3904 Stillwater Dr

Norcross, GA 30096

$215,000D

3 bd · 2.0 ba · 1,748 sqft · Built 1996 · Condo · Active · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,184/mo
• Mortgage (P&I): −$1,127
• Tax + insurance: −$358
• HOA: −$265
• Vac / Maint / Mgmt: −$459
• Net cashflow: $-25/mo
• Annual: $-303/yr
• Cap rate: 6.15%
• Cash-on-cash: -0.50%
• DSCR: 0.98
• 1% rule: 1.02%
• Cash to close: $60,200

Investor read

• This is a 3-bed/2.0-bath condo listed at $215k.
• At list price, monthly cash flow is $-25 ($-303/yr) — negative.
• To cash-flow at today's rent, offer at most $211k (1.7% below list).
• Meets the 1% rule at list price ($2k rent vs $215k).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $211k (1.7% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#67 in GA) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living B+; Watch: crime C-, amenities F, commute D-.
• Gwinnett County (suburban): math 39% / reading 43% proficiency, ranked #32 of 174 in GA (top 18%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Ferguson Elementary School (math 17% / reading 22%, grade F, #878 of 1,228 statewide, top 75%, 819 students, 80% FRL); Radloff Middle School (math 11% / reading 20%, grade F, #392 of 470 statewide, top 84%, 1,299 students, 89% FRL); Meadowcreek High School (math 12% / reading 17%, grade F, #315 of 424 statewide, top 76%, 2,663 students, 79% FRL) — zoned schools average 83% FRL vs 47% district-wide (35 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 16% at this address vs 41% district-wide (-24 pts) — the specific schools serving this property underperform the Gwinnett County average; the district grade overstates school quality for this exact location.
• Market conditions: Rents falling (-3.2%/yr); 274 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 8d on market — plan ~1-2 weeks tenant-placement turnaround); 5,607 units permitted in Gwinnett County in 2024 (1,277 in 5+ unit buildings).
• Gwinnett County population projected at +47% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $82k; list at $215k implies a 161% gain — meaningful room to come down on a strong offer.
• Cap rate 6.2% vs local median 3.5% in Norcross — 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.
• This rent runs 35% of the median local income ($75k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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?
• 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.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.