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502 Carrington Court Canton, GA 30115

3 Beds 3 Baths 1,912 sqft Built 1998

$255,000

List Price

$1,560

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

November 07, 2020 RECENTLY ADDED
FACTS
  • Built In 1998
  • Price/Sqft : $133.37
  • 2 Days on Market
  • MLS # : 6803870
  • Updated Date : 11/07/2020 at 21:57
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,912 sqft
  • Baths : 2 full , 1 half
Listing Agent's Description

Charming, well maintained home in Carrington Farm! Recently updated kitchen with granite counters, backsplash and deep sinks as well as flooring throughout. Distant golf course view from the master bedroom adds to the uniqueness. Relax on the back covered porch, equipped with swing, ceiling fan and gas grill, overlooking private backyard! Extra storage space in the garage. Close to shopping and schools.

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

Neighborhood: Carrington Farm

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $113k321k

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

Neighborhood: Carrington Farm

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700180019002000Rent in $9732009

* 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
Hickory Flat Elementary School Primary Regular 550 33 9
Hickory Flat Elementary School Middle Regular 550 33 9
Sequoyah High School High Regular 1,715 93 8

Hickory Flat Elementary School

  • Education Level: Primary
  • # of students: 550
  • # of teachers: 33
9
GreatSchools Rating

Hickory Flat Elementary School

  • Education Level: Middle
  • # of students: 550
  • # of teachers: 33
9
GreatSchools Rating

Sequoyah High School

  • Education Level: High
  • # of students: 1,715
  • # of teachers: 93
8
GreatSchools Rating
 

$229,500$280,500$255,000

PURCHASE PRICE

$1,404$1,716$1,560

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,560
EXPENSES Loan Payment -$941
Property Tax -$208
Property Insurance -$64
HOA -$41
Property Management Fees -$119
CASH FLOW
$187

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.

$255,000

PROJECTED PRICE

$1,560

PROJECTED RENT

0.61%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.09%
Appreciation Year (1-5) 6.0%
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$200k$400k$600k$800k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k$18k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$73,325

INVESTMENT

$73,325

Down Payment
$63,750
Rehab Estimate
$5,750
Closing Costs
$3,825

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$941

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $63,750
Loan Amount $191,250
See What Happens When You Reinvest Cash Flow

8.58

YEARS SAVED

$34,391

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,560

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $1,582

    COMP ESTIMATED VALUE
  • $0.83

    COMP AVG. RENT PER SQFT
Comps Range
$1,349
1$1,3492$1,4003$1,5604$1,8455$1,995
$1,995
RENT COMPS ANALYSIS
  • 502 Carrington Court Canton, GA 3
    • 3 beds 3 baths ∙ 1,912 Sqft ∙ Built 1998 3 beds 3 baths ∙ 1,912 Sqft ∙ Built 1998
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,560
    • $0.82
    •  
  • 3759 Cherokee Overlook Drive Canton, GA 1
    • 3 beds 2 baths ∙ 1,786 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,786 Sqft ∙ Built 1997
    property image
    LEASED 04/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,349
    • $0.76
    •  
  • 408 Harvest Place Canton, GA 2
    • 3 beds 3 baths ∙ 1,848 Sqft ∙ Built 1999 3 beds 3 baths ∙ 1,848 Sqft ∙ Built 1999
    property image
    LEASED 01/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.76
    •  
  • 622 Syemore Pass Canton, GA 4
    • 4 beds 3 baths ∙ 2,018 Sqft ∙ Built 2008 4 beds 3 baths ∙ 2,018 Sqft ∙ Built 2008
    property image
    LEASED 04/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,845
    • $0.91
    •  
  • 1057 Middlebrooke Drive Canton, GA 5
    • 4 beds 3 baths ∙ 2,257 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,257 Sqft ∙ Built 2004
    property image
    LEASED 03/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.88
    •  
PROPERTY LISTING DETAILS
Laurie Basila
1.678.628.9304
Shakhan King
1.866.250.5610
RentVest Georgia LLC
H-75957
FIrst Multiple Listing Services ( FMLS)
MLS #: 6803870
Last Updated: 11/07/2020
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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