673 Garden Walk Dr

Stone Mountain, GA 30083

$100,000C

3 bd · 2.5 ba · 1,414 sqft · Built 1972 · Townhouse · Active · 35 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,658/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$343
• HOA: −$415
• Vac / Maint / Mgmt: −$348
• Net cashflow: $27/mo
• Annual: $327/yr
• Cap rate: 6.62%
• Cash-on-cash: 1.17%
• DSCR: 1.05
• 1% rule: 1.66%
• Cash to close: $28,000

Investor read

• This is a 3-bed/2.5-bath townhouse listed at $100k.
• At list price, monthly cash flow is $27 ($327/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• It's been on market 35 days — a 3% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $97k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#11 in GA, #1,977 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: employment D+, crime F.
• 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: Stone Mountain Middle School (math 12% / reading 15%, grade F, #407 of 470 statewide, top 87%, 1,072 students, 100% FRL); Stone Mountain High School (math 8% / reading 12%, grade F, #365 of 424 statewide, top 88%, 1,202 students, 100% FRL) — zoned schools average 100% FRL vs 68% district-wide (32 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: property tax is 3.6% of price; HOA is 25% of rent.
• Market conditions: Rents rising (+1.3%/yr); 257 active listings in the ZIP; 39 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); 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.
• 2 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.
• Current owner paid $56k; list at $100k implies a 79% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.6% vs local median 5.1% in Stone Mountain — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• This rent runs 36% of the median local income ($55k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1972 — 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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-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 F 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?
• 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.