319 Smokerise Cir SE

Marietta, GA 30067

$220,000F

2 bd · 2.0 ba · 1,166 sqft · Built 1980 · Condo · Active · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,798/mo
• Mortgage (P&I): −$1,154
• Tax + insurance: −$311
• HOA: −$292
• Vac / Maint / Mgmt: −$378
• Net cashflow: $-336/mo
• Annual: $-4,037/yr
• Cap rate: 4.46%
• Cash-on-cash: -6.55%
• DSCR: 0.71
• 1% rule: 0.82%
• Cash to close: $61,600

Investor read

• This is a 2-bed/2.0-bath condo listed at $220k.
• At list price, monthly cash flow is $-336 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $212k (3.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $180k (18.3% below list).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $180k (18.3% 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 (#7 in GA, #976 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+.
• Cobb County (suburban): math 39% / reading 45% proficiency, ranked #25 of 174 in GA (top 14%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Brumby Elementary School (math 9% / reading 11%, grade F, #1,076 of 1,228 statewide, top 89%, 973 students, 70% FRL); East Cobb Middle School (math 25% / reading 29%, grade F, #271 of 470 statewide, top 60%, 1,334 students, 57% FRL); Wheeler High School (math 25% / reading 36%, grade F, #131 of 424 statewide, top 31%, 2,375 students, 39% FRL) — zoned schools average 56% FRL vs 39% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 22% at this address vs 42% district-wide (-20 pts) — the specific schools serving this property underperform the Cobb County average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+3.9%/yr); 240 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,625 units permitted in Cobb County in 2024 (389 in 5+ unit buildings).
• Cobb County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 7 sale attempts since 7y 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 $149k; 48% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 4.5% vs local median 3.2% in Marietta — 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?
• 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 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?
• 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.