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5888 Simone Drive Stone Mountain, GA 30087

3 Beds 3 Baths 1,746 sqft Built 1972

$114,900

List Price

$1,200

$1.1K - $1.3K

Rent Est.

PROPERTY INFO

November 23, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1972
  • Price/Sqft : $65.81
  • 8 Days on Market
  • MLS # : 6811893
  • Updated Date : 11/23/2020 at 08:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,746 sqft
  • Baths : 2 full , 1 half
Listing Agent's Description

3 Bedroom 2.5 bath four sided brick ranch on unfinished basement in Ambassador Park subdivision. Property has minor fire damage in the kitchen and garage area, great opportunity for investor to rehab. Property is been sold as is. Cash buyer or hard money lender. Property is vacant, on comb lock 6928

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MARKET HIGHLIGHTS

  • 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)
  • Atlanta metro employment growth is at 2.1% and predicted to grow at 2.0% in 2019 (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)
  • #1 Most affordable big city (WalletHub, 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)

PRICE & RENT TRENDS

Zip Code: 30087

ZipNIR Market*CityMarket2010Year2000201990k100k110k120k130k140k150k160k170k180k190k200kPrice in $89k209k

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

Zip Code: 30087

ZipNIR Market*CityMarket2010Year20002019 Q21000110012001300140015001600Rent in $9081650

* 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
Pine Ridge Elementary School Primary Regular 630 38 3
Stephenson Middle School Middle Regular 1,006 58 4
Stephenson High School High Regular 1,599 84 4

Pine Ridge Elementary School

  • Education Level: Primary
  • # of students: 630
  • # of teachers: 38
3
GreatSchools Rating

Stephenson Middle School

  • Education Level: Middle
  • # of students: 1,006
  • # of teachers: 58
4
GreatSchools Rating

Stephenson High School

  • Education Level: High
  • # of students: 1,599
  • # of teachers: 84
4
GreatSchools Rating
 

$103,410$126,390$114,900

PURCHASE PRICE

$1,080$1,320$1,200

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,200
EXPENSES Loan Payment -$424
Property Tax -$227
Property Insurance -$61
Property Management Fees -$119
CASH FLOW
$369

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.

$114,900

PROJECTED PRICE

$1,200

PROJECTED RENT

1.04%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.52%
Appreciation Year (1-5) 6.1%
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$100k$200k$300k$400k$500k

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$50k$100k$150k$200k$250k$300k$350k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$36,199

INVESTMENT

$36,199

Down Payment
$28,725
Rehab Estimate
$5,750
Closing Costs
$1,724

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$424

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $28,725
Loan Amount $86,175
See What Happens When You Reinvest Cash Flow

16.25

YEARS SAVED

$36,265

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,200

    LIST RENT
  • $0.69

    LIST RENT PER SQFT
  • $1,213

    COMP ESTIMATED VALUE
  • $0.7

    COMP AVG. RENT PER SQFT
Comps Range
$1,200
1$1,2002$1,2003$1,2004$1,3655$1,427
$1,427
RENT COMPS ANALYSIS
  • 5888 Simone Drive Stone Mountain, GA 3
    • 3 beds 3 baths ∙ 1,746 Sqft ∙ Built 1972 3 beds 3 baths ∙ 1,746 Sqft ∙ Built 1972
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.69
    •  
  • 5509 Stonehaven Way Stone Mountain, GA 1
    • 4 beds 2 baths ∙ 1,635 Sqft ∙ Built 1963 4 beds 2 baths ∙ 1,635 Sqft ∙ Built 1963
    property image
    LEASED 06/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.73
    •  
  • 442 Sherwood Oaks Road Stone Mountain, GA 2
    • 3 beds 3 baths ∙ 1,868 Sqft ∙ Built 1982 3 beds 3 baths ∙ 1,868 Sqft ∙ Built 1982
    property image
    LEASED 08/17/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.64
    •  
  • 5802 Oakleaf Drive Stone Mountain, GA 4
    • 3 beds 3 baths ∙ 1,918 Sqft ∙ Built 1971 3 beds 3 baths ∙ 1,918 Sqft ∙ Built 1971
    property image
    LEASED 02/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,365
    • $0.71
    •  
  • 5644 Rodney Court Stone Mountain, GA 5
    • 4 beds 2 baths ∙ 2,040 Sqft ∙ Built 1986 4 beds 2 baths ∙ 2,040 Sqft ∙ Built 1986
    property image
    LEASED 02/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,427
    • $0.70
    •  
PROPERTY LISTING DETAILS
Nelson Uche
1.404.454.5484
Shakhan King
1.866.250.5610
RentVest Georgia LLC
H-75957
FIrst Multiple Listing Services ( FMLS)
MLS #: 6811893
Last Updated: 11/23/2020
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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