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185 Heritage Lake Drive Fayetteville, GA 30214

4 Beds 3 Baths 2,639 sqft Built 1996

$283,000

List Price

$1,760

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1996
  • Price/Sqft : $107.24
  • 2 Days on Market
  • MLS # : 6849902
  • Updated Date : 03/06/2021 at 03:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,639 sqft
  • Baths : 2 full , 1 half
Listing Agent's Description

Beautiful waterfront home in sought after Heritage Lakes community! Home features master on main floor plan. Beautiful hardwoods upper and lower. Both A/C units are less than a year old. Two bathrooms renovated in the last 5 years. Fantastic community amenities with saltwater pool overlooking lake, walking trails, community clubhouse and tennis. Convenient to airport.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • As the largest share, Atlanta metro contributes to 69.3% of Georgia state economy i.e. Gross State Product (USMayors.org, 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)
  • 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)

PRICE & RENT TRENDS

Zip Code: 30214

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $113k321k

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

Zip Code: 30214

ZipNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700180019002000Rent in $9592009

* 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
Bennett's Mill Middle School Middle Regular 986 62 6
Fayette County High School High Regular 1,369 77 6

Bennett's Mill Middle School

  • Education Level: Middle
  • # of students: 986
  • # of teachers: 62
6
GreatSchools Rating

Fayette County High School

  • Education Level: High
  • # of students: 1,369
  • # of teachers: 77
6
GreatSchools Rating
 

$254,700$311,300$283,000

PURCHASE PRICE

$1,584$1,936$1,760

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,760
EXPENSES Loan Payment -$983
Property Tax -$267
Property Insurance -$78
HOA -$42
Property Management Fees -$119
CASH FLOW
$271

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.

$283,000

PROJECTED PRICE

$1,760

PROJECTED RENT

0.62%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.09%
Appreciation Year (1-5) 7.6%
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$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$80,745

INVESTMENT

$80,745

Down Payment
$70,750
Rehab Estimate
$5,750
Closing Costs
$4,245

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$983

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $70,750
Loan Amount $212,250
See What Happens When You Reinvest Cash Flow

9.58

YEARS SAVED

$38,609

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,760

    LIST RENT
  • $0.67

    LIST RENT PER SQFT
  • $1,953

    COMP ESTIMATED VALUE
  • $0.74

    COMP AVG. RENT PER SQFT
Comps Range
$1,760
1$1,7602$1,850
$1,850
RENT COMPS ANALYSIS
  • 185 Heritage Lake Drive Fayetteville, GA 1
    • 4 beds 3 baths ∙ 2,639 Sqft ∙ Built 1996 4 beds 3 baths ∙ 2,639 Sqft ∙ Built 1996
    • Rent
    • Rent Per SQFT
    •  
    • $1,760
    • $0.67
    •  
  • 215 Creekview Trail Fayetteville, GA 2
    • 4 beds 3 baths ∙ 2,487 Sqft ∙ Built 1988 4 beds 3 baths ∙ 2,487 Sqft ∙ Built 1988
    LEASED 09/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.74
    •  
PROPERTY LISTING DETAILS
Derry West
1.404.421.6569
Shakhan King
1.866.250.5610
RentVest Georgia LLC
H-75957
FIrst Multiple Listing Services ( FMLS)
MLS #: 6849902
Last Updated: 03/06/2021
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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