361 17th St #2018

Atlanta, GA 30363

$229,500D

1 bd · 1.0 ba · 886 sqft · Built 2005 · Condo · Active · 45 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,069/mo
• Mortgage (P&I): −$1,204
• Tax + insurance: −$280
• HOA: −$650
• Vac / Maint / Mgmt: −$434
• Net cashflow: $-499/mo
• Annual: $-5,987/yr
• Cap rate: 3.68%
• Cash-on-cash: -9.32%
• DSCR: 0.59
• 1% rule: 0.90%
• Cash to close: $64,260

Investor read

• This is a 1-bed/1.0-bath condo listed at $230k.
• At list price, monthly cash flow is $-499 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $141k (38.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $207k (9.8% below list).
• It's been on market 45 days — a 3% lower offer ($223k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $141k (38.4% below list) — sets the bar for cash-flow.
• In year one you build about $5k of equity ($2k loan paydown + $3k appreciation (1.3% local appreciation)).
• Location reads 83/100 on livability (#6 in GA, #919 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: cost of living C-.
• Atlanta Public Schools (urban): math 28% / reading 35% proficiency, ranked #80 of 174 in GA (top 46%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Centennial Place Academy (Charter) (math 12% / reading 12%, grade F, #1,041 of 1,228 statewide, top 87%, 804 students, 100% FRL, charter); David T Howard Middle School (math 58% / reading 63%, grade B+, #39 of 470 statewide, top 8%, 1,119 students, 19% FRL); Midtown High School (math 22% / reading 34%, grade F, #151 of 424 statewide, top 36%, 1,602 students, 19% FRL) — zoned schools average 46% FRL vs 71% district-wide (25 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: HOA is 31% of rent.
• Market conditions: Rents rising (+1.2%/yr); 111 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 1d on market — plan ~1-2 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.
• 6 sale attempts since 16y 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 $96k; list at $230k implies a 139% gain — meaningful room to come down on a strong offer.
• By year 8, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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 45 days. Have you received any prior offers? Is the seller open to a 38% 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?
• 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.