DCA voucher rentals VS. traditional tenants in Lithonia, GA

Atlanta, Georgia
Buying & Selling Real Estate
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DCA voucher rentals VS. traditional tenants in Lithonia, GA

Jonathan SmallPro Member
Investor · Suwanee, GA · Member since 2020 · 182 posts · 151 votes

🏡 Housing voucher vs long term renters?  I’m curious what small buy-and-hold investors are seeing in Lithonia, Georgia right now.

I own a renovated 3/2 rented to a long-term Housing Authority tenant at $2,000/month.  I have owned since 2005 in the area. Sold all but 1 that is still zip code 30058.

Question❓:

Are your voucher rentals outperforming traditional tenants in Lithonia area?

I’m also wondering:

What kinds of cash flowing 💸 deals have you seen lately?

This is my only property in this area. I am considering selling or buying more in this area.  It is better for me to have multiple properties in the same area.  The rest of my portfolio is in South Georgia, so I’m debating whether to keep a strong outlier or consolidate.

Would love to hear from anyone actively buying in Lithonia, Georgia 

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  • Janice Carter
    Real Estate Broker · Atlanta · Member since 2024 · 1k+ posts · 606 votes
    7mo

    Jonathan, if your 3/2 is getting $2,000 in Lithonia, that is strong for the area and may be at the top of what many non-voucher tenants are paying unless the home is positioned as a premium rental. Therefore, if it is performing, in good condition and you are not battling recurring inspection/turn issues, it is a keep. If your goal is to consolidate geographically, I would price test the resale market and compare net proceeds vs. what it would cost to replace that $2,000 per month cashflow elsewhere in your portfolio.

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  • Bo SmithPro Member
    Hinton, WV · Member since 2026 · 1k+ posts · 373 votes
    7mo

    Jonathan, Id lean toward consolidation unless youve got specific reasons to hold both markets. Spreading across South Georgia and Lithonia means split attention on maintenance, contractor relationships, and market changes. You know South Georgia. The advantages of staying there usually outweigh a single solid performer in an outlier area.

    On vouchers vs traditional: voucher tenants are a lot more stable. Your payment comes from the housing authority, not dependent on the tenants job. Maintenance liability is usually similar. The downside is the voucher only covers part of rent, so youre still exposed on collections if the tenant doesnt pay their portion. Ive found voucher properties need the same attention to lease enforcement as traditional rentals -- the authoritys guarantee doesnt cover bad tenant behavior.

    At $2K/month in a B- area with $11,300 in taxes, your real cash flow picture depends on whether youre still financing. If its free and clear, thats a different conversation. And one property in an outlier market is hard to scale from. Your South Georgia portfolio probably has better momentum. What does your South Georgia portfolio look like -- are those cash flowing, or are you building equity there too?

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