1111 Clairemont Ave Unit N3

North Decatur, GA 30030

$199,750D

2 bd · 1.0 ba · 1,075 sqft · Built 1960 · Condo · Active · 37 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,168/mo
• Mortgage (P&I): −$1,048
• Tax + insurance: −$333
• HOA: −$349
• Vac / Maint / Mgmt: −$455
• Net cashflow: $-17/mo
• Annual: $-204/yr
• Cap rate: 6.19%
• Cash-on-cash: -0.36%
• DSCR: 0.98
• 1% rule: 1.09%
• Cash to close: $55,930

Investor read

• This is a 2-bed/1.0-bath condo listed at $200k. Condition is rated good.
• At list price, monthly cash flow is $-17 ($-204/yr) — negative.
• To cash-flow at today's rent, offer at most $197k (1.2% below list).
• Meets the 1% rule at list price ($2k rent vs $200k).
• It's been on market 37 days — a 3% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $194k (3.0% below list) — sets the bar for market timing.
• 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.
• Location reads 80/100 on livability (#10 in GA, #1,846 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+; Watch: cost of living D+, amenities D-.
• Dekalb County (suburban): math 19% / reading 28% proficiency, ranked #125 of 174 in GA (top 72%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Fernbank Elementary School (math 52% / reading 57%, grade C, #185 of 1,228 statewide, top 16%, 744 students, 18% FRL); Druid Hills Middle School (math 22% / reading 37%, grade F, #249 of 470 statewide, top 55%, 956 students, 46% FRL); Druid Hills High School (math 12% / reading 22%, grade F, #277 of 424 statewide, top 67%, 1,358 students, 37% FRL) — zoned schools average 34% FRL vs 68% district-wide (34 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+3.9%/yr); 209 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 1,240 units permitted in DeKalb County in 2024 (385 in 5+ unit buildings).
• DeKalb County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 7 sale attempts since 2y ago; this cycle's ask has dropped $13k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• 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 6.2% vs local median 2.6% in North Decatur — 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.

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?
• It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1960 — 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.