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2308 Collinworth Drive Marietta, GA 30062

3 Beds 3 Baths 1,423 sqft Built 1985

$250,000

List Price

$1,610

$1.4K - $1.8K

Rent Est.

PROPERTY INFO

November 13, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1985
  • Price/Sqft : $175.69
  • 4 Days on Market
  • MLS # : 6808066
  • Updated Date : 11/14/2020 at 08:23
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,423 sqft
  • Baths : 2 full , 1 half
Listing Agent's Description

Don't miss this charming Master-on-Main in East Cobb! Freshly painted throughout, this home boasts soaring ceilings in the light and bright living area. The master on the main level features his-and-hers closets, dual vanities and updated subway tile in the shower. Lots of cabinet and counter space in the kitchen with a tile backsplash and separate pantry. 2 bedrooms and large full bath upstairs. Cul-de-sac lot with private backyard features covered patio and deck that is perfect for outdoor entertaining.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • #1 corporate relocation city (Coldwell Banker Commercial Blue Book,, 2018)
  • #1 Moving Destination in the Nation (Penske, 2018)
  • Atlanta metro has 66.1% labor force participation rate higher than the national rate 62.8% (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)
  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: East Lake Ridge

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $113k321k

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

Neighborhood: East Lake Ridge

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700180019002000Rent in $9732009

* 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
 

$225,000$275,000$250,000

PURCHASE PRICE

$1,449$1,771$1,610

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,610
EXPENSES Loan Payment -$922
Property Tax -$439
Property Insurance -$55
HOA -$7
Property Management Fees -$119
CASH FLOW
$68

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.

$250,000

PROJECTED PRICE

$1,610

PROJECTED RENT

0.64%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.09%
Appreciation Year (1-5) 5.6%
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$100k$200k$300k$400k$500k$600k$700k$800k

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$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$72,000

INVESTMENT

$72,000

Down Payment
$62,500
Rehab Estimate
$5,750
Closing Costs
$3,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$922

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $62,500
Loan Amount $187,500
See What Happens When You Reinvest Cash Flow

5.58

YEARS SAVED

$18,106

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,610

    LIST RENT
  • $1.13

    LIST RENT PER SQFT
  • $1,434

    COMP ESTIMATED VALUE
  • $1.01

    COMP AVG. RENT PER SQFT
Comps Range
$1,595
1$1,5952$1,6103$1,6404$1,7005$1,800
$1,800
RENT COMPS ANALYSIS
  • 2308 Collinworth Drive Marietta, GA 2
    • 3 beds 3 baths ∙ 1,423 Sqft ∙ Built 1985 3 beds 3 baths ∙ 1,423 Sqft ∙ Built 1985
    • Rent
    • Rent Per SQFT
    •  
    • $1,610
    • $1.13
    •  
  • 1249 Ronnie Drive Marietta, GA 1
    • 3 beds 2 baths ∙ 1,664 Sqft ∙ Built 1965 3 beds 2 baths ∙ 1,664 Sqft ∙ Built 1965
    LEASED 08/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.96
    •  
  • 1145 Mountain View Drive Marietta, GA 3
    • 4 beds 2 baths ∙ 1,656 Sqft ∙ Built 1968 4 beds 2 baths ∙ 1,656 Sqft ∙ Built 1968
    LEASED 10/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,640
    • $0.99
    •  
  • 330 Woodbrook Lane Marietta, GA 4
    • 3 beds 2 baths ∙ 1,640 Sqft ∙ Built 1976 3 beds 2 baths ∙ 1,640 Sqft ∙ Built 1976
    LEASED 06/19/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $1.04
    •  
  • 421 Wall Street Marietta, GA 5
    • 4 beds 2 baths ∙ 1,728 Sqft ∙ Built 1973 4 beds 2 baths ∙ 1,728 Sqft ∙ Built 1973
    LEASED 10/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $1.04
    •  
PROPERTY LISTING DETAILS
Ginka Bridges
Shakhan King
1.866.250.5610
RentVest Georgia LLC
H-75957
FIrst Multiple Listing Services ( FMLS)
MLS #: 6808066
Last Updated: 11/14/2020
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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