3209 W Manor Cir SW · Atlanta, GA 30311

$174,900

2 bd · 1.5 ba · 1,389 sqft · SingleFamily public records · 16 Days on market

Built 1956 0.44 ac lot $126/sqft · 45% below area Est $318k · 45% under

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +24.8/30.0
• ARV discount +15.0/15.0
• DSCR +8.0/10.0
• 1% rule +6.4/10.0
• Livability +4.2/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Excellent opportunity for a high end renovation. Great build quality with four sided brick. 1,389 sqft above ground with a partial basement. Large and flat front and back yards, great curb appeal. Investors only, cash only.

Key facts

• 0.44 acre lot
• Parking
• Built 1956

Property features AI

Finance

• HOA & community: Curbs; Near Beltline; Near public transport; Near schools; Near shopping; Near trails/greenway; Street lights

Exterior

• Parking: Covered carport (1 space); Driveway with level access; Open parking available
• Utilities: Public water; Public sewer; 110-volt electric; Cable available; Electricity available; Natural gas available; Phone available; Water available; Sewer available
• Home design: One level; Brick 4 sides construction; Composition roof; Block foundation; Resale property
• Construction: Brick 4 sides construction; Composition roof; Block foundation
• Exterior features: Awning(s); Garden; Private entrance; Private yard / backyard; Rain gutters; Back yard fencing; Patio

Interior

• Kitchen: Eat-in country kitchen with stained cabinets and pantry; Electric range; Refrigerator
• Bedrooms: Two main-level bedrooms; Oversized master bedroom; Master on main; Roommate floor plan
• Flooring: Carpet; Vinyl
• Bathrooms: One full bathroom; Master bathroom with tub/shower combo; Main-level bathroom
• Heating & cooling: Central heating (forced air); Central air; Ceiling fans
• Interior features: Wood frame windows; No common walls; Other interior features; Crawl space with interior entry (partial)
• Laundry & utility: Laundry on main level

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $368 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Recommended offer: $172k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.8% 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.

Location & tenants

• 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: West Manor Elementary School (math 24% / reading 24%, grade F, #753 of 1,228 statewide, top 64%, 248 students, 100% FRL); Jean Childs Young Middle School (math 2% / reading 12%, grade F, #449 of 470 statewide, top 97%, 747 students, 100% FRL); Benjamin E. Mays High School (math 22% / reading 15%, grade F, #254 of 424 statewide, top 61%, 1,337 students, 100% FRL) — zoned schools average 100% FRL vs 71% district-wide (29 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 17% at this address vs 32% district-wide (-15 pts) — the specific schools serving this property underperform the Atlanta Public Schools average; the district grade overstates school quality for this exact location.
• Market conditions: Rents soft (-0.2%/yr); 250 active listings in the ZIP; 34 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 11,565 units permitted in Fulton County in 2024 (8,159 in 5+ unit buildings).
• At $1,996/mo this rent would consume 47% of the median local household income ($51k/yr) (locally 2825% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• 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.
• Fulton County population projected at +38% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $14k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $172,276 (1.5% below list)

Questions for the listing agent

1. Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.14% ✓
• Cap rate: 8.82%
• Cash-on-cash: 9.02%
• DSCR: 1.40
• GRM: 7.3

CMA / ARV

• ARV (median comp): $317,545
• List price: $174,900
• Delta: -44.92%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3209 W Manor Cir SW	0.00mi	2/1.0	1,389 (0%)	0mo	$160,000	$115	98
3219 W Manor Ln	0.02mi	3/2.0 (+1)	1,592 (+15%)	9mo	$349,000	$219	60
3265 Spreading Oak Dr SW	0.45mi	3/2.0 (+1)	1,288 (-7%)	4mo	$200,000	$155	57
3330 SW Pamlico Dr	0.39mi	3/2.0 (+1)	1,502 (+8%)	6mo	$280,000	$186	56
758 Braemar Ave SW	0.22mi	3/2.0 (+1)	1,278 (-8%)	18mo	$145,000	$113	55
3050 Rebecca Dr SW	0.55mi	3/2.0 (+1)	1,416 (+2%)	12mo	$255,000	$180	55
448 Thackery SW	0.69mi	3/2.0 (+1)	1,320 (-5%)	6mo	$250,000	$189	47
970 Tuckawanna Dr	0.67mi	3/1.0 (+1)	1,471 (+6%)	16mo	$250,000	$170	38
3457 Spreading Oak Dr SW	0.67mi	3/2.0 (+1)	1,564 (+13%)	7mo	$205,000	$131	35

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -6.1%
• Equity multiple: 0.78×
• Total profit: $-10,718
• Equity at exit: $26,078

10-year hold

• IRR: -0.6%
• Equity multiple: 0.97×
• Total profit: $-1,630
• Equity at exit: $15,122

Cash invested: $48,972 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State Georgia: 90 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

Magistrate court evictions in 10-30 days; no rent control; preempted; few tenant protections.

Methodology + full state rankings →

ZIP-level market 30311

• Home prices YoY: -33.3%
• Rents YoY: -0.2%
• Active inventory: 250
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $1,996 high
• Mortgage (P&I): −$917
• Tax est. 1.5%: −$219 /mo · $2,624/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$419
• Net cashflow: $368

Break-even live

Break-even rent $1,530

Max offer price $174,900

Occupancy floor 77%

Sensitivity live

Price	-10% $489	-5% $429	+0% $368	+5% $308	+10% $247
Rent	-10% $210	-5% $289	+0% $368	+5% $447	+10% $526
Rate	-1.0pp $456	-0.5pp $413	base $368	+0.5pp $323	+1.0pp $277

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $43,725
• Closing costs: $5,247
• Reserves months: —
• Total cash needed: —

Rent comps 34 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3311 Rabun Dr SW Atlanta, GA	3.0	2.0	1523	$2,350	$1.54	25d	1	0.30mi
3039 Lynn Dr SW Atlanta, GA	3.0	2.0	1756	$2,300	$1.31	25d	1	0.30mi
871 Laurelmont Dr SW Atlanta, GA	3.0	2.0	1210	$2,000	$1.65	25d	1	0.37mi
1026 Lynhurst Dr SW Atlanta, GA	3.0	2.0	1728	$2,500	$1.45	14d	1	0.65mi
1026 Lynhurst Dr SW Atlanta, GA	3.0	2.0	1728	$2,500	$1.45	0d	1	0.65mi
513 Constellation Overlook SW Atlanta, GA	3.0	2.5	1446	$2,300	$1.59	25d	1	0.71mi
3230 Cushman Cir SW Atlanta, GA	2.0	1.0	1143	$1,200	$1.05	9d	1	0.79mi
658 Providence Pl SW Atlanta, GA	3.0	3.5	1571	$2,100	$1.34	25d	1	0.81mi
648 Providence Pl SW #37 Atlanta, GA	3.0	3.5	1416	$2,195	$1.55	25d	1	0.82mi
648 Providence Pl SW #37 Atlanta, GA	3.0	3.5	1416	$2,195	$1.55	0d	1	0.82mi
294 Brownlee Rd SW Atlanta, GA	2.0	1.5	950	$1,050	$1.11	18d	2	0.83mi
708 Crestwell Cir SW Atlanta, GA	2.0	2.5	1236	$1,645	$1.33	25d	1	0.84mi
897 Ambient Way SW Atlanta, GA	2.0	2.5	1500	$2,155	$1.44	25d	1	0.86mi
722 Crestwell Cir #722 Atlanta, GA	2.0	3.0	1440	$2,279	$1.58	22d	1	0.87mi
3616 Utoy Dr SW Atlanta, GA	3.0	3.5	1496	$1,950	$1.30	45d	1	0.87mi
887 Ambient Way SW Atlanta, GA	2.0	2.5	1344	$2,250	$1.67	25d	1	0.88mi
460 Peyton Rd SW Unit B Atlanta, GA	2.0	2.0	1500	$2,000	$1.33	25d	1	0.88mi
778 Nehemiah Ln SW Atlanta, GA	2.0	2.5	1576	$1,950	$1.24	25d	1	0.89mi
755 Crestwell Cir SW Atlanta, GA	2.0	2.5	1546	$1,800	$1.16	25d	1	0.91mi
832 Ambient Way SW Atlanta, GA	2.0	2.5	1500	$2,250	$1.50	25d	1	0.91mi
841 Ambient Way SW Atlanta, GA	2.0	2.5	1344	$1,895	$1.41	0d	1	0.93mi
841 Ambient Way SW Atlanta, GA	2.0	2.5	1344	$1,895	$1.41	18d	1	0.93mi
3691 Manor Ct SW Atlanta, GA	2.0	2.0	944	$1,500	$1.59	25d	1	1.14mi
3606 Ginnis Dr SW #8 Atlanta, GA	2.0	2.5	1224	$1,411	$1.15	9d	1	1.20mi
415 Fairburn Rd SW Atlanta, GA	1.0–3.0	1.0–2.0	890	$1,258	$1.41	0d	31	1.25mi
3188 Delmar Ln NW Atlanta, GA	3.0	2.0	1124	$2,400	$2.14	25d	1	1.29mi
139 Peyton Pl SW Atlanta, GA	2.0	2.0	1008	$1,150	$1.14	6d	1	1.31mi
139 Peyton Pl SW Atlanta, GA	2.0	1.5	1008	$1,150	$1.14	25d	1	1.31mi
751 Fairburn Rd SW Atlanta, GA	1.0–3.0	1.0–2.0	1162	$1,770	$1.52	0d	31	1.35mi
3354 Delmar Ln NW Atlanta, GA	3.0	2.0	1170	$1,700	$1.45	25d	1	1.37mi
1212 Utoy Springs Rd SW #38 Atlanta, GA	2.0	1.0	875	$1,400	$1.60	18d	1	1.38mi
100 Peyton Pl SW Atlanta, GA	1.0–3.0	1.0–2.0	1040	$1,574	$1.51	0d	25	1.45mi
95 Howell Dr SW Atlanta, GA	3.0	2.5	1840	$1,840	$1.00	15d	1	1.46mi
87 Howell Dr SW Atlanta, GA	3.0	2.5	1840	$2,700	$1.47	25d	1	1.46mi

Listing history 6 events

1. 2026-05-14
   price $174,900 223-char remark

   Show marketing remark (223 chars)

   Excellent opportunity for a high end renovation. Great build quality with four sided brick. 1,389 sqft above ground with a partial basement. Large and flat front and back yards, great curb appeal. Investors only, cash only.

2. 2026-05-14
   price $174,900 223-char remark

   Show marketing remark (223 chars)

   Excellent opportunity for a high end renovation. Great build quality with four sided brick. 1,389 sqft above ground with a partial basement. Large and flat front and back yards, great curb appeal. Investors only, cash only.

3. 2026-05-02
   listed $189,000 Active 223-char remark
4. 2026-05-01
   listed $189,000 New 223-char remark

   Show marketing remark (223 chars)

   Excellent opportunity for a high end renovation. Great build quality with four sided brick. 1,389 sqft above ground with a partial basement. Large and flat front and back yards, great curb appeal. Investors only, cash only.

5. 2026-04-22
   soldstatus $132,000
6. 1988-04-01
   soldstatus $64,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥103°F today · 18 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,951
• − Mortgage interest: −$9,797
• − Property taxes: −$2,624
• − Insurance: −$874
• − Repairs & maintenance: −$1,916
• − Management: −$1,916
• − Depreciation: −$5,088
• Taxable income: $1,736
• Est. tax owed @ 24.0%: −$417
• After-tax cash flow: $4,000/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Atlanta Public Schools
• NCES district ID: 1300120
• Math proficiency: 28% ▼ -6.00%
• Reading proficiency: 35% ▼ -2.00%
• Median HH income: $48,306
• Composite: 27.27/100
• National rank: #7006
• State rank: #80 of 174 in GA

Livability — Atlanta

• Score: 83/100
• State rank: #6
• US rank: #919

Category grades

Amenities A+ Commute A+ Cost of living C- Crime A Employment B Housing A+ Health & safety A- User ratings D+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Atlanta, GA
• County: Fulton County · 1,094,430 people
• City population: 629,525
• Metro: Atlanta-Sandy Springs-Alpharetta, GA
• Population (ZIP): 34,953
• Household income: $50,649
• Rent vs Own: 57.1% rent · 42.9% own
• Severe rent burden: 2825.0

Population outlook (Fulton County) Hauer SSP2

• Today (2025): 1,203,707 people
• By 2030: 1,299,706 · +8.0%
• By 2040: 1,488,256 · +23.6%
• By 2050: 1,664,580 · +38.3%
• By 2075: 2,036,072 · +69.2%
• By 2100: 2,222,402 · +84.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (89%)
• Race & ethnicity: Black 89% Hispanic / Latino 4% Two or more races 4% White 3%
• Common ancestry: Hispanic 1%
• Foreign-born: 5% · Canada
• Languages at home: 93% English-only · Spanish 3% French/Haitian/Cajun 1% Korean 1%

Political lean MEDSL · Fulton

• 2024 margin: Solid D (+44.9) · D 71.9% · R 27.0% · Other 1.1%
• 2008→2024 swing: +9.8pp toward D · 2008: 35.0pp · 2024: 44.9pp
• All cycles: 2024: D+44.9 2020: D+46.4 2016: D+42.1 2012: D+29.6 2008: D+35.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -129.99%
• Current HPI: 259.954
• Rent YoY: ▼ -0.19%
• Metro: Atlanta-Sandy Springs-Alpharetta, GA
• State GDP YoY: ▲ 2.66%
• F500 in state: 28

Industry mix (Fortune 500 HQ in GA)

Industry	F500 HQs	Revenue
▸Paper / Packaging	2	$29B
▸Retail	1	$160B
▸Transportation / Logistics	1	$91B
▸Airlines	1	$62B
▸Consumer Goods	1	$47B
▸Utilities	1	$25B

Price history

+150.0% since first listed

10 events — show timeline

• 2026-06-12 Sold (MLS) $160,000 GAMLS
• 2026-06-12 Sold (MLS) $160,000 FMLS
• 2026-05-19 Pending — GAMLS
• 2026-05-19 Pending — FMLS
• 2026-05-14 Price Changed $174,900 FMLS
• 2026-05-14 Price Changed $174,900 GAMLS
• 2026-05-02 Listed $189,000 FMLS
• 2026-05-01 Listed $189,000 GAMLS
• 2026-04-22 Sold (Public Records) $132,000 Public Records
• 1988-04-01 Sold (Public Records) $64,000 Public Records

Property tax history

+2.8%/yr

Latest (2025): $62 · -80.8% YoY. Source: county tax records.