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3559 Salem Glen Road Lithonia, GA 30038

4 Beds 3 Baths 1,960 sqft Built 1998

INVESTimate

$180,900

List Price

$1,470

$1,323 - $1,617

Rent Est.

$195,245  ( +7.93%)   1 YR EST. FORECAST

PROPERTY INFO

August 23, 2020 RECENTLY ADDED
FACTS
  • Built In 1998
  • Price/Sqft : $92.30
  • 4 Days on Market
  • MLS # : 6771130
  • Updated Date : 08/24/2020 at 08:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,960 sqft
  • Baths : 2 full , 1 half
Listing Agent's Description

Welcome home to this one owner. Hardwood floors in all rooms, yes all rooms. Designer neutral colors. Upgrades can be seen in the flooring, wall colors, light fixtures to name a few. Seller has done the hard work, just awaits your final touches, giving you the opportunity to call it your own. Buyers your search is over, this great home with it's great backyard is great for entertaining. Won't last long, don't let this gem pass you by.

SEE MORE

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

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
Flat Rock Elementary School Primary Regular 1,057 64 2
Salem Middle School Middle Regular 1,095 68 3
Martin Luther King, Junior High School High Regular 1,668 93 3

Flat Rock Elementary School

  • Education Level: Primary
  • # of students: 1,057
  • # of teachers: 64
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
 

$162,810$198,990$180,900

PURCHASE PRICE

$1,323$1,617$1,470

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$14k$16k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,470
EXPENSES Loan Payment -$667
Property Tax -$262
Property Insurance -$65
Property Management Fees -$119
CASH FLOW
$357

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.

$180,900

PROJECTED PRICE

$1,470

PROJECTED RENT

0.81%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.05%
Appreciation Year (1-5) 7.93%
Maintenance Year (1-5) 8.00%
Vacancy 8.60%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$53,689

INVESTMENT

$53,689

Down Payment
$45,225
Rehab Estimate
$5,750
Closing Costs
$2,714

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$667

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $45,225
Loan Amount $135,675
See What Happens When You Reinvest Cash Flow

12.17

YEARS SAVED

$40,826

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,470

    LIST RENT
  • $0.75

    LIST RENT PER SQFT
  • $1,416

    COMP ESTIMATED VALUE
  • $0.72

    COMP AVG. RENT PER SQFT
Comps Range
$1,245
1$1,2452$1,2803$1,2954$1,4705$1,495
$1,495
RENT COMPS ANALYSIS
  • 3559 Salem Glen Road Lithonia, 4
    • 4 beds 3 baths ∙ 1,960 Sqft ∙ Built 1998 4 beds 3 baths ∙ 1,960 Sqft ∙ Built 1998
    • Rent
    • Rent Per SQFT
    •  
    • $1,470
    • $0.75
    •  
  • 3726 Salem Chapel Drive Lithonia, 1
    • 3 beds 2 baths ∙ 1,683 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,683 Sqft ∙ Built 1998
    LEASED 11/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,245
    • $0.74
    •  
  • 3412 Cedar Rock Lane Lithonia, 2
    • 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
    •  
  • 5165 Oaktree Trail Lithonia, 3
    • 3 beds 2 baths ∙ 1,756 Sqft ∙ Built 1989 3 beds 2 baths ∙ 1,756 Sqft ∙ Built 1989
    LEASED 12/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.74
    •  
  • 3674 Walnut Creek Way Lithonia, 5
    • 3 beds 3 baths ∙ 2,082 Sqft ∙ Built 2002 3 beds 3 baths ∙ 2,082 Sqft ∙ Built 2002
    LEASED 02/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.72
    •  
PROPERTY LISTING DETAILS
Loraine Pless
1.678.249.5010
Shakhan King
1.866.250.5610
RentVest Georgia LLC
H-75957
FIrst Multiple Listing Services ( FMLS)
MLS #: 6771130
Last Updated: 08/24/2020
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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