2351 Boone Pl

Snellville, GA 30078

$224,900D+

3 bd · 2.0 ba · 1,517 sqft · Built 1989 · SingleFamily · Pending · 70 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,042/mo
• Mortgage (P&I): −$1,179
• Tax + insurance: −$451
• HOA: −$0
• Vac / Maint / Mgmt: −$429
• Net cashflow: $-17/mo
• Annual: $-208/yr
• Cap rate: 6.20%
• Cash-on-cash: -0.33%
• DSCR: 0.99
• 1% rule: 0.91%
• Cash to close: $62,972

Investor read

• This is a 3-bed/2.0-bath single-family listed at $225k.
• At list price, monthly cash flow is $-17 ($-208/yr) — negative.
• To cash-flow at today's rent, offer at most $222k (1.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $204k (9.2% below list).
• It's been on market 70 days — a 6% lower offer ($211k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $204k (9.2% below list) — sets the bar for 1% rule.
• 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 67/100 on livability (#169 in GA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, cost of living A-; Watch: amenities F, commute 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: Norton Elementary School (math 21% / reading 28%, grade F, #753 of 1,228 statewide, top 64%, 952 students, 77% FRL); Snellville Middle School (math 19% / reading 29%, grade F, #311 of 470 statewide, top 68%, 882 students, 75% FRL); South Gwinnett High School (math 14% / reading 8%, grade F, #347 of 424 statewide, top 82%, 2,677 students, 58% FRL) — zoned schools average 70% FRL vs 47% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 20% at this address vs 41% district-wide (-21 pts) — the specific schools serving this property underperform the Gwinnett County average; the district grade overstates school quality for this exact location.
• Market conditions: Rents flat; 288 active listings in the ZIP; 39 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 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.
• 3 sale attempts; this cycle's ask has dropped $25k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: moderate wind risk, 23% 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.
• Cap rate 6.2% vs local median 3.9% in Snellville — 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 70 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• 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 B-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?
• 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.