2766 Waters Rd SW · Atlanta, GA 30354

$148,500

2 bd · 1.0 ba · 630 sqft · SingleFamily public records · 34 Days on market

Built 1935 0.56 ac lot

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Why this score? — see what drove the C- 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 +19.3/30.0
• ARV discount +7.5/15.0
• DSCR +6.1/10.0
• 1% rule +4.8/10.0
• Livability +4.2/5.0
• Rent growth +3.9/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This tenant-occupied 3 bedroom, 1 bathroom investment property offers immediate cash flow with a stable tenant paying $1,350 per month. Recently updated throughout, the property features a renovated interior, including an updated kitchen and bathroom, along with major system upgrades such as a new roof and new HVAC for added peace of mind and reduced maintenance. This is a turnkey opportunity for investors seeking a performing asset from day one with consistent rental income already established. The functional layout supports strong rental demand and long-term tenant retention. The property offers convenient access to major roadways including I-285 and I-20, providing easy connectivity throughout the metro area. The surrounding area also offers proximity to public transportation options, retail, and local services, further supporting rental stability. With immediate income, recent upgrades, and strong rental demand in the area, this property presents an excellent opportunity for investors looking to expand or strengthen their rental portfolio.

Key facts

• New hvac
• Convenient access
• Updated kitchen

Tags

• RENOVATED INTERIOR
• UPDATED KITCHEN
• UPDATED BATHROOM
• NEW ROOF
• NEW HVAC
• CONVENIENT ACCESS

Property features AI

Finance

• Other: Directions: GPS friendly; County: Fulton, GA
• Financial info: Property listed as a single-unit multifamily (1 unit); Unit rents for $1,350 with $1,350 deposit; Garbage and maintenance are included for the unit; electric, gas, and water are not included

Exterior

• Parking: 4 total parking spaces; Driveway parking
• Utilities: Public water; Public sewer; Electric service available; Natural gas available; Cable available; Phone service available
• Home design: One-level home; Wood siding; Composition roof; Resale property
• Construction: Wood siding construction; Composition roof
• Exterior features: Driveway; Open parking available; Public water; Public sewer; Cable available; Electricity available; Natural gas available; Phone available

Interior

• Kitchen: Range/oven; Refrigerator
• Bedrooms: 3 bedrooms
• Bathrooms: 1 bathroom
• Heating & cooling: Central heating; Central air
• Interior features: Central air conditioning; Central heating; Tenant occupies unit (multi-family)
• Laundry & utility: Washer/dryer connections

🏷️ Possibly a rental listed for sale. The $148,500 price doesn't fit this home's estimated sale value (~$365,290) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $148k.

Deal economics

• At list price, monthly cash flow is $163 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $145k (2.3% below list).
• Recommended offer: $144k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.6% vs local median 3.1% in Atlanta — 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 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: Cleveland Avenue Elementary School (math 12% / reading 17%, grade F, #996 of 1,228 statewide, top 83%, 273 students, 100% FRL); Crawford Long Middle School (math 2% / reading 8%, grade F, #462 of 470 statewide, top 99%, 705 students, 100% FRL); South Atlanta High School (math 2% / reading 12%, grade F, #385 of 424 statewide, top 92%, 928 students, 100% FRL) — zoned schools average 100% FRL vs 71% district-wide (29 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 9% at this address vs 32% district-wide (-23 pts) — the specific schools serving this property underperform the Atlanta Public Schools average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+5.5%/yr); 175 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 11,565 units permitted in Fulton County in 2024 (8,159 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Fulton County population projected at +38% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($144k) is reasonable based on typical stale-listing flexibility.
• 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 $59k; list at $148k implies a 152% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wind risk, 26% chance of damaging wind over 30y; extreme-heat days projected 6→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $144,045 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1935 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.98% ✗
• Cap rate: 7.61%
• Cash-on-cash: 4.70%
• DSCR: 1.21
• GRM: 8.5

CMA / ARV

• ARV (median comp): $365,290
• List price: $148,500
• Delta: -59.35%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.45% rent growth · sell at horizon

5-year hold

• IRR: -6.4%
• Equity multiple: 0.76×
• Total profit: $-10,038
• Equity at exit: $22,142

10-year hold

• IRR: 6.0%
• Equity multiple: 1.49×
• Total profit: $20,397
• Equity at exit: $12,840

Cash invested: $41,580 (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 30354

• Home prices YoY: -17.5%
• Rents YoY: 5.5%
• Active inventory: 175
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,451 medium
• Mortgage (P&I): −$779
• Tax from tax record: −$143 /mo · $1,713/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$305
• Net cashflow: $163

Break-even live

Break-even rent $1,245

Max offer price $148,500

Occupancy floor 84%

Sensitivity live

Price	-10% $247	-5% $205	+0% $163	+5% $121	+10% $79
Rent	-10% $48	-5% $105	+0% $163	+5% $220	+10% $277
Rate	-1.0pp $238	-0.5pp $201	base $163	+0.5pp $124	+1.0pp $85

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: $37,125
• Closing costs: $4,455
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2857 1st Ave SW Atlanta, GA	3.0	2.0	696	$1,899	$2.73	25d	1	0.64mi
2955 1st Ave SW Unit 1 Atlanta, GA	1.0	1.0	600	$1,050	$1.75	25d	1	0.76mi
2955 1st Ave SW Unit 2 Atlanta, GA	1.0	1.0	522	$1,075	$2.06	25d	1	0.76mi
2611 Springdale Rd SW Atlanta, GA	1.0	1.0	546	$1,071	$1.96	25d	1	1.50mi

Listing history 17 events

1. 2026-06-18
   days on market $148,500 Active 34 DOM
2. 2026-06-17
   days on market $148,500 Active 33 DOM
3. 2026-06-16
   days on market $148,500 Active 32 DOM
4. 2026-06-15
   days on market $148,500 Active 31 DOM
5. 2026-06-13
   days on market $148,500 Active 29 DOM
6. 2026-06-13
   days on market $148,500 Active 28 DOM
7. 2026-06-09
   days on market $148,500 Active 25 DOM
8. 2026-06-08
   days on market $148,500 Active 24 DOM
9. 2026-06-07
   days on market $148,500 Active 23 DOM
10. 2026-06-04
    days on market $148,500 Active 20 DOM
11. 2026-06-03
    days on market $148,500 Active 19 DOM
12. 2026-06-02
    days on market $148,500 Active 18 DOM
13. 2026-06-01
    days on market $148,500 Active 17 DOM
14. 2026-05-31
    days on market $148,500 Active 16 DOM
15. 2026-05-15
    listed $148,500 Active 1068-char remark

    Show marketing remark (1068 chars)

    This tenant-occupied 3 bedroom, 1 bathroom investment property offers immediate cash flow with a stable tenant paying $1,350 per month. Recently updated throughout, the property features a renovated interior, including an updated kitchen and bathroom, along with major system upgrades such as a new roof and new HVAC for added peace of mind and reduced maintenance. This is a turnkey opportunity for investors seeking a performing asset from day one with consistent rental income already established. The functional layout supports strong rental demand and long-term tenant retention. The property offers convenient access to major roadways including I-285 and I-20, providing easy connectivity throughout the metro area. The surrounding area also offers proximity to public transportation options, retail, and local services, further supporting rental stability. With immediate income, recent upgrades, and strong rental demand in the area, this property presents an excellent opportunity for investors looking to expand or strengthen their rental portfolio.

16. 2026-05-15
    listed $148,500 New 1068-char remark

    Show marketing remark (1068 chars)

    This tenant-occupied 3 bedroom, 1 bathroom investment property offers immediate cash flow with a stable tenant paying $1,350 per month. Recently updated throughout, the property features a renovated interior, including an updated kitchen and bathroom, along with major system upgrades such as a new roof and new HVAC for added peace of mind and reduced maintenance. This is a turnkey opportunity for investors seeking a performing asset from day one with consistent rental income already established. The functional layout supports strong rental demand and long-term tenant retention. The property offers convenient access to major roadways including I-285 and I-20, providing easy connectivity throughout the metro area. The surrounding area also offers proximity to public transportation options, retail, and local services, further supporting rental stability. With immediate income, recent upgrades, and strong rental demand in the area, this property presents an excellent opportunity for investors looking to expand or strengthen their rental portfolio.

17. 2022-10-12
    soldstatus $59,000

ⓘ 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: $1,713 · $143/mo
• Projected year-2 tax: $1,713 · $143/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 2/10 Low
• 🌡 Heat 5/10 Major 6 d/yr ≥104°F today · 15 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 26% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,410
• − Mortgage interest: −$8,318
• − Property taxes: −$1,713
• − Insurance: −$742
• − Repairs & maintenance: −$1,393
• − Management: −$1,393
• − Depreciation: −$4,320
• Taxable loss: −$470
• Est. tax savings @ 24.0%: +$113
• After-tax cash flow: $2,066/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: Atlanta Public Schools
• NCES district ID: 1300120
• Math proficiency: 28% ▼ -6.00%
• Reading proficiency: 35% ▼ -2.00%
• Median HH income: $48,306
• Composite: 27.27/100
• National rank: #7006
• State rank: #80 of 174 in GA

Livability — Atlanta

• Score: 83/100
• State rank: #6
• US rank: #919

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Atlanta, GA
• County: Fulton County · 1,094,430 people
• City population: 629,525
• Metro: Atlanta-Sandy Springs-Alpharetta, GA
• Population (ZIP): 16,182
• Household income: $63,189
• Rent vs Own: 49.8% rent · 50.2% own
• Severe rent burden: 930.0

Population outlook (Fulton County) Hauer SSP2

• Today (2025): 1,203,707 people
• By 2030: 1,299,706 · +8.0%
• By 2040: 1,488,256 · +23.6%
• By 2050: 1,664,580 · +38.3%
• By 2075: 2,036,072 · +69.2%
• By 2100: 2,222,402 · +84.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (68%)
• Race & ethnicity: Black 68% Hispanic / Latino 16% White 10% Two or more races 9% Native American 2% Asian 1%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Italian 2% Romanian 1% Swedish 1%
• Foreign-born: 11% · Canada, Vietnam, Guatemala
• Languages at home: 81% English-only · Spanish 15% German/W. Germanic 1% Vietnamese 1%

Political lean MEDSL · Fulton

• 2024 margin: Solid D (+44.9) · D 71.9% · R 27.0% · Other 1.1%
• 2008→2024 swing: +9.8pp toward D · 2008: 35.0pp · 2024: 44.9pp
• All cycles: 2024: D+44.9 2020: D+46.4 2016: D+42.1 2012: D+29.6 2008: D+35.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -67.78%
• Current HPI: 320.1111
• Rent YoY: ▲ 5.45%
• 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

+151.7% since first listed

3 events — show timeline

• 2026-05-15 Listed $148,500 FMLS
• 2026-05-15 Listed $148,500 GAMLS
• 2022-10-12 Sold (Public Records) $59,000 Public Records

Property tax history

+2.9%/yr

Latest (2025): $1,713 · -0.1% YoY. Source: county tax records.