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2323 Overlook Avenue Lithonia, GA 30058

4 Beds 3 Baths 2,617 sqft Built 2017

$297,500

List Price

$1,610

$1.4K - $1.8K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 2017
  • Price/Sqft : $113.68
  • 13 Days on Market
  • MLS # : 6835330
  • Updated Date : 02/11/2021 at 08:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,617 sqft
  • Baths : 2 full , 1 half
Listing Agent's Description

Nice 4 bedroom, 2.5 bath. This one will not last long. Corner lot!! This property is 25 minutes from downtown Atlanta. Shopping mall, schools and lots of great activities/entertainment for the family. You will love it!! Property ready for viewing after March 1 2021. Seller will take the highest and best! Property is sold as is.

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Zip Code: 30058

ZipNIR Market*CityMarket2010Year2000201990k100k110k120k130k140k150k160k170k180k190k200kPrice in $82k209k

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

Zip Code: 30058

ZipNIR Market*CityMarket2010Year20002019 Q285090095010001050110011501200125013001350140014501500Rent in $8171509

* 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
Rock Chapel Elementary School Primary Regular 499 33 4
Lithonia Middle School Middle Regular 1,158 71 2
Lithonia High School High Regular 1,315 77 3

Rock Chapel Elementary School

  • Education Level: Primary
  • # of students: 499
  • # of teachers: 33
4
GreatSchools Rating

Lithonia Middle School

  • Education Level: Middle
  • # of students: 1,158
  • # of teachers: 71
2
GreatSchools Rating

Lithonia High School

  • Education Level: High
  • # of students: 1,315
  • # of teachers: 77
3
GreatSchools Rating
 

$267,750$327,250$297,500

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 -$1,033
Property Tax -$433
Property Insurance -$78
Property Management Fees -$119
CASH FLOW
-$53

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.

$297,500

PROJECTED PRICE

$1,610

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.05%
Appreciation Year (1-5) 8.9%
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-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$84,588

INVESTMENT

$84,588

Down Payment
$74,375
Rehab Estimate
$5,750
Closing Costs
$4,463

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,033

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $74,375
Loan Amount $223,125
See What Happens When You Reinvest Cash Flow

2.33

YEARS SAVED

$4,553

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
  • $0.62

    LIST RENT PER SQFT
  • $1,858

    COMP ESTIMATED VALUE
  • $0.71

    COMP AVG. RENT PER SQFT
Comps Range
$1,610
1$1,6102$1,6453$1,945
$1,945
RENT COMPS ANALYSIS
  • 2323 Overlook Avenue Lithonia, GA 1
    • 4 beds 3 baths ∙ 2,617 Sqft ∙ Built 2017 4 beds 3 baths ∙ 2,617 Sqft ∙ Built 2017
    • Rent
    • Rent Per SQFT
    •  
    • $1,610
    • $0.62
    •  
  • 7536 Poplar Falls Trail Lithonia, GA 2
    • 3 beds 3 baths ∙ 2,306 Sqft ∙ Built 2007 3 beds 3 baths ∙ 2,306 Sqft ∙ Built 2007
    LEASED 10/19/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,645
    • $0.71
    •  
  • 2478 Osceola Road Lithonia, GA 3
    • 4 beds 3 baths ∙ 2,737 Sqft ∙ Built 2017 4 beds 3 baths ∙ 2,737 Sqft ∙ Built 2017
    LEASED 09/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,945
    • $0.71
    •  
PROPERTY LISTING DETAILS
Tonya Wiley
1.678.663.0722
Shakhan King
1.866.250.5610
RentVest Georgia LLC
H-75957
FIrst Multiple Listing Services ( FMLS)
MLS #: 6835330
Last Updated: 02/11/2021
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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