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5024 Michael Jay Street Snellville, GA 30039

4 Beds 3 Baths 2,117 sqft Built 2004

$245,000

List Price

$1,620

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 05, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2004
  • Price/Sqft : $115.73
  • 3 Days on Market
  • MLS # : 6844312
  • Updated Date : 03/06/2021 at 08:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,117 sqft
  • Baths : 3 full
Listing Agent's Description

Attractive split level home in the well-established swim-tennis community of Ellington Springs. This home features beautiful hardwood floors throughout the main level, gorgeous cathedral ceilings that greet you when you walk in, and custom recess lighting with dimmer to help save on energy bills. Enjoy movie night in the family room with 65” built-in TV and surround sound while keeping warm next to the cozy fireplace. The kitchen opens to a separate dining area with a trey ceiling and family room, offering a gas stove, and large walk-in pantry for more storage.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • As the largest share, Atlanta metro contributes to 69.3% of Georgia state economy i.e. Gross State Product (USMayors.org, 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)
  • 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 has 66.1% labor force participation rate higher than the national rate 62.8% (USMayors.org, 2018)
  • #1 corporate relocation city (Coldwell Banker Commercial Blue Book,, 2018)
  • #1 Moving Destination in the Nation (Penske, 2018)

PRICE & RENT TRENDS

Zip Code: 30039

ZipNIR Market*CityMarket2010Year20002019110k120k130k140k150k160k170k180k190k200kPrice in $103k209k

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

Zip Code: 30039

ZipNIR Market*CityMarket2010Year20002019 Q295010001050110011501200125013001350140014501500Rent in $9251515

* 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
Rosebud Elementary School Primary Regular 1,103 63 6
Grace Snell Middle School Middle Regular 1,151 69 6
South Gwinnett High School High Regular 2,503 139 5

Rosebud Elementary School

  • Education Level: Primary
  • # of students: 1,103
  • # of teachers: 63
6
GreatSchools Rating

Grace Snell Middle School

  • Education Level: Middle
  • # of students: 1,151
  • # of teachers: 69
6
GreatSchools Rating

South Gwinnett High School

  • Education Level: High
  • # of students: 2,503
  • # of teachers: 139
5
GreatSchools Rating
 

$220,500$269,500$245,000

PURCHASE PRICE

$1,458$1,782$1,620

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,620
EXPENSES Loan Payment -$851
Property Tax -$312
Property Insurance -$68
HOA -$38
Property Management Fees -$119
CASH FLOW
$232

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.

$245,000

PROJECTED PRICE

$1,620

PROJECTED RENT

0.66%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.52%
Appreciation Year (1-5) 8.8%
Maintenance Year (1-5) 8.00%
Vacancy 7.33%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

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$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$70,675

INVESTMENT

$70,675

Down Payment
$61,250
Rehab Estimate
$5,750
Closing Costs
$3,675

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$851

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $61,250
Loan Amount $183,750
See What Happens When You Reinvest Cash Flow

8.5

YEARS SAVED

$28,242

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,620

    LIST RENT
  • $0.77

    LIST RENT PER SQFT
  • $1,672

    COMP ESTIMATED VALUE
  • $0.79

    COMP AVG. RENT PER SQFT
Comps Range
$1,450
1$1,4502$1,5253$1,5504$1,6205$1,995
$1,995
RENT COMPS ANALYSIS
  • 5024 Michael Jay Street Snellville, GA 4
    • 4 beds 3 baths ∙ 2,117 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,117 Sqft ∙ Built 2004
    • Rent
    • Rent Per SQFT
    •  
    • $1,620
    • $0.77
    •  
  • 4389 Persian Court Snellville, GA 1
    • 4 beds 3 baths ∙ 1,790 Sqft ∙ Built 2004 4 beds 3 baths ∙ 1,790 Sqft ∙ Built 2004
    LEASED 03/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.81
    •  
  • 4445 Millenium View Court Snellville, GA 2
    • 3 beds 3 baths ∙ 2,043 Sqft ∙ Built 2002 3 beds 3 baths ∙ 2,043 Sqft ∙ Built 2002
    LEASED 03/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,525
    • $0.75
    •  
  • 4159 Medlock River Court Snellville, GA 3
    • 4 beds 2 baths ∙ 2,003 Sqft ∙ Built 2001 4 beds 2 baths ∙ 2,003 Sqft ∙ Built 2001
    LEASED 04/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.77
    •  
  • 4023 Preserve Glen Way Snellville, GA 5
    • 4 beds 3 baths ∙ 2,414 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,414 Sqft ∙ Built 2004
    LEASED 09/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.83
    •  
PROPERTY LISTING DETAILS
Jacob Scott
1.404.664.7190
Shakhan King
1.866.250.5610
RentVest Georgia LLC
H-75957
FIrst Multiple Listing Services ( FMLS)
MLS #: 6844312
Last Updated: 03/06/2021
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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