5211 Glenridge Dr

Sandy Springs, GA 30342

$525,000F

3 bd · 2.5 ba · 2,412 sqft · Built 1972 · Condo · Pending · 27 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,284/mo
• Mortgage (P&I): −$2,753
• Tax + insurance: −$565
• HOA: −$626
• Vac / Maint / Mgmt: −$690
• Net cashflow: $-1,350/mo
• Annual: $-16,197/yr
• Cap rate: 3.21%
• Cash-on-cash: -11.02%
• DSCR: 0.51
• 1% rule: 0.63%
• Cash to close: $147,000

Investor read

• This is a 3-bed/2.5-bath condo listed at $525k.
• At list price, monthly cash flow is $-1k ($-16k/yr) — negative.
• To cash-flow at today's rent, offer at most $287k (45.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $328k (37.4% below list).
• It's been on market 27 days — a 2% lower offer ($517k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $287k (45.4% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $16k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#45 in GA) — a middle-class / working-renter tenant base. Strengths: employment A+, crime A-, commute A-; Watch: amenities 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: High Point Elementary School (math 46% / reading 51%, grade D, #284 of 1,228 statewide, top 23%, 675 students, 48% FRL); Ridgeview Charter School (math 33% / reading 45%, grade F, #155 of 470 statewide, top 33%, 996 students, 45% FRL); Riverwood International Charter School (math 24% / reading 10%, grade F, #269 of 424 statewide, top 65%, 1,737 students, 30% FRL) — zoned schools at 41% FRL track the district average.
• Zoned-school proficiency averages 35% at this address vs 51% district-wide (-16 pts) — the specific schools serving this property underperform the Fulton County average; the district grade overstates school quality for this exact location.
• Market conditions: Rents flat; 236 active listings in the ZIP; 16 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.
• 8 sale attempts since 5y 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.
• 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 3.2% vs local median 2.6% in Sandy Springs — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• This rent runs 32% of the median local income ($124k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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?
• Built in 1972 — 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.