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216 Sourwood Drive Marietta, GA 30062

4 Beds 3 Baths 2,734 sqft Built 2001

$324,900

List Price

$1,960

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

January 09, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $118.84
  • 3 Days on Market
  • MLS # : 6821286
  • Updated Date : 01/09/2021 at 08:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,734 sqft
  • Baths : 2 full , 1 half
Listing Agent's Description

Great renovated 4 bedrooms, 2 full bathrooms and 2 half bathrooms; new roof, new hot water heater just 2 years young, new garage door, one year old dishwasher, kitchen and bathrooms boasts of granite countertops, new sinks, stainless steel appliances, kitchen tile backsplash, new flooring and ceiling fans; finished basement boasts of two large rooms, kitchenette and a half bath; excellent location in awesome Wheeler High School district; minutes from Marietta Square, shopping, dining and entertainment; bring your best offer; it will not last long!!!

SEE MORE

MARKET HIGHLIGHTS

  • #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)
  • Atlanta metro employment growth is at 2.1% and predicted to grow at 2.0% in 2019 (USMayors.org, 2018)
  • #1 Moving Destination in the Nation (Penske, 2018)

PRICE & RENT TRENDS

Neighborhood: Briarwood Hills

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280kPrice in $82k282k

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

Neighborhood: Briarwood Hills

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2800900100011001200130014001500160017001800Rent in $7991868

* 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
Sedalia Park Elementary School Primary Charter 882 59 5
East Cobb Middle School Middle Regular 1,223 78 6
Wheeler High School High Regular 2,117 128 8

Sedalia Park Elementary School

  • Education Level: Primary
  • # of students: 882
  • # of teachers: 59
5
GreatSchools Rating

East Cobb Middle School

  • Education Level: Middle
  • # of students: 1,223
  • # of teachers: 78
6
GreatSchools Rating

Wheeler High School

  • Education Level: High
  • # of students: 2,117
  • # of teachers: 128
8
GreatSchools Rating
 

$292,410$357,390$324,900

PURCHASE PRICE

$1,764$2,156$1,960

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,960
EXPENSES Loan Payment -$1,129
Property Tax -$515
Property Insurance -$80
Property Management Fees -$119
CASH FLOW
$118

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.

$324,900

PROJECTED PRICE

$1,960

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.05%
Appreciation Year (1-5) 5.6%
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$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$91,849

INVESTMENT

$91,849

Down Payment
$81,225
Rehab Estimate
$5,750
Closing Costs
$4,874

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,129

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $81,225
Loan Amount $243,675
See What Happens When You Reinvest Cash Flow

4.5

YEARS SAVED

$14,078

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,960

    LIST RENT
  • $0.72

    LIST RENT PER SQFT
  • $1,978

    COMP ESTIMATED VALUE
  • $0.72

    COMP AVG. RENT PER SQFT
Comps Range
$1,960
1$1,9602$1,9753$2,0004$2,250
$2,250
RENT COMPS ANALYSIS
  • 216 Sourwood Drive Marietta, GA 1
    • 4 beds 3 baths ∙ 2,734 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,734 Sqft ∙ Built 2001
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,960
    • $0.72
    •  
  • 918 Mountain Top Drive Marietta, GA 2
    • 4 beds 4 baths ∙ 2,928 Sqft ∙ Built 1985 4 beds 4 baths ∙ 2,928 Sqft ∙ Built 1985
    property image
    LEASED 08/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,975
    • $0.67
    •  
  • 2259 Ashton Place Marietta, GA 3
    • 4 beds 3 baths ∙ 2,790 Sqft ∙ Built 1984 4 beds 3 baths ∙ 2,790 Sqft ∙ Built 1984
    property image
    LEASED 10/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.72
    •  
  • 507 Guilford Circle Marietta, GA 4
    • 5 beds 3 baths ∙ 2,873 Sqft ∙ Built 1985 5 beds 3 baths ∙ 2,873 Sqft ∙ Built 1985
    property image
    LEASED 11/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.78
    •  
PROPERTY LISTING DETAILS
Tanya L Ess Young
1.678.908.4599
Shakhan King
1.866.250.5610
RentVest Georgia LLC
H-75957
FIrst Multiple Listing Services ( FMLS)
MLS #: 6821286
Last Updated: 01/09/2021
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. © 2017 First Multiple Listing Service, Inc.

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