Thoughts on East Atlanta (30316) - Glen Emerald Park area

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Thoughts on East Atlanta (30316) - Glen Emerald Park area

Wole Sun
Rental Property Investor · Member since 2019 · 18 posts · 4 votes

 I have been looking for a property for a buy and hold round 250k in Atlanta. At least a 3bedroom 2 bath. This has been a hard task as most areas that are north of downtown are already expensive. West Atlanta (westview, capitol view, adair park) are also expensive and the rent prices are not up there.

 I found a sweet spot in East Atlanta (30316) in dekalb county but Atlanta zip code. it is close to Glen Emerald Park. Homes are between 240 and 280k for a recently renovated house or at least a house that doesnt need alot of work. The school are not great but I am not concerned about the schools but crime is low and looks like an area that will increase in value. Thoughts on this area? anything I should be concerned about? or do you know another area like this within the city that I should consider? Thanks for the help.

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Joel OwensBusiness Member
Moderator
Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
7y

Stay away from old houses or flip houses. That future capex could eat up returns. They tend to lipstick them.

Might want to find a national builder in stage 0 of development. New product, high home owner to low rental ratio, prices tend to rise as sudivision builds out over time. 

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  • Herman Ryals
    Rental Property Investor · Atlanta, GA · Member since 2014 · 6 posts · 3 votes
    7y

    I love the East Atlanta area and used to live there right after college in 2013-2014 in a newly renovated home. Back then houses were still early in the getting flipped process. I haven't spent much time in the area since so it might have changed, but it is still not what I would consider a "low crime" neighborhood. Our home was burgled and many on our street had similar experiences. We were in 30316 South of Glenwood and east of Flat Shoals. 

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  • Wole Sun
    OP
    Rental Property Investor · Member since 2019 · 18 posts · 4 votes
    7y
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  • Herman Ryals
    Rental Property Investor · Atlanta, GA · Member since 2014 · 6 posts · 3 votes
    7y

    I wouldn't even consider that area East Atlanta anymore since it is so far south. I was up further north where it says East Atlanta. The further south you go down Moreland, the worse the neighborhoods get. 

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  • Wole Sun
    OP
    Rental Property Investor · Member since 2019 · 18 posts · 4 votes
    7y

    Unfortunately the area you north of that is priced at low to mid 300s so a bit out of my budget. The house I am looking at is 3 miles south from east Atlanta village and I see a lot of mid 300s homes and new communities in the area.

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  • Joel OwensBusiness Member
    Moderator
    Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
    7y

    Look to strong suburban locations. If you are not lcal to GA then fly in and tour multiple areas.

    You might find when you get here the areas you thought of you do not like and other areas you haven't explored have more merit.

    I do not like areas with FLIP values that are highly cyclical. Last downturn in Atlanta 200k plus house went for 50k and close to Atlanta tends to have very high property taxes which can eat into cash flow returns. 

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  • Wole Sun
    OP
    Rental Property Investor · Member since 2019 · 18 posts · 4 votes
    7y

    Hi Joel. Thanks for the feedback. I am actually local to the area and have a proper close to North Druid hills that I am renting out. I thought about looking into the surburbs but I am priced out of Alpharetta and the likes. My options in the surburbs were Tucker and Smyrna but even those areas are tough to find a move in ready house in the low 200s.  The other surburbs like Lawerenceville, Snellville, Lilburn all seem to have a lot of rentals and might be hard to keep the place rented. 

    I guess I am chasing appreciation by going into the city. I drove the area and it looks quiet and not too far from grant park, east Atlanta village and downtown so I figured a 250k house here could be 300k in 5 years.

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  • Joel OwensBusiness Member
    Moderator
    Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
    7y

    Stay away from old houses or flip houses. That future capex could eat up returns. They tend to lipstick them.

    Might want to find a national builder in stage 0 of development. New product, high home owner to low rental ratio, prices tend to rise as sudivision builds out over time. 

    Podcast Guest on Show #47
    NNN Invest53 Reviews
    WebsiteView Page
    1Reply
  • Joel OwensBusiness Member
    Moderator
    Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
    7y

    If you buy flip house make sure they took video and pictures of the renovation and everything is up to code with proper permits etc. and everything upgraded roof,mechnicals,etc.

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  • Wole Sun
    OP
    Rental Property Investor · Member since 2019 · 18 posts · 4 votes
    7y

    These are great advice. The house I am looking at was flipped 3 years ago so not brand new. The past owner lived there for 3 years so most things like hvac, roof etc are three years old. I didn't know some of these new builds were done poorly.

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  • Michaela G.
    Investor · Atlanta, GA · Member since 2013 · 3k+ posts · 3k+ votes
    7y

    A couple of months ago a jogger was killed at Emerald Lake. Don't know if they found the perpetrator. So, could be stigma lingering. I love that little lake, but haven't been there since and will only go with my big dog. 

    Check out East Point. Close to Downtown. Lots of stuff happening at Ft. McPherson. They're building new homes at Villages of East Point, starting at 190K or so. I have 2  townhouses across the street and am renting  them for 1600 each. That particular area was sort of stuck in the middle of nowhere and lots of stuff happening. Tyler Perry has been building his main entrance to his studio right next to this new development off Stanton rd. 

    https://www.redfin.com/GA/East-Point/1910-Stanton-Rd-30344/home/154866636

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  • Michaela G.
    Investor · Atlanta, GA · Member since 2013 · 3k+ posts · 3k+ votes
    7y

    And here's the post about the murder http://www.fox5atlanta.com/news/jogger-finds-murdered-woman-in-atlanta-park?fbclid=IwAR0yf24t8yEwFIvFn5QbGz2sIaQyHy6tqM8QwjDvnEuM4Ue8rE5-_NEa3eg

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  • Wole Sun
    OP
    Rental Property Investor · Member since 2019 · 18 posts · 4 votes
    7y

    thanks Michaela for the reply. I have read a lot of your posts about Pittsburgh etc. I believe that was an isolated incident and they caught the person. Hopefully it doesn’t hurt the vibe of the area. I see a lot of new developments in the area. So do you think that area won’t appreciate well?

    Also, I will look in the east point area. I have heard a few things about college park and east point having a bright future but I always wonder how long it will take. $1600 is a good amount in east point. I didn’t think the rentals there could get that amount. 

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  • Michaela G.
    Investor · Atlanta, GA · Member since 2013 · 3k+ posts · 3k+ votes
    7y

    Do you have any more information about them having caught the person? I have googled and haven't found anything. 

    Others (my appraiser) thought the area was more of a 1000 rental area. I felt 1600 was good and advertised it that way. Got an immediate tenants. Bought another one 3 weeks later - got an immediate tenant. Someone else bought one and advertised it at 1400 and I called and told him that he needs to go up to 1600. He did and got an immediate tenant (I also told him to advertise as 'Luxury townhouse', which I think made a difference. 

    Villages of East Point is a little pocket that is more SW Atlanta, than it is East Point. We have several pools here, which can be a draw to people. Pretty quiet. No riffraff hanging out. Professional owners and tenants. 

    East Point has Ft. McPherson and Tyler Perry and East Point path for development. College Park is supposedly breaking ground on Airport City this summer. I have 2 lots in the middle of that and I'm buying a house on Herschel Rd. So, I'm putting my money where my mouth is. So, far I've done pretty good with that. ;-)

    1Reply
  • Wole Sun
    OP
    Rental Property Investor · Member since 2019 · 18 posts · 4 votes
    7y

    Here is the link to the article:

    https://www.ajc.com/news/crime--law/man-accused-shooting-killing-woman-found-jogger-dekalb-park/FFxDibJJrRZ1McnT5CQV6J/

    I don't think either one of the them even live in the area. These things happen. I mean I am not saying this is North Druid Hills now or Alpharetta. lol It is still the city but based on my crime search, it is mostly property crimes in the past 6months to one year. there are also been so many sales within the past year and a mid 30s man who bought in the neighborhood said its mostly older folks and new people who are moving in. I do think the further south and east you do, it can slowly get bad but I think the neighborhood might be fine and trending up. Just hoping to get more insight.

    I like your style about the listing. You are definitely helping to raise the rent comps in that area which is good for us. I wanted to buy a house in Tucker and someone on the same street listed a similar house for $1200. In Tucker!  a 3 bedroom 2 bath brick house not far from Lawrenceville. I think I will stick to trying to get the rent I believe a place deserves based on the location and condition.

    Outside of East point, do you have any other recommended areas for a buy and hold? I know the west side/beltline area is booming but the rent comps are pretty low and I'm not sure if it is more inviting for renter right now compared to the southeast area that are not too far south.

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  • Kevin PolitePro Member
    Investor · Decatur Atlanta, GA · Member since 2011 · 611 posts · 232 votes
    7y

    @Wole Sun how far is that from Gresham Park? Is it off Bouldercrest? I have a property off of Fayetteville that Im getting $1350, but the tenant has been there going on 6 years. Rents are $1500/mo for 3/2 and that’s south of I-20. I sold a new build (not mine) for $450k in a subdivision off Bouldercrest that has 100+ homes last year, Eastside Walk. They are starting phase 2 in the $500’s. 

    Gresham Park is up and coming with the usual problems and future benefits of that type of area, most rehabs going for $250k & up. They were $200’s 5 years ago. I wouldn't buy a $250k house for $1500-$1750 in rent, though, great area to flip, know a few investors that did good deals there. 

    Its 3 miles from East Atlanta Village so you have that going for it as EAV is now minimum $300k up to $1mill now. 

    1Reply
  • Wole Sun
    OP
    Rental Property Investor · Member since 2019 · 18 posts · 4 votes
    7y

    @Kevin Polite Hi Kevin, pls see the map above. That specific neighborhood has crestdale dr, emerald and hartfield Cir se. 

    Why wouldn’t you by a 250k place that gets 1700 in rent if the rent is above the mortgage. I’m still new to this so hoping to learn. I’m mostly trying to go after the equity/appreciation. So as long as I can pay the rent and have a little extra to fix the issues I am fine. I thought about buying in Summerhill where I can get a 350k home and rent for 2500 but with all my assets, I can’t afford that much and probably don’t want to invest that much in down payment.   I also don’t know the city enough to risk somewhere cheaper where there might be more crime. 

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  • Wole Sun
    OP
    Rental Property Investor · Member since 2019 · 18 posts · 4 votes
    7y

    @Kevin Polite I see you know a bit about that area. Those streets aren’t too far east side walk. Definitely would appreciate your opinion on that neighborhood where emerald, crest field l and hartfield are in. 

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  • Kevin PolitePro Member
    Investor · Decatur Atlanta, GA · Member since 2011 · 611 posts · 232 votes
    7y

    @Wole Sun That is about a 5 mile radius that your drew which is a bit wide. I wouldn't go more than 1 mile outside where you're looking if you have a specific property in mind. e.g. 2396 Young St would sell in the mid $300's, but you can still find fixer uppers in the $150's. I prefer 50's-60's ranch  homes that can be found, but in general I like the area as a whole due to its proximity to EAV and Southside & Eastside Beltline. Just need to find a good deal. 

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  • Wole Sun
    OP
    Rental Property Investor · Member since 2019 · 18 posts · 4 votes
    7y

    @Kevin Polite thanks. I feel better about the area.  I’ll see what I can find. 

    0Reply
  • Dan Cotter
    Developer · Atlanta, GA · Member since 2014 · 46 posts · 18 votes
    7y

    @Wole Sun Sorry to reply to your question with another (unrelated) question, but you mentioned you have another rental in North Druid Hills, which piqued my curiosity. I'm looking into doing a househack in that area. What do your numbers look like there? Also curious how your general experience has been in the neighborhood as an investor, and any lessons learned (what tenants expect in terms of finish level and features, rents, what your expenses are like, etc.)

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  • Wole Sun
    OP
    Rental Property Investor · Member since 2019 · 18 posts · 4 votes
    7y

    @Dan Cotter

    North Druid Hills is a developed and nice area. Rentals don’t need to be furnished. The area is close to everything so I’ve always found tenants easily who are willing to pay any where from 1850/1900 and up for a 3br house

    1Reply
  • Wole Sun
    OP
    Rental Property Investor · Member since 2019 · 18 posts · 4 votes
    7y

    @Dan Cotter

    The house I have there doesn’t need much maintenance and I have good tenants. A lot of people work at the CDC or emory and want to be close by. Most are mid 30s to mid 40s with families.

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  • Dan Cotter
    Developer · Atlanta, GA · Member since 2014 · 46 posts · 18 votes
    7y

    @Wole Sun Thanks!

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