3278 Rex Rd · Stockbridge, GA 30273

$165,000

2 bd · 1.0 ba · 720 sqft · SingleFamily public records · 66 Days on market

Built 1959 0.42 ac lot $229/sqft · 31% below area Est $239k · 31% under

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Why this score? — see what drove the D 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).

• ARV discount +15.0/15.0
• Cash flow +12.3/30.0
• DSCR +3.6/10.0
• 1% rule +3.3/10.0
• Livability +3.0/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 3278 Rex Road - a unique opportunity for investors, first-time buyers, or anyone looking to create value. This 2-bedroom, 1-bath ranch sits on a generous 0.42-acre lot and offers both immediate livability and future potential. The home features a functional layout with a bright living area, ample natural light, and a kitchen full of vintage character, offering a great foundation for updates or personalization. The bedrooms are comfortably sized, and the home can be lived in as-is while you plan your improvements. A standout feature is the detached garage, providing valuable storage, workspace, or additional utility for future use. The spacious yard offers room to expand, entertain, or enhance outdoor living. While the home reflects its age, it presents a fantastic fixer-upper opportunity with strong upside for rental income, Airbnb potential, or long-term investment. Whether you're looking to renovate, hold, or generate cash flow, this property checks multiple boxes. Located just behind 3270 Rex Road (also available for purchase), this property creates a rare opportunity for multi-generational living or a dual-property investment strategy. Live in one and rent the other, or maximize income potential by owning both. If you're searching for an investment opportunity with flexibility, character, and room to grow - this is it.

Key facts

• Spacious yard
• Vintage character
• Detached garage

Tags

• DETACHED GARAGE
• SPACIOUS YARD
• VINTAGE CHARACTER
• FIXER-UPPER OPPORTUNITY
• MULTI-GENERATIONAL LIVING

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $165k.

Deal economics

• At list price, monthly cash flow is $-31 ($-378/yr) — negative.
• To cash-flow at today's rent, offer at most $159k (3.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $137k (17.0% below list).
• Recommended offer: $137k (17.0% below list) — sets the bar for 1% rule.
• Cap rate 6.1% vs local median 4.2% in Stockbridge — 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 60/100 on livability (#389 in GA) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A; Watch: crime D, amenities F, commute F.
• Clayton County (suburban): math 11% / reading 20% proficiency, ranked #155 of 174 in GA (top 89%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 78% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: East Clayton Elementary School (math 8% / reading 17%, grade F, #1,032 of 1,228 statewide, top 85%, 632 students, 90% FRL); Adamson Middle School (math 15% / reading 32%, grade F, #319 of 470 statewide, top 68%, 557 students, 90% FRL); Morrow High School (math 12% / reading 22%, grade F, #277 of 424 statewide, top 67%, 1,980 students, 91% FRL).
• Market conditions: Rents rising (+1.2%/yr); 84 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 865 units permitted in Clayton County in 2024 (448 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Clayton County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• 4 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 1959 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wind risk, 26% chance of damaging wind over 30y; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $136,988 (17.0% below list)

Questions for the listing agent

1. 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?
2. It's been on market 66 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
3. Built in 1959 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. Crime grade is D 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.83% ✗
• Cap rate: 6.06%
• Cash-on-cash: -0.82%
• DSCR: 0.96
• GRM: 10.0

CMA / ARV

• ARV (median comp): $238,968
• List price: $165,000
• Delta: -30.95%
• Verdict: UNDERPRICED
• Comps: 4 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.19% rent growth · sell at horizon

5-year hold

• IRR: -19.6%
• Equity multiple: 0.32×
• Total profit: $-31,188
• Equity at exit: $24,602

10-year hold

• IRR: -16.7%
• Equity multiple: 0.15×
• Total profit: $-39,419
• Equity at exit: $14,266

Cash invested: $46,200 (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 30273

• Home prices YoY: -28.4%
• Rents YoY: 1.2%
• Active inventory: 84
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $1,370 medium
• Mortgage (P&I): −$865
• Tax from tax record: −$180 /mo · $2,156/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$288
• Net cashflow: $-31

Break-even live

Break-even rent $1,410

Max offer price $159,439

Occupancy floor 97%

Sensitivity live

Price	-10% $62	-5% $15	+0% $-31	+5% $-78	+10% $-125
Rent	-10% $-140	-5% $-86	+0% $-31	+5% $23	+10% $77
Rate	-1.0pp $52	-0.5pp $10	base $-31	+0.5pp $-74	+1.0pp $-118

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5980 Sherwood Pl Unit 5980 Ellenwood, GA	1.0	1.0	600	$895	$1.49	45d	1	1.44mi
5980 Sherwood Pl Ellenwood, GA	1.0	1.0	600	$895	$1.49	26d	1	1.44mi

Listing history 29 events

1. 2026-06-21
   days on market $165,000 Active 66 DOM
2. 2026-06-18
   days on market $165,000 Active 63 DOM
3. 2026-06-17
   days on market $165,000 Active 62 DOM
4. 2026-06-16
   days on market $165,000 Active 61 DOM
5. 2026-06-15
   days on market $165,000 Active 60 DOM
6. 2026-06-13
   days on market $165,000 Active 58 DOM
7. 2026-06-09
   days on market $165,000 Active 54 DOM
8. 2026-06-08
   days on market $165,000 Active 53 DOM
9. 2026-06-07
   days on market $165,000 Active 52 DOM
10. 2026-06-04
    days on market $165,000 Active 49 DOM
11. 2026-06-03
    days on market $165,000 Active 48 DOM
12. 2026-06-02
    days on market $165,000 Active 47 DOM
13. 2026-06-01
    days on market $165,000 Active 46 DOM
14. 2026-05-31
    days on market $165,000 Active 45 DOM
15. 2026-04-02
    listed $165,000 New 1360-char remark

    Show marketing remark (1360 chars)

    Welcome to 3278 Rex Road - a unique opportunity for investors, first-time buyers, or anyone looking to create value. This 2-bedroom, 1-bath ranch sits on a generous 0.42-acre lot and offers both immediate livability and future potential. The home features a functional layout with a bright living area, ample natural light, and a kitchen full of vintage character, offering a great foundation for updates or personalization. The bedrooms are comfortably sized, and the home can be lived in as-is while you plan your improvements. A standout feature is the detached garage, providing valuable storage, workspace, or additional utility for future use. The spacious yard offers room to expand, entertain, or enhance outdoor living. While the home reflects its age, it presents a fantastic fixer-upper opportunity with strong upside for rental income, Airbnb potential, or long-term investment. Whether you're looking to renovate, hold, or generate cash flow, this property checks multiple boxes. Located just behind 3270 Rex Road (also available for purchase), this property creates a rare opportunity for multi-generational living or a dual-property investment strategy. Live in one and rent the other, or maximize income potential by owning both. If you're searching for an investment opportunity with flexibility, character, and room to grow - this is it.

16. 2024-08-08
    soldstatus $160,000
17. 2024-08-02
    soldstatus $160,000 Sold 164-char remark

    Show marketing remark (164 chars)

    Come see this charming home with spacious Backyard for gatherings and plenty of parking available. This home is well maintained and located in a Quiet area. No HOA!

18. 2024-06-26
    status Under Contract 164-char remark

    Show marketing remark (164 chars)

    Come see this charming home with spacious Backyard for gatherings and plenty of parking available. This home is well maintained and located in a Quiet area. No HOA!

19. 2024-06-07
    price $155,000 164-char remark

    Show marketing remark (164 chars)

    Come see this charming home with spacious Backyard for gatherings and plenty of parking available. This home is well maintained and located in a Quiet area. No HOA!

20. 2024-05-01
    listed $180,000 New 164-char remark

    Show marketing remark (164 chars)

    Come see this charming home with spacious Backyard for gatherings and plenty of parking available. This home is well maintained and located in a Quiet area. No HOA!

21. 2022-12-27
    status Back On Market
22. 2022-12-27
    historical
23. 2022-11-04
    status Under Contract
24. 2022-10-18
    price $135,000
25. 2022-09-25
    price $175,000
26. 2022-09-18
    price $200,000
27. 2022-09-01
    listed $205,000 New
28. 2020-12-22
    soldstatus $220,000
29. 1994-07-12
    soldstatus $99,000

ⓘ 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: $2,156 · $180/mo
• Projected year-2 tax: $2,156 · $180/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 6/10 Major 7 d/yr ≥107°F today · 19 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 26% 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: $16,439
• − Mortgage interest: −$9,243
• − Property taxes: −$2,156
• − Insurance: −$825
• − Repairs & maintenance: −$1,315
• − Management: −$1,315
• − Depreciation: −$4,800
• Taxable loss: −$3,215
• Est. tax savings @ 24.0%: +$772
• After-tax cash flow: $394/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: Clayton County
• NCES district ID: 1301230
• Math proficiency: 11% ▼ -13.00%
• Reading proficiency: 20% ▼ -9.00%
• Median HH income: $42,266
• Composite: 13.41/100
• National rank: #9527
• State rank: #155 of 174 in GA

Livability — Stockbridge

• Score: 60/100
• State rank: #389
• US rank: #19479

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Clayton County · 230,153 people
• City population: 71,603
• Metro: Atlanta-Sandy Springs-Alpharetta, GA
• Population (ZIP): 17,844
• Household income: $73,502
• Rent vs Own: 20.4% rent · 79.6% own
• Severe rent burden: 270.0

Population outlook (Clayton County) Hauer SSP2

• Today (2025): 310,777 people
• By 2030: 329,762 · +6.1%
• By 2040: 368,052 · +18.4%
• By 2050: 401,196 · +29.1%
• By 2075: 472,488 · +52.0%
• By 2100: 500,446 · +61.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: Black 63% White 16% Hispanic / Latino 10% Asian 6% Two or more races 5%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Slovak 1% Serbian 1% Ukrainian 1%
• Foreign-born: 11% · Vietnam, Canada
• Languages at home: 82% English-only · Spanish 7% Vietnamese 6% French/Haitian/Cajun 3%

Political lean MEDSL · Clayton

• 2024 margin: Solid D (+69.2) · D 84.3% · R 15.1%
• 2008→2024 swing: +2.8pp toward D · 2008: 66.4pp · 2024: 69.2pp
• All cycles: 2024: D+69.2 2020: D+70.9 2016: D+71.9 2012: D+70.1 2008: D+66.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -74.65%
• Current HPI: 188.3712
• Rent YoY: ▲ 1.19%
• 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

+66.7% since first listed

15 events — show timeline

• 2026-04-02 Listed $165,000 GAMLS
• 2024-08-08 Sold (Public Records) $160,000 Public Records
• 2024-08-02 Sold (MLS) $160,000 GAMLS
• 2024-06-26 Pending — GAMLS
• 2024-06-07 Price Changed $155,000 GAMLS
• 2024-05-01 Listed $180,000 GAMLS
• 2022-12-27 Relisted — GAMLS
• 2022-12-27 Listing Removed — GAMLS
• 2022-11-04 Pending — GAMLS
• 2022-10-18 Price Changed $135,000 GAMLS
• 2022-09-25 Price Changed $175,000 GAMLS
• 2022-09-18 Price Changed $200,000 GAMLS
• 2022-09-01 Listed $205,000 GAMLS
• 2020-12-22 Sold (Public Records) $220,000 Public Records
• 1994-07-12 Sold (Public Records) $99,000 Public Records

Property tax history

+5.6%/yr

Latest (2025): $2,156 · +2.4% YoY. Source: county tax records.