156 Governors Dr · Forest Park, GA 30297

$65,000

2 bd · 2.0 ba · 1,179 sqft · Condo public records · 4 Days on market

Built 1973 $170/mo HOA · 13% of rent

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Why this score? — see what drove the B- 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).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Fixer upper deal in the heart of Forest Park! Being sold in as is condition. Great location near shopping, easy access to I-75, Hartsfield-Jackson Airport and only 20 minutes from downtown Atlanta. This could be a great starter home or buy as an investment. No rental restrictions in this community. Community has a clubhouse and swimming pool. Cash offers only and as is! No blind offers! This is no doubt the best deal in this community! Priced thousands below appraisal value!

Key facts

• Clubhouse
• Swimming pool
• Easy access to i-75

Tags

• GREAT LOCATION NEAR SHOPPING
• EASY ACCESS TO I-75
• NO RENTAL RESTRICTIONS
• CLUBHOUSE
• SWIMMING POOL

Property features AI

Finance

• Other: Roads are concrete/paved on a county road
• Financial info: Community contains a single unit (unit count = 1)
• HOA & community: Monthly association fee of $170; Association covers insurance, grounds maintenance, structure maintenance, pest control, reserve fund, and pool; Community amenities include clubhouse, pool, playground, park, sidewalks, street lights, and proximity to public transport, schools, and shopping; Homeowners association present

Exterior

• Parking: Assigned parking; Carport (1 carport space); Total of 2 parking spaces
• Utilities: Public water; Public sewer; Electricity available; Natural gas available; Cable available; Sewer available; Water available
• Home design: Condominium; Two levels
• Construction: Vinyl siding; Composition roof
• Exterior features: Private entrance; Private yard; Patio; In-ground pool; Property listed as a fixer

Interior

• Kitchen: Breakfast bar; Pantry; Open view to the family room; Electric range; Dishwasher; Garbage disposal
• Bedrooms: Two bedrooms on the upper level; Bedroom(s) with unspecified 'Other' feature
• Flooring: Flooring listed as 'Other'
• Bathrooms: One full bathroom (upper level) with tub/shower combo; One half bathroom on the main level
• Heating & cooling: Central heating; Central air conditioning; Ceiling fan(s)
• Interior features: 9-foot ceilings on the main level; High-speed internet available; Double pane windows; One common wall
• Laundry & utility: Laundry closet; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $65k.

Deal economics

• At list price, monthly cash flow is $357 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Cap rate 12.9% vs local median 5.2% in Forest Park — 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 65/100 on livability (#209 in GA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A-; Watch: crime F, commute F, employment D-.
• Clayton County (suburban): math 11% / reading 20% proficiency, ranked #155 of 174 in GA (top 89%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 78% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Fountain Elementary School (math 2% / reading 8%, grade F, #1,160 of 1,228 statewide, top 98%, 548 students, 90% FRL); Babb Middle School (math 24% / reading 34%, grade F, #249 of 470 statewide, top 55%, 888 students, 90% FRL); Forest Park High School (math 8% / reading 16%, grade F, #344 of 424 statewide, top 81%, 1,765 students, 90% FRL).
• Market conditions: Rents soft (-1.0%/yr); 134 active listings in the ZIP; 31 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 865 units permitted in Clayton County in 2024 (448 in 5+ unit buildings).
• This rent runs 34% of the median local income ($45k/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 $449 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Clayton County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $18k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 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 $26k; list at $65k implies a 150% gain — meaningful room to come down on a strong offer.

Recommended offer $65,000

Questions for the listing agent

1. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. Crime grade is F 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?
7. 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.
8. 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.
9. 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: 1.95% ✓
• Cap rate: 12.88%
• Cash-on-cash: 23.54%
• DSCR: 2.05
• GRM: 4.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 12.5%
• Equity multiple: 1.47×
• Total profit: $8,629
• Equity at exit: $9,692

10-year hold

• IRR: 18.3%
• Equity multiple: 2.26×
• Total profit: $22,998
• Equity at exit: $5,620

Cash invested: $18,200 (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 30297

• Home prices YoY: -29.5%
• Rents YoY: -1.0%
• Active inventory: 134
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $1,268 high
• Mortgage (P&I): −$341
• Tax from tax record: −$107 /mo · $1,281/yr
• Insurance: −$27
• HOA: −$170
• Vacancy / Maint / Mgmt: −$266
• Net cashflow: $357

Break-even live

Break-even rent $816

Max offer price $65,000

Occupancy floor 67%

Sensitivity live

Price	-10% $394	-5% $375	+0% $357	+5% $339	+10% $320
Rent	-10% $257	-5% $307	+0% $357	+5% $407	+10% $457
Rate	-1.0pp $390	-0.5pp $374	base $357	+0.5pp $340	+1.0pp $323

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Rent comps 31 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4880 Hale Rd Unit B Forest Park, GA	2.0	1.0	1000	$895	$0.90	25d	1	0.04mi
514 Bridge Ave Apt D6 Forest Park, GA	1.0–2.0	1.0	800	$1,203	$1.50	16d	4	0.19mi
521 Granade Dr Forest Park, GA	3.0	2.0	1024	$2,400	$2.34	6d	1	0.37mi
351 Kate Dr Forest Park, GA	3.0	2.5	1415	$1,524	$1.08	12d	1	0.38mi
417 Barton Dr Forest Park, GA	1.0–2.0	1.0	789	$995	$1.26	5d	3	0.42mi
676 Bridge Ave Forest Park, GA	2.0	1.0	919	$1,206	$1.31	25d	1	0.49mi
696 Hill St Forest Park, GA	2.0	1.0	700	$1,125	$1.61	5d	1	0.52mi
4560 Burks Rd Forest Park, GA	2.0	1.0	952	$1,350	$1.42	44d	1	0.66mi
4711 Waldrop Dr Unit W-L05 Forest Park, GA	2.0	1.0	1100	$1,295	$1.18	44d	1	0.69mi
4663 Waldrop Dr Forest Park, GA	2.0	2.0	925	$1,095	$1.18	21d	1	0.72mi
774 South Ave Forest Park, GA	3.0	2.0	1041	$1,825	$1.75	5d	1	0.75mi
4527 Glade Rd Unit 3 Forest Park, GA	1.0	1.0	775	$1,028	$1.33	25d	1	0.80mi
4855 College St Forest Park, GA	2.0	1.0	750	$1,175	$1.57	25d	1	0.86mi
4855 College St Unit 11 Forest Park, GA	2.0	1.0	750	$1,125	$1.50	25d	1	0.86mi
828 Catherine St Forest Park, GA	3.0	1.0	1040	$1,440	$1.38	44d	1	0.93mi
573 Evergreen Ter Unit 3 Forest Park, GA	2.0	1.0	856	$1,150	$1.34	44d	1	0.97mi
573 Evergreen Ter Unit 2 Forest Park, GA	2.0	1.0	900	$1,150	$1.28	45d	1	0.97mi
574 Evergreen Ter Unit 4 Forest Park, GA	2.0	1.0	854	$1,000	$1.17	44d	1	1.00mi
574 Evergreen Ter Unit 3 Forest Park, GA	2.0	1.0	854	$1,000	$1.17	13d	1	1.00mi
4404 Currie Ct Forest Park, GA	3.0	2.0	1188	$1,595	$1.34	44d	1	1.03mi
969 Forest Ave Forest Park, GA	1.0–2.0	1.0	875	$1,300	$1.49	25d	1	1.04mi
575 Springwood Dr Forest Park, GA	2.0	1.0	1100	$1,550	$1.41	44d	1	1.05mi
4735 Courtney Dr Forest Park, GA	1.0–2.0	1.0–1.5	800	$1,150	$1.44	17d	5	1.11mi
5161 Phillips Dr Forest Park, GA	2.0	1.0	992	$1,400	$1.41	25d	1	1.15mi
5504 Moriah Ln Forest Park, GA	3.0	2.0	1320	$1,649	$1.25	0d	1	1.19mi
5543 Pineridge Ct Forest Park, GA	3.0	2.5	1408	$1,595	$1.13	25d	1	1.23mi
4241 Hendrix Dr Forest Park, GA	2.0	1.5	1050	$1,224	$1.17	2d	5	1.23mi
729 Blueridge Dr Forest Park, GA	3.0	1.0	1150	$1,505	$1.31	6d	1	1.36mi
4168 Tara Dr Forest Park, GA	3.0	1.0	975	$1,299	$1.33	44d	1	1.40mi
4522 Ridge Dr Forest Park, GA	3.0	2.0	1176	$1,450	$1.23	44d	1	1.44mi
4548 Pine Dr Forest Park, GA	3.0	1.0	963	$1,250	$1.30	13d	1	1.47mi

HOA detail condo

• Monthly dues: $170 · $2,040/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 3 events

1. 2026-06-21
   days on market $65,000 Active 4 DOM
2. 2026-06-18
   remarks 480-char remark
3. 2026-06-18
   listed $65,000 Active 1 DOM

ⓘ 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: $1,281 · $107/mo
• Projected year-2 tax: $1,281 · $107/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $15,216
• − Mortgage interest: −$3,641
• − Property taxes: −$1,281
• − Insurance: −$325
• − Repairs & maintenance: −$1,217
• − Management: −$1,217
• − HOA: −$2,040
• − Depreciation: −$1,891
• Taxable income: $3,604
• Est. tax owed @ 24.0%: −$865
• After-tax cash flow: $3,419/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: Clayton County
• NCES district ID: 1301230
• Math proficiency: 11% ▼ -13.00%
• Reading proficiency: 20% ▼ -9.00%
• Median HH income: $42,266
• Composite: 13.41/100
• National rank: #9527
• State rank: #155 of 174 in GA

Livability — Forest Park

• Score: 65/100
• State rank: #209
• US rank: #12698

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Forest Park, GA
• County: Clayton County · 230,153 people
• City population: 29,210
• Metro: Atlanta-Sandy Springs-Alpharetta, GA
• Population (ZIP): 29,210
• Household income: $45,124
• Rent vs Own: 61.8% rent · 38.2% own
• Severe rent burden: 1359.0

Population outlook (Clayton County) Hauer SSP2

• Today (2025): 310,777 people
• By 2030: 329,762 · +6.1%
• By 2040: 368,052 · +18.4%
• By 2050: 401,196 · +29.1%
• By 2075: 472,488 · +52.0%
• By 2100: 500,446 · +61.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: Black 52% Hispanic / Latino 27% White 10% Two or more races 10% Asian 6%
• Hispanic origin (detail): Mexican 19%
• Foreign-born: 18% · Canada, Vietnam, Jamaica
• Languages at home: 67% English-only · Spanish 26% Vietnamese 5% Other Asian/Pacific 1%

Political lean MEDSL · Clayton

• 2024 margin: Solid D (+69.2) · D 84.3% · R 15.1%
• 2008→2024 swing: +2.8pp toward D · 2008: 66.4pp · 2024: 69.2pp
• All cycles: 2024: D+69.2 2020: D+70.9 2016: D+71.9 2012: D+70.1 2008: D+66.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -96.04%
• Current HPI: 229.5016
• Rent YoY: ▼ -0.96%
• 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

+150.0% since first listed

3 events — show timeline

• 2026-06-17 Listed $65,000 GAMLS
• 2026-06-17 Listed $65,000 FMLS
• 1976-11-24 Sold (Public Records) $26,000 Public Records

Property tax history

+12.3%/yr

Latest (2025): $1,281 · +8.0% YoY. Source: county tax records.