Help me evaluate this Lindbergh Atlanta deal

[Jermaine Grant]

Hey guys, 

I'm under contract for on a Condo in the Lindbergh/Buckhead area of Atlanta for $205k. Its a 2 bedroom, 2 full bath, with a den that can be easily converted to a 3rd bedroom (just needs a closet) - so it is basically a 3/2. The HOA fee is $346. The community is walking distance from the Lindbergh MARTA station, gated, and has a pool, gym, clubhouse, and tennis court. It is also right next to the Beltway/Path 400. It has a wood burning fireplace, built in bookshelves, and outdoor space. It's in move-in ready condition but I'd prob replace the carpet in the bedrooms and do some upgrades in the kitchen at some point.

I plan to live there for a year to take advantage of my VA loan (no money down, 4.4%) and then rent it out. For the area, it seems like a slam dunk deal since everything else comparable in Buckhead is $250k and above. However, when I put out test market ads on FB marketplace, zillow, and hotpads to see what rent I could get, NO ONE is responding. I'd ideally want it to pass the 1% rule and get $2,000/mos at least, but I'm not getting any hits even at $1800/mos. Current owner is renting the unit out way below market at $1,200. I'm renting a one bedroom across the street for $1,350/mos.

What do you think? Is this still a good buy even though I'm not getting responses to my dummy ad for the rent price I would want to get?

[Ericka G.]

We’ve talked about this deal offline but i’ll chime in on here too...it seems like a great deal for a move in ready 3/2 in Buckhead, walking distance to MARTA.  That said, I never buy anything that I can’t rent out from day 1 for a profit...so if the market test isn’t giving you the rent you need to make money, this probably isn’t a good investment.  As a place to live tho, that seems like a great price in a great area.  Not sure why you aren’t getting interest from renters.  I paid $1550 for a 2/2 in that area 5 years ago and loved living over there.