3044 Steeplechase Dr · Alpharetta, GA 30004

$230,000

2 bd · 2.5 ba · 1,512 sqft · Condo public records · 22 Days on market

Built 1990 $400/mo HOA · 16% of rent

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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 +18.1/30.0
• ARV discount +7.5/15.0
• 1% rule +6.2/10.0
• DSCR +5.7/10.0
• Schools +4.5/10.0
• Livability +3.8/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

LOCATION! Top Ranked Schools District, two minutes from Downtown Alpharetta and four Minutes from Avalon. Convenient to dining, parks, entertainment, and 400. This condo has two bedrooms, two and a half bathrooms. Each spacious bedroom come with a full bathroom. Owner has lived here ever since they bought it so they took well care of it. Everything is in great shape. Appliances, paint, flooring, and Carpet is only few years old. The kitchen opens up to the living room where you can cozy up to the wood burning fireplace. Formal dining room which can be used as a home office or second living room. Lots of Natural light and you will love spending time on one of the two decks on the back of property (main level and upper level). No rental restrictions! HOA provides water and common area maintenance, including termite treatment, roof, sidings, and decks repairs.

Key facts

• Formal dining room
• Natural light
• New paint throughout

Tags

• FOUR MINUTES FROM AVALON
• STAINLESS STEEL APPLIANCES
• NEW PAINT THROUGHOUT
• LUXURY VINYL FLOORING
• FORMAL DINING ROOM
• NATURAL LIGHT

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath condo listed at $230k.

Deal economics

• At list price, monthly cash flow is $203 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $230k).
• Recommended offer: $227k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.4% vs local median 2.3% in Alpharetta — 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 75/100 on livability (#32 in GA, #4,064 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, employment A+, housing A+; Watch: commute F, cost of living 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: Rents rising (+1.8%/yr); 607 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 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 $2k of loan paydown is wiped out by about $7k 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 22 days — a 2% lower offer ($227k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 10y ago; this cycle's ask has dropped $40k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $171k; 35% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major flood risk; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $226,550 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.12% ✓
• Cap rate: 7.35%
• Cash-on-cash: 3.79%
• DSCR: 1.17
• GRM: 7.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.83% rent growth · sell at horizon

5-year hold

• IRR: -11.8%
• Equity multiple: 0.58×
• Total profit: $-27,123
• Equity at exit: $34,294

10-year hold

• IRR: -4.5%
• Equity multiple: 0.72×
• Total profit: $-18,171
• Equity at exit: $19,886

Cash invested: $64,400 (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 30004

• Rents YoY: 1.8%
• Active inventory: 607
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $2,567 high
• Mortgage (P&I): −$1,206
• Tax from tax record: −$123 /mo · $1,474/yr
• Insurance: −$96
• HOA: −$400
• Vacancy / Maint / Mgmt: −$539
• Net cashflow: $203

Break-even live

Break-even rent $2,310

Max offer price $230,000

Occupancy floor 87%

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: $57,500
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1000 Lexington Farms Dr Alpharetta, GA	1.0–3.0	1.0–2.0	1176	$2,285	$1.94	1d	27	0.12mi
335 Rose Garden Ln Alpharetta, GA	3.0	3.5	2168	$5,000	$2.31	24d	1	0.91mi
125 Pebble Trl Alpharetta, GA	3.0	2.0	1740	$3,300	$1.90	3d	1	0.98mi
125 Pebble Trl Alpharetta, GA	3.0	2.0	1740	$3,300	$1.90	4d	1	0.98mi
2001 Commerce St Alpharetta, GA	1.0–2.0	1.0–2.0	960	$3,938	$4.10	2d	8	1.23mi
305 Hembree Forest Cir Unit 1 Roswell, GA	3.0	2.0	1400	$2,150	$1.54	20d	1	1.44mi
216 Devore Rd Alpharetta, GA	3.0	2.0	1302	$3,500	$2.69	44d	1	1.46mi
213 Nottaway Ln Alpharetta, GA	3.0	2.5	2186	$4,200	$1.92	44d	1	1.47mi

HOA detail condo

• Monthly dues: $400 · $4,800/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-06-18
   days on market $230,000 Active 22 DOM
2. 2026-06-17
   days on market $230,000 Active 21 DOM
3. 2026-06-16
   days on market $230,000 Active 20 DOM
4. 2026-06-15
   pricedays on market $230,000 Active 19 DOM
5. 2026-06-13
   days on market $238,000 Active 17 DOM
6. 2026-06-09
   days on market $238,000 Active 13 DOM
7. 2026-06-08
   days on market $238,000 Active 12 DOM
8. 2026-06-08
   price $238,000 Active 11 DOM
9. 2026-06-07
   days on market $240,000 Active 11 DOM
10. 2026-06-04
    days on market $240,000 Active 8 DOM
11. 2026-06-03
    days on market $240,000 Active 7 DOM
12. 2026-06-01
    days on market $240,000 Active 5 DOM
13. 2026-05-31
    days on market $240,000 Active 4 DOM
14. 2026-05-12
    price $245,000 870-char remark

    Show marketing remark (870 chars)

    LOCATION! Top Ranked Schools District, two minutes from Downtown Alpharetta and four Minutes from Avalon. Convenient to dining, parks, entertainment, and 400. This condo has two bedrooms, two and a half bathrooms. Each spacious bedroom come with a full bathroom. Owner has lived here ever since they bought it so they took well care of it. Everything is in great shape. Appliances, paint, flooring, and Carpet is only few years old. The kitchen opens up to the living room where you can cozy up to the wood burning fireplace. Formal dining room which can be used as a home office or second living room. Lots of Natural light and you will love spending time on one of the two decks on the back of property (main level and upper level). No rental restrictions! HOA provides water and common area maintenance, including termite treatment, roof, sidings, and decks repairs.

15. 2026-05-11
    price $245,000 907-char remark

    Show marketing remark (907 chars)

    LOCATION! Top Ranked Schools District, two minutes from Downtown Alpharetta and four Minutes from Avalon. Convenient to dining, parks, entertainment, and 400. This condo has two bedrooms, two and a half bathrooms. Each spacious bedroom come with a full bathroom. Owner has lived here ever since they bought it so they took well care of it. Stainless steel appliances, newish paint throughout the house, Luxury Vinyl flooring, and Carpet (everything is only few years old). The kitchen opens up to the living room where you can cozy up to the wood burning fireplace. Formal dining room which can be used as a home office or second living room. Lots of Natural light and you will love spending time on one of the two decks on the back of property (main level and upper level). No rental restrictions! HOA provides water, common area maintenance, including termite treatment, roof, sidings, and decks repairs.

16. 2026-04-24
    price $250,000 907-char remark

    Show marketing remark (907 chars)

    LOCATION! Top Ranked Schools District, two minutes from Downtown Alpharetta and four Minutes from Avalon. Convenient to dining, parks, entertainment, and 400. This condo has two bedrooms, two and a half bathrooms. Each spacious bedroom come with a full bathroom. Owner has lived here ever since they bought it so they took well care of it. Stainless steel appliances, newish paint throughout the house, Luxury Vinyl flooring, and Carpet (everything is only few years old). The kitchen opens up to the living room where you can cozy up to the wood burning fireplace. Formal dining room which can be used as a home office or second living room. Lots of Natural light and you will love spending time on one of the two decks on the back of property (main level and upper level). No rental restrictions! HOA provides water, common area maintenance, including termite treatment, roof, sidings, and decks repairs.

17. 2026-03-07
    price $255,000 870-char remark

    Show marketing remark (907 chars)

    LOCATION! Top Ranked Schools District, two minutes from Downtown Alpharetta and four Minutes from Avalon. Convenient to dining, parks, entertainment, and 400. This condo has two bedrooms, two and a half bathrooms. Each spacious bedroom come with a full bathroom. Owner has lived here ever since they bought it so they took well care of it. Stainless steel appliances, newish paint throughout the house, Luxury Vinyl flooring, and Carpet (everything is only few years old). The kitchen opens up to the living room where you can cozy up to the wood burning fireplace. Formal dining room which can be used as a home office or second living room. Lots of Natural light and you will love spending time on one of the two decks on the back of property (main level and upper level). No rental restrictions! HOA provides water, common area maintenance, including termite treatment, roof, sidings, and decks repairs.

18. 2026-03-07
    price $255,000 907-char remark

    Show marketing remark (907 chars)

    LOCATION! Top Ranked Schools District, two minutes from Downtown Alpharetta and four Minutes from Avalon. Convenient to dining, parks, entertainment, and 400. This condo has two bedrooms, two and a half bathrooms. Each spacious bedroom come with a full bathroom. Owner has lived here ever since they bought it so they took well care of it. Stainless steel appliances, newish paint throughout the house, Luxury Vinyl flooring, and Carpet (everything is only few years old). The kitchen opens up to the living room where you can cozy up to the wood burning fireplace. Formal dining room which can be used as a home office or second living room. Lots of Natural light and you will love spending time on one of the two decks on the back of property (main level and upper level). No rental restrictions! HOA provides water, common area maintenance, including termite treatment, roof, sidings, and decks repairs.

19. 2026-02-25
    historical
20. 2026-02-22
    listed $270,000 New 870-char remark

    Show marketing remark (907 chars)

    LOCATION! Top Ranked Schools District, two minutes from Downtown Alpharetta and four Minutes from Avalon. Convenient to dining, parks, entertainment, and 400. This condo has two bedrooms, two and a half bathrooms. Each spacious bedroom come with a full bathroom. Owner has lived here ever since they bought it so they took well care of it. Stainless steel appliances, newish paint throughout the house, Luxury Vinyl flooring, and Carpet (everything is only few years old). The kitchen opens up to the living room where you can cozy up to the wood burning fireplace. Formal dining room which can be used as a home office or second living room. Lots of Natural light and you will love spending time on one of the two decks on the back of property (main level and upper level). No rental restrictions! HOA provides water, common area maintenance, including termite treatment, roof, sidings, and decks repairs.

21. 2026-02-22
    listed $270,000 Active 907-char remark

    Show marketing remark (907 chars)

    LOCATION! Top Ranked Schools District, two minutes from Downtown Alpharetta and four Minutes from Avalon. Convenient to dining, parks, entertainment, and 400. This condo has two bedrooms, two and a half bathrooms. Each spacious bedroom come with a full bathroom. Owner has lived here ever since they bought it so they took well care of it. Stainless steel appliances, newish paint throughout the house, Luxury Vinyl flooring, and Carpet (everything is only few years old). The kitchen opens up to the living room where you can cozy up to the wood burning fireplace. Formal dining room which can be used as a home office or second living room. Lots of Natural light and you will love spending time on one of the two decks on the back of property (main level and upper level). No rental restrictions! HOA provides water, common area maintenance, including termite treatment, roof, sidings, and decks repairs.

22. 2026-02-22
    listed $270,000 New

    Show marketing remark (907 chars)

    LOCATION! Top Ranked Schools District, two minutes from Downtown Alpharetta and four Minutes from Avalon. Convenient to dining, parks, entertainment, and 400. This condo has two bedrooms, two and a half bathrooms. Each spacious bedroom come with a full bathroom. Owner has lived here ever since they bought it so they took well care of it. Stainless steel appliances, newish paint throughout the house, Luxury Vinyl flooring, and Carpet (everything is only few years old). The kitchen opens up to the living room where you can cozy up to the wood burning fireplace. Formal dining room which can be used as a home office or second living room. Lots of Natural light and you will love spending time on one of the two decks on the back of property (main level and upper level). No rental restrictions! HOA provides water, common area maintenance, including termite treatment, roof, sidings, and decks repairs.

23. 2020-05-04
    soldstatus $171,000
24. 2018-10-18
    soldstatus $150,000
25. 2018-09-28
    soldstatus $150,000 Sold
26. 2018-09-28
    soldstatus $150,000 Sold
27. 2018-09-19
    status Under Contract
28. 2018-09-19
    status Pending
29. 2018-09-06
    status Active
30. 2018-09-06
    status Back on Market
31. 2018-08-22
    status Pending
32. 2018-08-08
    status Under Contract
33. 2018-08-08
    historical Contingent - Due Diligence
34. 2018-08-01
    listed $155,000 Active
35. 2018-08-01
    listed $155,000 New
36. 2017-08-14
    historical
37. 2017-07-22
    price $142,500
38. 2017-06-02
    listed $143,990 New
39. 2017-02-08
    soldstatus $115,000
40. 2017-01-27
    soldstatus $115,000 Sold
41. 2017-01-27
    soldstatus $115,000 Sold
42. 2017-01-11
    status Under Contract
43. 2017-01-11
    historical Pending
44. 2016-12-21
    status Back on Market
45. 2016-12-21
    status Active
46. 2016-12-21
    status Under Contract
47. 2016-12-21
    historical Contingent - Due Diligence
48. 2016-12-14
    price $125,900
49. 2016-11-29
    price $128,900
50. 2016-11-23
    price $125,900

ⓘ 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: $1,474 · $123/mo
• Projected year-2 tax: $2,116 · $176/mo
• Expected delta: +$642/yr (+$53/mo · 43.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 72% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥101°F today · 18 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 16% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 5 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,807
• − Mortgage interest: −$12,884
• − Property taxes: −$1,474
• − Insurance: −$1,150
• − Repairs & maintenance: −$2,465
• − Management: −$2,465
• − HOA: −$4,800
• − Depreciation: −$6,691
• Taxable loss: −$1,120
• Est. tax savings @ 24.0%: +$269
• After-tax cash flow: $2,709/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 — Alpharetta

• Score: 75/100
• State rank: #32
• US rank: #4064

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Alpharetta, GA
• County: Fulton County · 1,094,430 people
• City population: 62,931
• Metro: Atlanta-Sandy Springs-Alpharetta, GA
• Population (ZIP): 68,707
• Household income: $156,100
• Rent vs Own: 25.9% rent · 74.1% own
• Severe rent burden: 1108.0

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 0.65)
• Race & ethnicity: White 53% Asian 19% Hispanic / Latino 12% Two or more races 10% Black 10%
• Hispanic origin (detail): Mexican 5% Puerto Rican 1%
• Common ancestry: Romanian 2% Slovak 2% Italian 2%
• Foreign-born: 28% · Canada, China, Jamaica
• Languages at home: 67% English-only · Spanish 10% Other Indo-European 9% Other Asian/Pacific 8%

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: ▼ -338.46%
• Current HPI: 278.6493
• Rent YoY: ▲ 1.83%
• 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

+236.1% since first listed

44 events — show timeline

• 2026-05-12 Price Changed $245,000 GAMLS
• 2026-05-11 Price Changed $245,000 FMLS
• 2026-04-24 Price Changed $250,000 FMLS
• 2026-03-07 Price Changed $255,000 GAMLS
• 2026-03-07 Price Changed $255,000 FMLS
• 2026-02-25 Listing Removed — GAMLS
• 2026-02-22 Listed $270,000 GAMLS
• 2026-02-22 Listed $270,000 FMLS
• 2026-02-22 Listed $270,000 GAMLS
• 2020-05-04 Sold (Public Records) $171,000 Public Records
• 2018-10-18 Sold (Public Records) $150,000 Public Records
• 2018-09-28 Sold (MLS) $150,000 GAMLS
• 2018-09-28 Sold (MLS) $150,000 FMLS
• 2018-09-19 Pending — GAMLS
• 2018-09-19 Pending — FMLS
• 2018-09-06 Relisted — FMLS
• 2018-09-06 Relisted — GAMLS
• 2018-08-22 Pending — FMLS
• 2018-08-08 Pending — GAMLS
• 2018-08-08 Contingent — FMLS
• 2018-08-01 Listed $155,000 GAMLS
• 2018-08-01 Listed $155,000 FMLS
• 2017-08-14 Listing Removed — GAMLS
• 2017-07-22 Price Changed $142,500 GAMLS
• 2017-06-02 Listed $143,990 GAMLS
• 2017-02-08 Sold (Public Records) $115,000 Public Records
• 2017-01-27 Sold (MLS) $115,000 GAMLS
• 2017-01-27 Sold (MLS) $115,000 FMLS
• 2017-01-11 Pending — GAMLS
• 2017-01-11 Contingent — FMLS
• 2016-12-21 Relisted — GAMLS
• 2016-12-21 Relisted — FMLS
• 2016-12-21 Pending — GAMLS
• 2016-12-21 Contingent — FMLS
• 2016-12-14 Price Changed $125,900 GAMLS
• 2016-11-29 Price Changed $128,900 GAMLS
• 2016-11-23 Price Changed $125,900 GAMLS
• 2016-11-23 Price Changed $128,900 GAMLS
• 2016-11-08 Price Changed $125,900 GAMLS
• 2016-11-08 Price Changed $125,900 FMLS
• 2016-10-17 Listed $128,900 GAMLS
• 2016-10-17 Listed $128,900 FMLS
• 1998-05-01 Sold (Public Records) $79,900 Public Records
• 1993-06-02 Sold (Public Records) $72,900 Public Records

Property tax history

+5.1%/yr

Latest (2025): $1,474 · +3.5% YoY. Source: county tax records.