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1624 Rhonda Lane Stone Mountain, GA 30087

4 Beds 3 Baths 2,084 sqft Built 1970

$193,500

List Price

$1,610

$1.4K - $1.8K

Rent Est.

PROPERTY INFO

December 03, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1970
  • Price/Sqft : $92.85
  • 4 Days on Market
  • MLS # : 6815204
  • Updated Date : 12/04/2020 at 08:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,084 sqft
  • Baths : 3 full
Listing Agent's Description

Parkview High School District! This 4-sided brick ranch home offers the buyer a sweat equity opportunity in an amazing school zone. Large great room and formal dining provides ample space. Spacious eat in kitchen with lots of counter space and an abundance of cabinets. Newer Roof , furnace and newer septic field lines. CURRENTLY THE ONLY HOME IN FMLS IN PARKVIEW CLUSTER UNDER $200,000 The Home sold "AS-IS". Seller can do no repairs. HOME IS OCCUPIED.

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MARKET HIGHLIGHTS

  • 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)
  • #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)

PRICE & RENT TRENDS

Neighborhood: Mountain Park

ZipNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300k320kPrice in $89k321k

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

Neighborhood: Mountain Park

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700180019002000Rent in $9082009

* 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
Mountain Park Elementary School Primary Regular 596 36 7
Trickum Middle School Middle Regular 1,987 108 8
Parkview High School High Regular 2,834 152 8

Mountain Park Elementary School

  • Education Level: Primary
  • # of students: 596
  • # of teachers: 36
7
GreatSchools Rating

Trickum Middle School

  • Education Level: Middle
  • # of students: 1,987
  • # of teachers: 108
8
GreatSchools Rating

Parkview High School

  • Education Level: High
  • # of students: 2,834
  • # of teachers: 152
8
GreatSchools Rating
 

$174,150$212,850$193,500

PURCHASE PRICE

$1,449$1,771$1,610

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,610
EXPENSES Loan Payment -$714
Property Tax -$315
Property Insurance -$67
Property Management Fees -$119
CASH FLOW
$395

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$193,500

PROJECTED PRICE

$1,610

PROJECTED RENT

0.83%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.09%
Appreciation Year (1-5) 9.1%
Maintenance Year (1-5) 8.00%
Vacancy 7.38%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k

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$57,028

INVESTMENT

$57,028

Down Payment
$48,375
Rehab Estimate
$5,750
Closing Costs
$2,903

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$714

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $48,375
Loan Amount $145,125
See What Happens When You Reinvest Cash Flow

13.67

YEARS SAVED

$50,152

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,610

    LIST RENT
  • $0.77

    LIST RENT PER SQFT
  • $1,570

    COMP ESTIMATED VALUE
  • $0.75

    COMP AVG. RENT PER SQFT
Comps Range
$1,500
1$1,5002$1,6103$1,6954$1,750
$1,750
RENT COMPS ANALYSIS
  • 1624 Rhonda Lane Stone Mountain, GA 2
    • 4 beds 3 baths ∙ 2,084 Sqft ∙ Built 1970 4 beds 3 baths ∙ 2,084 Sqft ∙ Built 1970
    • Rent
    • Rent Per SQFT
    •  
    • $1,610
    • $0.77
    •  
  • 1579 Rockbridge Road Stone Mountain, GA 1
    • 3 beds 2 baths ∙ 2,061 Sqft ∙ Built 1959 3 beds 2 baths ∙ 2,061 Sqft ∙ Built 1959
    LEASED 09/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.73
    •  
  • 4705 Lincoln Way Sw Lilburn, GA 3
    • 4 beds 3 baths ∙ 2,268 Sqft ∙ Built 1972 4 beds 3 baths ∙ 2,268 Sqft ∙ Built 1972
    LEASED 06/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.75
    •  
  • 1307 Arlene Court Lilburn, GA 4
    • 3 beds 3 baths ∙ 2,250 Sqft ∙ Built 1979 3 beds 3 baths ∙ 2,250 Sqft ∙ Built 1979
    LEASED 08/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.78
    •  
PROPERTY LISTING DETAILS
William Sorrells
1.770.605.3836
Shakhan King
1.866.250.5610
RentVest Georgia LLC
H-75957
FIrst Multiple Listing Services ( FMLS)
MLS #: 6815204
Last Updated: 12/04/2020
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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