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3220 Somerset Court Se Conyers, GA 30013

3 Beds 2 Baths 1,964 sqft Built 1999

INVESTimate

$210,000

List Price

$1,320

$1,188 - $1,452

Rent Est.

$228,249  ( +8.69%)   1 YR EST. FORECAST

PROPERTY INFO

August 20, 2020 RECENTLY ADDED
FACTS
  • Built In 1999
  • Price/Sqft : $106.92
  • 7 Days on Market
  • MLS # : 6770020
  • Updated Date : 08/21/2020 at 08:01
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,964 sqft
  • Baths : 2 full
Listing Agent's Description

This Conyers one-story home offers a two-car garage. This home is vacant and cleaned regularly.

MARKET HIGHLIGHTS

  • #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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Salem Lake

NeighborhoodNIR Market*CityMarket2010Year2000201990k100k110k120k130k140k150k160k170k180k190k200kPrice in $82k209k

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

Neighborhood: Salem Lake

NeighborhoodNIR 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
Peek's Chapel Elementary School Primary Regular 636 39 5
Memorial Middle School Middle Regular 950 62 4
Salem High School High Regular 1,370 69 4

Peek's Chapel Elementary School

  • Education Level: Primary
  • # of students: 636
  • # of teachers: 39
5
GreatSchools Rating

Memorial Middle School

  • Education Level: Middle
  • # of students: 950
  • # of teachers: 62
4
GreatSchools Rating

Salem High School

  • Education Level: High
  • # of students: 1,370
  • # of teachers: 69
4
GreatSchools Rating
 

$189,000$231,000$210,000

PURCHASE PRICE

$1,188$1,452$1,320

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

11530$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$700k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,320
EXPENSES Loan Payment -$775
Property Tax -$240
Property Insurance -$65
Property Management Fees -$119
CASH FLOW
$122

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.

$210,000

PROJECTED PRICE

$1,320

PROJECTED RENT

0.63%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.05%
Appreciation Year (1-5) 8.69%
Maintenance Year (1-5) 8.00%
Vacancy 8.60%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$61,400

INVESTMENT

$61,400

Down Payment
$52,500
Rehab Estimate
$5,750
Closing Costs
$3,150

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$775

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $52,500
Loan Amount $157,500
See What Happens When You Reinvest Cash Flow

6.17

YEARS SAVED

$16,731

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,320

    LIST RENT
  • $0.67

    LIST RENT PER SQFT
  • $1,340

    COMP ESTIMATED VALUE
  • $0.68

    COMP AVG. RENT PER SQFT
Comps Range
$1,320
1$1,3202$1,3453$1,3954$1,4505$1,465
$1,465
RENT COMPS ANALYSIS
  • 3220 Somerset Court Se Conyers, 1
    • 3 beds 2 baths ∙ 1,964 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,964 Sqft ∙ Built 1999
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,320
    • $0.67
    •  
  • 25 Summer Walk Court Covington, 2
    • 3 beds 2 baths ∙ 1,936 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,936 Sqft ∙ Built 1998
    property image
    LEASED 04/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,345
    • $0.69
    •  
  • 1417 Pickets Court Se Conyers, 3
    • 3 beds 2 baths ∙ 2,101 Sqft ∙ Built 1995 3 beds 2 baths ∙ 2,101 Sqft ∙ Built 1995
    property image
    LEASED 04/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.66
    •  
  • 3128 Baywood Court Conyers, 4
    • 4 beds 3 baths ∙ 2,096 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,096 Sqft ∙ Built 2003
    property image
    LEASED 10/03/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.69
    •  
  • 3632 Shale Lane Se Conyers, 5
    • 4 beds 2 baths ∙ 2,121 Sqft ∙ Built 2013 4 beds 2 baths ∙ 2,121 Sqft ∙ Built 2013
    property image
    LEASED 02/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,465
    • $0.69
    •  
PROPERTY LISTING DETAILS
Kim Klir
Shakhan King
1.866.250.5610
RentVest Georgia LLC
H-75957
FIrst Multiple Listing Services ( FMLS)
MLS #: 6770020
Last Updated: 08/21/2020
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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