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1847 Phillips Avenue East Point, GA 30344

4 Beds 2 Baths 1,456 sqft Built 1962 2 Units

INVESTimate

$215,000

List Price

$1,750

$1,575 - $1,925

Rent Est.

$219,644  ( +2.16%)   1 YR EST. FORECAST

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
2 Units MULTIFAMILY
YES TENANTED
FACTS
  • Built In 1962
  • Price/Sqft : $147.66
  • 18 Days on Market
  • MLS # : 6731484
  • Updated Date : 08/25/2020 at 13:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,456 sqft
  • Baths : 2 full
Listing Agent's Description

Residential Investment Opportunity in sought after East Point for the savvy home buyer! Received Conventional appraisal of $215,000.00 in July, 2020. This four-sided Duplex is located in the desirable Historic Center Park Subdivision. Each unit offers 2 bedrooms, 1 bath, beautiful hardwood floors; living/dining room combo with closet; washer/dryer hook-up; and a huge back yard perfect for entertaining, gardening. The main differences between the two units are the kitchen and bath flooring. Interior photos taken prior to tenant move-in. New roof in 2016.

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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

Neighborhood: Center Park

NeighborhoodNIR Market*CityMarket2010Year2000201960k80k100k120k140k160k180k200kPrice in $59k209k

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

Neighborhood: Center Park

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2700800900100011001200130014001500Rent in $6191509

* 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
Conley Hills Elementary School Primary Regular 476 38 3
Paul D. West Middle School Middle Regular 733 56 1
Tri-cities High School High Regular 1,702 111 2

Conley Hills Elementary School

  • Education Level: Primary
  • # of students: 476
  • # of teachers: 38
3
GreatSchools Rating

Paul D. West Middle School

  • Education Level: Middle
  • # of students: 733
  • # of teachers: 56
1
GreatSchools Rating

Tri-cities High School

  • Education Level: High
  • # of students: 1,702
  • # of teachers: 111
2
GreatSchools Rating
 

$193,500$236,500$215,000

PURCHASE PRICE

$1,575$1,925$1,750

RENT

DOWN PAYMENT
FINANCING

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$14k$16k$18k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,750
EXPENSES Loan Payment -$793
Property Tax -$166
Property Insurance -$55
HOA -$120
Property Management Fees -$238
CASH FLOW
$377

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.

$215,000

PROJECTED PRICE

$1,750

PROJECTED RENT

0.81%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.05%
Appreciation Year (1-5) 2.16%
Maintenance Year (1-5) 8.00%
Vacancy 8.60%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$68,475

INVESTMENT

$68,475

Down Payment
$53,750
Rehab Estimate
$11,500
Closing Costs
$3,225

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 25% down payment or higher enables the proceeds from the asset to cover all costs.

$793

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $53,750
Loan Amount $161,250
See What Happens When You Reinvest Cash Flow

11.5

YEARS SAVED

$44,371

INTEREST SAVED

CASH FLOW REINVESTMENT

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

Solutions Manager

YOUR SOLUTIONS MANAGER

Please Contact Your Solutions Manager

To review the detailed price and rent comps for this property and answer any questions you may have.

PROPERTY LISTING DETAILS
Betty Hancock
1.404.496.8946
Shakhan King
1.866.250.5610
RentVest Georgia LLC
H-75957
FIrst Multiple Listing Services ( FMLS)
MLS #: 6731484
Last Updated: 08/25/2020
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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