821 Ralph Mcgill Blvd NE #3217

Atlanta, GA 30306

$235,000F

1 bd · 1.0 ba · 646 sqft · Built 2001 · Condo · Active · 31 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,926/mo
• Mortgage (P&I): −$1,232
• Tax + insurance: −$446
• HOA: −$283
• Vac / Maint / Mgmt: −$404
• Net cashflow: $-440/mo
• Annual: $-5,274/yr
• Cap rate: 4.05%
• Cash-on-cash: -8.02%
• DSCR: 0.64
• 1% rule: 0.82%
• Cash to close: $65,800

Investor read

• This is a 1-bed/1.0-bath condo listed at $235k.
• At list price, monthly cash flow is $-440 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $207k (11.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $193k (18.0% below list).
• It's been on market 31 days — a 3% lower offer ($228k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $193k (18.0% 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 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: Springdale Park Elementary School (math 72% / reading 75%, grade A, #37 of 1,228 statewide, top 3%, 742 students, 11% FRL); 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 16% FRL vs 71% district-wide (55 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 54% at this address vs 32% district-wide (+23 pts) — the actual schools serving this property are materially stronger than the Atlanta Public Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+7.4%/yr); 189 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 3d 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.
• 7 sale attempts since 6y 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.
• Cap rate 4.0% vs local median 3.1% in Atlanta — 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 31 days. Have you received any prior offers? Is the seller open to a 18% 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.