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507 Patterson Road Lawrenceville, GA 30044

4 Beds 4 Baths 2,218 sqft Built 1977

$259,990

List Price

$1,760

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

January 15, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1977
  • Price/Sqft : $117.22
  • 3 Days on Market
  • MLS # : 6828489
  • Updated Date : 01/16/2021 at 08:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,218 sqft
  • Baths : 3 full , 1 half
Listing Agent's Description

If new kitchen, big yard and convenience is what you want, this is the house for you. You are near shopping, restaurants, schools, tons of parks and GA Gwinnett college. The interior boasts 4 bedrooms, a flex room and 3 full baths. The kitchen has new granite countertops, new appliances and a tile floor. The backyard is a dream come true. It is large with a big deck with a covered place to grill out and entertain. The building also has a huge storage area. There is also an extra shed for gardening tools. There is room tucked back away from the kitchen for an office,

SEE MORE

MARKET HIGHLIGHTS

  • #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).
  • Atlanta metro has 66.1% labor force participation rate higher than the national rate 62.8% (USMayors.org, 2018)
  • #1 World’s Busiest Airport(Airports Council International, 2018)
  • #1 corporate relocation city (Coldwell Banker Commercial Blue Book,, 2018)
  • Atlanta metro employment growth is at 2.1% and predicted to grow at 2.0% in 2019 (USMayors.org, 2018)
  • #1 Moving Destination in the Nation (Penske, 2018)

PRICE & RENT TRENDS

Zip Code: 30044

ZipNIR Market*CityMarket2010Year20002019110k120k130k140k150k160k170k180k190k200k210k220kPrice in $103k227k

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

Zip Code: 30044

ZipNIR Market*CityMarket2010Year20002019 Q2950100010501100115012001250130013501400145015001550Rent in $9481552

* 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
Cedar Hill Elementary School Primary Regular 1,352 91 5
Richards Middle School Middle Regular 1,571 95 5
Discovery High School High Regular NA

Cedar Hill Elementary School

  • Education Level: Primary
  • # of students: 1,352
  • # of teachers: 91
5
GreatSchools Rating

Richards Middle School

  • Education Level: Middle
  • # of students: 1,571
  • # of teachers: 95
5
GreatSchools Rating

Discovery High School

  • Education Level: High
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$233,991$285,989$259,990

PURCHASE PRICE

$1,584$1,936$1,760

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,760
EXPENSES Loan Payment -$903
Property Tax -$312
Property Insurance -$70
Property Management Fees -$119
CASH FLOW
$356

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.

$259,990

PROJECTED PRICE

$1,760

PROJECTED RENT

0.68%

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$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$74,647

INVESTMENT

$74,647

Down Payment
$64,998
Rehab Estimate
$5,750
Closing Costs
$3,900

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 25% down payment or higher enables the proceeds from the asset to cover all costs.

$903

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $64,998
Loan Amount $194,993
See What Happens When You Reinvest Cash Flow

11.08

YEARS SAVED

$43,399

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,760

    LIST RENT
  • $0.79

    LIST RENT PER SQFT
  • $1,708

    COMP ESTIMATED VALUE
  • $0.77

    COMP AVG. RENT PER SQFT
Comps Range
$1,545
1$1,5452$1,5953$1,6504$1,7605$1,845
$1,845
RENT COMPS ANALYSIS
  • 507 Patterson Road Lawrenceville, GA 4
    • 4 beds 4 baths ∙ 2,218 Sqft ∙ Built 1977 4 beds 4 baths ∙ 2,218 Sqft ∙ Built 1977
    • Rent
    • Rent Per SQFT
    •  
    • $1,760
    • $0.79
    •  
  • 580 Inglenook Drive Lawrenceville, GA 1
    • 3 beds 2 baths ∙ 2,054 Sqft ∙ Built 1984 3 beds 2 baths ∙ 2,054 Sqft ∙ Built 1984
    LEASED 03/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,545
    • $0.75
    •  
  • 2200 Sugarbirch Drive Lawrenceville, GA 2
    • 4 beds 3 baths ∙ 2,188 Sqft ∙ Built 1995 4 beds 3 baths ∙ 2,188 Sqft ∙ Built 1995
    LEASED 02/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.73
    •  
  • 1961 Sumter Court Lawrenceville, GA 3
    • 3 beds 3 baths ∙ 2,045 Sqft ∙ Built 1985 3 beds 3 baths ∙ 2,045 Sqft ∙ Built 1985
    LEASED 04/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.81
    •  
  • 805 Connell Lane Lawrenceville, GA 5
    • 4 beds 3 baths ∙ 2,338 Sqft ∙ Built 1989 4 beds 3 baths ∙ 2,338 Sqft ∙ Built 1989
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,845
    • $0.79
    •  
PROPERTY LISTING DETAILS
Becky Lampl
Shakhan King
1.866.250.5610
RentVest Georgia LLC
H-75957
FIrst Multiple Listing Services ( FMLS)
MLS #: 6828489
Last Updated: 01/16/2021
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. © 2017 First Multiple Listing Service, Inc.

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