T-12 gross rent
$57,674
Off-market
Operating & occupied
Turnkey · 7 rooms · 2 baths
A turnkey PadSplit running above a 12 cap
Seven furnished rooms, two baths, quietly running for years in Forest Park's 30297 with one of our favorite Atlanta property managers. Every number on this page is from actual statements, not a pro forma, and the month-by-month records are downloadable at the bottom.
$220,000
12%
cap on actuals
24%
cash-on-cash @ 75% financing
T-12 NOI (all expenses in)
$27,873
Cash-on-cash @ 75% LTV
24%
Avg member tenure
17 mo zip avg 11
The record
Twelve months of actual statements
July 2025 through June 2026, straight from the PadSplit host statements and the property manager's books: gross rent of $57,674, net PadSplit revenue of $52,800, operating expenses of $24,927, and NOI of $27,873 with every expense line in: management, cleaning, utilities, taxes, insurance.
Net revenue and NOI, month by month
Bars: net PadSplit revenue after platform fees. Line: NOI after all operating expenses. Hover any month.
Net revenue
NOI
Where the expenses went
Trailing twelve months, straight from the manager's books.
| Line item | T-12 total | Monthly avg |
|---|---|---|
| Gross rent collected | $57,674 | $4,806 |
| PadSplit platform fees | ($4,874) | ($406) |
| Net PadSplit revenue | $52,800 | $4,400 |
| Property management (10.6% of gross) | ($6,103) | ($509) |
| Cleaning | ($1,539) | ($128) |
| Landscaping | ($980) | ($82) |
| Maintenance & repairs | ($2,116) | ($176) |
| Utilities (electric, gas, water, internet) | ($8,537) | ($711) |
| Property taxes | ($4,128) | ($344) |
| Insurance | ($1,524) | ($127) |
| Net operating income | $27,873 | $2,323 |
The asset
Turnkey and furnished
Seven furnished rooms, two full baths, shared kitchen and dining. Renovated, furnished, and already running.
The return
Run the deal math yourself
$220,000 with standard 75% financing at 6.90%, 30-year amortization, on the actual T-12 NOI. Play with the rate and the toggles to match your situation.
Annual NOI$27,873
Cap rate (all-in basis)12.3%
Cash outlay (25% + closing)$61,600
Monthly note$1,087
Monthly cash flow$1,236
Cash-on-cash24.1%
75% LTV, 30-yr amortization, closing costs estimated at 3% of price. Base NOI is the trailing actual $27,873. Six rooms sit below PadSplit's recommended rates; about +$12/wk each closes that gap (~$3,700/yr). Rent and en-suite sliders add gross revenue, netted through platform and management fees before hitting NOI; en-suite construction costs are not included. Cap rate is on the all-in basis (price + closing), matching the shared financials. Talk to your lender for exact terms.
The cushion
Trailing NOI covers the note more than twice over. You could have an empty room indefinitely and still cover the note with about 1.6× room to spare, and that's with last year's room turnover already baked into the numbers. Self-manage or increase room rates up to market and returns climb even higher.
The tenure
People stay in this house
Retention is everything in co-living, and this house keeps people. Six of the seven rooms had zero turnover in the trailing twelve months. One member has been there close to two years; four more have each passed a year.
Average tenure
17 mo
vs. an 11-month average for the zip code
Rooms w/ zero turnover
6 of 7
across the trailing 12 months of statements
Booking fees, whole year
0.4%
of gross. PadSplit keeps the first ~10 days of each move-in, so barely paying booking fees is what low turnover looks like in cash. Churn-heavy houses give up 5%+
Dues collected
~95%
of billed membership dues across the trailing statements
The seventh room, the smallest and lowest-priced in the house, turned over during the year and booked late July. The T-12 figures above include that vacancy.
Workforce housing, honestly
This is affordable housing. Members are hourly workers who sometimes run a week behind, carry a small balance, and catch up. The platform handles it automatically: weekly billing, automatic late fees, no chasing. Roughly 95% of billed dues were collected, and late fees added $4,650 of income on top of dues, which more than covered the vacancy from the one room that turned.
The upside
Two levers a new owner can pull on day one
Lever 01 · Pricing
Rooms are priced below the algorithm
~$3,600/yr
Six of the seven rooms are priced below what PadSplit's own pricing algorithm recommends. Two rooms haven't seen a price change since 2022 and 2023. That's about $3,600 a year just sitting there.
Lever 02 · En-suites
Zero private baths in the house today
~$5,400/yr per room
In 30297, rooms with private baths rent for $247/week at 94% occupancy versus $156/week at 82% for shared. A 58% premium, and they fill better.
The location
30297 is a workhorse zip that absorbs supply
Forest Park's 30297 has 293 PadSplit rooms operating, the 13th largest PadSplit market in metro Atlanta. The zip's room count is up only 3% over the last 18 months, and when new supply did come online in 2025, the zip absorbed it: occupancy stayed strong. Proven demand, not oversaturated.
MARTA Route 55 stops at the end of the street, a 4-minute walk from the front door. More than half of PadSplit members don't have a car, so a bus stop this close keeps these rooms full.