1198 Ashborough Ter SE Unit J

Marietta, GA 30067

$179,000D

3 bd · 1.5 ba · 1,314 sqft · Built 1973 · Condo · Active · 121 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,893/mo
• Mortgage (P&I): −$939
• Tax + insurance: −$211
• HOA: −$450
• Vac / Maint / Mgmt: −$398
• Net cashflow: $-104/mo
• Annual: $-1,250/yr
• Cap rate: 5.59%
• Cash-on-cash: -2.49%
• DSCR: 0.89
• 1% rule: 1.06%
• Cash to close: $50,120

Investor read

• This is a 3-bed/1.5-bath condo listed at $179k.
• At list price, monthly cash flow is $-104 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $161k (10.3% below list).
• Meets the 1% rule at list price ($2k rent vs $179k).
• It's been on market 121 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $158k (12.0% below list) — sets the bar for market timing.
• 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.
• 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: Powers Ferry Elementary School (math 22% / reading 22%, grade F, #810 of 1,228 statewide, top 69%, 413 students, 79% 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 58% FRL vs 39% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 26% at this address vs 42% district-wide (-16 pts) — the specific schools serving this property underperform the Cobb County average; the district grade overstates school quality for this exact location.
• Watch-outs: HOA is 24% of rent.
• Market conditions: Rents rising (+3.9%/yr); 243 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 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.
• 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.
• Current owner paid $46k; list at $179k implies a 289% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.6% vs local median 3.1% 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?
• It's been on market 121 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?