2505 W Broad St #924

Athens-Clarke County unified government (balance), GA 30606

$189,500D

3 bd · 2.0 ba · 1,274 sqft · Built 1984 · Condo · Pending · 60 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,901/mo
• Mortgage (P&I): −$994
• Tax + insurance: −$228
• HOA: −$180
• Vac / Maint / Mgmt: −$399
• Net cashflow: $100/mo
• Annual: $1,205/yr
• Cap rate: 6.93%
• Cash-on-cash: 2.27%
• DSCR: 1.10
• 1% rule: 1.00%
• Cash to close: $53,060

Investor read

• This is a 3-bed/2.0-bath condo listed at $190k.
• At list price, monthly cash flow is $100 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• It's been on market 60 days — a 3% lower offer ($184k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $184k (3.0% 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: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Clarke County (urban): math 17% / reading 21% proficiency, ranked #146 of 174 in GA (top 84%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 74% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Alps Road Elementary School (math 2% / reading 8%, grade F, #1,160 of 1,228 statewide, top 98%, 339 students, 83% FRL); Clarke Middle School (math 22% / reading 32%, grade F, #271 of 470 statewide, top 60%, 708 students, 83% FRL); Clarke Central High School (math 15% / reading 24%, grade F, #238 of 424 statewide, top 57%, 1,836 students, 83% FRL).
• Market conditions: Rents rising (+1.6%/yr); 320 active listings in the ZIP; 33 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 1,172 units permitted in Clarke County in 2024 (876 in 5+ unit buildings).
• Clarke County population projected at +31% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 9 sale attempts since 21y ago; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $73k; list at $190k implies a 160% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: moderate wind risk, 25% 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 6.9% vs local median 3.4% in Athens-Clarke County unified government (balance) — 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.
• This rent runs 36% 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 60 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.