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244 Millstone Drive Hampton, GA 30228

4 Beds 3 Baths 2,163 sqft Built 2005

$215,000

List Price

$1,660

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

90% chance this property will be sold within the next 10 days HOT INVESTMENT
November 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $99.40
  • 4 Days on Market
  • MLS # : 6807981
  • Updated Date : 11/13/2020 at 08:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,163 sqft
  • Baths : 2 full , 1 half
Listing Agent's Description

Welcome to this home in the highly sought after Cobblestone Ridge community in Hampton. This 2-story home has been updated and lies in a quaint neighborhood only 5 minutes from the Atlanta Motor Speedway, perfect for any Nascar fanatic. It features a cozy living room with a fireplace and an open concept into the kitchen for entertaining. The kitchen boasts stainless steel appliances, beautiful granite countertops, and a dining area to keep the family altogether. Additionally, it has a formal dining room large enough to host for the holidays.

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: Cobblestone Ridge

NeighborhoodNIR Market*CityMarket2010Year20002019100k110k120k130k140k150k160k170k180k190k200kPrice in $96k209k

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

Neighborhood: Cobblestone Ridge

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600Rent in $8811650

* 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
Rocky Creek Elementary School Primary Regular 748 44 6
Hampton Middle School Middle Regular 842 48 4
Hampton High School High Unknown 822 48 NA

Rocky Creek Elementary School

  • Education Level: Primary
  • # of students: 748
  • # of teachers: 44
6
GreatSchools Rating

Hampton Middle School

  • Education Level: Middle
  • # of students: 842
  • # of teachers: 48
4
GreatSchools Rating

Hampton High School

  • Education Level: High
  • # of students: 822
  • # of teachers: 48
NA
GreatSchools Rating
 

$193,500$236,500$215,000

PURCHASE PRICE

$1,494$1,826$1,660

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,660
EXPENSES Loan Payment -$793
Property Tax -$232
Property Insurance -$69
HOA -$42
Property Management Fees -$119
CASH FLOW
$405

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.

$215,000

PROJECTED PRICE

$1,660

PROJECTED RENT

0.77%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.52%
Appreciation Year (1-5) 5.0%
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$100k$200k$300k$400k$500k$600k$700k$800k

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$62,725

INVESTMENT

$62,725

Down Payment
$53,750
Rehab Estimate
$5,750
Closing Costs
$3,225

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$793

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $53,750
Loan Amount $161,250
See What Happens When You Reinvest Cash Flow

12.92

YEARS SAVED

$52,181

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,660

    LIST RENT
  • $0.77

    LIST RENT PER SQFT
  • $1,637

    COMP ESTIMATED VALUE
  • $0.76

    COMP AVG. RENT PER SQFT
Comps Range
$1,449
1$1,4492$1,5253$1,6604$1,825
$1,825
RENT COMPS ANALYSIS
  • 244 Millstone Drive Hampton, GA 3
    • 4 beds 3 baths ∙ 2,163 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,163 Sqft ∙ Built 2005
    • Rent
    • Rent Per SQFT
    •  
    • $1,660
    • $0.77
    •  
  • 201 Sandstone Drive Hampton, GA 1
    • 3 beds 3 baths ∙ 1,964 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,964 Sqft ∙ Built 2006
    LEASED 04/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,449
    • $0.74
    •  
  • 311 Peachtree Circle Hampton, GA 2
    • 4 beds 3 baths ∙ 2,165 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,165 Sqft ∙ Built 2006
    LEASED 11/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,525
    • $0.70
    •  
  • 1210 Pebble Rock Road Hampton, GA 4
    • 4 beds 3 baths ∙ 2,210 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,210 Sqft ∙ Built 2015
    LEASED 04/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,825
    • $0.83
    •  
PROPERTY LISTING DETAILS
Mark Spain
1.770.886.9000
Shakhan King
1.866.250.5610
RentVest Georgia LLC
H-75957
FIrst Multiple Listing Services ( FMLS)
MLS #: 6807981
Last Updated: 11/13/2020
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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