3608 Stonewall Ct

Vinings, GA 30339

$289,900C-

3 bd · 2.5 ba · 1,680 sqft · Built 1974 · Townhouse · Active · 47 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,736/mo
• Mortgage (P&I): −$1,520
• Tax + insurance: −$376
• HOA: −$0
• Vac / Maint / Mgmt: −$574
• Net cashflow: $265/mo
• Annual: $3,177/yr
• Cap rate: 7.39%
• Cash-on-cash: 3.91%
• DSCR: 1.17
• 1% rule: 0.94%
• Cash to close: $81,172

Investor read

• This is a 3-bed/2.5-bath townhouse listed at $290k.
• At list price, monthly cash flow is $265 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $274k (5.6% below list).
• It's been on market 47 days — a 3% lower offer ($281k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $274k (5.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#78 in GA) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, health & safety A-; Watch: amenities D, commute F, cost of living F.
• Cobb County (suburban): math 39% / reading 45% proficiency, ranked #25 of 174 in GA (top 14%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Teasley Elementary School (math 45% / reading 48%, grade D-, #314 of 1,228 statewide, top 26%, 1,005 students, 29% FRL); Campbell Middle School (math 20% / reading 30%, grade F, #291 of 470 statewide, top 64%, 1,222 students, 55% FRL); Campbell High School (math 20% / reading 16%, grade F, #258 of 424 statewide, top 62%, 2,928 students, 48% FRL).
• Zoned-school proficiency averages 30% at this address vs 42% district-wide (-12 pts) — the specific schools serving this property underperform the Cobb County average; the district grade overstates school quality for this exact location.
• Market conditions: Rents flat; 266 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,625 units permitted in Cobb County in 2024 (389 in 5+ unit buildings).
• Cobb County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 12 sale attempts since 9y 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.
• Current owner paid $215k; 35% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: moderate wind risk, 24% 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 7.4% vs local median 2.3% in Vinings — 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 32% of the median local income ($103k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 47 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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 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.