3044 Steeplechase Dr

Alpharetta, GA 30004

$230,000C

2 bd · 2.5 ba · 1,512 sqft · Built 1990 · Townhouse · Active · 22 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,567/mo
• Mortgage (P&I): −$1,206
• Tax + insurance: −$219
• HOA: −$400
• Vac / Maint / Mgmt: −$539
• Net cashflow: $203/mo
• Annual: $2,440/yr
• Cap rate: 7.35%
• Cash-on-cash: 3.79%
• DSCR: 1.17
• 1% rule: 1.12%
• Cash to close: $64,400

Investor read

• This is a 2-bed/2.5-bath townhouse listed at $230k.
• 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).
• It's been on market 22 days — a 2% lower offer ($227k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $227k (1.5% below list) — sets the bar for market timing.
• 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.
• Location reads 75/100 on livability (#32 in GA, #4,064 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime B; 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.
• Zoned schools: Alpharetta Elementary School (math 60% / reading 67%, grade B, #99 of 1,228 statewide, top 8%, 559 students, 15% FRL); Northwestern Middle School (math 64% / reading 74%, grade A, #17 of 470 statewide, top 4%, 1,143 students, 7% FRL) — zoned schools average 11% FRL vs 41% district-wide (31 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 66% at this address vs 51% district-wide (+15 pts) — the actual schools serving this property are materially stronger than the Fulton County average implies; a family-tenant draw the district grade alone would hide.
• 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 21d 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).
• Fulton County population projected at +38% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 14 sale attempts since 10y 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 $171k; 35% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• 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.
• 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.

Questions for listing agent

• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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.