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6860 Mahonia Place Lithonia, GA 30038

3 Beds 3 Baths 1,622 sqft Built 2003

$175,000

List Price

$1,240

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

January 01, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $107.89
  • 3 Days on Market
  • MLS # : 6822401
  • Updated Date : 01/02/2021 at 08:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,622 sqft
  • Baths : 2 full , 1 half
Listing Agent's Description

Come see this cute house in Chestnut Lake Preserve! It is move in ready with new paint and new carpet throughout. The main level is light and bright with plenty of space to entertain. Spacious kitchen and dining area lead to covered back porch. Upstairs you will find 2 spacious secondary bedrooms and oversized master suite. The laundry room is convenient to all bedrooms. Outside you can enjoy a covered porch, fenced in yard, and there is also a shed for additional storage. Don’t miss the gorgeous lake for residents to use. Perfect for relaxation!

SEE MORE

MARKET HIGHLIGHTS

  • Atlanta metro has 66.1% labor force participation rate higher than the national rate 62.8% (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)
  • Atlanta metro employment growth is at 2.1% and predicted to grow at 2.0% in 2019 (USMayors.org, 2018)
  • #1 Most affordable big city (WalletHub, 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'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)
  • #1 corporate relocation city (Coldwell Banker Commercial Blue Book,, 2018)
  • #1 Moving Destination in the Nation (Penske, 2018)

PRICE & RENT TRENDS

Zip Code: 30038

ZipNIR Market*CityMarket2010Year2000201990k100k110k120k130k140k150k160k170k180k190k200kPrice in $82k209k

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

Zip Code: 30038

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
Murphy Candler Elementary School Primary Regular 526 34 2
Salem Middle School Middle Regular 1,095 68 3
Martin Luther King, Junior High School High Regular 1,668 93 3

Murphy Candler Elementary School

  • Education Level: Primary
  • # of students: 526
  • # of teachers: 34
2
GreatSchools Rating

Salem Middle School

  • Education Level: Middle
  • # of students: 1,095
  • # of teachers: 68
3
GreatSchools Rating

Martin Luther King, Junior High School

  • Education Level: High
  • # of students: 1,668
  • # of teachers: 93
3
GreatSchools Rating
 

$157,500$192,500$175,000

PURCHASE PRICE

$1,116$1,364$1,240

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,240
EXPENSES Loan Payment -$646
Property Tax -$253
Property Insurance -$59
HOA -$17
Property Management Fees -$119
CASH FLOW
$147

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.

$175,000

PROJECTED PRICE

$1,240

PROJECTED RENT

0.71%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.05%
Appreciation Year (1-5) 7.9%
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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$52,125

INVESTMENT

$52,125

Down Payment
$43,750
Rehab Estimate
$5,750
Closing Costs
$2,625

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$646

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $43,750
Loan Amount $131,250
See What Happens When You Reinvest Cash Flow

6.67

YEARS SAVED

$16,321

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,240

    LIST RENT
  • $0.76

    LIST RENT PER SQFT
  • $1,249

    COMP ESTIMATED VALUE
  • $0.77

    COMP AVG. RENT PER SQFT
Comps Range
$1,240
1$1,2402$1,2503$1,2804$1,295
$1,295
RENT COMPS ANALYSIS
  • 6860 Mahonia Place Lithonia, GA 1
    • 3 beds 3 baths ∙ 1,622 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,622 Sqft ∙ Built 2003
    • Rent
    • Rent Per SQFT
    •  
    • $1,240
    • $0.76
    •  
  • 6978 Red Bone Way Lithonia, GA 2
    • 4 beds 2 baths ∙ 1,590 Sqft ∙ Built 2001 4 beds 2 baths ∙ 1,590 Sqft ∙ Built 2001
    LEASED 10/22/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.79
    •  
  • 4395 Chestnut Lake Avenue Lithonia, GA 3
    • 3 beds 3 baths ∙ 1,684 Sqft ∙ Built 2000 3 beds 3 baths ∙ 1,684 Sqft ∙ Built 2000
    LEASED 01/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,280
    • $0.76
    •  
  • 4603 Jackam Ridge Court Lithonia, GA 4
    • 3 beds 2 baths ∙ 1,700 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,700 Sqft ∙ Built 2002
    LEASED 07/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.76
    •  
PROPERTY LISTING DETAILS
Jamie Lee Yawn
1.912.856.4714
Shakhan King
1.866.250.5610
RentVest Georgia LLC
H-75957
FIrst Multiple Listing Services ( FMLS)
MLS #: 6822401
Last Updated: 01/02/2021
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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