitchen cabinets — dated and in poor condition
• Major: kitchen countertops — dated and in poor condition
• Major: bathroom fixtures — dated and in poor condition
• Major: bathroom tile — dated and in poor condition