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1640 Wesley Way Nw Conyers, GA 30012

3 Beds 2 Baths 1,297 sqft Built 1972

$188,000

List Price

$1,230

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

February 02, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1972
  • Price/Sqft : $144.95
  • 6 Days on Market
  • MLS # : 6835395
  • Updated Date : 02/03/2021 at 08:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,297 sqft
  • Baths : 2 full
Listing Agent's Description

This Conyers one-story home offers granite countertops, and a two-car garage. This home is vacant and cleaned regularly.

SEE MORE

MARKET HIGHLIGHTS

  • #1 Most affordable big city (WalletHub, 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'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)
  • #1 corporate relocation city (Coldwell Banker Commercial Blue Book,, 2018)
  • #1 Moving Destination in the Nation (Penske, 2018)
  • Atlanta metro has 66.1% labor force participation rate higher than the national rate 62.8% (USMayors.org, 2018)
  • As the largest share, Atlanta metro contributes to 69.3% of Georgia state economy i.e. Gross State Product (USMayors.org, 2018)
  • Atlanta metro employment growth is at 2.1% and predicted to grow at 2.0% in 2019 (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: Northridge

NeighborhoodNIR Market*CityMarket2010Year2000201970k80k90k100k110k120k130k140k150k160k170k180k190k200kPrice in $63k209k

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

Neighborhood: Northridge

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2800900100011001200130014001500Rent in $7031509

* 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
Pine Street Elementary School Primary Regular 630 46 3
Conyers Middle School Middle Regular 859 58 4
Rockdale County High School High Regular 1,998 111 5

Pine Street Elementary School

  • Education Level: Primary
  • # of students: 630
  • # of teachers: 46
3
GreatSchools Rating

Conyers Middle School

  • Education Level: Middle
  • # of students: 859
  • # of teachers: 58
4
GreatSchools Rating

Rockdale County High School

  • Education Level: High
  • # of students: 1,998
  • # of teachers: 111
5
GreatSchools Rating
 

$169,200$206,800$188,000

PURCHASE PRICE

$1,107$1,353$1,230

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,230
EXPENSES Loan Payment -$653
Property Tax -$336
Property Insurance -$52
Property Management Fees -$119
CASH FLOW
$69

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.

$188,000

PROJECTED PRICE

$1,230

PROJECTED RENT

0.65%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.05%
Appreciation Year (1-5) 7.6%
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

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k

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$55,570

INVESTMENT

$55,570

Down Payment
$47,000
Rehab Estimate
$5,750
Closing Costs
$2,820

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$653

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $47,000
Loan Amount $141,000
See What Happens When You Reinvest Cash Flow

4.42

YEARS SAVED

$7,755

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,230

    LIST RENT
  • $0.95

    LIST RENT PER SQFT
  • $1,232

    COMP ESTIMATED VALUE
  • $0.95

    COMP AVG. RENT PER SQFT
Comps Range
$1,200
1$1,2002$1,2303$1,2504$1,350
$1,350
RENT COMPS ANALYSIS
  • 1640 Wesley Way Nw Conyers, GA 2
    • 3 beds 2 baths ∙ 1,297 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,297 Sqft ∙ Built 1972
    • Rent
    • Rent Per SQFT
    •  
    • $1,230
    • $0.95
    •  
  • 1106 Nw Mountain View Road Conyers, GA 1
    • 4 beds 2 baths ∙ 1,320 Sqft ∙ Built 1965 4 beds 2 baths ∙ 1,320 Sqft ∙ Built 1965
    LEASED 02/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.91
    •  
  • 1377 Peggy Lane Nw Conyers, GA 3
    • 3 beds 2 baths ∙ 1,300 Sqft ∙ Built 1969 3 beds 2 baths ∙ 1,300 Sqft ∙ Built 1969
    LEASED 04/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.96
    •  
  • 2450 Irwin Bridge Road Conyers, GA 4
    • 3 beds 2 baths ∙ 1,372 Sqft ∙ Built 1992 3 beds 2 baths ∙ 1,372 Sqft ∙ Built 1992
    LEASED 10/25/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.98
    •  
PROPERTY LISTING DETAILS
Kim Klir
Shakhan King
1.866.250.5610
RentVest Georgia LLC
H-75957
FIrst Multiple Listing Services ( FMLS)
MLS #: 6835395
Last Updated: 02/03/2021
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. Copyright (c) 2021 First Multiple Listing Service, Inc.

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