20 Marietta St NW Unit 17F

Atlanta, GA 30303

$80,000B

1 bd · 1.0 ba · 543 sqft · Built 1995 · Condo · Active · 161 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,688/mo
• Mortgage (P&I): −$420
• Tax + insurance: −$204
• HOA: −$389
• Vac / Maint / Mgmt: −$354
• Net cashflow: $321/mo
• Annual: $3,853/yr
• Cap rate: 11.11%
• Cash-on-cash: 17.20%
• DSCR: 1.77
• 1% rule: 2.11%
• Cash to close: $22,400

Investor read

• This is a 1-bed/1.0-bath condo listed at $80k.
• At list price, monthly cash flow is $321 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $80k).
• It's been on market 161 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $70k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-2.5%/yr); year-one equity from $553 of loan paydown is wiped out by about $2k 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: Centennial Place Academy (Charter) (math 12% / reading 12%, grade F, #1,041 of 1,228 statewide, top 87%, 804 students, 100% FRL, charter); Midtown High School (math 22% / reading 34%, grade F, #151 of 424 statewide, top 36%, 1,602 students, 19% FRL).
• Watch-outs: property tax is 2.6% of price; HOA is 23% of rent.
• Market conditions: Rents rising (+3.6%/yr); 39 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); 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.
• 17 sale attempts since 2y ago; this cycle's ask has dropped $20k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-2.5% appreciation + 3.6% rent growth), your $22k cash investment doubles in ~7 years — after that, you're playing with house money.
• 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 11.1% 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

• It's been on market 161 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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.
• 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.