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3200 Rim Cove Drive #131 Cumming, GA 30041

2 Beds 2 Baths 1,330 sqft Built 1974

$225,000

List Price

$1,520

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 19, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1974
  • Price/Sqft : $169.17
  • 4 Days on Market
  • MLS # : 6855823
  • Updated Date : 03/19/2021 at 08:00
CONSTRUCTION
  • Beds : 2
  • Floor Size : 1,330 sqft
  • Baths : 2 full
Listing Agent's Description

Don't miss this amazing opportunity to enjoy Lake Lanier living at a very affordable price! This unit is completely move-in ready, with beautifully updated flooring, kitchen, and bathrooms. Extra large deck backs up to a wooded area with a peek-a-boo view of the lake. Gentle, 5 minute walk to the Community Dock with multiple slips, Saltwater Pool, & Tennis Courts, ALL included in monthly fee! Versatile floor plan with 1 bedroom/full bath on main level and 1 bedroom upstairs with full bath and loft area with plenty of room to add extra beds for weekend guests.

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
Mashburn Elementary School Primary Regular 591 39 8
Lakeside Middle School Middle Regular 1,118 65 8
Forsyth Central High School High Regular 1,941 116 7

Mashburn Elementary School

  • Education Level: Primary
  • # of students: 591
  • # of teachers: 39
8
GreatSchools Rating

Lakeside Middle School

  • Education Level: Middle
  • # of students: 1,118
  • # of teachers: 65
8
GreatSchools Rating

Forsyth Central High School

  • Education Level: High
  • # of students: 1,941
  • # of teachers: 116
7
GreatSchools Rating
 

$202,500$247,500$225,000

PURCHASE PRICE

$1,368$1,672$1,520

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,520
EXPENSES Loan Payment -$782
Property Tax -$185
Property Insurance -$53
HOA -$275
Property Management Fees -$119
CASH FLOW
$106

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.

$225,000

PROJECTED PRICE

$1,520

PROJECTED RENT

0.68%

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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$65,375

INVESTMENT

$65,375

Down Payment
$56,250
Rehab Estimate
$5,750
Closing Costs
$3,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$782

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $56,250
Loan Amount $168,750
See What Happens When You Reinvest Cash Flow

6.33

YEARS SAVED

$16,274

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,520

    LIST RENT
  • $1.14

    LIST RENT PER SQFT
  • $1,605

    COMP ESTIMATED VALUE
  • $1.21

    COMP AVG. RENT PER SQFT
Comps Range
$1,300
1$1,3002$1,3003$1,4954$1,520
$1,520
RENT COMPS ANALYSIS
  • 3200 Rim Cove Drive Cumming, GA 4
    • 2 beds 2 baths ∙ 1,330 Sqft ∙ Built 1974 2 beds 2 baths ∙ 1,330 Sqft ∙ Built 1974
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,520
    • $1.14
    •  
  • 1430 Lakeside Trail Cumming, GA 1
    • 2 beds 2 baths ∙ 1,024 Sqft ∙ Built 1985 2 beds 2 baths ∙ 1,024 Sqft ∙ Built 1985
    property image
    LEASED 03/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $1.27
    •  
  • 3502 Tradewinds Drive Cumming, GA 2
    • 2 beds 3 baths ∙ 1,392 Sqft ∙ Built 1986 2 beds 3 baths ∙ 1,392 Sqft ∙ Built 1986
    property image
    LEASED 08/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.93
    •  
  • 2845 Lanier Beach South Road Cumming, GA 3
    • 2 beds 2 baths ∙ 1,052 Sqft ∙ Built 1986 2 beds 2 baths ∙ 1,052 Sqft ∙ Built 1986
    property image
    LEASED 09/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $1.42
    •  
PROPERTY LISTING DETAILS
Cole Team
1.404.368.8080
Shakhan King
1.866.250.5610
RentVest Georgia LLC
H-75957
FIrst Multiple Listing Services ( FMLS)
MLS #: 6855823
Last Updated: 03/19/2021
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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