6244 Overlook Rd

Peachtree Corners, GA 30092

$152,000D

2 bd · 1.5 ba · 977 sqft · Built 1974 · Condo · Pending · 251 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,565/mo
• Mortgage (P&I): −$797
• Tax + insurance: −$128
• HOA: −$349
• Vac / Maint / Mgmt: −$329
• Net cashflow: $-37/mo
• Annual: $-449/yr
• Cap rate: 6.00%
• Cash-on-cash: -1.06%
• DSCR: 0.95
• 1% rule: 1.03%
• Cash to close: $42,560

Investor read

• This is a 2-bed/1.5-bath condo listed at $152k.
• At list price, monthly cash flow is $-37 ($-449/yr) — negative.
• To cash-flow at today's rent, offer at most $145k (4.4% below list).
• Meets the 1% rule at list price ($2k rent vs $152k).
• It's been on market 251 days — a 12% lower offer ($134k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $134k (12.0% below list) — sets the bar for market timing.
• 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.
• Location reads 73/100 on livability (#58 in GA) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A-, amenities B+; Watch: cost of living D, commute F, health & safety F.
• Gwinnett County (suburban): math 39% / reading 43% proficiency, ranked #32 of 174 in GA (top 18%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Peachtree Elementary School (math 30% / reading 26%, grade F, #673 of 1,228 statewide, top 55%, 696 students, 73% FRL); Pinckneyville Middle School (math 34% / reading 46%, grade F, #144 of 470 statewide, top 31%, 1,206 students, 53% FRL); Norcross High School (math 21% / reading 22%, grade F, #218 of 424 statewide, top 53%, 2,608 students, 64% FRL) — zoned schools average 63% FRL vs 47% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: HOA is 22% of rent.
• Market conditions: Rents flat; 237 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 5,607 units permitted in Gwinnett County in 2024 (1,277 in 5+ unit buildings).
• Gwinnett County population projected at +47% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 12 sale attempts since 15y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.0% vs local median 2.5% in Peachtree Corners — 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.

Questions for listing agent

• 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?
• It's been on market 251 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?