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2988 Overwood Lane Snellville, GA 30078

3 Beds 2 Baths 1,767 sqft Built 1979

$244,900

List Price

$1,490

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 18, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1979
  • Price/Sqft : $138.60
  • 4 Days on Market
  • MLS # : 6842052
  • Updated Date : 02/20/2021 at 17:28
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,767 sqft
  • Baths : 2 full
Listing Agent's Description

Completely Renovated 3 Bedroom, 2 Bath, Stepless Ranch located in the heart of Snellville's Summit Chase Golf Community. The new owners will love all of the new upgrades and renovations. This home has **New light fixtures and hardware throughout**New Granite Countertops in Kitchen and Bathrooms**Brand new Stainless Steel Appliances**Brand New Kitchen Backsplash**New Interior and Exterior Paint**New Flooring and New Carpet throghout**Covered Back Porch**Private Backyard with Storage Shed**Enjoy the view of Johnson Lake from your Rocking Chair front porch**Convientely

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: 30078

ZipNIR Market*CityMarket2010Year20002019110k120k130k140k150k160k170k180k190k200kPrice in $103k209k

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

Zip Code: 30078

ZipNIR Market*CityMarket2010Year20002019 Q2100010501100115012001250130013501400145015001550Rent in $9671564

* 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
Magill Elementary School Primary Regular 1,213 82 5
Grace Snell Middle School Middle Regular 1,151 69 6
South Gwinnett High School High Regular 2,503 139 5

Magill Elementary School

  • Education Level: Primary
  • # of students: 1,213
  • # of teachers: 82
5
GreatSchools Rating

Grace Snell Middle School

  • Education Level: Middle
  • # of students: 1,151
  • # of teachers: 69
6
GreatSchools Rating

South Gwinnett High School

  • Education Level: High
  • # of students: 2,503
  • # of teachers: 139
5
GreatSchools Rating
 

$220,410$269,390$244,900

PURCHASE PRICE

$1,341$1,639$1,490

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,490
EXPENSES Loan Payment -$851
Property Tax -$257
Property Insurance -$61
Property Management Fees -$119
CASH FLOW
$202

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.

$244,900

PROJECTED PRICE

$1,490

PROJECTED RENT

0.61%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.52%
Appreciation Year (1-5) 6.9%
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$200k$400k$600k$800k

PROJECTED ANNUAL CASH FLOW

11530$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$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$70,649

INVESTMENT

$70,649

Down Payment
$61,225
Rehab Estimate
$5,750
Closing Costs
$3,674

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$851

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $61,225
Loan Amount $183,675
See What Happens When You Reinvest Cash Flow

8.33

YEARS SAVED

$27,098

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,490

    LIST RENT
  • $0.84

    LIST RENT PER SQFT
  • $1,498

    COMP ESTIMATED VALUE
  • $0.85

    COMP AVG. RENT PER SQFT
Comps Range
$1,250
1$1,2502$1,4003$1,4754$1,4905$1,580
$1,580
RENT COMPS ANALYSIS
  • 2988 Overwood Lane Snellville, GA 4
    • 3 beds 2 baths ∙ 1,767 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,767 Sqft ∙ Built 1979
    • Rent
    • Rent Per SQFT
    •  
    • $1,490
    • $0.84
    •  
  • 1670 S Crestview Drive Snellville, GA 1
    • 3 beds 2 baths ∙ 1,468 Sqft ∙ Built 1961 3 beds 2 baths ∙ 1,468 Sqft ∙ Built 1961
    LEASED 05/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.85
    •  
  • 1280 Summit Point Lane Snellville, GA 2
    • 4 beds 2 baths ∙ 1,602 Sqft ∙ Built 1991 4 beds 2 baths ∙ 1,602 Sqft ∙ Built 1991
    LEASED 10/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.87
    •  
  • 3129 Fairview Drive Snellville, GA 3
    • 3 beds 2 baths ∙ 1,680 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,680 Sqft ∙ Built 1986
    LEASED 06/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $0.88
    •  
  • 2848 Creekwood Drive Snellville, GA 5
    • 3 beds 3 baths ∙ 1,994 Sqft ∙ Built 1981 3 beds 3 baths ∙ 1,994 Sqft ∙ Built 1981
    LEASED 02/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,580
    • $0.79
    •  
PROPERTY LISTING DETAILS
Scott Lewis
1.770.294.2110
Shakhan King
1.866.250.5610
RentVest Georgia LLC
H-75957
FIrst Multiple Listing Services ( FMLS)
MLS #: 6842052
Last Updated: 02/20/2021
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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