459 Moreland Way · Hapeville, GA 30354

$189,900

3 bd · 1.5 ba · 1,394 sqft · SingleFamily public records · 39 Days on market

Built 1950 10,079 sqft lot $136/sqft · 38% below area Est $308k · 38% under

---

Why this score? — see what drove the C+ 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 +22.2/30.0
• ARV discount +15.0/15.0
• DSCR +7.1/10.0
• 1% rule +5.5/10.0
• Schools +4.5/10.0
• Rent growth +3.9/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover the perfect blend of peace and community in this Hapeville gem. Nestled in a quiet and quaint neighborhood, this home offers a serene escape while maintaining a strong sense of pride of ownership throughout the street. You’ll feel the character of the area the moment you pull up. Whether you’re enjoying a morning coffee on the porch or exploring the local favorites nearby, this property provides the ideal backdrop for a relaxed lifestyle. Don't miss your chance to join this tight-knit, welcoming community!

Key facts

• 0.23 acre lot
• Built 1950
• Listed 39 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $309 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• Recommended offer: $184k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.2% vs local median 3.6% in Hapeville — 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 76/100 on livability (#25 in GA, #3,590 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment A-; Watch: schools F, commute F.
• Fulton County (suburban): math 49% / reading 53% proficiency, ranked #12 of 174 in GA (top 7%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+5.5%/yr); 175 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 20d 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 38% 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 $6k 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.
• At projected returns (-3.0% appreciation + 5.5% rent growth), your $53k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($184k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 4y 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.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• 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 $184,203 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.05% ✓
• Cap rate: 8.25%
• Cash-on-cash: 6.98%
• DSCR: 1.31
• GRM: 7.9

CMA / ARV

• ARV (median comp): $308,171
• List price: $189,900
• Delta: -38.38%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
329 Maple St	0.18mi	2/2.0 (-1)	1,369 (-2%)	18mo	$315,000	$230	67
523 Mount Zion	0.14mi	3/2.0	1,234 (-12%)	11mo	$255,000	$207	64
272 Mount Zion Rd	0.29mi	3/1.0	1,320 (-5%)	16mo	$220,000	$167	62
684 Campbell Cir	0.30mi	3/2.0	1,339 (-4%)	18mo	$305,000	$228	62
2894 3rd Ave SW	0.31mi	3/1.0	1,250 (-10%)	9mo	$115,900	$93	59
2996 1st Ave SW	0.32mi	3/2.0	1,294 (-7%)	17mo	$224,000	$173	57
338 Mount Zion Rd	0.14mi	3/2.0	1,189 (-15%)	12mo	$210,500	$177	57
2966 1st Ave SW	0.38mi	3/2.5	1,476 (+6%)	18mo	$270,000	$183	54
2969 5th St SW	0.42mi	3/2.0	1,300 (-7%)	22mo	$245,000	$188	49
208 Moreland Way	0.42mi	3/2.0	1,554 (+12%)	18mo	$225,000	$145	44
2902 Palm Dr	0.74mi	3/2.0	1,226 (-12%)	18mo	$147,000	$120	28
3300 Russell St	0.65mi	2/1.0 (-1)	1,596 (+14%)	14mo	$270,000	$169	27

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 · 5.45% rent growth · sell at horizon

5-year hold

• IRR: -2.9%
• Equity multiple: 0.89×
• Total profit: $-6,012
• Equity at exit: $28,315

10-year hold

• IRR: 9.2%
• Equity multiple: 1.79×
• Total profit: $41,935
• Equity at exit: $16,419

Cash invested: $53,172 (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 30354

• Home prices YoY: -17.5%
• Rents YoY: 5.5%
• Active inventory: 175
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $1,998 high
• Mortgage (P&I): −$996
• Tax from tax record: −$194 /mo · $2,331/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$420
• Net cashflow: $309

Break-even live

Break-even rent $1,607

Max offer price $189,900

Occupancy floor 80%

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3116 Jackson St Atlanta, GA	2.0	2.0	1016	$1,900	$1.87	43d	1	0.21mi
3160 Lake Ave Unit NA Hapeville, GA	4.0	1.5	1680	$2,095	$1.25	24d	1	0.23mi
735 Oak Dr Hapeville, GA	2.0	1.0	1053	$1,550	$1.47	21d	1	0.25mi
278 Moreland Way Atlanta, GA	3.0	2.0	1000	$1,945	$1.95	24d	1	0.28mi
3166 Jackson St Atlanta, GA	3.0	2.0	1650	$1,595	$0.97	24d	1	0.31mi
535 Lake Dr Atlanta, GA	3.0	2.0	1080	$2,275	$2.11	43d	1	0.35mi
3162 Oakdale Rd Atlanta, GA	3.0	1.0	1040	$3,200	$3.08	43d	1	0.36mi
2875 3rd Ave SW Unit A Atlanta, GA	2.0	1.0	900	$1,245	$1.38	1d	1	0.39mi
231 Maple St Atlanta, GA	3.0	2.0	1068	$1,645	$1.54	43d	1	0.40mi
518 North Ave Atlanta, GA	2.0	1.5	1096	$2,150	$1.96	10d	1	0.49mi
2959 Forrest Hills Dr SW Atlanta, GA	1.0–2.0	1.0–1.5	925	$1,250	$1.35	13d	1	0.50mi
2959 Forrest Hills Dr SW Atlanta, GA	1.0–2.0	1.0–1.5	925	$1,250	$1.35	16d	2	0.50mi
436 Grady Pl Atlanta, GA	3.0	2.0	1425	$2,100	$1.47	15d	1	0.53mi
3301 Old Jonesboro Rd Atlanta, GA	2.0	1.0	899	$2,250	$2.50	5d	1	0.58mi
3335 Dogwood Dr Hapeville, GA	3.0	3.5	1670	$3,020	$1.81	12d	1	0.59mi
2783 Grand Ave SW Atlanta, GA	4.0	2.0	1644	$2,600	$1.58	24d	1	0.64mi
3066 Waters Rd SW Atlanta, GA	3.0	1.0	1144	$1,395	$1.22	19d	1	0.66mi
3054 Waters Rd SW Atlanta, GA	3.0	1.0	891	$1,800	$2.02	7d	1	0.67mi
3353 Myrtle St Atlanta, GA	3.0	2.0	1504	$2,950	$1.96	43d	1	0.69mi
2952 Palm Dr Atlanta, GA	3.0	2.0	1120	$1,875	$1.67	5d	1	0.70mi
2932 Palm Dr Atlanta, GA	3.0	2.5	1589	$3,200	$2.01	4d	1	0.70mi
801 N Central Ave Atlanta, GA	2.0–4.0	2.5–3.5	1586	$3,195	$2.01	3d	10	0.75mi
45 Baker Dr SW Atlanta, GA	3.0	2.0	1056	$1,600	$1.52	24d	1	0.77mi
2801 Palm Dr Atlanta, GA	3.0	1.0	1064	$1,550	$1.46	12d	1	0.83mi
583 King Arnold St Atlanta, GA	3.0	3.5	1787	$2,700	$1.51	1d	1	0.83mi
2874 Blount St Atlanta, GA	3.0	1.0	1190	$1,750	$1.47	5d	1	0.88mi
2745 Old Hapeville Rd SW Atlanta, GA	2.0–3.0	2.0	1007	$1,375	$1.36	15d	1	0.99mi
488 Pomona Cir SW Atlanta, GA	3.0	1.0	1000	$1,800	$1.80	24d	1	1.01mi
2786 Old Hapeville Rd SW Atlanta, GA	2.0	1.5	1050	$1,150	$1.10	24d	1	1.01mi
2748 Blount St Atlanta, GA	3.0	1.0	1068	$1,850	$1.73	43d	1	1.04mi
3558 Elm St Atlanta, GA	3.0	1.0–2.0	1098	$3,249	$2.96	12d	33	1.11mi
2636 Acadia St Atlanta, GA	3.0	2.0	1300	$1,800	$1.38	24d	1	1.12mi
152 Ruzelle Dr SE Atlanta, GA	4.0	1.5	1511	$1,595	$1.06	13d	1	1.12mi
2533 Sylvan Rd Atlanta, GA	3.0	2.0	1692	$1,995	$1.18	24d	1	1.14mi
131 Oak Dr SE Atlanta, GA	3.0	2.0	1848	$1,750	$0.95	24d	1	1.15mi
2663 Blount St Atlanta, GA	3.0	2.0	1168	$1,650	$1.41	16d	1	1.16mi
2626 Blount St Atlanta, GA	2.0	1.0	1314	$1,460	$1.11	24d	1	1.16mi
486 Pegg Rd SW Atlanta, GA	4.0	1.5	1750	$2,000	$1.14	24d	1	1.16mi
558 College St Atlanta, GA	1.0–2.0	1.5	850	$1,289	$1.52	15d	6	1.17mi
3640 S Fulton Ave Atlanta, GA	1.0–2.0	1.0–2.0	950	$1,793	$1.89	1d	27	1.19mi

Listing history 23 events

1. 2026-06-18
   days on market $189,900 Active 39 DOM
2. 2026-06-17
   days on market $189,900 Active 38 DOM
3. 2026-06-16
   days on market $189,900 Active 37 DOM
4. 2026-06-15
   days on market $189,900 Active 36 DOM
5. 2026-06-13
   statusdays on market $189,900 Active 34 DOM
6. 2026-05-19
   status Pending 533-char remark

   Show marketing remark (533 chars)

   Discover the perfect blend of peace and community in this Hapeville gem. Nestled in a quiet and quaint neighborhood, this home offers a serene escape while maintaining a strong sense of pride of ownership throughout the street. You’ll feel the character of the area the moment you pull up. Whether you’re enjoying a morning coffee on the porch or exploring the local favorites nearby, this property provides the ideal backdrop for a relaxed lifestyle. Don't miss your chance to join this tight-knit, welcoming community!

7. 2026-04-15
   listed $189,900 Active 533-char remark

   Show marketing remark (533 chars)

   Discover the perfect blend of peace and community in this Hapeville gem. Nestled in a quiet and quaint neighborhood, this home offers a serene escape while maintaining a strong sense of pride of ownership throughout the street. You’ll feel the character of the area the moment you pull up. Whether you’re enjoying a morning coffee on the porch or exploring the local favorites nearby, this property provides the ideal backdrop for a relaxed lifestyle. Don't miss your chance to join this tight-knit, welcoming community!

8. 2025-11-01
   historical
9. 2025-11-01
   historical
10. 2025-09-02
    listed $290,000 New
11. 2025-09-02
    listed $290,000 Active
12. 2023-04-10
    historical
13. 2023-01-12
    listed $366,963 New
14. 2022-09-28
    soldstatus $195,000
15. 2022-09-23
    soldstatus $195,000 Sold
16. 2022-09-23
    soldstatus $195,000 Closed
17. 2022-08-30
    status Under Contract
18. 2022-08-30
    status Pending
19. 2022-08-15
    price $325,000
20. 2022-08-15
    price $325,000
21. 2022-08-08
    listed $365,000 New
22. 2022-08-08
    listed $365,000 Active
23. 1978-11-10
    soldstatus $21,900

ⓘ 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: $2,331 · $194/mo
• Projected year-2 tax: $2,331 · $194/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 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥104°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 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,980
• − Mortgage interest: −$10,637
• − Property taxes: −$2,331
• − Insurance: −$950
• − Repairs & maintenance: −$1,918
• − Management: −$1,918
• − Depreciation: −$5,524
• Taxable income: $701
• Est. tax owed @ 24.0%: −$168
• After-tax cash flow: $3,545/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: Fulton County
• NCES district ID: 1302280
• Math proficiency: 49% ▼ -2.00%
• Reading proficiency: 53% ▬ 0.00%
• Median HH income: $68,035
• Composite: 45.33/100
• National rank: #2640
• State rank: #12 of 174 in GA

Livability — Hapeville

• Score: 76/100
• State rank: #25
• US rank: #3590

Category grades

Amenities B+ Commute F Cost of living A+ Crime B- Employment A- Housing A+ Health & safety B- User ratings D-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hapeville, GA
• County: Fulton County · 1,094,430 people
• Metro: Atlanta-Sandy Springs-Alpharetta, GA
• Population (ZIP): 16,182
• Household income: $63,189
• Rent vs Own: 49.8% rent · 50.2% own
• Severe rent burden: 930.0

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 (68%)
• Race & ethnicity: Black 68% Hispanic / Latino 16% White 10% Two or more races 9% Native American 2% Asian 1%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Italian 2% Romanian 1% Swedish 1%
• Foreign-born: 11% · Canada, Vietnam, Guatemala
• Languages at home: 81% English-only · Spanish 15% German/W. Germanic 1% Vietnamese 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: ▼ -67.78%
• Current HPI: 320.1111
• Rent YoY: ▲ 5.45%
• 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

+767.1% since first listed

18 events — show timeline

• 2026-05-19 Pending — FMLS
• 2026-04-15 Listed $189,900 FMLS
• 2025-11-01 Listing Removed — FMLS
• 2025-11-01 Listing Removed — GAMLS
• 2025-09-02 Listed $290,000 FMLS
• 2025-09-02 Listed $290,000 GAMLS
• 2023-04-10 Listing Removed — GAMLS
• 2023-01-12 Listed $366,963 GAMLS
• 2022-09-28 Sold (Public Records) $195,000 Public Records
• 2022-09-23 Sold (MLS) $195,000 FMLS
• 2022-09-23 Sold (MLS) $195,000 GAMLS
• 2022-08-30 Pending — GAMLS
• 2022-08-30 Pending — FMLS
• 2022-08-15 Price Changed $325,000 GAMLS
• 2022-08-15 Price Changed $325,000 FMLS
• 2022-08-08 Listed $365,000 FMLS
• 2022-08-08 Listed $365,000 GAMLS
• 1978-11-10 Sold (Public Records) $21,900 Public Records

Property tax history

+6.4%/yr

Latest (2025): $2,331 · -8.8% YoY. Source: county tax records.