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3129 Miller Road Lithonia, GA 30038

4 Beds 3 Baths 2,150 sqft Built 1967

$330,000

List Price

$1,590

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 22, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1967
  • Price/Sqft : $153.49
  • 7 Days on Market
  • MLS # : 6843349
  • Updated Date : 02/26/2021 at 09:31
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,150 sqft
  • Baths : 3 full
Listing Agent's Description

Beautiful renovated Ranch homed. Studio apartment with separate entrance. Beautiful hardwood floors, lovely fireplace in the Dinning room. Home was renovated 3 yrs ago , New HVAC, Roof, Furnace, Plumbing, and Electrical . Close to shopping and minutes from the city of Atlanta. In home water filtration system. Sets on a partial basement with inside and outside entry. This home is great for a family and if you are an investor this home is waiting for you. Private backyard with lots of space for children and family gatherings.

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)
  • 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)
  • 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)

PRICE & RENT TRENDS

Zip Code: 30038

ZipNIR Market*CityMarket2010Year2000201990k100k110k120k130k140k150k160k170k180k190k200kPrice in $82k209k

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

Zip Code: 30038

ZipNIR Market*CityMarket2010Year20002019 Q285090095010001050110011501200125013001350140014501500Rent in $8171509

* 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
Browns Mill Elementary School Primary Regular 712 40 2
Salem Middle School Middle Regular 1,095 68 3
Martin Luther King, Junior High School High Regular 1,668 93 3

Browns Mill Elementary School

  • Education Level: Primary
  • # of students: 712
  • # of teachers: 40
2
GreatSchools Rating

Salem Middle School

  • Education Level: Middle
  • # of students: 1,095
  • # of teachers: 68
3
GreatSchools Rating

Martin Luther King, Junior High School

  • Education Level: High
  • # of students: 1,668
  • # of teachers: 93
3
GreatSchools Rating
 

$297,000$363,000$330,000

PURCHASE PRICE

$1,431$1,749$1,590

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,590
EXPENSES Loan Payment -$1,146
Property Tax -$478
Property Insurance -$69
Property Management Fees -$119
CASH FLOW
-$222

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 17% of earned rent to cover both maintenance and periods of vacancy.

$330,000

PROJECTED PRICE

$1,590

PROJECTED RENT

0.48%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.05%
Appreciation Year (1-5) 7.9%
Maintenance Year (1-5) 8.00%
Vacancy 8.60%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

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

PROJECTED ANNUAL CASH FLOW

11530-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k

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$93,200

INVESTMENT

$93,200

Down Payment
$82,500
Rehab Estimate
$5,750
Closing Costs
$4,950

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$1,146

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $82,500
Loan Amount $247,500
See What Happens When You Reinvest Cash Flow

0.58

YEARS SAVED

$819

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,590

    LIST RENT
  • $0.74

    LIST RENT PER SQFT
  • $1,555

    COMP ESTIMATED VALUE
  • $0.72

    COMP AVG. RENT PER SQFT
Comps Range
$1,280
1$1,2802$1,5503$1,5904$1,595
$1,595
RENT COMPS ANALYSIS
  • 3129 Miller Road Lithonia, GA 3
    • 4 beds 3 baths ∙ 2,150 Sqft ∙ Built 1967 4 beds 3 baths ∙ 2,150 Sqft ∙ Built 1967
    • Rent
    • Rent Per SQFT
    •  
    • $1,590
    • $0.74
    •  
  • 3412 Cedar Rock Lane Lithonia, GA 1
    • 3 beds 2 baths ∙ 1,854 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,854 Sqft ∙ Built 1986
    LEASED 01/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,280
    • $0.69
    •  
  • 3440 Dogwood Place Decatur, GA 2
    • 4 beds 3 baths ∙ 2,133 Sqft ∙ Built 1986 4 beds 3 baths ∙ 2,133 Sqft ∙ Built 1986
    LEASED 01/26/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.73
    •  
  • 2740 Treadway Drive Decatur, GA 4
    • 4 beds 3 baths ∙ 2,129 Sqft ∙ Built 1963 4 beds 3 baths ∙ 2,129 Sqft ∙ Built 1963
    LEASED 02/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.75
    •  
PROPERTY LISTING DETAILS
Gail Raby
1.770.262.4748
Shakhan King
1.866.250.5610
RentVest Georgia LLC
H-75957
FIrst Multiple Listing Services ( FMLS)
MLS #: 6843349
Last Updated: 02/26/2021
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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