1800 Clairmont Lk #711

North Druid Hills, GA 30033

$188,000F

1 bd · 1.0 ba · 800 sqft · Built 1989 · Condo · Active · 58 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,795/mo
• Mortgage (P&I): −$986
• Tax + insurance: −$740
• HOA: −$2,409
• Vac / Maint / Mgmt: −$377
• Net cashflow: $-2,716/mo
• Annual: $-32,597/yr
• Cap rate: -8.32%
• Cash-on-cash: -52.20%
• DSCR: -1.32
• 1% rule: 0.95%
• Cash to close: $52,640

Investor read

• This is a 1-bed/1.0-bath condo listed at $188k. Condition is rated fair.
• At list price, monthly cash flow is $-3k ($-33k/yr) — negative.
• Rent doesn't cover operating costs at any purchase price — skip.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $180k (4.5% below list).
• It's been on market 58 days — a 3% lower offer ($182k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $180k (4.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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: crime A+, employment A+, housing 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.
• Zoned schools: Briar Vista Elementary School (math 24% / reading 34%, grade F, #633 of 1,228 statewide, top 54%, 446 students, 59% FRL); Druid Hills Middle School (math 22% / reading 37%, grade F, #249 of 470 statewide, top 55%, 956 students, 46% FRL); Druid Hills High School (math 12% / reading 22%, grade F, #277 of 424 statewide, top 67%, 1,358 students, 37% FRL) — zoned schools average 47% FRL vs 68% district-wide (20 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: flood insurance adds $427/mo; HOA is 134% of rent.
• Market conditions: Rents rising (+2.2%/yr); 319 active listings in the ZIP; 34 comparable units currently listed for rent nearby; rentals at typical pace (median 28d on market — plan ~3-4 weeks tenant-placement turnaround); 47% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 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.
• 3 sale attempts; this cycle's ask has dropped $106k (36%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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 -8.3% vs local median 2.2% 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.

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 58 days. Have you received any prior offers? Is the seller open to a 5% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.
• 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?

Repairs flagged (vision-AI assessment)

• Major: Paint — Paint is faded and uneven
• Major: Flooring — Hardwood floors appear worn