Stone Mountain GA Cap Rates

[Darryl Blalock]

Hello to all.  I'm now looking at quads in the Stone Mountain area of Atlanta and came across a property with a 27K annual income listed at 160K. I'd probably have to borrow my down payment, so essentially the whole amount would be financed. Before even going to look at it, I just want to be sure it's worth the trip. From the description given, I was able to narrow down its location, and the quad sits in a relatively stable B/C area, near schools, public transit and shopping.  All in all a decent location.  Currently waiting on the owner to respond with any recent improvements, so a big question mark there.

Anybody out there currently buying and holding in this area, about a mile west of Stone Mountain Village? What cap rates are you seeing? How does your actual cap rate compare to the rules-of-thumb calculations such as the 1% and 50% rules, or the GRM? What kind of per-door cash flow are you seeing?

I'm new to this, and running the numbers is still awkward, which makes me want to lean on the experience of others for guidance, at least until I get a deal or two under my belt.