6659 Setter Dr

Riverdale, GA 30296

$214,000D+

3 bd · 3.0 ba · 2,102 sqft · Built 2004 · SingleFamily · Active · 161 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,021/mo
• Mortgage (P&I): −$1,122
• Tax + insurance: −$421
• HOA: −$0
• Vac / Maint / Mgmt: −$424
• Net cashflow: $53/mo
• Annual: $635/yr
• Cap rate: 6.59%
• Cash-on-cash: 1.06%
• DSCR: 1.05
• 1% rule: 0.94%
• Cash to close: $59,920

Investor read

• This is a 3-bed/3.0-bath single-family listed at $214k.
• At list price, monthly cash flow is $53 ($635/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 $202k (5.6% below list).
• It's been on market 161 days — a 12% lower offer ($188k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $188k (12.0% 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 70/100 on livability (#100 in GA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D, amenities F, commute F.
• 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: Oliver Elementary School (math 12% / reading 27%, grade F, #878 of 1,228 statewide, top 75%, 539 students, 90% FRL); Riverdale Middle School (math 12% / reading 27%, grade F, #356 of 470 statewide, top 78%, 660 students, 90% FRL); Charles R. Drew High School (math 8% / reading 22%, grade F, #297 of 424 statewide, top 74%, 1,652 students, 91% FRL).
• Market conditions: Rents rising (+3.5%/yr); 142 active listings in the ZIP; 37 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 865 units permitted in Clayton County in 2024 (448 in 5+ unit buildings).
• Clayton County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 6 sale attempts since 9y ago; this cycle's ask has dropped $41k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $140k; list at $214k implies a 53% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• This rent runs 38% of the median local income ($63k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 161 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• Crime grade is D 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?
• 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.
• 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.