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2244 Wakita Drive Se Marietta, GA 30060

3 Beds 2 Baths 1,207 sqft Built 1962

$175,000

List Price

$1,160

$1K - $1.3K

Rent Est.

PROPERTY INFO

January 28, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1962
  • Price/Sqft : $144.99
  • 5 Days on Market
  • MLS # : 6833193
  • Updated Date : 01/29/2021 at 09:02
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,207 sqft
  • Baths : 1 full , 1 half
Listing Agent's Description

Brick ranch with a basement! Fixer-Upper, ready for your special touches and updates. Has lots of cabinets and a breakfast room in the charming kitchen. Nice, large deck overlooks a private backyard. Full, partially finished basement with lots of storage. This property is so convenient to shopping, restaurants, schools. Updated properties in the area are going for much more!

SEE MORE

MARKET HIGHLIGHTS

  • #1 corporate relocation city (Coldwell Banker Commercial Blue Book,, 2018)
  • Atlanta metro has 66.1% labor force participation rate higher than the national rate 62.8% (USMayors.org, 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)
  • Atlanta city attracted $1 billion venture capital in 2018. Venture capital flow has resulted in additional employment in technology areas. (USA Today, 2019).
  • 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)
  • #1 World’s Busiest Airport(Airports Council International, 2018)

PRICE & RENT TRENDS

Neighborhood: Laceola Woods

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260k280kPrice in $72k282k

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

Neighborhood: Laceola Woods

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2800900100011001200130014001500160017001800Rent in $7411868

* 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
Labelle Elementary School Primary Regular 555 52 4
Griffin Middle School Middle Regular 1,196 70 5
Osborne High School High Regular 1,999 123 3

Labelle Elementary School

  • Education Level: Primary
  • # of students: 555
  • # of teachers: 52
4
GreatSchools Rating

Griffin Middle School

  • Education Level: Middle
  • # of students: 1,196
  • # of teachers: 70
5
GreatSchools Rating

Osborne High School

  • Education Level: High
  • # of students: 1,999
  • # of teachers: 123
3
GreatSchools Rating
 

$157,500$192,500$175,000

PURCHASE PRICE

$1,044$1,276$1,160

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,160
EXPENSES Loan Payment -$608
Property Tax -$287
Property Insurance -$51
Property Management Fees -$119
CASH FLOW
$96

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.

$175,000

PROJECTED PRICE

$1,160

PROJECTED RENT

0.66%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.05%
Appreciation Year (1-5) 8.7%
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$100k$200k$300k$400k$500k$600k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$52,125

INVESTMENT

$52,125

Down Payment
$43,750
Rehab Estimate
$5,750
Closing Costs
$2,625

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$608

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $43,750
Loan Amount $131,250
See What Happens When You Reinvest Cash Flow

5.33

YEARS SAVED

$9,759

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,160

    LIST RENT
  • $0.96

    LIST RENT PER SQFT
  • $1,258

    COMP ESTIMATED VALUE
  • $1.04

    COMP AVG. RENT PER SQFT
Comps Range
$1,075
1$1,0752$1,1603$1,2504$1,5755$1,600
$1,600
RENT COMPS ANALYSIS
  • 2244 Wakita Drive Se Marietta, GA 2
    • 3 beds 2 baths ∙ 1,207 Sqft ∙ Built 1962 3 beds 2 baths ∙ 1,207 Sqft ∙ Built 1962
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,160
    • $0.96
    •  
  • 2180 Lynn Drive Marietta, GA 1
    • 3 beds 1 baths ∙ 1,060 Sqft ∙ Built 1959 3 beds 1 baths ∙ 1,060 Sqft ∙ Built 1959
    property image
    LEASED 10/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,075
    • $1.01
    •  
  • 2174 Trailwood Drive Se Smyrna, GA 3
    • 3 beds 1 baths ∙ 1,207 Sqft ∙ Built 1954 3 beds 1 baths ∙ 1,207 Sqft ∙ Built 1954
    property image
    LEASED 10/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $1.04
    •  
  • 1779 Aircraft Drive Se Marietta, GA 4
    • 4 beds 2 baths ∙ 1,440 Sqft ∙ Built 1971 4 beds 2 baths ∙ 1,440 Sqft ∙ Built 1971
    property image
    LEASED 02/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $1.09
    •  
  • 370 Floyd Street Smyrna, GA 5
    • 3 beds 3 baths ∙ 1,554 Sqft ∙ Built 1955 3 beds 3 baths ∙ 1,554 Sqft ∙ Built 1955
    property image
    LEASED 11/07/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.03
    •  
PROPERTY LISTING DETAILS
Rosemarie Norton
1.404.732.4230
Shakhan King
1.866.250.5610
RentVest Georgia LLC
H-75957
FIrst Multiple Listing Services ( FMLS)
MLS #: 6833193
Last Updated: 01/29/2021
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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