61 Pine St NE

Fairburn, GA 30213

$239,900B

4 bd · 2.0 ba · — sqft · Built 1963 · MultiFamily · Pending · 48 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,444/mo
• Mortgage (P&I): −$1,258
• Tax + insurance: −$400
• HOA: −$0
• Vac / Maint / Mgmt: −$723
• Net cashflow: $1,063/mo
• Annual: $12,754/yr
• Cap rate: 11.61%
• Cash-on-cash: 18.99%
• DSCR: 1.84
• 1% rule: 1.44%
• Cash to close: $67,172

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $240k.
• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $531/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $240k).
• It's been on market 48 days — a 3% lower offer ($233k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $233k (3.0% below list) — sets the bar for market timing.
• 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 63/100 on livability (#291 in GA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, amenities F, commute F.
• Fulton County (suburban): math 49% / reading 53% proficiency, ranked #12 of 174 in GA (top 7%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Campbell Elementary School (math 27% / reading 22%, grade F, #753 of 1,228 statewide, top 64%, 568 students, 100% FRL); Creekside High School (math 30% / reading 24%, grade F, #160 of 424 statewide, top 38%, 1,768 students, 100% FRL) — zoned schools average 100% FRL vs 41% district-wide (59 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 26% at this address vs 51% district-wide (-25 pts) — the specific schools serving this property underperform the Fulton County average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+2.5%/yr); 531 active listings in the ZIP; 27 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 11,565 units permitted in Fulton County in 2024 (8,159 in 5+ unit buildings).
• Fulton County population projected at +38% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 13 sale attempts since 8y ago; this cycle's ask is 4% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $137k; list at $240k implies a 75% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 2.5% rent growth), your $67k cash investment doubles in ~7 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 11.6% vs local median 4.0% in Fairburn — 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

• It's been on market 48 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.