473 SE Mulberry Row · Atlanta, GA 30354

$250,000

3 bd · 2.5 ba · 2,096 sqft · Townhouse public records · 222 Days on market

Built 2007 1,524 sqft lot $119/sqft · 6% below area Est $266k · 6% under

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Why this score? — see what drove the C 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 +20.8/30.0
• ARV discount +10.2/15.0
• DSCR +6.6/10.0
• 1% rule +4.6/10.0
• Livability +4.2/5.0
• Rent growth +3.9/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Currently vacant! Spacious 3 bedroom 2.5 bath townhouse in gated community. Open floor plan. Upstairs hallway has laundry room conveniently located to bedrooms. 2 nice size bedrooms with spacious closets and guest bathroom has tub/shower combo. Large master suite with sitting room for office space or relaxing after a long day. Tranquil master bathroom with soaking tub & separate shower. Private one car garage. Peaceful back patio for entertaining. Rental permit active. Property being Sold As Is.

Key facts

• Gated community
• Master suite
• Laundry room

Tags

• GATED COMMUNITY
• LAUNDRY ROOM
• MASTER SUITE
• BACK PATIO

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath townhouse listed at $250k.

Deal economics

• At list price, monthly cash flow is $345 ($4k/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 $240k (4.2% below list).
• Recommended offer: $220k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.9% vs local median 3.1% in Atlanta — 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 83/100 on livability (#6 in GA, #919 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: schools C-, cost of living C-.
• Atlanta Public Schools (urban): math 28% / reading 35% proficiency, ranked #80 of 174 in GA (top 46%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+5.5%/yr); 175 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 11,565 units permitted in Fulton County in 2024 (8,159 in 5+ unit buildings).
• At $2,396/mo this rent would consume 46% of the median local household income ($63k/yr) (locally 930% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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.

Negotiation context

• It's been on market 222 days — a 12% lower offer ($220k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y ago; this cycle's ask is 10317% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Climate carrying-cost: moderate wind risk, 26% 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.

Recommended offer $220,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 222 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 0.96% ✗
• Cap rate: 7.95%
• Cash-on-cash: 5.91%
• DSCR: 1.26
• GRM: 8.7

CMA / ARV

• ARV (median comp): $265,785
• List price: $250,000
• Delta: -5.94%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
393 Mulberry Row SE	0.11mi	3/2.5	1,964 (-6%)	3mo	$318,000	$162	82
382 Mulberry Row SE	0.14mi	3/2.5	1,864 (-11%)	6mo	$306,000	$164	70
188 Werner Brook Way SW	0.31mi	3/3.0	1,941 (-7%)	4mo	$307,993	$159	68
173 Werner Brook Way SW	0.31mi	3/3.0	1,941 (-7%)	6mo	$333,995	$172	66
61 Werner Brook Way SW	0.38mi	3/3.0	1,941 (-7%)	5mo	$359,000	$185	64
186 Werner Brook Way SW	0.31mi	4/3.5 (+1)	1,941 (-7%)	5mo	$338,993	$175	60
171 Werner Brook Way SW	0.31mi	4/3.5 (+1)	1,941 (-7%)	6mo	$338,995	$175	59
190 Werner Brook Way SW	0.31mi	4/3.5 (+1)	1,941 (-7%)	6mo	$352,993	$182	59
3146-B Brownstone Ln SE	0.44mi	3/2.5	1,800 (-14%)	3mo	$290,000	$161	54
3136-A Brownstone Ln SE	0.45mi	3/2.5	1,800 (-14%)	3mo	$290,000	$161	53
3102-B Brownstone Ln SE	0.47mi	3/2.5	1,800 (-14%)	3mo	$290,000	$161	52
3108-A Brownstone Ln SE	0.47mi	3/2.5	1,800 (-14%)	3mo	$290,000	$161	52

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 · 5.45% rent growth · sell at horizon

5-year hold

• IRR: -4.7%
• Equity multiple: 0.82×
• Total profit: $-12,563
• Equity at exit: $37,276

10-year hold

• IRR: 7.4%
• Equity multiple: 1.62×
• Total profit: $43,158
• Equity at exit: $21,615

Cash invested: $70,000 (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 30354

• Home prices YoY: -17.5%
• Rents YoY: 5.5%
• Active inventory: 175
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $2,396 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$133 /mo · $1,593/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$503
• Net cashflow: $345

Break-even live

Break-even rent $1,959

Max offer price $250,000

Occupancy floor 81%

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
473 Mulberry Row SE Atlanta, GA	3.0	2.5	2096	$2,400	$1.15	19d	1	0.03mi
402 Mulberry Row SE Atlanta, GA	3.0	2.5	2032	$2,500	$1.23	18d	1	0.10mi
537 Jefferson Chase St SE Atlanta, GA	3.0	2.5	1891	$2,450	$1.30	24d	1	0.12mi
153 Werner Brook Way SW Atlanta, GA	4.0	3.5	1940	$2,750	$1.42	4d	1	0.28mi
454 Oak Dr SE Atlanta, GA	4.0	3.0	1501	$2,300	$1.53	22d	1	0.30mi
78 Werner Brook Way SW Atlanta, GA	3.0	2.5	1941	$2,300	$1.18	24d	1	0.33mi
3203 Bateman DR SE Hapeville, GA	4.0	3.5	1941	$2,700	$1.39	3d	1	0.38mi
131 Oak Dr SE Atlanta, GA	3.0	2.0	1848	$1,750	$0.95	24d	1	0.39mi
152 Ruzelle Dr SE Atlanta, GA	4.0	1.5	1511	$1,595	$1.06	14d	1	0.40mi
88 Werner Brook Way SW Unit 29 Atlanta, GA	4.0	3.5	1941	$3,100	$1.60	7d	1	0.44mi
185 Glenrose Cir SW Atlanta, GA	3.0	2.0	2000	$2,150	$1.07	24d	1	0.81mi
436 Grady Pl Atlanta, GA	3.0	2.0	1425	$2,100	$1.47	15d	1	1.02mi
725 River Gardens Dr Atlanta, GA	4.0	2.5	2235	$3,100	$1.39	24d	1	1.02mi
831 River Gardens Dr Atlanta, GA	3.0	2.5	1680	$2,800	$1.67	24d	1	1.09mi
2874 Grand Ave SW Atlanta, GA	3.0	2.0	2166	$3,999	$1.85	24d	1	1.33mi
3265 N Fulton Ave Atlanta, GA	3.0	3.0	1927	$2,499	$1.30	43d	1	1.38mi
2783 Grand Ave SW Atlanta, GA	4.0	2.0	1644	$2,600	$1.58	24d	1	1.39mi
3166 Jackson St Atlanta, GA	3.0	2.0	1650	$1,595	$0.97	24d	1	1.40mi
3558 Elm St Atlanta, GA	3.0	1.0–2.0	1098	$3,249	$2.96	12d	33	1.47mi
837 Forrest Cir SE Atlanta, GA	3.0	2.0	1500	$1,845	$1.23	24d	1	1.48mi

Listing history 15 events

1. 2026-05-31
   days on market $250,000 Active 222 DOM
2. 2026-05-14
   listed $2,400
3. 2026-04-21
   price $250,000 504-char remark

   Show marketing remark (504 chars)

   Currently vacant! Spacious 3 bedroom 2.5 bath townhouse in gated community. Open floor plan. Upstairs hallway has laundry room conveniently located to bedrooms. 2 nice size bedrooms with spacious closets and guest bathroom has tub/shower combo. Large master suite with sitting room for office space or relaxing after a long day. Tranquil master bathroom with soaking tub & separate shower. Private one car garage. Peaceful back patio for entertaining. Rental permit active. Property being Sold As Is.

4. 2026-02-25
   price $265,000 504-char remark

   Show marketing remark (504 chars)

   Currently vacant! Spacious 3 bedroom 2.5 bath townhouse in gated community. Open floor plan. Upstairs hallway has laundry room conveniently located to bedrooms. 2 nice size bedrooms with spacious closets and guest bathroom has tub/shower combo. Large master suite with sitting room for office space or relaxing after a long day. Tranquil master bathroom with soaking tub & separate shower. Private one car garage. Peaceful back patio for entertaining. Rental permit active. Property being Sold As Is.

5. 2025-11-17
   price $280,000 504-char remark

   Show marketing remark (504 chars)

   Currently vacant! Spacious 3 bedroom 2.5 bath townhouse in gated community. Open floor plan. Upstairs hallway has laundry room conveniently located to bedrooms. 2 nice size bedrooms with spacious closets and guest bathroom has tub/shower combo. Large master suite with sitting room for office space or relaxing after a long day. Tranquil master bathroom with soaking tub & separate shower. Private one car garage. Peaceful back patio for entertaining. Rental permit active. Property being Sold As Is.

6. 2025-10-01
   listed $290,000 New 504-char remark

   Show marketing remark (504 chars)

   Currently vacant! Spacious 3 bedroom 2.5 bath townhouse in gated community. Open floor plan. Upstairs hallway has laundry room conveniently located to bedrooms. 2 nice size bedrooms with spacious closets and guest bathroom has tub/shower combo. Large master suite with sitting room for office space or relaxing after a long day. Tranquil master bathroom with soaking tub & separate shower. Private one car garage. Peaceful back patio for entertaining. Rental permit active. Property being Sold As Is.

7. 2024-08-31
   historical
8. 2024-07-08
   status Price Change
9. 2024-07-08
   price $270,000
10. 2024-06-30
    historical
11. 2024-06-04
    price $280,500
12. 2024-04-12
    price $294,500
13. 2024-03-28
    price $295,000
14. 2024-01-23
    price $300,000
15. 2023-12-26
    listed $305,000 New

ⓘ 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: $1,593 · $133/mo
• Projected year-2 tax: $2,300 · $192/mo
• Expected delta: +$707/yr (+$59/mo · 44.4%)

ⓘ 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 ≥104°F today · 18 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: $28,753
• − Mortgage interest: −$14,004
• − Property taxes: −$1,593
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,300
• − Management: −$2,300
• − Depreciation: −$7,273
• Taxable income: $33
• Est. tax owed @ 24.0%: −$8
• After-tax cash flow: $4,132/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: Atlanta Public Schools
• NCES district ID: 1300120
• Math proficiency: 28% ▼ -6.00%
• Reading proficiency: 35% ▼ -2.00%
• Median HH income: $48,306
• Composite: 27.27/100
• National rank: #7006
• State rank: #80 of 174 in GA

Livability — Atlanta

• Score: 83/100
• State rank: #6
• US rank: #919

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Atlanta, GA
• County: Fulton County · 1,094,430 people
• City population: 629,525
• Metro: Atlanta-Sandy Springs-Alpharetta, GA
• Population (ZIP): 16,182
• Household income: $63,189
• Rent vs Own: 49.8% rent · 50.2% own
• Severe rent burden: 930.0

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: Predominantly Black (68%)
• Race & ethnicity: Black 68% Hispanic / Latino 16% White 10% Two or more races 9% Native American 2% Asian 1%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Italian 2% Romanian 1% Swedish 1%
• Foreign-born: 11% · Canada, Vietnam, Guatemala
• Languages at home: 81% English-only · Spanish 15% German/W. Germanic 1% Vietnamese 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: ▼ -67.78%
• Current HPI: 320.1111
• Rent YoY: ▲ 5.45%
• 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

-99.2% since first listed

14 events — show timeline

• 2026-05-14 Listed for Rent $2,400 TENANTTURNER2
• 2026-04-21 Price Changed $250,000 GAMLS
• 2026-02-25 Price Changed $265,000 GAMLS
• 2025-11-17 Price Changed $280,000 GAMLS
• 2025-10-01 Listed $290,000 GAMLS
• 2024-08-31 Listing Removed — GAMLS
• 2024-07-08 Relisted — GAMLS
• 2024-07-08 Price Changed $270,000 GAMLS
• 2024-06-30 Listing Removed — GAMLS
• 2024-06-04 Price Changed $280,500 GAMLS
• 2024-04-12 Price Changed $294,500 GAMLS
• 2024-03-28 Price Changed $295,000 GAMLS
• 2024-01-23 Price Changed $300,000 GAMLS
• 2023-12-26 Listed $305,000 GAMLS

Property tax history

+0.4%/yr

Latest (2025): $1,593 · -1.3% YoY. Source: county tax records.