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3740 Salem Meadows Drive Lithonia, GA 30038

3 Beds 3 Baths 1,603 sqft Built 1998

$170,000

List Price

$1,210

$1.1K - $1.3K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1998
  • Price/Sqft : $106.05
  • 34 Days on Market
  • MLS # : 6829536
  • Updated Date : 02/04/2021 at 18:47
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,603 sqft
  • Baths : 2 full , 1 half
Listing Agent's Description

Nicely maintanined home in established community. Tenant occupied now. Great investment of owner occupant opportunity. Large eat-in kitchen with view of family room. Separate living room. Fenced back yard.

MARKET HIGHLIGHTS

  • #1 Most affordable big city (WalletHub, 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'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)
  • #1 corporate relocation city (Coldwell Banker Commercial Blue Book,, 2018)
  • #1 Moving Destination in the Nation (Penske, 2018)
  • Atlanta metro has 66.1% labor force participation rate higher than the national rate 62.8% (USMayors.org, 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 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
 

$153,000$187,000$170,000

PURCHASE PRICE

$1,089$1,331$1,210

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,210
EXPENSES Loan Payment -$590
Property Tax -$246
Property Insurance -$58
Property Management Fees -$119
CASH FLOW
$196

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.

$170,000

PROJECTED PRICE

$1,210

PROJECTED RENT

0.71%

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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$50,800

INVESTMENT

$50,800

Down Payment
$42,500
Rehab Estimate
$5,750
Closing Costs
$2,550

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$590

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $42,500
Loan Amount $127,500
See What Happens When You Reinvest Cash Flow

8.42

YEARS SAVED

$19,050

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,210

    LIST RENT
  • $0.75

    LIST RENT PER SQFT
  • $1,210

    COMP ESTIMATED VALUE
  • $0.75

    COMP AVG. RENT PER SQFT
Comps Range
$1,100
1$1,1002$1,2103$1,2454$1,2505$1,295
$1,295
RENT COMPS ANALYSIS
  • 3740 Salem Meadows Drive Lithonia, GA 2
    • 3 beds 3 baths ∙ 1,603 Sqft ∙ Built 1998 3 beds 3 baths ∙ 1,603 Sqft ∙ Built 1998
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,210
    • $0.75
    •  
  • 4090 Crossvale Road Lithonia, GA 1
    • 3 beds 2 baths ∙ 1,456 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,456 Sqft ∙ Built 1984
    property image
    LEASED 12/08/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,100
    • $0.76
    •  
  • 3726 Salem Chapel Drive Lithonia, GA 3
    • 3 beds 2 baths ∙ 1,683 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,683 Sqft ∙ Built 1998
    property image
    LEASED 11/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,245
    • $0.74
    •  
  • 5334 Salem Springs Drive Lithonia, GA 4
    • 3 beds 3 baths ∙ 1,603 Sqft ∙ Built 1998 3 beds 3 baths ∙ 1,603 Sqft ∙ Built 1998
    property image
    LEASED 05/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.78
    •  
  • 5165 Oaktree Trail Lithonia, GA 5
    • 3 beds 2 baths ∙ 1,756 Sqft ∙ Built 1989 3 beds 2 baths ∙ 1,756 Sqft ∙ Built 1989
    property image
    LEASED 12/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.74
    •  
PROPERTY LISTING DETAILS
Monica Paul Johnson
1.404.271.0547
Shakhan King
1.866.250.5610
RentVest Georgia LLC
H-75957
FIrst Multiple Listing Services ( FMLS)
MLS #: 6829536
Last Updated: 02/04/2021
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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