Homes in Sope Creek/Dickerson/Walton are in very short supply. I recently viewed the entire inventory with an overseas renter looking for a 3 year lease. It would be unusual to get less than $1500 for a property such as you have described. This is an area where you are paying an extreme premium price, so it is expected that your cash on cash returns will be lower. If you want high cash returns East Cobb is not your market, investor returns are disproportionally in appreciation over cash flow.
It is difficult for you as an owner to attract the most attractive tenants, those relocating from overseas, those relocating from other cities to Atlanta for work, those working with the agent that just sold their home and need something in 2 weeks. All these propsects work with agents that utilize the Multiple Listing Service to locate properties. Local tenants with no urgency, tenants with poor credit agents refuse to work with are the primarily prospects owners are left with when not represented by a REALTOR. You really need to select a professional REALTOR who does a comprehensive rental survey, perhaps takes you to see some of your competition, and has a comprehensive marketing program to capture the best tenants and then does a detailed background check once one is found.
That said, the tenants that I work with, willing to pay the premium price to be in the premium location of Sope Creek/Dickerson/Walton do not get excited by a 1970's home. They look at the 70â€™s kitchen and say, we donâ€™t need to see the rest of the house. They want remodeled baths, new kitchens, stainless steel appliances, brushed nickel lighting, fixtures, drawer pulls, and granite counter tops. The typical tenant for this area are former homeowners. They have higher expectations than life long tenants. They are typically not moving from B/C grade apartments. You canâ€™t be offering B/C rental property. Understand your market if you want investment success.
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