118 N Woodland Dr Unit 1 AND 2

Doraville, GA 30340

$419,990F

None bd · None ba · — sqft · Built 1961 · Condo · Active · 60 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,809/mo
• Mortgage (P&I): −$2,202
• Tax + insurance: −$700
• HOA: −$0
• Vac / Maint / Mgmt: −$380
• Net cashflow: $-1,473/mo
• Annual: $-17,678/yr
• Cap rate: 2.08%
• Cash-on-cash: -15.03%
• DSCR: 0.33
• 1% rule: 0.43%
• Cash to close: $117,597

Investor read

• This is a condo listed at $420k. Condition is rated good.
• At list price, monthly cash flow is $-1k ($-18k/yr) — negative.
• To cash-flow at today's rent, offer at most $207k (50.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $181k (56.9% below list).
• It's been on market 60 days — a 3% lower offer ($407k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $181k (56.9% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Location reads 55/100 on livability (#509 in GA) — a working-class tenant base; expect higher turnover. Strengths: housing A+, employment A-, cost of living B+; Watch: schools F, crime F, amenities F.
• 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.
• Market conditions: Rents soft (-2.2%/yr); 87 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 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.
• 2 sale attempts 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.
• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 2.1% vs local median 3.3% in Doraville — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.
• This rent runs 35% of the median local income ($63k/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?
• It's been on market 60 days. Have you received any prior offers? Is the seller open to a 57% concession, seller financing, or rate buy-down credit?
• Built in 1961 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 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?
• Crime grade is F 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?
• 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?