Combined NOI
$87,903/yr
Actuals,
not pro forma
not pro forma
Off Market
3 Houses · 25 Rooms
Management in Place
Three turnkey PadSplits. One no-brainer bundle.
Three houses, off market, all operating and cash flowing today. $749,000 for all three or buy them individually, with $87,900 in combined NOI, an 11.7% cap rate on day one. As a bundle, the price comes out to under $30K per room. Most investors want to be ALL IN on a co-living conversion for $40K or less per door, so this one is already crushing it, and you start depositing checks on pretty much day one, while providing an in-demand workforce housing solution.
$749,000
for all 3 · ~$29,960 / room
20%+
cash-on-cash, financed
Blended cap rate
11.7%
Rooms
25 across 3 houses
Price per room
<$30K
These are actual operating results, not pro forma
Every NOI on this page already includes:
- PadSplit fees
- Third-party property management at 11%, with one of the best PMs in Atlanta
- All utilities and every other expense, including taxes and insurance
If you self-manage and drop the 11% PM fee, it bumps the profits into the stratosphere, if you know you have the systems and team to do it right. We can assist with the ops coaching too.
The three houses
Buy one, or take down all three
House 1 of 3 · Forest Park 30297 · Under Contract
Forest Park 7-Bed · $220,000 Under Contract
Gross income
$57,674
T-12 actuals
NOI
$27,873
$2,323 / mo
Cap rate
12.3%
on actuals
Cash-on-cash
24.08%
$1,236 / mo CF
Solid house with long-term members. Six of the seven rooms had zero turnover in the trailing 12 months, and average member tenure is 17 months versus 11 for the zip. MARTA Route 55 stops at the end of the street, a 4-minute walk. There is some upside here too: six of seven rooms are priced below PadSplit's algorithm, roughly $3,600 a year sitting on the table, and none of the rooms are en-suites today. Convert even one to an en-suite and you add about $5,400 a year at what en-suite rooms go for in this zip.
House 2 of 3 · College Park 30349 · Under Contract
College Park 9-Bed · $280,000 Under Contract
Gross income
$62,527
10 mo, annualized
NOI
$31,436
$2,620 / mo
Cap rate
10.9%
on actuals
Cash-on-cash
18.93%
$1,237 / mo CF
Brand-new rehab, activated less than a year ago, with the unfair advantage of being managed correctly from day one, and now it's coasting. 4.7 stars over 15 reviews, six members in place since the first month, and true occupancy is running 86% versus 80.6% for the zip. The expensive part is already behind it: the current owner absorbed all of PadSplit's move-in fees and the initial lease-up risk, and now that the house is stabilized, PadSplit's fees come down with the occupancy.
House 3 of 3 · Jonesboro 30238 · Under Contract
Jonesboro 9-Bed · $249,000 Under Contract
Gross income
$57,584
T-6, annualized
NOI
$28,594
$2,383 / mo
Cap rate
11.15%
on actuals
Cash-on-cash
19.84%
$1,153 / mo CF
Members love this house: 4.67 stars over 9 reviews, and the reviews keep saying the same things, quiet, clean, good roommates. We're showing T-6 instead of T-12 because the house had significant plumbing repairs, and after the work both the water bills and maintenance dropped. These returns are the floor, not the ceiling: self-manage, use a less expensive property manager, or use an interest-only loan to boost cash flow.
The portfolio math
Financed at today's rates, the bundle still clears 20% cash-on-cash
Take all three, or buy them individually. Together it's $749,000, 25 rooms, and $87,903 in combined NOI, an 11.7% cap on day one.
25% down, 30-year loan
Annual cash flow after debt service
~$43,500 / yr
Buy the whole portfolio with 25% down on a 30-year loan and it throws off about $43,500 a year after debt service, over 20% cash-on-cash at today's rates.
Day-one operations
Stabilized, with management in place
0 days of lease-up
All three houses are operating with members in place and a third-party PM already running them. Keep the PM and stay hands-off, or self-manage and push returns higher.