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592 Whaleys Lake Drive Jonesboro, GA 30238

3 Beds 3 Baths 1,516 sqft Built 1988

$200,000

List Price

$1,130

$1K - $1.2K

Rent Est.

PROPERTY INFO

October 30, 2020 RECENTLY ADDED
FACTS
  • Built In 1988
  • Price/Sqft : $131.93
  • 5 Days on Market
  • MLS # : 6802381
  • Updated Date : 10/30/2020 at 19:19
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,516 sqft
  • Baths : 2 full , 1 half
Listing Agent's Description

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

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

Zip Code: 30238

ZipNIR Market*CityMarket2010Year2000201980k90k100k110k120k130k140k150k160k170k180k190k200kPrice in $76k209k

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

Zip Code: 30238

ZipNIR Market*CityMarket2010Year20002019 Q2800900100011001200130014001500Rent in $7401509

* 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
Brown Elementary School Primary Regular 809 52 4
Mundys Mill Middle School Middle Regular 795 47 3
Mundy's Mill High School High Regular 1,695 82 2

Brown Elementary School

  • Education Level: Primary
  • # of students: 809
  • # of teachers: 52
4
GreatSchools Rating

Mundys Mill Middle School

  • Education Level: Middle
  • # of students: 795
  • # of teachers: 47
3
GreatSchools Rating

Mundy's Mill High School

  • Education Level: High
  • # of students: 1,695
  • # of teachers: 82
2
GreatSchools Rating
 

$180,000$220,000$200,000

PURCHASE PRICE

$1,017$1,243$1,130

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,130
EXPENSES Loan Payment -$738
Property Tax -$218
Property Insurance -$56
Property Management Fees -$119
CASH FLOW
-$1

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.

$200,000

PROJECTED PRICE

$1,130

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.05%
Appreciation Year (1-5) 6.5%
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

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$58,750

INVESTMENT

$58,750

Down Payment
$50,000
Rehab Estimate
$5,750
Closing Costs
$3,000

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$738

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $50,000
Loan Amount $150,000
See What Happens When You Reinvest Cash Flow

3.5

YEARS SAVED

$7,128

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,130

    LIST RENT
  • $0.75

    LIST RENT PER SQFT
  • $1,129

    COMP ESTIMATED VALUE
  • $0.75

    COMP AVG. RENT PER SQFT
Comps Range
$1,129
1$1,1292$1,1303$1,350
$1,350
RENT COMPS ANALYSIS
  • 592 Whaleys Lake Drive Jonesboro, GA 2
    • 3 beds 3 baths ∙ 1,516 Sqft ∙ Built 1988 3 beds 3 baths ∙ 1,516 Sqft ∙ Built 1988
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,130
    • $0.75
    •  
  • 350 Country Club Drive Jonesboro, GA 1
    • 4 beds 3 baths ∙ 1,500 Sqft ∙ Built 1996 4 beds 3 baths ∙ 1,500 Sqft ∙ Built 1996
    property image
    LEASED 10/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,129
    • $0.75
    •  
  • 176 Rivergate Court Jonesboro, GA 3
    • 3 beds 3 baths ∙ 1,836 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,836 Sqft ∙ Built 2003
    property image
    LEASED 06/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.74
    •  
PROPERTY LISTING DETAILS
Kim Klir
Shakhan King
1.866.250.5610
RentVest Georgia LLC
H-75957
FIrst Multiple Listing Services ( FMLS)
MLS #: 6802381
Last Updated: 10/30/2020
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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