2378 Cove Rd · Redan, GA 30058

$175,900

2 bd · 2.5 ba · 1,176 sqft · Townhouse public records · 20 Days on market

Built 1986 1,742 sqft lot $150/sqft · at area comps Est $176k · at est. $30/mo HOA · 2% of rent

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Why this score? — see what drove the D 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 +14.0/30.0
• ARV discount +7.4/15.0
• 1% rule +4.7/10.0
• DSCR +4.3/10.0
• Livability +3.2/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Fully renovated 2-bedroom, 2.5-bath home located in a well-maintained subdivision in Lithonia. This property features a brand-new kitchen, new bathrooms, stainless steel appliances, and luxury vinyl flooring throughout. Enjoy a private fenced backyard. Conveniently located close to shopping centers and parks, offering both comfort and convenience. Closing with Weissman. There is no sellers disclosure. Seller never lived in the property. Latent disclosure is uploaded on FMLS. Owner-agent.

Key facts

• Close to parks
• Brand-new kitchen
• New bathrooms

Tags

• BRAND-NEW KITCHEN
• NEW BATHROOMS
• STAINLESS STEEL APPLIANCES
• PRIVATE FENCED BACKYARD
• CLOSE TO SHOPPING CENTERS
• CLOSE TO PARKS

Property features AI

Finance

• Financial info: Community contains 1 unit
• HOA & community: Association fee of $90 paid quarterly; Has association

Exterior

• Parking: Assigned parking for 2 vehicles
• Utilities: Public water; Public sewer; Electric: 110V and 220V; Other utilities
• Home design: Two levels; Resale property; Ownership: Other
• Construction: Vinyl siding; Composition roof; Slab foundation
• Exterior features: Wood fencing; Patio

Interior

• Kitchen: White cabinets
• Bedrooms: Two upper-level bedrooms; Roommate floor plan
• Flooring: Laminate flooring; Luxury vinyl flooring
• Bathrooms: Two full bathrooms; One half bathroom (main level); Master bath with tub/shower combo
• Heating & cooling: Central heating; Central air conditioning
• Interior features: One fireplace with gas starter; 2+ shared/common walls; Other interior features
• Laundry & utility: Laundry on upper level

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath townhouse listed at $176k.

Deal economics

• At list price, monthly cash flow is $24 ($287/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $170k (3.3% below list).
• Recommended offer: $170k (3.3% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 5.3% in Redan — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 64/100 on livability (#274 in GA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D, amenities F, commute F.
• Dekalb County (suburban): math 19% / reading 28% proficiency, ranked #125 of 174 in GA (top 72%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Stone Mountain Elementary School (math 2% / reading 8%, grade F, #1,160 of 1,228 statewide, top 98%, 450 students, 100% FRL); Miller Grove Middle School (math 8% / reading 18%, grade F, #410 of 470 statewide, top 87%, 722 students, 100% FRL); Lithonia High School (math 2% / reading 17%, grade F, #365 of 424 statewide, top 88%, 1,483 students, 100% FRL) — zoned schools average 100% FRL vs 68% district-wide (32 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 9% at this address vs 24% district-wide (-14 pts) — the specific schools serving this property underperform the Dekalb County average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+1.2%/yr); 441 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 1,240 units permitted in DeKalb County in 2024 (385 in 5+ unit buildings).
• This rent runs 33% of the median local income ($62k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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.
• DeKalb County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($173k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 14y 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 $12k; list at $176k implies a 1330% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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.

Recommended offer $170,142 (3.3% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
5. 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?
6. 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.
7. 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.
8. 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: 0.97% ✗
• Cap rate: 6.46%
• Cash-on-cash: 0.58%
• DSCR: 1.03
• GRM: 8.6

CMA / ARV

• ARV (median comp): $175,643
• List price: $175,900
• Delta: 2.42%
• 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
2356 Cove Rd	0.05mi	2/2.5	1,176 (0%)	2mo	$185,000	$157	96
6344 Wellington Walk Way	0.23mi	2/2.5	1,212 (+3%)	3mo	$140,000	$116	82
6318 Wellington Walk Way	0.17mi	2/1.5	1,205 (+2%)	4mo	$122,000	$101	81
2381 Cove Rd	0.03mi	2/2.0	1,296 (+10%)	3mo	$176,000	$136	77
2161 Wellington Cir	0.06mi	2/2.0	1,281 (+9%)	4mo	$142,000	$111	77
2176 Wellington Cir	0.09mi	2/2.0	1,296 (+10%)	1mo	$95,000	$73	76
2263 Wellington Cir	0.08mi	2/2.0	1,296 (+10%)	2mo	$177,000	$137	76
2190 Wellington Cir	0.12mi	2/2.5	1,068 (-9%)	7mo	$164,400	$154	74
2292 Wellington Cir	0.07mi	2/2.0	1,323 (+12%)	0mo	$183,000	$138	73
6460 Wellington Chase Ct	0.46mi	3/2.0 (+1)	1,100 (-6%)	0mo	$181,000	$165	60
6559 Wellington Chase Ct	0.49mi	2/1.5	1,280 (+9%)	4mo	$130,000	$102	56
6500 Wellington Chase Ct	0.55mi	2/1.5	1,280 (+9%)	8mo	$146,000	$114	49

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 · 1.18% rent growth · sell at horizon

5-year hold

• IRR: -17.5%
• Equity multiple: 0.39×
• Total profit: $-29,948
• Equity at exit: $26,227

10-year hold

• IRR: -13.7%
• Equity multiple: 0.27×
• Total profit: $-35,856
• Equity at exit: $15,209

Cash invested: $49,252 (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 30058

• Home prices YoY: -21.4%
• Rents YoY: 1.2%
• Active inventory: 441
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,701 high
• Mortgage (P&I): −$922
• Tax from tax record: −$294 /mo · $3,533/yr
• Insurance: −$73
• HOA: −$30
• Vacancy / Maint / Mgmt: −$357
• Net cashflow: $24

Break-even live

Break-even rent $1,671

Max offer price $175,900

Occupancy floor 94%

Sensitivity live

Price	-10% $124	-5% $74	+0% $24	+5% $-26	+10% $-76
Rent	-10% $-110	-5% $-43	+0% $24	+5% $91	+10% $158
Rate	-1.0pp $113	-0.5pp $69	base $24	+0.5pp $-22	+1.0pp $-68

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: $43,975
• Closing costs: $5,277
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2347 Wellington Cir Lithonia, GA	2.0	2.0	952	$1,500	$1.58	17d	1	0.05mi
2360 Wellington Cir Lithonia, GA	3.0	2.5	1404	$1,900	$1.35	44d	1	0.09mi
6249 Creekford Ln Lithonia, GA	3.0	2.5	1352	$1,586	$1.17	44d	1	0.14mi
6272 Creekford Dr Lithonia, GA	3.0	2.0	1200	$1,650	$1.38	6d	1	0.14mi
2267 Cherokee Valley Dr Lithonia, GA	3.0	2.0	1176	$1,691	$1.44	6d	1	0.40mi
2325 Woodcrest Walk Lithonia, GA	1.0–2.0	1.0–2.0	788	$1,414	$1.79	0d	19	0.40mi
6290 Marbut Farms Ln Lithonia, GA	3.0	2.5	1392	$1,780	$1.28	6d	1	0.46mi
6427 Wellington Chase Ct Lithonia, GA	2.0	2.5	1258	$1,640	$1.30	6d	1	0.46mi
6427 Wellington Chase Ct Lithonia, GA	2.0	2.5	1258	$1,695	$1.35	23d	1	0.46mi
6540 Wellington Chase Ct Lithonia, GA	3.0	2.0	1250	$1,800	$1.44	25d	1	0.52mi
6164 Saint Christophers Ct Lithonia, GA	3.0	2.5	1340	$1,730	$1.29	21d	1	0.54mi
2379 Hillvale Cir Lithonia, GA	3.0	2.0	1368	$1,790	$1.31	6d	1	0.65mi
564 Hillandale Park Dr Lithonia, GA	2.0	2.0	1150	$2,250	$1.96	44d	1	0.66mi
2070 Corners Cir Lithonia, GA	3.0	2.0	1392	$1,620	$1.16	25d	1	0.67mi
5946 Crescent Ridge Ct Lithonia, GA	3.0	2.0	1278	$1,725	$1.35	6d	1	0.67mi
6256 Hillandale Dr Lithonia, GA	1.0–3.0	1.0–2.0	990	$1,349	$1.36	44d	1	0.68mi
2103 Charles Cudd Ct Lithonia, GA	3.0	2.0	1332	$1,591	$1.19	21d	1	0.73mi
6158 Raintree Bnd Lithonia, GA	3.0	2.0	1429	$1,856	$1.30	6d	1	0.76mi
6250 Hillandale Dr Lithonia, GA	1.0–4.0	1.0–2.0	1121	$1,325	$1.18	44d	1	0.79mi
2073 Raintree Pl Lithonia, GA	3.0	2.5	1439	$1,850	$1.29	0d	1	0.80mi
2073 Raintree Pl Lithonia, GA	3.0	2.5	1439	$2,000	$1.39	4d	1	0.80mi
6012 Regent Mnr Lithonia, GA	2.0	2.0	1200	$1,450	$1.21	44d	1	0.80mi
5883 Old Wellborn Trce Lithonia, GA	3.0	2.0	1444	$1,745	$1.21	13d	1	0.84mi
6388 Charter Way Lithonia, GA	2.0	2.0	996	$1,295	$1.30	6d	1	0.93mi
2049 Charter Ln Lithonia, GA	2.0	3.0	1152	$1,695	$1.47	44d	1	0.94mi
2614 Parkway Trl Lithonia, GA	3.0	2.0	1428	$1,795	$1.26	6d	1	0.95mi
6350 Laurel Post Dr Lithonia, GA	3.0	2.0	1344	$1,745	$1.30	44d	1	0.97mi
6426 Charter Way Lithonia, GA	2.0	2.5	1166	$2,200	$1.89	0d	1	0.98mi
6430 Charter Way Lithonia, GA	3.0	2.0	1170	$1,450	$1.24	25d	1	0.99mi
5812 Wind Gate Ln Lithonia, GA	3.0	2.5	1372	$1,700	$1.24	44d	1	1.02mi
6387 Laurel Post Dr Lithonia, GA	3.0	2.5	1496	$1,699	$1.14	44d	1	1.04mi
6492 Charter Way Lithonia, GA	2.0	2.5	1168	$1,600	$1.37	13d	1	1.04mi
6416 Phillips Creek Dr Lithonia, GA	3.0	2.0	1365	$1,928	$1.41	6d	1	1.05mi
5739 Windfall Ln Lithonia, GA	2.0	2.5	1342	$1,625	$1.21	13d	1	1.07mi
2713 Evans Mill Dr Lithonia, GA	2.0	1.5	1024	$1,400	$1.37	44d	1	1.08mi
5720 Windfall Ln Lithonia, GA	2.0	2.5	1372	$1,500	$1.09	44d	1	1.10mi
5712 Windfall Ln Lithonia, GA	2.0	2.5	1372	$1,631	$1.19	0d	1	1.11mi
5687 Windfall Ln Lithonia, GA	2.0	2.0	1372	$1,395	$1.02	25d	1	1.13mi
5687 Windfall Ln Lithonia, GA	2.0	2.0	1372	$1,395	$1.02	0d	1	1.13mi
6680 Chupp Rd Lithonia, GA	2.0	1.0	900	$1,250	$1.39	44d	1	1.15mi

HOA detail

• Monthly dues: $30 · $360/yr

Listing history 30 events

1. 2026-06-21
   days on market $175,900 Active 20 DOM
2. 2026-06-18
   days on market $175,900 Active 17 DOM
3. 2026-06-17
   days on market $175,900 Active 16 DOM
4. 2026-06-16
   days on market $175,900 Active 15 DOM
5. 2026-06-15
   days on market $175,900 Active 14 DOM
6. 2026-06-13
   days on market $175,900 Active 12 DOM
7. 2026-06-09
   days on market $175,900 Active 8 DOM
8. 2026-06-08
   days on market $175,900 Active 7 DOM
9. 2026-06-07
   days on market $175,900 Active 6 DOM
10. 2026-06-04
    days on market $175,900 Active 3 DOM
11. 2026-06-03
    days on market $175,900 Active 2 DOM
12. 2026-06-02
    pricedays on marketlisting id $175,900 Active 1 DOM
13. 2026-05-31
    days on market $179,900 Active 55 DOM
14. 2026-04-14
    historical
15. 2026-04-09
    status Back On Market
16. 2026-04-06
    listed $179,900 New 492-char remark
17. 2026-04-06
    listed $179,900 Active
18. 2026-03-31
    historical
19. 2026-03-06
    listed $179,900 New
20. 2013-09-25
    historical
21. 2012-03-12
    soldstatus $12,300 Sold
22. 2012-03-12
    soldstatus $12,300 Sold
23. 2012-02-01
    historical
24. 2012-01-31
    status Pending
25. 2012-01-18
    listed $12,300 New
26. 2012-01-09
    listed $12,300 Active
27. 2007-04-09
    soldstatus $100,000
28. 1990-07-10
    soldstatus $50,150
29. 1989-08-01
    soldstatus $61,200
30. 1987-10-30
    soldstatus $63,500

ⓘ 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: $3,533 · $294/mo
• Projected year-2 tax: $3,533 · $294/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 2/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥105°F today · 18 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 23% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 7 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,417
• − Mortgage interest: −$9,853
• − Property taxes: −$3,533
• − Insurance: −$880
• − Repairs & maintenance: −$1,633
• − Management: −$1,633
• − HOA: −$360
• − Depreciation: −$5,117
• Taxable loss: −$2,593
• Est. tax savings @ 24.0%: +$622
• After-tax cash flow: $910/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: Dekalb County
• NCES district ID: 1301740
• Math proficiency: 19% ▼ -12.00%
• Reading proficiency: 28% ▼ -7.00%
• Median HH income: $51,448
• Composite: 20.92/100
• National rank: #8482
• State rank: #125 of 174 in GA

Livability — Redan

• Score: 64/100
• State rank: #274
• US rank: #14766

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Redan, GA
• County: Dekalb County · 782,738 people
• City population: 29,279
• Metro: Atlanta-Sandy Springs-Alpharetta, GA
• Population (ZIP): 62,614
• Household income: $61,684
• Rent vs Own: 34.8% rent · 65.2% own
• Severe rent burden: 3471.0

Population outlook (DeKalb County) Hauer SSP2

• Today (2025): 839,977 people
• By 2030: 891,768 · +6.2%
• By 2040: 988,894 · +17.7%
• By 2050: 1,074,583 · +27.9%
• By 2075: 1,245,026 · +48.2%
• By 2100: 1,303,135 · +55.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (91%)
• Race & ethnicity: Black 91% Hispanic / Latino 3% White 3% Two or more races 3%
• Common ancestry: Hispanic 0%
• Foreign-born: 12% · Canada, United Kingdom
• Languages at home: 93% English-only · Spanish 2% French/Haitian/Cajun 1%

Political lean MEDSL · DeKalb

• 2024 margin: Solid D (+64.8) · D 81.9% · R 17.1% · Other 1.0%
• 2008→2024 swing: +6.1pp toward D · 2008: 58.6pp · 2024: 64.8pp
• All cycles: 2024: D+64.8 2020: D+67.4 2016: D+64.8 2012: D+56.8 2008: D+58.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -60.90%
• Current HPI: 224.0366
• Rent YoY: ▲ 1.18%
• 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

+177.0% since first listed

21 events — show timeline

• 2026-06-01 Listed $175,900 FMLS
• 2026-06-01 Listed $175,900 GAMLS
• 2026-05-31 Listing Removed — FMLS
• 2026-05-31 Listing Removed — GAMLS
• 2026-04-14 Listing Removed — GAMLS
• 2026-04-09 Relisted — GAMLS
• 2026-04-06 Listed $179,900 FMLS
• 2026-04-06 Listed $179,900 GAMLS
• 2026-03-31 Listing Removed — GAMLS
• 2026-03-06 Listed $179,900 GAMLS
• 2013-09-25 Listing Removed — FMLS
• 2012-03-12 Sold (MLS) $12,300 GAMLS
• 2012-03-12 Sold (MLS) $12,300 FMLS
• 2012-02-01 Listing Removed — GAMLS
• 2012-01-31 Pending — FMLS
• 2012-01-18 Listed $12,300 GAMLS
• 2012-01-09 Listed $12,300 FMLS
• 2007-04-09 Sold (Public Records) $100,000 Public Records
• 1990-07-10 Sold (Public Records) $50,150 Public Records
• 1989-08-01 Sold (Public Records) $61,200 Public Records
• 1987-10-30 Sold (Public Records) $63,500 Public Records

Property tax history

+4.0%/yr

Latest (2025): $3,533 · +3.5% YoY. Source: county tax records.