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6308 Phillips Creek Drive Lithonia, GA 30058

4 Beds 3 Baths 1,892 sqft Built 1987

$198,500

List Price

$1,490

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

November 04, 2020 RECENTLY ADDED
FACTS
  • Built In 1987
  • Price/Sqft : $104.92
  • 6 Days on Market
  • MLS # : 6804506
  • Updated Date : 11/07/2020 at 04:07
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,892 sqft
  • Baths : 3 full
Listing Agent's Description

This is a newly renovated gem. With New roof and HVAC. Enjoy the updated kitchen with stainless steel appliances, granite counter tops, updated lighting and new flooring throughout the entire home. Also new carpet throughout the entire home. Large spacious family room with a fireplace. Huge master with bay window. Home features a bonus room downstairs. Fenced backyard! Must see this beauty in person! Welcome Home! Not Eligible for FHA until 12/9/2020

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: 30058

ZipNIR Market*CityMarket2010Year2000201990k100k110k120k130k140k150k160k170k180k190k200kPrice in $82k209k

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

Zip Code: 30058

ZipNIR Market*CityMarket2010Year20002019 Q285090095010001050110011501200125013001350140014501500Rent in $8171509

* 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
Redan Elementary School Primary Regular 507 34 2
Lithonia Middle School Middle Regular 1,158 71 2
Lithonia High School High Regular 1,315 77 3

Redan Elementary School

  • Education Level: Primary
  • # of students: 507
  • # of teachers: 34
2
GreatSchools Rating

Lithonia Middle School

  • Education Level: Middle
  • # of students: 1,158
  • # of teachers: 71
2
GreatSchools Rating

Lithonia High School

  • Education Level: High
  • # of students: 1,315
  • # of teachers: 77
3
GreatSchools Rating
 

$178,650$218,350$198,500

PURCHASE PRICE

$1,341$1,639$1,490

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,490
EXPENSES Loan Payment -$732
Property Tax -$287
Property Insurance -$64
Property Management Fees -$119
CASH FLOW
$287

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.

$198,500

PROJECTED PRICE

$1,490

PROJECTED RENT

0.75%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.05%
Appreciation Year (1-5) 8.9%
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$700k$800k

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$100k$200k$300k$400k$500k$600k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$58,353

INVESTMENT

$58,353

Down Payment
$49,625
Rehab Estimate
$5,750
Closing Costs
$2,978

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$732

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $49,625
Loan Amount $148,875
See What Happens When You Reinvest Cash Flow

9.83

YEARS SAVED

$33,724

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,490

    LIST RENT
  • $0.79

    LIST RENT PER SQFT
  • $1,471

    COMP ESTIMATED VALUE
  • $0.78

    COMP AVG. RENT PER SQFT
Comps Range
$1,300
1$1,3002$1,4683$1,4904$1,5005$1,595
$1,595
RENT COMPS ANALYSIS
  • 6308 Phillips Creek Drive Lithonia, GA 3
    • 4 beds 3 baths ∙ 1,892 Sqft ∙ Built 1987 4 beds 3 baths ∙ 1,892 Sqft ∙ Built 1987
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,490
    • $0.79
    •  
  • 6122 Great Oaks Drive Lithonia, GA 1
    • 3 beds 3 baths ∙ 1,782 Sqft ∙ Built 1989 3 beds 3 baths ∙ 1,782 Sqft ∙ Built 1989
    property image
    LEASED 07/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.73
    •  
  • 6166 Charring Cross Court Lithonia, GA 2
    • 4 beds 3 baths ∙ 1,784 Sqft ∙ Built 1986 4 beds 3 baths ∙ 1,784 Sqft ∙ Built 1986
    property image
    LEASED 05/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,468
    • $0.82
    •  
  • 1994 Spencer Oaks Lane Lithonia, GA 4
    • 3 beds 3 baths ∙ 1,915 Sqft ∙ Built 1985 3 beds 3 baths ∙ 1,915 Sqft ∙ Built 1985
    property image
    LEASED 05/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.78
    •  
  • 2039 Raintree Place Lithonia, GA 5
    • 5 beds 3 baths ∙ 2,038 Sqft ∙ Built 1985 5 beds 3 baths ∙ 2,038 Sqft ∙ Built 1985
    property image
    LEASED 08/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.78
    •  
PROPERTY LISTING DETAILS
Jamario Luke
1.706.564.3517
Shakhan King
1.866.250.5610
RentVest Georgia LLC
H-75957
FIrst Multiple Listing Services ( FMLS)
MLS #: 6804506
Last Updated: 11/07/2020
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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