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1661 Holmes Drive Conyers, GA 30094

4 Beds 4 Baths 1,946 sqft Built 1979

$254,900

List Price

$1,570

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

February 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1979
  • Price/Sqft : $130.99
  • 4 Days on Market
  • MLS # : 6839394
  • Updated Date : 02/12/2021 at 08:01
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,946 sqft
  • Baths : 3 full , 1 half
Listing Agent's Description

Beautiful Ranch Style home sitting on 2 ACRES equipped with brand new finishes on a full basement. New Exterior paint, interior paint, flooring, lighting, kitchen cabinets, bathroom vanities, quartz countertops in kitchen and bathrooms, water heater. Basement with large stone fireplace, bedroom/office space, full bath, lots of potential living space, and lots of storage. Backyard has landscaping surrounded by trees and nature.

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: Deer Run

NeighborhoodNIR Market*CityMarket2010Year2000201990k100k110k120k130k140k150k160k170k180k190k200k210kPrice in $90k212k

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

Neighborhood: Deer Run

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600Rent in $8631649

* 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
Lorraine Elementary School Primary Regular 720 45 7
General Ray Davis Middle School Middle Regular 1,012 62 6
Salem High School High Regular 1,370 69 4

Lorraine Elementary School

  • Education Level: Primary
  • # of students: 720
  • # of teachers: 45
7
GreatSchools Rating

General Ray Davis Middle School

  • Education Level: Middle
  • # of students: 1,012
  • # of teachers: 62
6
GreatSchools Rating

Salem High School

  • Education Level: High
  • # of students: 1,370
  • # of teachers: 69
4
GreatSchools Rating
 

$229,410$280,390$254,900

PURCHASE PRICE

$1,413$1,727$1,570

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,570
EXPENSES Loan Payment -$885
Property Tax -$291
Property Insurance -$65
Property Management Fees -$119
CASH FLOW
$210

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.

$254,900

PROJECTED PRICE

$1,570

PROJECTED RENT

0.62%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.52%
Appreciation Year (1-5) 6.0%
Maintenance Year (1-5) 8.00%
Vacancy 7.33%
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$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$73,299

INVESTMENT

$73,299

Down Payment
$63,725
Rehab Estimate
$5,750
Closing Costs
$3,824

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$885

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $63,725
Loan Amount $191,175
See What Happens When You Reinvest Cash Flow

8.25

YEARS SAVED

$27,661

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,570

    LIST RENT
  • $0.81

    LIST RENT PER SQFT
  • $1,338

    COMP ESTIMATED VALUE
  • $0.69

    COMP AVG. RENT PER SQFT
Comps Range
$1,245
1$1,2452$1,2503$1,5254$1,5705$1,600
$1,600
RENT COMPS ANALYSIS
  • 1661 Holmes Drive Conyers, GA 4
    • 4 beds 4 baths ∙ 1,946 Sqft ∙ Built 1979 4 beds 4 baths ∙ 1,946 Sqft ∙ Built 1979
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,570
    • $0.81
    •  
  • 4905 Cedar Court Se Conyers, GA 1
    • 3 beds 2 baths ∙ 1,780 Sqft ∙ Built 1990 3 beds 2 baths ∙ 1,780 Sqft ∙ Built 1990
    property image
    LEASED 12/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,245
    • $0.70
    •  
  • 605 Willowgreen Court Conyers, GA 2
    • 3 beds 2 baths ∙ 1,933 Sqft ∙ Built 1990 3 beds 2 baths ∙ 1,933 Sqft ∙ Built 1990
    property image
    LEASED 03/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.65
    •  
  • 4751 Cold Creek Way Se Conyers, GA 3
    • 4 beds 3 baths ∙ 2,270 Sqft ∙ Built 1973 4 beds 3 baths ∙ 2,270 Sqft ∙ Built 1973
    property image
    LEASED 05/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,525
    • $0.67
    •  
  • 5001 Se Bridlewood Circle Conyers, GA 5
    • 3 beds 2 baths ∙ 2,196 Sqft ∙ Built 1987 3 beds 2 baths ∙ 2,196 Sqft ∙ Built 1987
    property image
    LEASED 07/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.73
    •  
PROPERTY LISTING DETAILS
Zareh Najarian
Shakhan King
1.866.250.5610
RentVest Georgia LLC
H-75957
FIrst Multiple Listing Services ( FMLS)
MLS #: 6839394
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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