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2490 Spring Harbor Drive Cumming, GA 30041

4 Beds 3 Baths 2,442 sqft Built 1999

$425,000

List Price

$2,000

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1999
  • Price/Sqft : $174.04
  • 5 Days on Market
  • MLS # : 6851596
  • Updated Date : 03/13/2021 at 08:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,442 sqft
  • Baths : 2 full , 1 half
Listing Agent's Description

Back Yard Heaven in sought after South Forsyth! Escape to your own personal oasis on a stunning covered screened-in porch overlooking a large flat backyard, fire pit, and box garden. This home has it all with plantation shutters throughout, built-ins in the family room, farmhouse-styled kitchen, and fantastic floor plan. This immaculately kept home has a large master with tray ceilings, many upgraded lights, and a brand new HVAC unit. Wonderful neighborhood with great amenities and schools. Hurry, it will go fast! Please note private remarks.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • As the largest share, Atlanta metro contributes to 69.3% of Georgia state economy i.e. Gross State Product (USMayors.org, 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)

PRICE & RENT TRENDS

Zip Code: 30041

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360k380kPrice in $113k391k

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

Zip Code: 30041

ZipNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700180019002000Rent in $9732079

* 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
Big Creek Elementary School Primary Regular 941 49 9
Piney Grove Middle School Middle Regular 1,309 78 9
Denmark High School High Unknown NA

Big Creek Elementary School

  • Education Level: Primary
  • # of students: 941
  • # of teachers: 49
9
GreatSchools Rating

Piney Grove Middle School

  • Education Level: Middle
  • # of students: 1,309
  • # of teachers: 78
9
GreatSchools Rating

Denmark High School

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

$382,500$467,500$425,000

PURCHASE PRICE

$1,800$2,200$2,000

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,000
EXPENSES Loan Payment -$1,476
Property Tax -$350
Property Insurance -$74
HOA -$60
Property Management Fees -$119
CASH FLOW
-$80

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.

$425,000

PROJECTED PRICE

$2,000

PROJECTED RENT

0.47%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.09%
Appreciation Year (1-5) 6.4%
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$200k$400k$600k$800k$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$118,375

INVESTMENT

$118,375

Down Payment
$106,250
Rehab Estimate
$5,750
Closing Costs
$6,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,476

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $106,250
Loan Amount $318,750
See What Happens When You Reinvest Cash Flow

3.83

YEARS SAVED

$15,144

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,000

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $2,057

    COMP ESTIMATED VALUE
  • $0.84

    COMP AVG. RENT PER SQFT
Comps Range
$1,900
1$1,9002$1,9203$1,9954$2,0005$2,100
$2,100
RENT COMPS ANALYSIS
  • 2490 Spring Harbor Drive Cumming, GA 4
    • 4 beds 3 baths ∙ 2,442 Sqft ∙ Built 1999 4 beds 3 baths ∙ 2,442 Sqft ∙ Built 1999
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.82
    •  
  • 2620 Winfield Court Cumming, GA 1
    • 4 beds 3 baths ∙ 2,318 Sqft ∙ Built 2013 4 beds 3 baths ∙ 2,318 Sqft ∙ Built 2013
    LEASED 06/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.82
    •  
  • 2905 Brookwater Drive Cumming, GA 2
    • 4 beds 3 baths ∙ 2,291 Sqft ∙ Built 1998 4 beds 3 baths ∙ 2,291 Sqft ∙ Built 1998
    LEASED 04/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,920
    • $0.84
    •  
  • 2680 Gold Creek Lane Cumming, GA 3
    • 4 beds 3 baths ∙ 2,364 Sqft ∙ Built 2013 4 beds 3 baths ∙ 2,364 Sqft ∙ Built 2013
    LEASED 06/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.84
    •  
  • 2875 Tattersall Court Cumming, GA 5
    • 4 beds 3 baths ∙ 2,417 Sqft ∙ Built 1999 4 beds 3 baths ∙ 2,417 Sqft ∙ Built 1999
    LEASED 04/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.87
    •  
PROPERTY LISTING DETAILS
Lauren Warner
1.770.630.0810
Shakhan King
1.866.250.5610
RentVest Georgia LLC
H-75957
FIrst Multiple Listing Services ( FMLS)
MLS #: 6851596
Last Updated: 03/13/2021
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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