1424 Steam Engine Way NE

Conyers, GA 30013

$300,000F

3 bd · 2.5 ba · 1,500 sqft · Built 2007 · SingleFamily · Active · 59 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,820/mo
• Mortgage (P&I): −$1,573
• Tax + insurance: −$558
• HOA: −$0
• Vac / Maint / Mgmt: −$382
• Net cashflow: $-693/mo
• Annual: $-8,317/yr
• Cap rate: 3.74%
• Cash-on-cash: -9.11%
• DSCR: 0.59
• 1% rule: 0.61%
• Cash to close: $84,000

Investor read

• This is a 3-bed/2.5-bath single-family listed at $300k.
• At list price, monthly cash flow is $-693 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $178k (40.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $182k (39.3% below list).
• It's been on market 59 days — a 3% lower offer ($291k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $178k (40.8% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#167 in GA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D, amenities D, commute F.
• Rockdale County (suburban): math 14% / reading 29% proficiency, ranked #136 of 174 in GA (top 78%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Flat Shoals Elementary School (math 17% / reading 32%, grade F, #753 of 1,228 statewide, top 64%, 578 students, 70% FRL); Memorial Middle School (math 12% / reading 34%, grade F, #321 of 470 statewide, top 69%, 771 students, 79% FRL); Salem High School (math 2% / reading 15%, grade F, #375 of 424 statewide, top 88%, 1,120 students, 71% FRL).
• Watch-outs: flood insurance adds $56/mo.
• Market conditions: Rents soft (-1.3%/yr); 380 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 483 units permitted in Rockdale County in 2024 (0 in 5+ unit buildings).
• Rockdale County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 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.
• Current owner paid $51k; list at $300k implies a 488% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe flood risk; major wind risk, 27% 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.

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 59 days. Have you received any prior offers? Is the seller open to a 41% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.