811 Saint Charles Ave NE

Atlanta, GA 30306

$1,000,000C-

4 bd · 2.0 ba · 2,360 sqft · Built 1920 · MultiFamily · Active · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $9,832/mo
• Mortgage (P&I): −$5,244
• Tax + insurance: −$1,589
• HOA: −$0
• Vac / Maint / Mgmt: −$2,065
• Net cashflow: $935/mo
• Annual: $11,215/yr
• Cap rate: 7.41%
• Cash-on-cash: 4.01%
• DSCR: 1.18
• 1% rule: 0.98%
• Cash to close: $280,000

Investor read

• This is a 5 × 2-bed/1.0-bath units multifamily listed at $1.00M.
• At list price, monthly cash flow is $935 ($11k/yr) — positive. Per door: $187/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $983k (1.7% below list).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $983k (1.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $7k of loan paydown is wiped out by about $30k 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: Springdale Park Elementary School (math 72% / reading 75%, grade A, #37 of 1,228 statewide, top 3%, 742 students, 11% FRL); David T Howard Middle School (math 58% / reading 63%, grade B+, #39 of 470 statewide, top 8%, 1,119 students, 19% FRL); Midtown High School (math 22% / reading 34%, grade F, #151 of 424 statewide, top 36%, 1,602 students, 19% FRL) — zoned schools average 16% FRL vs 71% district-wide (55 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 54% at this address vs 32% district-wide (+23 pts) — the actual schools serving this property are materially stronger than the Atlanta Public Schools average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+7.4%/yr); 189 active listings in the ZIP; 36 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 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.
• Current owner paid $460k; list at $1.00M implies a 117% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 7.4% rent growth), your $280k cash investment doubles in ~10 years — after that, you're playing with house money.
• Climate carrying-cost: 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 7.4% 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

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.