203 Morris St · Palmetto, GA 30268

$75,000

2 bd · 1.0 ba · 1,184 sqft · SingleFamily public records · 31 Days on market

Built 1920 0.46 ac lot $63/sqft · 67% below area

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.5/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Bungalow Cottage in Downtown Palmetto! Bring your creativity to life with this opportunity to own a home on a quiet street in South Fulton County. There is plenty of room for value add improvement.

Key facts

• 0.46 acre lot
• Built 1920
• Listed 31 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $815 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $75k).
• Recommended offer: $73k (3.0% below list) — sets the bar for market timing.
• Cap rate 19.3% vs local median 3.6% in Palmetto — 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 61/100 on livability (#329 in GA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D, schools D-, amenities 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: 227 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 11,565 units permitted in Fulton County in 2024 (8,159 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $519 of loan paydown is wiped out by about $2k 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 + 3.0% rent growth), your $21k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($73k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $72,750 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 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 1920 — 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 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?
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: 2.25% ✓
• Cap rate: 19.33%
• Cash-on-cash: 46.56%
• DSCR: 3.07
• GRM: 3.7

CMA / ARV

• ARV (median comp): $229,953
• List price: $75,000
• Delta: -67.38%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
203 Morris St	0.00mi	2/1.0	1,184 (0%)	1mo	$55,000	$46	99
355 Tiffany Ln	0.08mi	3/2.0 (+1)	1,159 (-2%)	8mo	$255,000	$220	78
335 Tiffany Ln	0.07mi	3/2.0 (+1)	1,209 (+2%)	24mo	$226,000	$187	64
514 Griffith Dr	0.34mi	2/1.0	1,084 (-8%)	19mo	$214,000	$197	54
511 Harris Ave	0.39mi	3/1.0 (+1)	1,100 (-7%)	23mo	$229,500	$209	46
203 Greensprings Dr	0.50mi	3/1.5 (+1)	1,020 (-14%)	13mo	$235,000	$230	35
523 Menefee St	0.72mi	3/2.0 (+1)	1,264 (+7%)	20mo	$240,000	$190	30

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 43.9%
• Equity multiple: 2.89×
• Total profit: $39,769
• Equity at exit: $11,183

10-year hold

• IRR: 49.8%
• Equity multiple: 5.84×
• Total profit: $101,560
• Equity at exit: $6,485

Cash invested: $21,000 (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 30268

• Home prices YoY: -22.1%
• Active inventory: 227
• Price-to-rent: 3.7×

Monthly cashflow live

• Estimated rent: $1,689 high
• Mortgage (P&I): −$393
• Tax from tax record: −$95 /mo · $1,141/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$355
• Net cashflow: $815

Break-even live

Break-even rent $658

Max offer price $75,000

Occupancy floor 47%

Sensitivity live

Price	-10% $857	-5% $836	+0% $815	+5% $794	+10% $772
Rent	-10% $681	-5% $748	+0% $815	+5% $882	+10% $948
Rate	-1.0pp $853	-0.5pp $834	base $815	+0.5pp $795	+1.0pp $776

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
165 Pine Ter Unit 165 Palmetto, GA	2.0	1.0	800	$1,250	$1.56	45d	1	0.16mi
640 Main St Palmetto, GA	2.0	1.0	1066	$1,875	$1.76	45d	1	0.20mi
513 Center St Palmetto, GA	2.0	1.0	850	$1,250	$1.47	6d	1	0.49mi
553 Magnolia Cir Palmetto, GA	3.0	2.5	1386	$1,845	$1.33	23d	1	0.53mi
552 Magnolia Cir Palmetto, GA	3.0	2.5	1386	$1,690	$1.22	25d	1	0.55mi
660 Magnolia Cir Palmetto, GA	3.0	2.5	1386	$1,965	$1.42	45d	1	0.59mi
635 Magnolia Cir Palmetto, GA	3.0	2.5	1386	$1,690	$1.22	45d	1	0.60mi
513 Toombs St Unit 5 Palmetto, GA	2.0	1.5	1200	$1,350	$1.12	25d	1	0.71mi
222 Taylor Cir Palmetto, GA	1.0	2.0	1500	$800	$0.53	0d	1	0.85mi
545 Carlton Pointe Dr Palmetto, GA	2.0	2.0	1073	$1,375	$1.28	25d	1	1.36mi

Listing history 2 events

1. 2026-05-14
   status Under Contract 197-char remark

   Show marketing remark (197 chars)

   Bungalow Cottage in Downtown Palmetto! Bring your creativity to life with this opportunity to own a home on a quiet street in South Fulton County. There is plenty of room for value add improvement.

2. 2026-03-06
   listed $75,000 New 197-char remark

   Show marketing remark (197 chars)

   Bungalow Cottage in Downtown Palmetto! Bring your creativity to life with this opportunity to own a home on a quiet street in South Fulton County. There is plenty of room for value add improvement.

ⓘ 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: $1,141 · $95/mo
• Projected year-2 tax: $1,141 · $95/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 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥104°F today · 20 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,270
• − Mortgage interest: −$4,201
• − Property taxes: −$1,141
• − Insurance: −$375
• − Repairs & maintenance: −$1,622
• − Management: −$1,622
• − Depreciation: −$2,182
• Taxable income: $9,128
• Est. tax owed @ 24.0%: −$2,191
• After-tax cash flow: $7,587/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 — Palmetto

• Score: 61/100
• State rank: #329
• US rank: #17351

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Palmetto, GA
• County: Fulton County · 1,094,430 people
• City population: 50,621
• Metro: Atlanta-Sandy Springs-Alpharetta, GA
• Population (ZIP): 10,874
• Household income: $91,349
• Rent vs Own: 27.1% rent · 72.9% own
• Severe rent burden: 206.0

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: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: Black 42% White 36% Hispanic / Latino 18% Two or more races 5%
• Hispanic origin (detail): Mexican 13% Puerto Rican 3%
• Common ancestry: Iranian 1% Serbian 1% Romanian 1%
• Foreign-born: 8% · Canada
• Languages at home: 84% English-only · Spanish 14% Russian/Polish/Slavic 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: ▼ -73.29%
• Current HPI: 258.4993
• Rent YoY: —
• 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

2 events — show timeline

• 2026-05-14 Pending — GAMLS
• 2026-03-06 Listed $75,000 GAMLS

Property tax history

+4.3%/yr

Latest (2025): $1,141 · +43.1% YoY. Source: county tax records.