1261 Lavista Rd NE Unit B3

North Druid Hills, GA 30324

$188,000F

2 bd · 2.5 ba · 1,300 sqft · Built 1966 · Condo · Active · 99 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,895/mo
• Mortgage (P&I): −$986
• Tax + insurance: −$313
• HOA: −$1,072
• Vac / Maint / Mgmt: −$398
• Net cashflow: $-874/mo
• Annual: $-10,486/yr
• Cap rate: 0.72%
• Cash-on-cash: -19.92%
• DSCR: 0.11
• 1% rule: 1.01%
• Cash to close: $52,640

Investor read

• This is a 2-bed/2.5-bath condo listed at $188k. Condition is rated good.
• At list price, monthly cash flow is $-874 ($-10k/yr) — negative.
• To cash-flow at today's rent, offer at most $62k (67.3% below list).
• Meets the 1% rule at list price ($2k rent vs $188k).
• It's been on market 99 days — a 9% lower offer ($171k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $62k (67.3% below list) — sets the bar for cash-flow.
• 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: HOA is 57% of rent.
• Market conditions: Rents flat; 445 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 60% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 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.
• 5 sale attempts 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 0.7% 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 99 days. Have you received any prior offers? Is the seller open to a 67% concession, seller financing, or rate buy-down credit?
• Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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?