Example Investment Memo

The South Fulton rental from the AI Search example — purchase price, rent, comps, and the offer in one report.

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Sample memo for illustration — not a live listing.

For sale · Listed Oct 4, 2026

435 Burdett Ridge Ct

South Fulton, GA 30349

$199,999

3 bd · 2.5 ba · 1,804 sqft · Built 1999

Single family · Realtor.com

A+ · Long-Term Rental · 100/100

Recommended purchase: $189,000
Monthly cash flow: $1,000/mo
After-repair value: $240,000
Cap rate: 8.8%

Final recommendation

Long-term rental, bought below the ask

Listed at $199,999 in South Fulton. About $30,900 of work — upstairs flooring, the kitchen, and a full repaint — supports $1,950 a month in rent and a $240,000 after-repair value.

Long-term rental is the call: A+ and a score of 100, ahead of BRRRR at 73. At $189,000 the hold is about $1,000 a month, an 8.8% cap rate, and 14.3% cash-on-cash, without refinancing on day one.

Open at $180,000. Stretch to $186,000. $189,000 is the recommended purchase, $10,999 under ask.

Opening offer: $180,000
Stretch: $186,000
Recommended: $189,000

Comparable sales

2 sales · 1.5 mi · 37% confidence

No sales inside the auto filters. The nearest closed sales outside those filters are shown. 2879 Two Lake Cir is the ARV benchmark; 5920 Old Carriage Dr is the unrenovated floor.

Address	Price	Beds	Sqft	Sold	Distance	$/sqft
2879 Two Lake Cir	$253,000	3/2.5	1,936	Aug 3, 2026	0.3 mi	$131
5920 Old Carriage Dr	$119,000	3/2	1,325	Jul 24, 2026	0.23 mi	$90

2879 Two Lake Cir. Same community, 0.3 miles away. Matching bed count, baths, and size — the benchmark for a renovated value near $253,000.
5920 Old Carriage Dr. 1955 build at a distressed price. Useful as the neighborhood floor, not as the after-repair value.

Rental analysis

Section 8 leads the rent table

$2,106/mo · 8% cap · 15.3% cash-on-cash. The final call is still a long-term rental.

Type	Rent	Occ.	Income	Expenses	Cash flow	Cap	CoC
Long-Term Rental	$1,950	95%	$22,230	$6,678	$1,000/mo	8.8%	14.3%
Medium-Term Rental	$2,633	85%	$26,857	$7,680	$1,204/mo	8.7%	17.2%
Short-Term Rental	$4,290	65%	$33,462	$9,683	$1,588/mo	10.8%	22.7%
Section 8Best	$2,106	96%	$24,261	$6,678	$1,072/mo	8%	15.3%
PadSplit	$3,218	88%	$33,982	$9,015	$1,687/mo	11.4%	24.2%

The numbers

At a $189,000 purchase

Income

List price: $199,999
Recommended purchase: $189,000
Renovation: $30,900
Market rent: $1,810–$2,100/mo
Modeled rent: $1,950/mo
Section 8, 3BR: $2,106/mo
Gross income: $23,400/yr
Operating expenses: $6,678/yr
Expense ratio: 24.8%
NOI: $16,722/yr

Debt and return

Down payment, about 25%: $47,250
Loan: $141,750 · 0% · 30 yr
Monthly principal & interest: $394
Cash invested: $83,820
Levered cash flow: $1,000/mo
All-cash cash flow: $1,394/mo
Cap rate on purchase: 8.8%
All-in cap rate: 7.6%

Operating expenses: taxes $864, insurance $900, vacancy $1,170, maintenance $1,872, property management $1,872.

Condition

$17,400–$47,500 rehab

Interior
Fair, 58/100. Upstairs laminate is separating, laundry vinyl is torn, and the kitchen still has DIY teal cabinets and worn counters.
Exterior
Vinyl siding and the driveway need a wash. Siding itself looks intact.
Rehab range
$17,400–$47,500, medium confidence. The underwriting uses $30,900.

Market

South Fulton, about 109,000 people, growing 1.2% a year.
Fulton County schools score 5.6/10.
Near Hartsfield-Jackson and logistics corridors, which supports both renters and first-time buyers.
3-bedroom rents run $1,810–$2,100, with Section 8 support near $2,106.
18 active listings, 53-day median days on market, median ask $246,000. This ask sits under the 25th percentile.

Offer

What to say, and what to check

The ask has already been cut twice, about $30,001 in total, including a recent $10,000 reduction.
$9,000 to replace separated upstairs laminate and torn laundry vinyl.
$9,000 for the kitchen: DIY teal cabinets, worn counters, and ceiling damage over the sink.
$5,700 to repaint high-saturation colors across the house.
Exterior clearing for trees over the roofline, plus a missing bathroom vanity drawer.

Due diligence

Inspect HVAC, water heater, and roof age.
Confirm title and property-tax status.
Check trees along the rear and side for siding or shingle damage.
Inspect upstairs flooring for moisture or an uneven subfloor.
If pursuing Section 8, contact the local housing authority.

Risks

Trees along the rear and side could damage siding or shingles.
Gapping upstairs floors may be moisture or an uneven subfloor.
Bathrooms are thin in the listing photos — one vanity drawer is missing, and the tops show wear.

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