3646 Nevins Way

Decatur, GA 30034

$339,820D-

3 bd · 2.5 ba · 1,946 sqft · Built 2026 · Townhouse · Active · 158 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,130/mo
• Mortgage (P&I): −$2,217
• Tax + insurance: −$705
• HOA: −$0
• Vac / Maint / Mgmt: −$657
• Net cashflow: $-450/mo
• Annual: $-5,397/yr
• Cap rate: 5.02%
• Cash-on-cash: -4.56%
• DSCR: 0.80
• 1% rule: 0.74%
• Cash to close: $118,395

Investor read

• This is a 3-bed/2.5-bath townhouse listed at $340k. Condition is rated excellent.
• At list price, monthly cash flow is $-450 ($-5k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $313k (7.9% below list).
• It's been on market 158 days — a 12% lower offer ($299k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $299k (12.0% 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 $13k of value loss. Plan a longer hold.
• Location reads 85/100 on livability (#4 in GA, #538 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: cost of living F.
• City Schools Of Decatur (suburban): math 64% / reading 70% proficiency, ranked #2 of 174 in GA (top 1%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Clairemont Elementary School (207 students, 30% FRL); Beacon Hill Middle School (math 58% / reading 68%, grade B+, #32 of 470 statewide, top 7%, 1,323 students, 13% FRL); Decatur High School (math 47% / reading 64%, grade C, #19 of 424 statewide, top 4%, 1,853 students, 12% FRL) — zoned schools at 19% FRL track the district average.
• Market conditions: Rents rising (+2.2%/yr); 426 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 30d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 52% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• 3 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.
• Cap rate 5.0% vs local median 4.1% in Decatur — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• At $3,130/mo this rent would consume 59% of the median local household income ($64k/yr) (locally 23% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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 158 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.