1705 Monroe Dr Unit C09

Atlanta, GA 30324

$135,000F

2 bd · 1.0 ba · 900 sqft · Built 1975 · Condo · Active · 23 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,035/mo
• Mortgage (P&I): −$708
• Tax + insurance: −$225
• HOA: −$1,012
• Vac / Maint / Mgmt: −$427
• Net cashflow: $-338/mo
• Annual: $-4,052/yr
• Cap rate: 3.29%
• Cash-on-cash: -10.72%
• DSCR: 0.52
• 1% rule: 1.51%
• Cash to close: $37,800

Investor read

• This is a 2-bed/1.0-bath condo listed at $135k. Condition is rated poor.
• At list price, monthly cash flow is $-338 ($-4k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• It's been on market 23 days — a 2% lower offer ($133k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $133k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k 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: Morningside Elementary School (math 71% / reading 72%, grade A-, #47 of 1,228 statewide, top 4%, 816 students, 6% FRL); David T Howard Middle School (math 58% / reading 63%, grade B+, #39 of 470 statewide, top 8%, 1,119 students, 19% FRL) — zoned schools average 13% FRL vs 71% district-wide (58 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 66% at this address vs 32% district-wide (+34 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: HOA is 50% of rent.
• Market conditions: Rents flat; 327 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 9d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 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.
• 10 sale attempts since 5y ago 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 $110k; 23% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1975 — 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.

Repairs flagged (vision-AI assessment)

• Major: Landscaping — Overgrown grass and debris need immediate attention
• Major: Exterior maintenance — Signage is visible but the surrounding area appears unkempt