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2650 River Summit Drive Duluth, GA 30097

4 Beds 3 Baths 2,552 sqft Built 1992

$345,000

List Price

$1,940

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

December 17, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1992
  • Price/Sqft : $135.19
  • 4 Days on Market
  • MLS # : 6815263
  • Updated Date : 12/18/2020 at 13:27
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,552 sqft
  • Baths : 2 full , 1 half
Listing Agent's Description

Beautiful move in ready unique floorplan in the Summit section of highly sought after Riverbrooke! Updated with new windows and gutters with gutter guards, new paint inside and out, new water heater, appliances and lighting. Welcoming front entry into this dramatic two story foyer. Spacious open concept living! Not your everyday floorplan. Formal living room with vaulted ceiling and wide staircase leading you to the overlooking dining room. Convenient wine/coffee bar perfect for entertaining. Large family room with fireplace and bookshelves, open to the oversized

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)
  • As the largest share, Atlanta metro contributes to 69.3% of Georgia state economy i.e. Gross State Product (USMayors.org, 2018)
  • Atlanta metro has 66.1% labor force participation rate higher than the national rate 62.8% (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).
  • #1 World’s Busiest Airport(Airports Council International, 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)
  • #1 corporate relocation city (Coldwell Banker Commercial Blue Book,, 2018)
  • #1 Moving Destination in the Nation (Penske, 2018)

PRICE & RENT TRENDS

Neighborhood: Duluth

ZipNIR Market*CityMarket2010Year20002019150k200k250k300k350k400kPrice in $113k437k

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

Neighborhood: Duluth

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2100011001200130014001500160017001800190020002100220023002400Rent in $9732417

* 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
Chattahoochee Elementary School Primary Regular 1,248 79 9
Coleman Middle School Middle Regular NA
Duluth High School High Regular 2,675 142 7

Chattahoochee Elementary School

  • Education Level: Primary
  • # of students: 1,248
  • # of teachers: 79
9
GreatSchools Rating

Coleman Middle School

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

Duluth High School

  • Education Level: High
  • # of students: 2,675
  • # of teachers: 142
7
GreatSchools Rating
 

$310,500$379,500$345,000

PURCHASE PRICE

$1,746$2,134$1,940

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,940
EXPENSES Loan Payment -$1,273
Property Tax -$376
Property Insurance -$76
HOA -$48
Property Management Fees -$119
CASH FLOW
$47

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.

$345,000

PROJECTED PRICE

$1,940

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.09%
Appreciation Year (1-5) 8.2%
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$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$97,175

INVESTMENT

$97,175

Down Payment
$86,250
Rehab Estimate
$5,750
Closing Costs
$5,175

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,273

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $86,250
Loan Amount $258,750
See What Happens When You Reinvest Cash Flow

5.42

YEARS SAVED

$23,578

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,940

    LIST RENT
  • $0.76

    LIST RENT PER SQFT
  • $1,946

    COMP ESTIMATED VALUE
  • $0.76

    COMP AVG. RENT PER SQFT
Comps Range
$1,790
1$1,7902$1,9003$1,9004$1,9405$1,990
$1,990
RENT COMPS ANALYSIS
  • 2650 River Summit Drive Duluth, GA 4
    • 4 beds 3 baths ∙ 2,552 Sqft ∙ Built 1992 4 beds 3 baths ∙ 2,552 Sqft ∙ Built 1992
    • Rent
    • Rent Per SQFT
    •  
    • $1,940
    • $0.76
    •  
  • 2173 Soque River Drive Duluth, GA 1
    • 4 beds 3 baths ∙ 2,384 Sqft ∙ Built 1998 4 beds 3 baths ∙ 2,384 Sqft ∙ Built 1998
    LEASED 07/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,790
    • $0.75
    •  
  • 2628 Hooch Court Duluth, GA 2
    • 4 beds 3 baths ∙ 2,528 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,528 Sqft ∙ Built 2002
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.75
    •  
  • 2143 Soque River Drive Duluth, GA 3
    • 4 beds 3 baths ∙ 2,490 Sqft ∙ Built 1998 4 beds 3 baths ∙ 2,490 Sqft ∙ Built 1998
    LEASED 03/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.76
    •  
  • 3937 Toccoa Falls Drive Duluth, GA 5
    • 4 beds 3 baths ∙ 2,505 Sqft ∙ Built 1998 4 beds 3 baths ∙ 2,505 Sqft ∙ Built 1998
    LEASED 06/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,990
    • $0.79
    •  
PROPERTY LISTING DETAILS
Sharon Cunningham
1.404.213.5534
Shakhan King
1.866.250.5610
RentVest Georgia LLC
H-75957
FIrst Multiple Listing Services ( FMLS)
MLS #: 6815263
Last Updated: 12/18/2020
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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