913 Old Noonday Sch House Rd

Woodstock, GA 30066

$379,000C

4 bd · 4.0 ba · — sqft · Built 1965 · MultiFamily · Active · 53 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,147/mo
• Mortgage (P&I): −$1,988
• Tax + insurance: −$632
• HOA: −$0
• Vac / Maint / Mgmt: −$871
• Net cashflow: $657/mo
• Annual: $7,883/yr
• Cap rate: 8.37%
• Cash-on-cash: 7.43%
• DSCR: 1.33
• 1% rule: 1.09%
• Cash to close: $106,120

Investor read

• This is a 2 × 2-bed/2.0-bath units multifamily listed at $379k. Condition is rated fair.
• At list price, monthly cash flow is $657 ($8k/yr) — positive. Per door: $328/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $379k).
• It's been on market 53 days — a 3% lower offer ($368k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $368k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#46 in GA) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Cobb County (suburban): math 39% / reading 45% proficiency, ranked #25 of 174 in GA (top 14%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Nicholson Elementary School (math 42% / reading 42%, grade F, #380 of 1,228 statewide, top 33%, 407 students, 36% FRL); Mccleskey Middle School (math 37% / reading 44%, grade F, #140 of 470 statewide, top 30%, 570 students, 34% FRL); Kell High School (math 28% / reading 21%, grade F, #184 of 424 statewide, top 48%, 1,506 students, 32% FRL).
• Market conditions: Rents soft (-0.4%/yr); 446 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 1,625 units permitted in Cobb County in 2024 (389 in 5+ unit buildings).
• Cobb County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 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 8.4% vs local median 3.3% in Woodstock — 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.
• This rent runs 43% of the median local income ($116k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 53 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1965 — 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.
• Schools are B-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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Kitchen cabinets — The cabinets are dated and need to be replaced or updated.
• Major: Kitchen appliances — The appliances are outdated and need to be replaced.
• Major: Flooring — The carpet is worn and needs to be replaced with a more durable and attractive option.
• Major: Paint — The interior walls and exterior siding need to be repainted to improve the overall appearance.
• Major: Landscaping — The landscaping needs to be pruned and improved to enhance the curb appeal.