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3958 Old Lantern Drive Lithonia, GA 30038

3 Beds 2 Baths 1,898 sqft Built 1975

$166,000

List Price

$1,450

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

November 09, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1975
  • Price/Sqft : $87.46
  • 7 Days on Market
  • MLS # : 6806526
  • Updated Date : 11/12/2020 at 17:56
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,898 sqft
  • Baths : 2 full
Listing Agent's Description

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

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)
  • #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)
  • #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)

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
 

$149,400$182,600$166,000

PURCHASE PRICE

$1,305$1,595$1,450

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,450
EXPENSES Loan Payment -$612
Property Tax -$240
Property Insurance -$64
Property Management Fees -$119
CASH FLOW
$414

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.

$166,000

PROJECTED PRICE

$1,450

PROJECTED RENT

0.87%

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$700k

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$49,740

INVESTMENT

$49,740

Down Payment
$41,500
Rehab Estimate
$5,750
Closing Costs
$2,490

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$612

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $41,500
Loan Amount $124,500
See What Happens When You Reinvest Cash Flow

13.92

YEARS SAVED

$44,532

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,450

    LIST RENT
  • $0.76

    LIST RENT PER SQFT
  • $1,461

    COMP ESTIMATED VALUE
  • $0.77

    COMP AVG. RENT PER SQFT
Comps Range
$1,264
1$1,2642$1,2753$1,3004$1,4505$1,600
$1,600
RENT COMPS ANALYSIS
  • 3958 Old Lantern Drive Lithonia, GA 4
    • 3 beds 2 baths ∙ 1,898 Sqft ∙ Built 1975 3 beds 2 baths ∙ 1,898 Sqft ∙ Built 1975
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.76
    •  
  • 3641 Londonderry Court Lithonia, GA 1
    • 3 beds 2 baths ∙ 1,612 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,612 Sqft ∙ Built 1984
    LEASED 02/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,264
    • $0.78
    •  
  • 3376 Moravia Drive Lithonia, GA 2
    • 3 beds 2 baths ∙ 1,703 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,703 Sqft ∙ Built 1972
    LEASED 12/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,275
    • $0.75
    •  
  • 4900 Ardsley Drive Lithonia, GA 3
    • 3 beds 3 baths ∙ 1,668 Sqft ∙ Built 1989 3 beds 3 baths ∙ 1,668 Sqft ∙ Built 1989
    LEASED 08/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.78
    •  
  • 3800 Spring Garden Lane Lithonia, GA 5
    • 4 beds 3 baths ∙ 2,069 Sqft ∙ Built 1986 4 beds 3 baths ∙ 2,069 Sqft ∙ Built 1986
    LEASED 10/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.77
    •  
PROPERTY LISTING DETAILS
Kim Klir
Shakhan King
1.866.250.5610
RentVest Georgia LLC
H-75957
FIrst Multiple Listing Services ( FMLS)
MLS #: 6806526
Last Updated: 11/12/2020
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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