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1617 Elm Ridge Way Stone Mountain, GA 30083

3 Beds 3 Baths 1,512 sqft Built 1974

$180,000

List Price

$1,280

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

November 04, 2020 RECENTLY ADDED
FACTS
  • Built In 1974
  • Price/Sqft : $119.05
  • 6 Days on Market
  • MLS # : 6802358
  • Updated Date : 11/04/2020 at 08:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,512 sqft
  • Baths : 3 full
Listing Agent's Description

Beautiful brick ranch with Finished Basement overlooking large level backyard. 2 bedrooms and 2 bath on a main level. The 3rd bedroom has been combined with the master bedroom and it made it a larch oversized master suite. 1 bedroom and 1 full bath on a terrace level with a separate entrance that can be easily rented and make it into separate apartment/in-law-suite. Big kitchen wiith a breakfast area and the tiled floor. No HOA and No rental restrictions.

SEE MORE

MARKET HIGHLIGHTS

  • #1 Most affordable big city (WalletHub, 2018)
  • #1 corporate relocation city (Coldwell Banker Commercial Blue Book,, 2018)
  • #1 Moving Destination in the Nation (Penske, 2018)
  • Atlanta metro's economy is worth $403 billion in Gross Metro Product and projected to grow to $426 billion in 2019 (USMayors.org, 2018)
  • Headquarters to twenty-six Fortune 500 companies: The Home Depot, UPS, Delta Air Lines, The Coca-Cola Company, SunTrust Banks, The Southern Company, AGCO, PulteGroup (Fortune, 2018/ Metro Atlanta Chamber)
  • As the largest share, Atlanta metro contributes to 69.3% of Georgia state economy i.e. Gross State Product (USMayors.org, 2018)
  • Atlanta metro has 66.1% labor force participation rate higher than the national rate 62.8% (USMayors.org, 2018)
  • Atlanta city attracted $1 billion venture capital in 2018. Venture capital flow has resulted in additional employment in technology areas. (USA Today, 2019).
  • #1 World’s Busiest Airport(Airports Council International, 2018)
  • Atlanta metro employment growth is at 2.1% and predicted to grow at 2.0% in 2019 (USMayors.org, 2018)

PRICE & RENT TRENDS

Zip Code: 30083

ZipNIR Market*CityMarket2010Year2000201990k100k110k120k130k140k150k160k170k180k190k200kPrice in $80k209k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Zip Code: 30083

ZipNIR Market*CityMarket2010Year20002019 Q285090095010001050110011501200125013001350140014501500Rent in $8171509

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

SCHOOLS

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
Woodridge Elementary School Primary Regular 585 34 4
Miller Grove Middle School Middle Regular 977 61 3
Miller Grove High School High Regular 1,551 83 4

Woodridge Elementary School

  • Education Level: Primary
  • # of students: 585
  • # of teachers: 34
4
GreatSchools Rating

Miller Grove Middle School

  • Education Level: Middle
  • # of students: 977
  • # of teachers: 61
3
GreatSchools Rating

Miller Grove High School

  • Education Level: High
  • # of students: 1,551
  • # of teachers: 83
4
GreatSchools Rating
 

$162,000$198,000$180,000

PURCHASE PRICE

$1,152$1,408$1,280

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,280
EXPENSES Loan Payment -$664
Property Tax -$262
Property Insurance -$56
Property Management Fees -$119
CASH FLOW
$179

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 17% of earned rent to cover both maintenance and periods of vacancy.

$180,000

PROJECTED PRICE

$1,280

PROJECTED RENT

0.71%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.05%
Appreciation Year (1-5) 9.0%
Maintenance Year (1-5) 8.00%
Vacancy 8.60%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$53,450

INVESTMENT

$53,450

Down Payment
$45,000
Rehab Estimate
$5,750
Closing Costs
$2,700

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$664

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $45,000
Loan Amount $135,000
See What Happens When You Reinvest Cash Flow

7.58

YEARS SAVED

$20,328

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $1,280

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $1,236

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$1,250
1$1,2502$1,2803$1,3504$1,3605$1,450
$1,450
RENT COMPS ANALYSIS
  • 1617 Elm Ridge Way Stone Mountain, GA 2
    • 3 beds 3 baths ∙ 1,512 Sqft ∙ Built 1974 3 beds 3 baths ∙ 1,512 Sqft ∙ Built 1974
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,280
    • $0.85
    •  
  • 1287 Mill Lake Circle Stone Mountain, GA 1
    • 3 beds 2 baths ∙ 1,547 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,547 Sqft ∙ Built 1984
    property image
    LEASED 11/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.81
    •  
  • 1406 High Meadow Drive Stone Mountain, GA 3
    • 3 beds 2 baths ∙ 1,621 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,621 Sqft ∙ Built 1972
    property image
    LEASED 05/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.83
    •  
  • 4973 Gatehouse Way Stone Mountain, GA 4
    • 3 beds 3 baths ∙ 1,656 Sqft ∙ Built 1983 3 beds 3 baths ∙ 1,656 Sqft ∙ Built 1983
    property image
    LEASED 05/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,360
    • $0.82
    •  
  • 4323 Autumn Hill Drive Stone Mountain, GA 5
    • 4 beds 3 baths ∙ 1,782 Sqft ∙ Built 1972 4 beds 3 baths ∙ 1,782 Sqft ∙ Built 1972
    property image
    LEASED 04/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.81
    •  
PROPERTY LISTING DETAILS
Julia De Sosarocha
1.404.886.0566
Shakhan King
1.866.250.5610
RentVest Georgia LLC
H-75957
FIrst Multiple Listing Services ( FMLS)
MLS #: 6802358
Last Updated: 11/04/2020
support@investimateroi.com

Listings identified with the FMLS IDX logo come from FMLS, are held by brokerage firms other than the owner of this website and the listing brokerage is identified in any listing details. Information is deemed reliable but is not guaranteed. © 2017 First Multiple Listing Service, Inc.

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