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1655 Morningside Trace Marietta, GA 30062

3 Beds 3 Baths 2,472 sqft Built 1999

$352,500

List Price

$1,980

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

February 11, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1999
  • Price/Sqft : $142.60
  • 4 Days on Market
  • MLS # : 6837208
  • Updated Date : 02/12/2021 at 08:01
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,472 sqft
  • Baths : 2 full , 1 half
Listing Agent's Description

This is one of those listings where you will walk in and say this will not last long. Beautiful courtyard home featuring a living room and formal dining room with a butler pantry. Wonderful open kitchen, double ovens, gas cooktop, large pantry, granite countertops. Awesome great room with a stone fireplace that's open to the kitchen. You will love the private brick courtyard off the great room. This home gets wonderful daylight, plantation shutters through-out.

SEE MORE

MARKET HIGHLIGHTS

  • Atlanta metro has 66.1% labor force participation rate higher than the national rate 62.8% (USMayors.org, 2018)
  • #1 corporate relocation city (Coldwell Banker Commercial Blue Book,, 2018)
  • #1 Moving Destination in the Nation (Penske, 2018)
  • Atlanta metro employment growth is at 2.1% and predicted to grow at 2.0% in 2019 (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)
  • #1 Most affordable big city (WalletHub, 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Alexandria

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $113k339k

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

Neighborhood: Alexandria

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2100011001200130014001500160017001800190020002100Rent in $9732191

* 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
Sawyer Road Elementary School Primary Charter 786 59 6
Marietta Middle School Middle Charter 1,303 83 5
Marietta High School High Charter 2,061 132 5

Sawyer Road Elementary School

  • Education Level: Primary
  • # of students: 786
  • # of teachers: 59
6
GreatSchools Rating

Marietta Middle School

  • Education Level: Middle
  • # of students: 1,303
  • # of teachers: 83
5
GreatSchools Rating

Marietta High School

  • Education Level: High
  • # of students: 2,061
  • # of teachers: 132
5
GreatSchools Rating
 

$317,250$387,750$352,500

PURCHASE PRICE

$1,782$2,178$1,980

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,980
EXPENSES Loan Payment -$1,224
Property Tax -$335
Property Insurance -$75
HOA -$208
Property Management Fees -$119
CASH FLOW
$19

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.

$352,500

PROJECTED PRICE

$1,980

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.09%
Appreciation Year (1-5) 5.6%
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$1.0M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$99,163

INVESTMENT

$99,163

Down Payment
$88,125
Rehab Estimate
$5,750
Closing Costs
$5,288

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,224

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $88,125
Loan Amount $264,375
See What Happens When You Reinvest Cash Flow

4.5

YEARS SAVED

$15,943

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,980

    LIST RENT
  • $0.8

    LIST RENT PER SQFT
  • $2,002

    COMP ESTIMATED VALUE
  • $0.81

    COMP AVG. RENT PER SQFT
Comps Range
$1,900
1$1,9002$1,9453$1,9504$1,9805$1,995
$1,995
RENT COMPS ANALYSIS
  • 1655 Morningside Trace Marietta, GA 4
    • 3 beds 4 baths ∙ 2,472 Sqft ∙ Built 1999 3 beds 4 baths ∙ 2,472 Sqft ∙ Built 1999
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,980
    • $0.80
    •  
  • 1734 Wingard Drive Marietta, GA 1
    • 4 beds 3 baths ∙ 2,479 Sqft ∙ Built 1979 4 beds 3 baths ∙ 2,479 Sqft ∙ Built 1979
    property image
    LEASED 06/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.77
    •  
  • 1543 Evanston Court Marietta, GA 2
    • 3 beds 3 baths ∙ 2,246 Sqft ∙ Built 1997 3 beds 3 baths ∙ 2,246 Sqft ∙ Built 1997
    property image
    LEASED 03/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,945
    • $0.87
    •  
  • 1461 Rosewood Creek Drive Marietta, GA 3
    • 4 beds 3 baths ∙ 2,578 Sqft ∙ Built 1993 4 beds 3 baths ∙ 2,578 Sqft ∙ Built 1993
    property image
    LEASED 08/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.76
    •  
  • 1358 Woodcutt Place Marietta, GA 5
    • 4 beds 3 baths ∙ 2,380 Sqft ∙ Built 1996 4 beds 3 baths ∙ 2,380 Sqft ∙ Built 1996
    property image
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.84
    •  
PROPERTY LISTING DETAILS
Barry T Laughon
1.770.316.6853
Shakhan King
1.866.250.5610
RentVest Georgia LLC
H-75957
FIrst Multiple Listing Services ( FMLS)
MLS #: 6837208
Last Updated: 02/12/2021
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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