3556 Main St

College Park, GA 30337

$1,399,900B-

96 bd · 64.0 ba · — sqft · Built 1920 · MultiFamily · Active · 36 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $20,767/mo
• Mortgage (P&I): −$7,341
• Tax + insurance: −$2,333
• HOA: −$0
• Vac / Maint / Mgmt: −$4,361
• Net cashflow: $6,732/mo
• Annual: $80,778/yr
• Cap rate: 12.06%
• Cash-on-cash: 20.61%
• DSCR: 1.92
• 1% rule: 1.48%
• Cash to close: $391,972

Investor read

• This is a 8 × 12-bed/8.0-bath units multifamily listed at $1.40M. Condition is rated poor.
• At list price, monthly cash flow is $7k ($81k/yr) — positive. Per door: $841/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($21k rent vs $1.40M).
• It's been on market 36 days — a 3% lower offer ($1.36M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.36M (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $10k of loan paydown is wiped out by about $42k of value loss. Plan a longer hold.
• Location reads 59/100 on livability (#408 in GA) — a working-class tenant base; expect higher turnover. Strengths: commute A+, cost of living A+, housing A-; Watch: crime F, amenities F, employment D-.
• 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: Parklane Elementary School (math 24% / reading 24%, grade F, #753 of 1,228 statewide, top 64%, 320 students, 100% FRL); Paul D. West Middle School (math 17% / reading 17%, grade F, #381 of 470 statewide, top 82%, 803 students, 100% FRL); Tri-Cities High School (math 5% / reading 30%, grade F, #264 of 424 statewide, top 63%, 1,483 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 20% at this address vs 51% district-wide (-31 pts) — the specific schools serving this property underperform the Fulton County average; the district grade overstates school quality for this exact location.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents falling (-5.0%/yr); 116 active listings in the ZIP; 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.
• 9 sale attempts since 3y 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 $788k; list at $1.40M implies a 78% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $392k cash investment doubles in ~8 years — after that, you're playing with house money.
• Climate carrying-cost: moderate wind risk, 26% 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.

Questions for listing agent

• It's been on market 36 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1920 — 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?
• 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?

Repairs flagged (vision-AI assessment)

• Major: exterior siding — Significant damage and peeling
• Major: roof — Visible damage and potential leak
• Major: flooring — Worn and damaged
• Major: interior walls/paint — Peeling paint and visible damage
• Major: windows — Old and possibly non-functioning
• Major: HVAC/mechanicals — No visible signs of recent maintenance