462 Whitehall Ter SW

Atlanta, GA 30312

$399,000B-

16 bd · 1.0 ba · 1,920 sqft · Built 1958 · MultiFamily · Active · 102 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,642/mo
• Mortgage (P&I): −$2,092
• Tax + insurance: −$1,110
• HOA: −$0
• Vac / Maint / Mgmt: −$1,185
• Net cashflow: $1,254/mo
• Annual: $15,054/yr
• Cap rate: 10.07%
• Cash-on-cash: 13.47%
• DSCR: 1.60
• 1% rule: 1.41%
• Cash to close: $111,720

Investor read

• This is a 4 × 1-bed/1-bath units multifamily listed at $399k.
• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $314/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $399k).
• It's been on market 102 days — a 9% lower offer ($363k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $363k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• 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: Paul L. Dunbar Elementary School (math 24% / reading 24%, grade F, #753 of 1,228 statewide, top 64%, 287 students, 100% FRL); Martin L. King Jr. Middle School (math 16% / reading 23%, grade F, #356 of 470 statewide, top 78%, 818 students, 100% FRL); Maynard Jackson High School (math 30% / reading 24%, grade F, #160 of 424 statewide, top 38%, 1,474 students, 44% FRL).
• Watch-outs: property tax is 2.8% of price; built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+2.8%/yr); 237 active listings in the ZIP; solid renter incomes; 11,565 units permitted in Fulton County in 2024 (8,159 in 5+ unit buildings).
• Fulton County population projected at +38% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 15 sale attempts since 2y 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 $26k; list at $399k implies a 1406% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 2.8% rent growth), your $112k cash investment doubles in ~9 years — after that, you're playing with house money.
• Climate carrying-cost: moderate wind risk, 26% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 10.1% 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.

Questions for listing agent

• It's been on market 102 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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.
• 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.