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2906 Castle Drive Lawrenceville, GA 30044

3 Beds 3 Baths 2,699 sqft Built 1972

INVESTimate

$285,000

List Price

$1,700

$1,530 - $1,870

Rent Est.

$309,994  ( +8.77%)   1 YR EST. FORECAST

PROPERTY INFO

FACTS
  • Built In 1972
  • Price/Sqft : $105.59
  • 72 Days on Market
  • MLS # : 6738808
  • Updated Date : 08/17/2020 at 17:09
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,699 sqft
  • Baths : 3 full
Listing Agent's Description

3 bedrooms, 3 full baths, family room, Ethernet wiring in family room for streaming, bonus room, laundry room, utility room, storage room, finished basement, all appliances included, 2 car garage, security cameras, alarm system, storm windows, large patio and a separate repaired deck, new roof, relatively new water heater, fenced yard, all brick on all sides. Great neighborhood, near parks, schools and everything.

SEE MORE

MARKET HIGHLIGHTS

  • #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)
  • 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)

PRICE & RENT TRENDS

Zip Code: 30044

ZipNIR Market*CityMarket2010Year20002019110k120k130k140k150k160k170k180k190k200k210k220kPrice in $103k227k

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

Zip Code: 30044

ZipNIR Market*CityMarket2010Year20002019 Q2950100010501100115012001250130013501400145015001550Rent in $9481552

* 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
J. A. Alford Elementary School Primary Regular 1,005 73 6
Richards Middle School Middle Regular 1,571 95 5
Discovery High School High Regular NA

J. A. Alford Elementary School

  • Education Level: Primary
  • # of students: 1,005
  • # of teachers: 73
6
GreatSchools Rating

Richards Middle School

  • Education Level: Middle
  • # of students: 1,571
  • # of teachers: 95
5
GreatSchools Rating

Discovery High School

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

$256,500$313,500$285,000

PURCHASE PRICE

$1,530$1,870$1,700

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,700
EXPENSES Loan Payment -$1,052
Property Tax -$342
Property Insurance -$79
Property Management Fees -$119
CASH FLOW
$108

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.

$285,000

PROJECTED PRICE

$1,700

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.52%
Appreciation Year (1-5) 8.77%
Maintenance Year (1-5) 8.00%
Vacancy 7.33%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$81,275

INVESTMENT

$81,275

Down Payment
$71,250
Rehab Estimate
$5,750
Closing Costs
$4,275

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,052

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $71,250
Loan Amount $213,750
See What Happens When You Reinvest Cash Flow

6

YEARS SAVED

$22,673

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,700

    LIST RENT
  • $0.63

    LIST RENT PER SQFT
  • $1,795

    COMP ESTIMATED VALUE
  • $0.66

    COMP AVG. RENT PER SQFT
Comps Range
$1,675
1$1,6752$1,6953$1,7004$1,8455$1,995
$1,995
RENT COMPS ANALYSIS
  • 2906 Castle Drive Lawrenceville, 3
    • 3 beds 3 baths ∙ 2,699 Sqft ∙ Built 1972 3 beds 3 baths ∙ 2,699 Sqft ∙ Built 1972
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.63
    •  
  • 2611 Deer Isle Cove Lawrenceville, 1
    • 4 beds 3 baths ∙ 2,445 Sqft ∙ Built 1986 4 beds 3 baths ∙ 2,445 Sqft ∙ Built 1986
    LEASED 06/17/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $0.69
    •  
  • 775 Wyndham Place Circle Lawrenceville, 2
    • 4 beds 3 baths ∙ 2,589 Sqft ∙ Built 1992 4 beds 3 baths ∙ 2,589 Sqft ∙ Built 1992
    LEASED 10/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.65
    •  
  • 2636 Kirkwood Drive Lawrenceville, 4
    • 4 beds 3 baths ∙ 2,924 Sqft ∙ Built 1985 4 beds 3 baths ∙ 2,924 Sqft ∙ Built 1985
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,845
    • $0.63
    •  
  • 2645 Wilshire Terrace Lawrenceville, 5
    • 4 beds 4 baths ∙ 2,906 Sqft ∙ Built 1986 4 beds 4 baths ∙ 2,906 Sqft ∙ Built 1986
    LEASED 01/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.69
    •  
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 #: 6738808
Last Updated: 08/17/2020
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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