237 Alameda St #38

Loganville, GA 30052

$266,900D-

3 bd · 2.5 ba · 1,703 sqft · Built 2026 · Condo · Active · 78 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,258/mo
• Mortgage (P&I): −$1,546
• Tax + insurance: −$492
• HOA: −$142
• Vac / Maint / Mgmt: −$474
• Net cashflow: $-396/mo
• Annual: $-4,756/yr
• Cap rate: 4.68%
• Cash-on-cash: -5.76%
• DSCR: 0.74
• 1% rule: 0.77%
• Cash to close: $82,572

Investor read

• This is a 3-bed/2.5-bath condo listed at $267k. Condition is rated excellent.
• At list price, monthly cash flow is $-396 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $238k (11.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $226k (15.4% below list).
• It's been on market 78 days — a 6% lower offer ($251k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $226k (15.4% 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 $9k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#39 in GA, #4,689 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, cost of living A-; Watch: amenities F, commute F.
• Walton County (rural): math 43% / reading 41% proficiency, ranked #31 of 174 in GA (top 18%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Bay Creek Elementary School (math 43% / reading 39%, grade F, #411 of 1,228 statewide, top 34%, 715 students, 63% FRL); Loganville Middle School (math 46% / reading 48%, grade D+, #89 of 470 statewide, top 20%, 1,320 students, 39% FRL); Loganville High School (math 51% / reading 47%, grade D, #33 of 424 statewide, top 8%, 1,808 students, 30% FRL) — zoned schools at 44% FRL track the district average.
• Market conditions: Rents rising (+3.1%/yr); 1079 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 45% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 677 units permitted in Walton County in 2024 (17 in 5+ unit buildings).
• Walton County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts 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.
• Cap rate 4.7% vs local median 3.9% in Loganville — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 78 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
• 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?
• 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.
• 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.