93 Vanessa Dr SE

Smyrna, GA 30082

$450,000C

4 bd · 2.0 ba · 4,638 sqft · Built 1973 · SingleFamily · Pending · 25 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,198/mo
• Mortgage (P&I): −$2,360
• Tax + insurance: −$272
• HOA: −$0
• Vac / Maint / Mgmt: −$881
• Net cashflow: $684/mo
• Annual: $8,207/yr
• Cap rate: 8.12%
• Cash-on-cash: 6.51%
• DSCR: 1.29
• 1% rule: 0.93%
• Cash to close: $126,000

Investor read

• This is a 4-bed/2.0-bath single-family listed at $450k.
• At list price, monthly cash flow is $684 ($8k/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 $420k (6.7% below list).
• It's been on market 25 days — a 2% lower offer ($443k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $420k (6.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#27 in GA, #3,621 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, employment A, commute A-; Watch: cost of living C-, amenities 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: King Springs Elementary School (math 50% / reading 60%, grade C, #178 of 1,228 statewide, top 15%, 1,111 students, 21% FRL); Griffin Middle School (math 15% / reading 28%, grade F, #339 of 470 statewide, top 72%, 994 students, 52% FRL); Campbell High School (math 20% / reading 16%, grade F, #258 of 424 statewide, top 62%, 2,928 students, 48% FRL) — zoned schools at 40% FRL track the district average.
• Market conditions: Rents rising (+3.1%/yr); 219 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 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.
• 4 sale attempts 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 $268k; list at $450k implies a 68% 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 8.1% vs local median 3.5% in Smyrna — 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 42% of the median local income ($120k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Built in 1973 — 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.