4039 Codel St SW · Atlanta, GA 30331

$179,220

3 bd · 1.0 ba · 1,000 sqft · SingleFamily public records · 13 Days on market

Built 1973 7,819 sqft lot Est $175k · at est.

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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).

• Cash flow +19.7/30.0
• ARV discount +6.4/15.0
• DSCR +6.2/10.0
• 1% rule +4.6/10.0
• Livability +4.2/5.0
• Rent growth +3.2/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover the potential of this inviting Atlanta home situated in an established southwest Atlanta neighborhood. The floor plan offers comfortable living spaces with a natural flow between the main gathering areas, creating an ideal setting for both everyday living and entertaining. The kitchen provides ample workspace and storage, while the bedrooms offer flexibility for family, guests, or a home office. Outside, the yard presents opportunities for outdoor enjoyment, gardening, or creating your own private retreat. Conveniently located near shopping, dining, parks, and major commuter routes, this property offers easy access to everything Atlanta has to offer. Whether you're looking for a place to call home or your next investment opportunity, this property is ready for its next chapter.

Key facts

• 7,819 sq ft lot
• Built 1973
• Listed 12 days

Tags

• COMFORTABLE LIVING SPACES
• AMPLE WORKSPACE AND STORAGE

Property features AI

Exterior

• Parking: Driveway with open parking
• Utilities: Water: other; Sewer: other; Electric: other; Other utilities: other
• Home design: One-level home; Resale property
• Construction: Brick on all sides; Composition roof; Slab foundation; Built/finished above grade area approximately 1,000
• Exterior features: Asphalt road frontage on a city street

Interior

• Kitchen: White cabinets; Eat-in kitchen; Solid surface counters; Dishwasher; Gas range; Microwave; Refrigerator
• Bedrooms: Three main-level bedrooms
• Flooring: Vinyl
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Open floor plan with view from the kitchen to the family room; No shared/common walls; Crawl space foundation
• Laundry & utility: Laundry area (details not specified)

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $179k.

Deal economics

• At list price, monthly cash flow is $209 ($3k/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 $173k (3.6% below list).
• Recommended offer: $173k (3.6% below list) — sets the bar for 1% rule.
• Cap rate 7.7% 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: Jean Childs Young Middle School (math 2% / reading 12%, grade F, #449 of 470 statewide, top 97%, 747 students, 100% FRL); Benjamin E. Mays High School (math 22% / reading 15%, grade F, #254 of 424 statewide, top 61%, 1,337 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 13% at this address vs 32% district-wide (-19 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 (+2.6%/yr); 483 active listings in the ZIP; 37 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).
• This rent runs 33% of the median local income ($63k/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 $5k 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

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 7y 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.
• Current owner paid $86k; list at $179k implies a 109% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $172,833 (3.6% below list)

Questions for the listing agent

1. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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: 0.96% ✗
• Cap rate: 7.69%
• Cash-on-cash: 4.99%
• DSCR: 1.22
• GRM: 8.6

CMA / ARV

• ARV (on-the-fly): $175,000
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4062 Doster Dr SW	0.05mi	3/1.0	1,000 (0%)	10mo	$192,000	$192	90
4077 Codel St SW	0.07mi	3/1.0	1,050 (+5%)	9mo	$183,500	$175	81
4009 Ester Dr SW	0.08mi	3/1.0	1,056 (+6%)	11mo	$130,000	$123	78
445 Wilson Mill Rd SW	0.24mi	3/1.5	1,053 (+5%)	4mo	$193,500	$184	75
4063 Cornell Blvd SW	0.48mi	3/2.0	1,000 (0%)	4mo	$125,000	$125	70
4245 Utoy Ct SW	0.62mi	3/1.5	1,000 (0%)	0mo	$98,000	$98	69
3785 Boulder Park Dr SW	0.54mi	3/1.0	1,032 (+3%)	1mo	$110,000	$107	68
4225 Bakers Ferry Rd	0.33mi	2/1.5 (-1)	1,056 (+6%)	0mo	$77,500	$73	68
3991 Adamsville Dr SW	0.61mi	3/2.0	1,016 (+2%)	8mo	$190,000	$187	58
4310 Bakers Ferry Rd SW	0.51mi	4/2.0 (+1)	1,084 (+8%)	8mo	$213,000	$196	47
232 Whitworth Dr SW	0.53mi	4/2.0 (+1)	1,075 (+8%)	11mo	$270,000	$251	45
673 Utoy Cir SW	0.71mi	3/1.5	1,125 (+12%)	2mo	$185,000	$164	42

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 2.63% rent growth · sell at horizon

5-year hold

• IRR: -8.9%
• Equity multiple: 0.67×
• Total profit: $-16,410
• Equity at exit: $26,722

10-year hold

• IRR: 0.0%
• Equity multiple: 1.00×
• Total profit: $122
• Equity at exit: $15,496

Cash invested: $50,182 (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 30331

• Home prices YoY: -34.2%
• Rents YoY: 2.6%
• Active inventory: 483
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,728 high
• Mortgage (P&I): −$940
• Tax from tax record: −$142 /mo · $1,705/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$363
• Net cashflow: $209

Break-even live

Break-even rent $1,464

Max offer price $179,220

Occupancy floor 83%

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: $44,805
• Closing costs: $5,377
• Reserves months: —
• Total cash needed: —

Rent comps 37 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
350 Fennel Way SW Atlanta, GA	4.0	2.0	1450	$1,500	$1.03	20d	1	0.13mi
4172 Renfrew Ct SW Atlanta, GA	4.0	2.0	1136	$1,200	$1.06	7d	1	0.16mi
3915 Basil Way SW Atlanta, GA	3.0	2.0	1287	$2,600	$2.02	24d	1	0.18mi
40 Candlelight Ln SW Unit A Atlanta, GA	2.0	2.0	1098	$1,500	$1.37	24d	1	0.20mi
40 Candlelight Ln SW Apt B Atlanta, GA	3.0	3.0	1274	$1,800	$1.41	24d	1	0.20mi
586 Oakside Dr SW Unit A Atlanta, GA	3.0	1.0	1075	$1,325	$1.23	15d	1	0.47mi
586 Oakside Dr SW Unit B Atlanta, GA	2.0	1.0	1075	$1,065	$0.99	15d	1	0.47mi
440 Dartmouth Dr SW Atlanta, GA	4.0	3.0	1148	$1,795	$1.56	20d	1	0.48mi
3919 Wisteria Ln SW Atlanta, GA	4.0	2.0	1126	$1,730	$1.54	14d	1	0.63mi
415 Fairburn Rd SW Atlanta, GA	1.0–3.0	1.0–2.0	890	$1,490	$1.67	2d	31	0.80mi
3669 Martin Luther King Jr Dr SW Atlanta, GA	2.0	1.5	800	$1,300	$1.62	5d	2	1.01mi
841 Ambient Way SW Atlanta, GA	2.0	2.5	1344	$1,895	$1.41	17d	1	1.05mi
832 Ambient Way SW Atlanta, GA	2.0	2.5	1500	$2,250	$1.50	24d	1	1.08mi
722 Crestwell Cir #722 Atlanta, GA	2.0	3.0	1440	$2,279	$1.58	20d	1	1.09mi
887 Ambient Way SW Atlanta, GA	2.0	2.5	1344	$2,250	$1.67	24d	1	1.10mi
897 Ambient Way SW Atlanta, GA	2.0	2.5	1500	$2,155	$1.44	24d	1	1.12mi
708 Crestwell Cir SW Atlanta, GA	2.0	2.5	1236	$1,645	$1.33	24d	1	1.12mi
3440 Boulder Park Dr SW Atlanta, GA	2.0	1.0	800	$1,050	$1.31	10d	3	1.14mi
470 Bolton Rd NW Unit D1 Atlanta, GA	2.0	1.5	1100	$1,395	$1.27	24d	1	1.14mi
648 Providence Pl SW #37 Atlanta, GA	3.0	3.5	1416	$2,195	$1.55	24d	1	1.14mi
451 Fairlock Ln NW Atlanta, GA	3.0	1.0	1141	$1,450	$1.27	24d	1	1.23mi
3456 Thompson Dr NW Atlanta, GA	3.0	1.0	975	$1,750	$1.79	24d	1	1.24mi
513 Constellation Overlook SW Atlanta, GA	3.0	2.5	1446	$2,300	$1.59	24d	1	1.25mi
3616 Utoy Dr SW Atlanta, GA	3.0	3.5	1496	$1,950	$1.30	43d	1	1.26mi
3354 Delmar Ln NW Atlanta, GA	3.0	2.0	1170	$1,700	$1.45	24d	1	1.31mi
4341 Cascade Rd SW Atlanta, GA	1.0–3.0	1.0–2.0	959	$1,535	$1.60	43d	1	1.32mi
4355 Cascade Rd SW Atlanta, GA	2.0	2.0	1152	$1,190	$1.03	2d	7	1.34mi
3590 Collier Dr NW Atlanta, GA	4.0	4.0	1110	$1,100	$0.99	11d	1	1.34mi
751 Fairburn Rd SW Atlanta, GA	1.0–3.0	1.0–2.0	1162	$2,170	$1.87	3d	32	1.35mi
4375 Cascade Rd Apt N181 Atlanta, GA	2.0	1.0	805	$1,100	$1.37	5d	1	1.38mi
4375 Cascade Rd Unit n186 Atlanta, GA	2.0	1.0	805	$1,100	$1.37	15d	1	1.38mi
4375 Cascade Rd Unit n184 Atlanta, GA	2.0	1.0	805	$1,150	$1.43	24d	1	1.38mi
4375 Cascade Rd Unit r239 Atlanta, GA	3.0	2.0	1017	$1,395	$1.37	24d	1	1.38mi
4375 Cascade Rd Apt B12 Atlanta, GA	3.0	2.0	1017	$1,295	$1.27	24d	1	1.38mi
4375 Cascade Rd Unit l155 Atlanta, GA	2.0	1.0	805	$1,025	$1.27	17d	1	1.38mi
294 Brownlee Rd SW Atlanta, GA	2.0	1.5	950	$1,050	$1.11	16d	2	1.40mi
3466 Fairlane Dr NW Atlanta, GA	3.0	1.0	950	$1,495	$1.57	24d	1	1.46mi

Listing history 11 events

1. 2026-06-18
   price $179,220 Active 13 DOM
2. 2026-06-18
   days on market $188,650 Active 13 DOM
3. 2026-06-17
   days on market $188,650 Active 12 DOM
4. 2026-06-16
   days on market $188,650 Active 11 DOM
5. 2026-06-15
   days on market $188,650 Active 10 DOM
6. 2026-06-13
   days on market $188,650 Active 8 DOM
7. 2026-06-13
   days on market $188,650 Active 7 DOM
8. 2026-06-09
   days on market $188,650 Active 4 DOM
9. 2026-06-08
   days on market $188,650 Active 3 DOM
10. 2026-06-07
    remarks 693-char remark
11. 2026-06-07
    listed $188,650 Active 2 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: $1,705 · $142/mo
• Projected year-2 tax: $1,705 · $142/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 7 d/yr ≥103°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,740
• − Mortgage interest: −$10,039
• − Property taxes: −$1,705
• − Insurance: −$896
• − Repairs & maintenance: −$1,659
• − Management: −$1,659
• − Depreciation: −$5,214
• Taxable loss: −$432
• Est. tax savings @ 24.0%: +$104
• After-tax cash flow: $2,609/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): 62,567
• Household income: $62,623
• Rent vs Own: 46.8% rent · 53.2% own
• Severe rent burden: 3748.0

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 (94%)
• Race & ethnicity: Black 94% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Hispanic 1%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Spanish 1% French/Haitian/Cajun 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: ▼ -106.38%
• Current HPI: 204.5402
• Rent YoY: ▲ 2.63%
• 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

+679.5% since first listed

13 events — show timeline

• 2026-06-05 Listed $188,650 FMLS
• 2026-06-05 Listed $188,650 GAMLS
• 2026-05-04 Listing Removed — GAMLS
• 2026-04-10 Price Changed $170,000 GAMLS
• 2025-05-28 Listed $174,000 GAMLS
• 2019-04-15 Sold (Public Records) $85,900 Public Records
• 2019-03-31 Sold (MLS) $85,900 GAMLS
• 2019-03-12 Pending — GAMLS
• 2019-03-08 Relisted — GAMLS
• 2019-03-04 Pending — GAMLS
• 2019-02-14 Listed $85,800 GAMLS
• 2017-03-01 Sold (Public Records) $62,900 Public Records
• 1983-08-24 Sold (Public Records) $24,200 Public Records

Property tax history

+3.0%/yr

Latest (2025): $1,705 · -9.0% YoY. Source: county tax records.