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223 Magnolia Springs Drive Canton, GA 30115

4 Beds 3 Baths 1,708 sqft Built 1996

$259,900

List Price

$1,650

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 24, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1996
  • Price/Sqft : $152.17
  • 5 Days on Market
  • MLS # : 6857250
  • Updated Date : 03/25/2021 at 08:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,708 sqft
  • Baths : 3 full
Listing Agent's Description

Location Location Beautiful 3/2 Split with a large bonus room in lower level with spacious walk-in closet and full bath. Large back yard, close to shopping, restaurants, parks etc. TENANT is currently living at the property their lease ends April 1, 2021. Great neighborhood with NO HOA. No Seller 's Property Disclosures as seller has not lived in the property

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Magnolia Springs

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $103k267k

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

Neighborhood: Magnolia Springs

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001050110011501200125013001350140014501500155016001650Rent in $9511681

* 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
Dean Rusk Middle School Middle Regular 901 50 7
Sequoyah High School High Regular 1,715 93 8
Dean Rusk Middle School Middle Unknown NA

Dean Rusk Middle School

  • Education Level: Middle
  • # of students: 901
  • # of teachers: 50
7
GreatSchools Rating

Sequoyah High School

  • Education Level: High
  • # of students: 1,715
  • # of teachers: 93
8
GreatSchools Rating

Dean Rusk Middle School

  • Education Level: Middle
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$233,910$285,890$259,900

PURCHASE PRICE

$1,485$1,815$1,650

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,650
EXPENSES Loan Payment -$903
Property Tax -$212
Property Insurance -$60
Property Management Fees -$119
CASH FLOW
$356

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.

$259,900

PROJECTED PRICE

$1,650

PROJECTED RENT

0.63%

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$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$74,624

INVESTMENT

$74,624

Down Payment
$64,975
Rehab Estimate
$5,750
Closing Costs
$3,899

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$903

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $64,975
Loan Amount $194,925
See What Happens When You Reinvest Cash Flow

11.42

YEARS SAVED

$45,456

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,650

    LIST RENT
  • $0.97

    LIST RENT PER SQFT
  • $1,699

    COMP ESTIMATED VALUE
  • $1

    COMP AVG. RENT PER SQFT
Comps Range
$1,595
1$1,5952$1,6503$1,6504$1,7005$1,740
$1,740
RENT COMPS ANALYSIS
  • 223 Magnolia Springs Drive Canton, GA 3
    • 4 beds 3 baths ∙ 1,708 Sqft ∙ Built 1996 4 beds 3 baths ∙ 1,708 Sqft ∙ Built 1996
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.97
    •  
  • 1955 Doefield Street Canton, GA 1
    • 3 beds 2 baths ∙ 1,516 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,516 Sqft ∙ Built 1986
    LEASED 04/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $1.05
    •  
  • 206 Magnolia Springs Drive Canton, GA 2
    • 4 beds 3 baths ∙ 1,634 Sqft ∙ Built 1996 4 beds 3 baths ∙ 1,634 Sqft ∙ Built 1996
    LEASED 04/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.01
    •  
  • 219 Manous Way Canton, GA 4
    • 3 beds 3 baths ∙ 1,838 Sqft ∙ Built 2013 3 beds 3 baths ∙ 1,838 Sqft ∙ Built 2013
    LEASED 09/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.92
    •  
  • 133 Carl Barrett Drive Canton, GA 5
    • 4 beds 3 baths ∙ 1,737 Sqft ∙ Built 2000 4 beds 3 baths ∙ 1,737 Sqft ∙ Built 2000
    LEASED 01/16/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,740
    • $1.00
    •  
PROPERTY LISTING DETAILS
Luis Sergio Garza Cuellar
1.404.784.2262
Shakhan King
1.866.250.5610
RentVest Georgia LLC
H-75957
FIrst Multiple Listing Services ( FMLS)
MLS #: 6857250
Last Updated: 03/25/2021
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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