508 Summer Pl · Norcross, GA 30071

$200,000

3 bd · 2.5 ba · 1,214 sqft · Condo public records · 31 Days on market

Built 2005 $165/sqft · 14% below area Est $233k · 14% under $440/mo HOA · 21% of rent

---

Why this score? — see what drove the D- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• ARV discount +13.9/15.0
• Cash flow +7.2/30.0
• 1% rule +5.3/10.0
• Schools +3.7/10.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Rent growth +2.0/5.0
• DSCR +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Rare THREE bedroom opportunity in the gated Sierra West community near Downtown Norcross—offering bright open living, updated finishes, and a private outdoor space in a convenient location. Step inside to a light-filled main level where the layout flows effortlessly between the living, dining, and kitchen areas. The space feels open yet functional, creating the perfect balance for everyday living and entertaining. Whether you're hosting friends or enjoying a quiet night at home, the design makes it easy to live comfortably. The kitchen is both stylish and practical, featuring crisp cabinetry, generous counter space, and a pantry for added storage. Its open connection to the main living areas keeps everything accessible. Upstairs, the home offers something that truly sets it apart in this community—a full three-bedroom layout. The primary suite provides a comfortable retreat, while the additional bedrooms offer flexibility for guests, a roommate setup, or a dedicated home office. In a neighborhood where many homes are two-bedroom configurations, this added space creates a meaningful advantage for today’s buyers. Step outside to a private fenced patio, offering a low-maintenance outdoor space perfect for relaxing, grilling, or unwinding at the end of the day. The Sierra West community also provides gated access and a pool, adding convenience and lifestyle appeal without the upkeep of a larger property. Located just minutes from Downtown Norcross, shopping, dining, and major commuter routes such as Buford Hwy, Beaver Ruin Rd & I-85, this home offers both accessibility and neighborhood charm—making it an ideal fit for first-time buyers, professionals, and anyone looking for space and value in a growing area. With limited 3-bedroom options available in Sierra West, this is an opportunity worth seizing—schedule your showing today!

Key facts

• Gated community
• Private fenced patio
• Updated finishes

Tags

• GATED COMMUNITY
• PRIVATE OUTDOOR SPACE
• UPDATED FINISHES
• GENEROUS COUNTER SPACE
• FULL THREE-BEDROOM LAYOUT
• PRIVATE FENCED PATIO

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath condo listed at $200k.

Deal economics

• At list price, monthly cash flow is $-274 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $152k (24.2% below list).
• Meets the 1% rule at list price ($2k rent vs $200k).
• Recommended offer: $152k (24.2% below list) — sets the bar for cash-flow.
• Cap rate 4.6% vs local median 3.5% in Norcross — 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.

Location & tenants

• Location reads 72/100 on livability (#67 in GA) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living B+; Watch: crime C-, amenities F, commute D-.
• Gwinnett County (suburban): math 39% / reading 43% proficiency, ranked #32 of 174 in GA (top 18%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Norcross Elementary School (math 25% / reading 24%, grade F, #753 of 1,228 statewide, top 64%, 806 students, 88% FRL); Summerour Middle School (math 22% / reading 32%, grade F, #271 of 470 statewide, top 60%, 1,465 students, 90% FRL); Norcross High School (math 21% / reading 22%, grade F, #218 of 424 statewide, top 53%, 2,608 students, 64% FRL) — zoned schools average 80% FRL vs 47% district-wide (33 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 24% at this address vs 41% district-wide (-17 pts) — the specific schools serving this property underperform the Gwinnett County average; the district grade overstates school quality for this exact location.
• Market conditions: Rents soft (-1.9%/yr); 114 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 5,607 units permitted in Gwinnett County in 2024 (1,277 in 5+ unit buildings).
• This rent runs 38% of the median local income ($65k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Gwinnett County population projected at +47% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y 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.

Risks & watch-outs

• Watch-outs: HOA is 21% of rent.
• 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.

Recommended offer $151,516 (24.2% below list)

Questions for the listing agent

1. 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?
2. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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.

Investment metrics

• 1% rule: 1.03% ✓
• Cap rate: 4.65%
• Cash-on-cash: -5.88%
• DSCR: 0.74
• GRM: 8.1

CMA / ARV

• ARV (median comp): $232,984
• List price: $200,000
• Delta: -14.16%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -31.2%
• Equity multiple: 0.01×
• Total profit: $-55,595
• Equity at exit: $29,821

10-year hold

• IRR: -67.7%
• Equity multiple: -0.66×
• Total profit: $-92,902
• Equity at exit: $17,292

Cash invested: $56,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State Georgia: 90 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

Magistrate court evictions in 10-30 days; no rent control; preempted; few tenant protections.

Methodology + full state rankings →

ZIP-level market 30071

• Rents YoY: -1.9%
• Active inventory: 114
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $2,068 high
• Mortgage (P&I): −$1,049
• Tax from tax record: −$336 /mo · $4,033/yr
• Insurance: −$83
• HOA: −$440
• Vacancy / Maint / Mgmt: −$434
• Net cashflow: $-274

Break-even live

Break-even rent $2,415

Max offer price $151,516

Occupancy floor —

Sensitivity live

Price	-10% $-161	-5% $-218	+0% $-274	+5% $-331	+10% $-388
Rent	-10% $-438	-5% $-356	+0% $-274	+5% $-193	+10% $-111
Rate	-1.0pp $-174	-0.5pp $-224	base $-274	+0.5pp $-326	+1.0pp $-379

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
810 Summer Pl Norcross, GA	2.0	2.5	1214	$1,750	$1.44	45d	1	0.08mi
473 Lawrenceville St Norcross, GA	3.0	2.0	824	$2,200	$2.67	14d	1	0.25mi
5420 Buford Hwy Norcross, GA	2.0	2.0	1124	$2,114	$1.88	1d	1	0.26mi
5420 Buford Hwy Norcross, GA	2.0	2.0	1124	$2,124	$1.89	14d	1	0.26mi
5420 Buford Hwy Norcross, GA	1.0–2.0	1.0–2.0	942	$2,134	$2.26	24d	29	0.26mi
390 Wingo St Norcross, GA	2.0	1.0	850	$2,800	$3.29	26d	1	0.39mi
391 Wingo St NW Norcross, GA	3.0	2.0	1200	$3,000	$2.50	45d	1	0.41mi
5375 Stanford Village Ln Norcross, GA	1.0–2.0	1.0–2.0	872	$1,503	$1.72	1d	7	0.49mi
5646 Executive Way Norcross, GA	2.0	2.5	1352	$1,675	$1.24	45d	1	0.61mi
2340 Beaver Ruin Rd #88 Norcross, GA	2.0	1.5	1200	$1,900	$1.58	14d	1	0.74mi
2340 Beaver Ruin Rd Norcross, GA	2.0–3.0	1.5–3.0	1383	$1,900	$1.37	24d	2	0.78mi
2128 Summertown Dr Norcross, GA	3.0	2.0	1484	$2,360	$1.59	1d	1	0.85mi
5677 Heron Ct Unit A Norcross, GA	2.0	2.5	1200	$1,650	$1.38	1d	1	0.86mi
5288 Weyden Ct Unit c Norcross, GA	2.0	2.5	1218	$1,550	$1.27	5d	1	0.89mi
5288 Weyden Ct Unit c Norcross, GA	2.0	2.5	1218	$1,550	$1.27	1d	1	0.89mi
500 Thrasher St Norcross, GA	3.0	1.0–2.0	982	$2,597	$2.64	0d	24	0.94mi
1111 Amber Dr Norcross, GA	2.0	2.0	1068	$1,585	$1.48	26d	1	0.96mi
659 S Peachtree St Unit 1019256P Norcross, GA	3.0	3.0	1496	$5,452	$3.64	1d	1	0.99mi
659 S Peachtree St Unit 1019268P Norcross, GA	3.0	2.0	1496	$4,892	$3.27	4d	1	0.99mi
5265 Wexford Ln Unit B Norcross, GA	3.0	2.5	1150	$1,995	$1.73	46d	1	1.03mi
2101 Wexford Dr Unit A 1 Norcross, GA	3.0	2.5	1400	$1,650	$1.18	1d	1	1.13mi
2491 Redfield Dr Norcross, GA	3.0	2.0	1376	$2,200	$1.60	14d	1	1.21mi
2079 Pinnacle Walk Dr Norcross, GA	3.0	2.5	1477	$2,195	$1.49	45d	1	1.28mi
2079 Pinnacle Walk Dr Norcross, GA	3.0	2.5	1477	$2,195	$1.49	1d	1	1.28mi
3547 S Peachtree St Unit C Norcross, GA	2.0	2.5	1152	$1,500	$1.30	24d	1	1.37mi
510 Guthridge Ct NW Norcross, GA	1.0–2.0	1.0–2.5	1140	$2,387	$2.09	4d	34	1.40mi

HOA detail condo

• Monthly dues: $440 · $5,280/yr
• Likely covers: poolsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 9 events

1. 2026-05-17
   status Pending 1896-char remark

   Show marketing remark (1866 chars)

   Rare THREE bedroom opportunity in the gated Sierra West community near Downtown Norcross-offering bright open living, updated finishes, and a private outdoor space in a convenient location. Step inside to a light-filled main level where the layout flows effortlessly between the living, dining, and kitchen areas. The space feels open yet functional, creating the perfect balance for everyday living and entertaining. Whether you're hosting friends or enjoying a quiet night at home, the design makes it easy to live comfortably. The kitchen is both stylish and practical, featuring crisp cabinetry, generous counter space, and a pantry for added storage. Its open connection to the main living areas keeps everything accessible. Upstairs, the home offers something that truly sets it apart in this community-a full three-bedroom layout. The primary suite provides a comfortable retreat, while the additional bedrooms offer flexibility for guests, a roommate setup, or a dedicated home office. In a neighborhood where many homes are two-bedroom configurations, this added space creates a meaningful advantage for today's buyers. Step outside to a private fenced patio, offering a low-maintenance outdoor space perfect for relaxing, grilling, or unwinding at the end of the day. The Sierra West community also provides gated access and a pool, adding convenience and lifestyle appeal without the upkeep of a larger property. Located just minutes from Downtown Norcross, shopping, dining, and major commuter routes such as Buford Hwy, Beaver Ruin Rd & I-85, this home offers both accessibility and neighborhood charm-making it an ideal fit for first-time buyers, professionals, and anyone looking for space and value in a growing area. With limited 3-bedroom options available in Sierra West, this is an opportunity worth seizing-schedule your showing today!

2. 2026-05-17
   status Under Contract 1866-char remark

   Show marketing remark (1866 chars)

   Rare THREE bedroom opportunity in the gated Sierra West community near Downtown Norcross-offering bright open living, updated finishes, and a private outdoor space in a convenient location. Step inside to a light-filled main level where the layout flows effortlessly between the living, dining, and kitchen areas. The space feels open yet functional, creating the perfect balance for everyday living and entertaining. Whether you're hosting friends or enjoying a quiet night at home, the design makes it easy to live comfortably. The kitchen is both stylish and practical, featuring crisp cabinetry, generous counter space, and a pantry for added storage. Its open connection to the main living areas keeps everything accessible. Upstairs, the home offers something that truly sets it apart in this community-a full three-bedroom layout. The primary suite provides a comfortable retreat, while the additional bedrooms offer flexibility for guests, a roommate setup, or a dedicated home office. In a neighborhood where many homes are two-bedroom configurations, this added space creates a meaningful advantage for today's buyers. Step outside to a private fenced patio, offering a low-maintenance outdoor space perfect for relaxing, grilling, or unwinding at the end of the day. The Sierra West community also provides gated access and a pool, adding convenience and lifestyle appeal without the upkeep of a larger property. Located just minutes from Downtown Norcross, shopping, dining, and major commuter routes such as Buford Hwy, Beaver Ruin Rd & I-85, this home offers both accessibility and neighborhood charm-making it an ideal fit for first-time buyers, professionals, and anyone looking for space and value in a growing area. With limited 3-bedroom options available in Sierra West, this is an opportunity worth seizing-schedule your showing today!

3. 2026-04-11
   listed $200,000 Active 1896-char remark

   Show marketing remark (1866 chars)

   Rare THREE bedroom opportunity in the gated Sierra West community near Downtown Norcross-offering bright open living, updated finishes, and a private outdoor space in a convenient location. Step inside to a light-filled main level where the layout flows effortlessly between the living, dining, and kitchen areas. The space feels open yet functional, creating the perfect balance for everyday living and entertaining. Whether you're hosting friends or enjoying a quiet night at home, the design makes it easy to live comfortably. The kitchen is both stylish and practical, featuring crisp cabinetry, generous counter space, and a pantry for added storage. Its open connection to the main living areas keeps everything accessible. Upstairs, the home offers something that truly sets it apart in this community-a full three-bedroom layout. The primary suite provides a comfortable retreat, while the additional bedrooms offer flexibility for guests, a roommate setup, or a dedicated home office. In a neighborhood where many homes are two-bedroom configurations, this added space creates a meaningful advantage for today's buyers. Step outside to a private fenced patio, offering a low-maintenance outdoor space perfect for relaxing, grilling, or unwinding at the end of the day. The Sierra West community also provides gated access and a pool, adding convenience and lifestyle appeal without the upkeep of a larger property. Located just minutes from Downtown Norcross, shopping, dining, and major commuter routes such as Buford Hwy, Beaver Ruin Rd & I-85, this home offers both accessibility and neighborhood charm-making it an ideal fit for first-time buyers, professionals, and anyone looking for space and value in a growing area. With limited 3-bedroom options available in Sierra West, this is an opportunity worth seizing-schedule your showing today!

4. 2026-04-11
   listed $200,000 New 1866-char remark

   Show marketing remark (1866 chars)

   Rare THREE bedroom opportunity in the gated Sierra West community near Downtown Norcross-offering bright open living, updated finishes, and a private outdoor space in a convenient location. Step inside to a light-filled main level where the layout flows effortlessly between the living, dining, and kitchen areas. The space feels open yet functional, creating the perfect balance for everyday living and entertaining. Whether you're hosting friends or enjoying a quiet night at home, the design makes it easy to live comfortably. The kitchen is both stylish and practical, featuring crisp cabinetry, generous counter space, and a pantry for added storage. Its open connection to the main living areas keeps everything accessible. Upstairs, the home offers something that truly sets it apart in this community-a full three-bedroom layout. The primary suite provides a comfortable retreat, while the additional bedrooms offer flexibility for guests, a roommate setup, or a dedicated home office. In a neighborhood where many homes are two-bedroom configurations, this added space creates a meaningful advantage for today's buyers. Step outside to a private fenced patio, offering a low-maintenance outdoor space perfect for relaxing, grilling, or unwinding at the end of the day. The Sierra West community also provides gated access and a pool, adding convenience and lifestyle appeal without the upkeep of a larger property. Located just minutes from Downtown Norcross, shopping, dining, and major commuter routes such as Buford Hwy, Beaver Ruin Rd & I-85, this home offers both accessibility and neighborhood charm-making it an ideal fit for first-time buyers, professionals, and anyone looking for space and value in a growing area. With limited 3-bedroom options available in Sierra West, this is an opportunity worth seizing-schedule your showing today!

5. 2026-04-02
   historical $1,750
6. 2026-01-16
   price $1,750
7. 2026-01-03
   listed $1,800
8. 2023-10-08
   historical $1,795
9. 2023-09-16
   listed $1,795

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast GA · Resets to sale price

• Current annual tax: $4,033 · $336/mo
• Projected year-2 tax: $4,033 · $336/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥103°F today · 18 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 20% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 5 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,817
• − Mortgage interest: −$11,203
• − Property taxes: −$4,033
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,985
• − Management: −$1,985
• − HOA: −$5,280
• − Depreciation: −$5,818
• Taxable loss: −$6,488
• Est. tax savings @ 24.0%: +$1,557
• After-tax cash flow: $-1,736/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Gwinnett County
• NCES district ID: 1302550
• Math proficiency: 39% ▼ -15.00%
• Reading proficiency: 43% ▼ -10.00%
• Median HH income: $62,416
• Composite: 36.5/100
• National rank: #4648
• State rank: #32 of 174 in GA

Livability — Norcross

• Score: 72/100
• State rank: #67
• US rank: #6207

Category grades

Amenities F Commute D- Cost of living B+ Crime C- Employment B- Housing A+ Health & safety C User ratings A-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Norcross, GA
• County: Gwinnett County · 952,346 people
• City population: 72,240
• Metro: Atlanta-Sandy Springs-Alpharetta, GA
• Population (ZIP): 25,830
• Household income: $64,515
• Rent vs Own: 43.9% rent · 56.1% own
• Severe rent burden: 1362.0

Population outlook (Gwinnett County) Hauer SSP2

• Today (2025): 1,106,028 people
• By 2030: 1,211,414 · +9.5%
• By 2040: 1,422,277 · +28.6%
• By 2050: 1,623,204 · +46.8%
• By 2075: 2,105,240 · +90.3%
• By 2100: 2,443,321 · +120.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.71)
• Race & ethnicity: Hispanic / Latino 45% Black 20% White 17% Two or more races 16% Asian 13%
• Hispanic origin (detail): Mexican 28% Puerto Rican 1% Cuban 1% Dominican 2%
• Common ancestry: Italian 1% Slovak 1% Hispanic 1%
• Foreign-born: 32% · Canada, Vietnam, China
• Languages at home: 47% English-only · Spanish 38% Vietnamese 4% Chinese 4%

Political lean MEDSL · Gwinnett

• 2024 margin: D (+16.5) · D 57.6% · R 41.1% · Other 1.2%
• 2008→2024 swing: +26.8pp toward D · 2008: -10.2pp · 2024: 16.5pp
• All cycles: 2024: D+16.5 2020: D+18.3 2016: D+5.8 2012: R+9.4 2008: R+10.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -234.01%
• Current HPI: 227.2654
• Rent YoY: ▼ -1.93%
• Metro: Atlanta-Sandy Springs-Alpharetta, GA
• State GDP YoY: ▲ 2.66%
• F500 in state: 28

Industry mix (Fortune 500 HQ in GA)

Industry	F500 HQs	Revenue
▸Paper / Packaging	2	$29B
▸Retail	1	$160B
▸Transportation / Logistics	1	$91B
▸Airlines	1	$62B
▸Consumer Goods	1	$47B
▸Utilities	1	$25B

Price history

+11042.1% since first listed

9 events — show timeline

• 2026-05-17 Pending — FMLS
• 2026-05-17 Pending — GAMLS
• 2026-04-11 Listed $200,000 GAMLS
• 2026-04-11 Listed $200,000 FMLS
• 2026-04-02 Rental Removed $1,750 APPFOLIO
• 2026-01-16 Price Changed $1,750 APPFOLIO
• 2026-01-03 Listed for Rent $1,800 APPFOLIO
• 2023-10-08 Rental Removed $1,795 APPFOLIO
• 2023-09-16 Listed for Rent $1,795 APPFOLIO

Property tax history

+4.7%/yr

Latest (2025): $4,033 · +28.7% YoY. Source: county tax records.