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600 Fortune Ridge Road Stone Mountain, GA 30087

4 Beds 3 Baths 2,711 sqft Built 1988

INVESTimate

$239,900

List Price

$1,780

$1,602 - $1,958

Rent Est.

$254,462  ( +6.07%)   1 YR EST. FORECAST

PROPERTY INFO

August 24, 2020 RECENTLY ADDED
FACTS
  • Built In 1988
  • Price/Sqft : $88.49
  • 3 Days on Market
  • MLS # : 6771300
  • Updated Date : 08/25/2020 at 08:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,711 sqft
  • Baths : 2 full , 1 half
Listing Agent's Description

Vibrant colors and a brick facade are the first things that will catch your eye at this 4 bedroom and 2.5 bathroom home in the Mountain Oaks area of Stone Mountain. Enter the home and you are immediately greeted by gorgeous flooring that lines the main level. Stainless steel appliances are featured in the kitchen. Upstairs is the large primary bedroom with an amazing attached bathroom; a double vanity, soaking tub, and a custom tiled shower are the main features. Surrounded by lakes and parks, you'll never have a shortage of outdoor activities at this home.

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

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
 

$215,910$263,890$239,900

PURCHASE PRICE

$1,602$1,958$1,780

RENT

DOWN PAYMENT
FINANCING

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,780
EXPENSES Loan Payment -$885
Property Tax -$349
Property Insurance -$80
HOA -$42
Property Management Fees -$119
CASH FLOW
$306

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.

$239,900

PROJECTED PRICE

$1,780

PROJECTED RENT

0.74%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.52%
Appreciation Year (1-5) 6.07%
Maintenance Year (1-5) 8.00%
Vacancy 7.33%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$69,324

INVESTMENT

$69,324

Down Payment
$59,975
Rehab Estimate
$5,750
Closing Costs
$3,599

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$885

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $59,975
Loan Amount $179,925
See What Happens When You Reinvest Cash Flow

10

YEARS SAVED

$40,946

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,780

    LIST RENT
  • $0.66

    LIST RENT PER SQFT
  • $2,124

    COMP ESTIMATED VALUE
  • $0.78

    COMP AVG. RENT PER SQFT
Comps Range
$1,780
1$1,7802$1,9953$2,0904$2,395
$2,395
RENT COMPS ANALYSIS
  • 600 Fortune Ridge Road Stone Mountain, 1
    • 4 beds 3 baths ∙ 2,711 Sqft ∙ Built 1988 4 beds 3 baths ∙ 2,711 Sqft ∙ Built 1988
    • Rent
    • Rent Per SQFT
    •  
    • $1,780
    • $0.66
    •  
  • 7549 Stonebridge Bay Court Stone Mountain, 2
    • 4 beds 3 baths ∙ 2,696 Sqft ∙ Built 1988 4 beds 3 baths ∙ 2,696 Sqft ∙ Built 1988
    LEASED 04/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.74
    •  
  • 509 Breakwater Terrace Stone Mountain, 3
    • 5 beds 4 baths ∙ 2,626 Sqft ∙ Built 1987 5 beds 4 baths ∙ 2,626 Sqft ∙ Built 1987
    LEASED 04/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,090
    • $0.80
    •  
  • 6889 Glen Cove Lane Stone Mountain, 4
    • 4 beds 3 baths ∙ 2,962 Sqft ∙ Built 1998 4 beds 3 baths ∙ 2,962 Sqft ∙ Built 1998
    LEASED 12/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,395
    • $0.81
    •  
PROPERTY LISTING DETAILS
Michelle Sanders
1.678.884.7933
Shakhan King
1.866.250.5610
RentVest Georgia LLC
H-75957
FIrst Multiple Listing Services ( FMLS)
MLS #: 6771300
Last Updated: 08/25/2020
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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