Would you buy a house like this...cash? (Atlanta, Decatur: middle-class, short sale)

[jpatlanta]

Must be something wrong at that price. If not you can rent it out and be in positive cashflow easy even after property tax and insurance.

I bet it needs serious money spent on it and other undisclosed issues..............

[PressureDrop]

Originally Posted by southkakkatlantan

Where is it?

3863 Creekbank Cv Decatur, GA 30034 - Google Maps

At least a 15-20 minute drive from Decatur proper with the way traffic is on 285. Surface streets would likely be the fastest route at certain times of the day, but at others it could push close to an hour with traffic and stop lights/signs. As already stated, it is not a "bad" area but it is not going to be jumping up in value either (though at that price, you *could* potentially make a profit, just not a huge one).

[equinox63]

Decatur GA 30034 Homes for Sale & 30034 Real Estate - Zillow

Are areas with home prices like these really that unbelievable? I've seen entire communities that had homes worth $180k to $200k that are now worth $40k to $60k...

I just think it is what it is... a neighborhood with greatly reduced housing values.

[ATL_II_DMV]

I would purchase the property if I had th cash.

The value won't appreciate in the near future, but you should be able to rent the house for at least $1,000/month.

After the cost of repairs, maintenance, etc. You'll make that 39K+repairs back in about 4-5 years and then you'll have a monthly cash flow of an extra 1K as long as the house is still standing.

I plan on buying about 3 more cheap townhouses in the Atl metro for around that price. You can make at least 900 per month off of them and many of them were built after 2000 so you don't have to worry about as many repair issues of older homes. Most of the repairs will be cosmetic or damages from bad tenants from time to time

[sirrob]

An investor would've snapped this up LOOOONG before it even hit the MLS if it was a TRULY good deal.

If it sound too good to be true...

[Big L]

Not just no, but heck no.

I lived in 30034 about a decade ago and it was declining even back then. Also, what the map may miss is that this subdivision is a very short drive from South DeKalb Mall.

Trying to buy and then rent out is very risky in this market. I know someone right now that has a couple of properties that he has been trying to rent out for months with no success. Even if you can buy it for cash, the old real estate adage of "location, location, location" still rings true. In this market, most people aren't going to rent in a bad school district when they can go one or two counties over and rent for around the same price with better schools and shopping/dining options.

[B.K.]

By what stretch of anyone's imagination would this be considered "Decatur?" South of I-20 and east of 285? Perhaps a prettier piece of artistic license would read, "...gorgeous East Panthersville, just a short and equally perilous walk to South Dekalb Mall and a state-of-the-art (for 1960) state mental hospital..." Worked in that area for years, wouldn't live their for free. Judging from the number of other properties listed for roughly similar prices, nobody else wants to either.

[Big L]

Originally Posted by B.K.

By what stretch of anyone's imagination would this be considered "Decatur?" South of I-20 and east of 285? Perhaps a prettier piece of artistic license would read, "...gorgeous East Panthersville, just a short and equally perilous walk to South Dekalb Mall and a state-of-the-art (for 1960) state mental hospital..." Worked in that area for years, wouldn't live their for free. Judging from the number of other properties listed for roughly similar prices, nobody else wants to either.

The post office gave that zip code and a couple of others next to it a Decatur address, so some people still refer to it as "Decatur" even though it is well outside of the city limits. It was always a source of confusion way back when I was in unincorporated DeKalb with a Decatur mailing address. Most people naturally thought of the City of Decatur when you said that you "lived in Decatur".

This wouldn't be an issue if there weren't so many unincorporated areas in Metro Atlanta, but that's another issue in itself.

[equinox63]

Originally Posted by B.K.

By what stretch of anyone's imagination would this be considered "Decatur?" South of I-20 and east of 285? Perhaps a prettier piece of artistic license would read, "...gorgeous East Panthersville, just a short and equally perilous walk to South Dekalb Mall and a state-of-the-art (for 1960) state mental hospital..." Worked in that area for years, wouldn't live their for free. Judging from the number of other properties listed for roughly similar prices, nobody else wants to either.

Going by sheer numbers... I think more people think of unincorporated Dekalb when they hear "Decatur" than those that think solely of the City of Decatur. For certain people, the Decatur courthouse is the heart of Decatur. However, many others consider Candler Rd between South Dekalb and Glenwood as the heart of Decatur. It's not so unfathomable considering that the entire area has a Decatur address. Its like criticizing people who live off North Druid Hills or near Northlake if they say they live in Atlanta.

[equinox63]

Originally Posted by Big L

Not just no, but heck no.

I lived in 30034 about a decade ago and it was declining even back then. Also, what the map may miss is that this subdivision is a very short drive from South DeKalb Mall.

Trying to buy and then rent out is very risky in this market. I know someone right now that has a couple of properties that he has been trying to rent out for months with no success. Even if you can buy it for cash, the old real estate adage of "location, location, location" still rings true. In this market, most people aren't going to rent in a bad school district when they can go one or two counties over and rent for around the same price with better schools and shopping/dining options.

FWIW, I think the areas south and east of South Dekalb Mall are a lot better than the areas north of the mall (before Memorial Dr.) Think about Grant Park. Its right next to Summerhill and Turner Field and that area is a whole lot worse than the area around South Dekalb Mall. When you have some free time, ride down Rainbow Dr. (between Wesley Chapel and Candler Rd.) on a sunny day and let us know what you think. I think that if you did not know any better, you would think that you were in Oak Grove... Is Southwest Dekalb a bad school? Many people laud it... Ultimately, I do agree that buying rental property in the area may not be the way to go... If you wanted to actually live and invest into the community, then that's another story.