11322 Michelle Way · Lovejoy, GA 30228

$174,999

3 bd · 2.0 ba · 1,440 sqft · Townhouse public records · 41 Days on market

Built 2004 $122/sqft · 9% below area Est $192k · 9% under $40/mo HOA · 2% of rent

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Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +20.1/30.0
• ARV discount +11.4/15.0
• DSCR +6.4/10.0
• 1% rule +5.9/10.0
• Rent growth +3.1/5.0
• Livability +3.1/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks

This well-maintained 3-bedroom, 2.5-bath townhome offers a spacious open layout perfect for everyday living and entertaining. The kitchen flows into the living and dining areas, while upstairs features a private owner's suite and two additional bedrooms ideal for guests or a home office. Conveniently located near shopping, dining, and major highways, this home is perfect for first-time buyers or those looking for low-maintenance living. Preferred lender: Rick Guerrero with The Mortgage Firm . Ask about available buyer incentives! Schedule your showing today

Key facts

• $40 HOA
• Built 2004
• Listed 40 days

Property features AI

Finance

• Other: Directions: use GPS; County: Clayton, GA
• HOA & community: HOA exists; Annual association fee of $480; Association covers grounds and structure maintenance

Exterior

• Parking: Parking pad
• Utilities: Public water; Public sewer; Cable available; Electricity available; Natural gas available; Phone available
• Home design: Two levels; Resale property; Entry level and other room types include attic and other
• Construction: Brick and vinyl siding exterior; Composition roof; Slab foundation
• Exterior features: Homeowners association; Water frontage: none

Interior

• Kitchen: Eat-in kitchen; Dishwasher; Refrigerator
• Bedrooms: Three bedrooms on upper level; Bedroom features: none specified
• Flooring: Carpet; Laminate
• Bathrooms: Two full bathrooms; One half bathroom (main level)
• Heating & cooling: Central heating; Electric heating available; Natural gas heating available; Central air conditioning; Ceiling fans; Electric cooling available; Gas cooling available
• Interior features: High-speed internet available; Walk-in closet(s); 2+ common walls
• Laundry & utility: Laundry located in kitchen; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath townhouse listed at $175k.

Deal economics

• At list price, monthly cash flow is $219 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Recommended offer: $170k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.8% vs local median 4.4% in Lovejoy — 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.

Location & tenants

• Location reads 62/100 on livability (#317 in GA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, schools F, amenities F.
• Clayton County (suburban): math 11% / reading 20% proficiency, ranked #155 of 174 in GA (top 89%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 78% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+2.2%/yr); 547 active listings in the ZIP; 38 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 45% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 865 units permitted in Clayton County in 2024 (448 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Clayton County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($170k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 12y 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 $114k; list at $175k implies a 53% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $169,749 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 1.09% ✓
• Cap rate: 7.79%
• Cash-on-cash: 5.36%
• DSCR: 1.24
• GRM: 7.6

CMA / ARV

• ARV (median comp): $191,757
• List price: $174,999
• Delta: -8.74%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2296 Nicole Dr	0.09mi	3/2.5	1,584 (+10%)	1mo	$200,000	$126	77
2351 Brianna Dr	0.17mi	4/2.5 (+1)	1,654 (+15%)	3mo	$190,000	$115	58
11522 Kimberly Way	0.50mi	3/2.5	1,579 (+10%)	1mo	$275,491	$174	58
11514 Kimberly Way	0.49mi	3/2.5	1,579 (+10%)	2mo	$285,990	$181	58
11518 Kimberly Way	0.50mi	3/2.5	1,579 (+10%)	2mo	$275,491	$174	57
11524 Kimberly Way	0.53mi	3/2.5	1,579 (+10%)	0mo	$245,490	$155	57
11526 Kimberly Way	0.50mi	3/2.5	1,579 (+10%)	1mo	$286,490	$181	57
11535 Kimberly Way Lot 11	0.51mi	3/2.5	1,579 (+10%)	2mo	$269,990	$171	56
11531 Kimberly Way Lot 09	0.53mi	3/2.5	1,579 (+10%)	1mo	$279,990	$177	56
11552 Kimberly Way #29	0.54mi	3/2.5	1,579 (+10%)	2mo	$269,990	$171	55
11541 Kimberly Way	0.55mi	3/2.5	1,579 (+10%)	2mo	$269,590	$171	55
11539 Kimberly Way Lot 13	0.55mi	3/2.5	1,579 (+10%)	3mo	$269,990	$171	54

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 2.2% rent growth · sell at horizon

5-year hold

• IRR: -8.9%
• Equity multiple: 0.68×
• Total profit: $-15,866
• Equity at exit: $26,093

10-year hold

• IRR: -0.5%
• Equity multiple: 0.97×
• Total profit: $-1,711
• Equity at exit: $15,131

Cash invested: $49,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State Georgia: 90 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

Magistrate court evictions in 10-30 days; no rent control; preempted; few tenant protections.

Methodology + full state rankings →

ZIP-level market 30228

• Home prices YoY: -24.3%
• Rents YoY: 2.2%
• Active inventory: 547
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $1,912 high
• Mortgage (P&I): −$918
• Tax from tax record: −$261 /mo · $3,133/yr
• Insurance: −$73
• HOA: −$40
• Vacancy / Maint / Mgmt: −$402
• Net cashflow: $219

Break-even live

Break-even rent $1,635

Max offer price $174,999

Occupancy floor 84%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 38 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
11352 Michelle Way Lovejoy, GA	3.0	2.5	1440	$1,485	$1.03	12d	1	0.06mi
2251 Nicole Dr #119 Hampton, GA	3.0	2.5	1324	$1,700	$1.28	24d	1	0.07mi
2275 Nicole Dr Lovejoy, GA	4.0	2.0	1800	$1,835	$1.02	5d	1	0.08mi
2306 Nicole Dr Lovejoy, GA	3.0	2.5	1324	$1,800	$1.36	43d	1	0.11mi
2411 Brianna Dr Lovejoy, GA	3.0	2.0	1432	$1,826	$1.28	2d	1	0.13mi
2361 Brianna Dr Lovejoy, GA	3.0	2.5	1384	$1,525	$1.10	21d	1	0.17mi
2367 Brianna Dr Lovejoy, GA	3.0	2.5	1440	$1,695	$1.18	43d	1	0.17mi
2257 Sugarleaf Trl Lovejoy, GA	3.0	2.0	1624	$1,775	$1.09	43d	1	0.19mi
11523 Vinea Ln Lovejoy, GA	3.0	2.0	1557	$1,850	$1.19	43d	1	0.22mi
11560 Winston Dr Lovejoy, GA	3.0	3.0	1710	$2,710	$1.58	43d	1	0.37mi
10938 Wheeler Trce Lovejoy, GA	3.0	3.0	1692	$1,879	$1.11	43d	1	0.45mi
11649 Mendenhall Ct Hampton, GA	3.0	2.5	1568	$2,300	$1.47	20d	1	0.52mi
11531 Kimberly Way Lovejoy, GA	3.0	2.5	1579	$2,200	$1.39	4d	1	0.53mi
11522 Kimberly Way Lovejoy, GA	3.0	2.5	1700	$2,200	$1.29	4d	1	0.53mi
11866 Registry Blvd Unit 1 Hampton, GA	3.0	2.0	1488	$1,650	$1.11	24d	1	0.57mi
2056 Registry Pl Lovejoy, GA	3.0	2.0	1488	$1,825	$1.23	43d	1	0.60mi
11722 Chatham Dr Hampton, GA	3.0	2.5	1600	$2,300	$1.44	24d	1	0.60mi
1992 Lovejoy Rd Lovejoy, GA	1.0–3.0	1.0–2.0	1085	$1,902	$1.75	1d	25	0.64mi
11236 James Madison Dr Hampton, GA	3.0	2.5	1518	$1,870	$1.23	43d	1	0.74mi
2019 Grove Way Lovejoy, GA	3.0	2.5	1524	$1,395	$0.92	43d	1	0.78mi
1902 Grove Way Lovejoy, GA	3.0	2.5	1592	$1,555	$0.98	3d	1	0.79mi
11942 Fuller St Lovejoy, GA	3.0	2.5	1421	$1,639	$1.15	43d	1	0.81mi
11940 Fuller St Lovejoy, GA	3.0	2.5	1421	$1,699	$1.20	43d	1	0.82mi
1863 Grove Way Lovejoy, GA	3.0	2.5	1592	$1,660	$1.04	24d	1	0.82mi
10997 Big Sky Dr Lovejoy, GA	2.0	1.0	1110	$1,250	$1.13	5d	1	0.87mi
1578 Onalee Dr Hampton, GA	3.0	2.5	1709	$1,800	$1.05	24d	1	0.89mi
11877 Fuller St Lovejoy, GA	3.0	2.5	1386	$1,609	$1.16	24d	1	0.92mi
1781 Fielding Way Lovejoy, GA	3.0	2.5	1370	$1,545	$1.13	43d	1	0.93mi
11015 Tara Blvd Lovejoy, GA	1.0–3.0	1.0–2.0	1113	$1,815	$1.63	43d	1	0.95mi
2762 Hunters Ct Hampton, GA	3.0	2.5	1702	$1,870	$1.10	20d	1	1.03mi
10911 Tara Blvd Lovejoy, GA	1.0–3.0	1.0–2.0	1150	$1,795	$1.56	43d	1	1.06mi
12227 Tara Blvd Lovejoy, GA	1.0–3.0	1.0–2.0	1179	$1,913	$1.62	1d	13	1.08mi
11035 Shannon Cir Hampton, GA	3.0	2.0	1320	$1,606	$1.22	12d	1	1.14mi
30 Winston Way Hampton, GA	3.0	2.0	924	$1,400	$1.52	43d	1	1.19mi
10887 Tara Blvd Hampton, GA	3.0	2.5	1756	$2,032	$1.16	4d	10	1.26mi
1591 Elizabeth Ln Hampton, GA	3.0	2.0	1352	$1,591	$1.18	43d	1	1.32mi
1652 Thorn Ridge Trl Hampton, GA	3.0	2.0	1360	$1,960	$1.44	43d	1	1.40mi
10903 Thrasher Rd Hampton, GA	3.0	2.0	1412	$1,725	$1.22	21d	1	1.42mi

HOA detail

• Monthly dues: $40 · $480/yr

Listing history 23 events

1. 2026-06-15
   days on market $174,999 Active 41 DOM
2. 2026-06-13
   days on market $174,999 Active 39 DOM
3. 2026-06-09
   days on market $174,999 Active 35 DOM
4. 2026-06-08
   days on market $174,999 Active 34 DOM
5. 2026-06-07
   days on market $174,999 Active 33 DOM
6. 2026-06-04
   days on market $174,999 Active 30 DOM
7. 2026-06-03
   days on market $174,999 Active 29 DOM
8. 2026-06-02
   days on market $174,999 Active 28 DOM
9. 2026-06-01
   days on market $174,999 Active 27 DOM
10. 2026-05-31
    days on market $174,999 Active 26 DOM
11. 2026-05-05
    listed $174,999 Active 572-char remark
12. 2026-04-30
    price $174,999 572-char remark
13. 2026-04-17
    listed $179,999 New 572-char remark
14. 2026-03-20
    soldstatus $114,042
15. 2026-03-20
    soldstatus $114,042
16. 2026-02-04
    historical $1,395
17. 2026-01-01
    price $1,395
18. 2025-11-21
    listed $1,495
19. 2021-12-13
    soldstatus $2,514,000
20. 2014-07-16
    historical
21. 2014-07-15
    status Back On Market
22. 2014-07-08
    status Under Contract
23. 2014-04-15
    listed $65,000 New

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast GA · Resets to sale price

• Current annual tax: $3,133 · $261/mo
• Projected year-2 tax: $3,133 · $261/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥105°F today · 19 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,945
• − Mortgage interest: −$9,803
• − Property taxes: −$3,133
• − Insurance: −$875
• − Repairs & maintenance: −$1,836
• − Management: −$1,836
• − HOA: −$480
• − Depreciation: −$5,091
• Taxable loss: −$108
• Est. tax savings @ 24.0%: +$26
• After-tax cash flow: $2,652/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Clayton County
• NCES district ID: 1301230
• Math proficiency: 11% ▼ -13.00%
• Reading proficiency: 20% ▼ -9.00%
• Median HH income: $42,266
• Composite: 13.41/100
• National rank: #9527
• State rank: #155 of 174 in GA

Livability — Lovejoy

• Score: 62/100
• State rank: #317
• US rank: #17071

Category grades

Amenities F Commute F Cost of living A+ Crime C+ Employment C- Housing A+ Health & safety F User ratings B

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lovejoy, GA
• County: Henry County · 316,359 people
• City population: 606
• Metro: Atlanta-Sandy Springs-Alpharetta, GA
• Population (ZIP): 52,402
• Household income: $82,619
• Rent vs Own: 27.9% rent · 72.1% own
• Severe rent burden: 1285.0

Population outlook (Clayton County) Hauer SSP2

• Today (2025): 310,777 people
• By 2030: 329,762 · +6.1%
• By 2040: 368,052 · +18.4%
• By 2050: 401,196 · +29.1%
• By 2075: 472,488 · +52.0%
• By 2100: 500,446 · +61.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority Black (63%)
• Race & ethnicity: Black 63% White 23% Hispanic / Latino 8% Two or more races 6% Asian 2%
• Hispanic origin (detail): Mexican 5% Puerto Rican 1%
• Common ancestry: Hispanic 4% Lithuanian 1% Italian 1%
• Foreign-born: 9% · Canada, Vietnam, Jamaica
• Languages at home: 89% English-only · Spanish 6% French/Haitian/Cajun 2% Vietnamese 1%

Political lean MEDSL · Clayton

• 2024 margin: Solid D (+69.2) · D 84.3% · R 15.1%
• 2008→2024 swing: +2.8pp toward D · 2008: 66.4pp · 2024: 69.2pp
• All cycles: 2024: D+69.2 2020: D+70.9 2016: D+71.9 2012: D+70.1 2008: D+66.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -71.11%
• Current HPI: 222.0357
• Rent YoY: ▲ 2.20%
• Metro: Atlanta-Sandy Springs-Alpharetta, GA
• State GDP YoY: ▲ 2.66%
• F500 in state: 28

Industry mix (Fortune 500 HQ in GA)

Industry	F500 HQs	Revenue
▸Paper / Packaging	2	$29B
▸Retail	1	$160B
▸Transportation / Logistics	1	$91B
▸Airlines	1	$62B
▸Consumer Goods	1	$47B
▸Utilities	1	$25B

Price history

+169.2% since first listed

13 events — show timeline

• 2026-06-15 Listing Removed — GAMLS
• 2026-04-30 Price Changed $174,999 GAMLS
• 2026-04-17 Listed $179,999 GAMLS
• 2026-03-20 Sold (Public Records) $114,042 Public Records
• 2026-03-20 Sold (Public Records) $114,042 Public Records
• 2026-02-04 Rental Removed $1,395 GAMLS
• 2026-01-01 Price Changed $1,395 GAMLS
• 2025-11-21 Listed for Rent $1,495 GAMLS
• 2021-12-13 Sold (Public Records) $2,514,000 Public Records
• 2014-07-16 Listing Removed — GAMLS
• 2014-07-15 Relisted — GAMLS
• 2014-07-08 Pending — GAMLS
• 2014-04-15 Listed $65,000 GAMLS

Property tax history

+5.0%/yr

Latest (2025): $3,133 · -0.2% YoY. Source: county tax records.