Brookhaven (ATL) GA question

[Charles M.]

Hi, newbie here living out of state. Last year we bought fully refurbed older 3/3 single family cape in Brookhaven for little over $300k, paid cash.  It is great location and nice layout 1,400 sq ft. We live out of state but plan to use it occasionally for next 2-3 years then sell it or rent it out. 

We love area so much we are thinking of buying second single family and renting it out immediately. We think location and growth are good combination. Prices are up since last year but I think we can find something in $350k range.

What type of cap rate in Brookhaven are most investors looking for right now, I figured we can get 7.5% - 8.5%, I realize this is low but area is uber expensive and very hot, even at this it is nice diversification from stock market. 

My first question is rents, what are single family rents going for in this area? Zillow est. ours will rent for $2400/mo, but we had son of friend ask if we would rent to him and buddy for $2,600? He told me how much apts are getting and he would love to rent our place. As stated we are  enjoying it for next 2-3 years ourselves so no desire to rent this out right now.

We don't do debt so before sinking another $350K+ more into market on second home I was wondering what folks here thought of current rents in relation to prices and cap rates? and general capital appreciation for area.

Thanks