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702 Durham Crossing Stone Mountain, GA 30083

3 Beds 3 Baths 1,216 sqft Built 1985

$185,000

List Price

$1,110

$999 - $1.2K

Rent Est.

PROPERTY INFO

FACTS
  • Built In 1985
  • Price/Sqft : $152.14
  • 15 Days on Market
  • MLS # : 6804202
  • Updated Date : 11/04/2020 at 08:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,216 sqft
  • Baths : 2 full , 1 half
Listing Agent's Description

Great, Cozy Home For 1st Time Home Buyer. This Home Features 3 Bedrooms, 2 Full Bath, with a half bath on main. Additional Bonus room/ office on main. Formal Living Room, Large Family Room with Stone Fireplace, Kitchen With Breakfast Area, Large Backyard. This Home is Conveniently Located Near Memorial Drive, Marta Train and Bus Station, Shopping, Restaurant and so much more. Agents Bring Your Buyer, This Home Won't Last Long. Thanks For Showing!

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: 30083

ZipNIR Market*CityMarket2010Year2000201990k100k110k120k130k140k150k160k170k180k190k200kPrice in $80k209k

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

Zip Code: 30083

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
Dunaire Elementary School Primary Regular 857 46 2
Freedom Middle School Middle Regular 1,240 71 4
Clarkston High School High Regular 1,544 103 4

Dunaire Elementary School

  • Education Level: Primary
  • # of students: 857
  • # of teachers: 46
2
GreatSchools Rating

Freedom Middle School

  • Education Level: Middle
  • # of students: 1,240
  • # of teachers: 71
4
GreatSchools Rating

Clarkston High School

  • Education Level: High
  • # of students: 1,544
  • # of teachers: 103
4
GreatSchools Rating
 

$166,500$203,500$185,000

PURCHASE PRICE

$999$1,221$1,110

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,110
EXPENSES Loan Payment -$683
Property Tax -$269
Property Insurance -$51
Property Management Fees -$119
CASH FLOW
-$11

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.

$185,000

PROJECTED PRICE

$1,110

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.05%
Appreciation Year (1-5) 9.0%
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$54,775

INVESTMENT

$54,775

Down Payment
$46,250
Rehab Estimate
$5,750
Closing Costs
$2,775

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$683

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $46,250
Loan Amount $138,750
See What Happens When You Reinvest Cash Flow

3.08

YEARS SAVED

$5,148

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,110

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $942

    COMP ESTIMATED VALUE
  • $0.77

    COMP AVG. RENT PER SQFT
Comps Range
$1,110
1$1,1102$1,1203$1,175
$1,175
RENT COMPS ANALYSIS
  • 702 Durham Crossing Stone Mountain, GA 1
    • 3 beds 3 baths ∙ 1,216 Sqft ∙ Built 1985 3 beds 3 baths ∙ 1,216 Sqft ∙ Built 1985
    • Rent
    • Rent Per SQFT
    •  
    • $1,110
    • $0.91
    •  
  • 1013 Autumn Crest Court Stone Mountain, GA 2
    • 3 beds 3 baths ∙ 1,541 Sqft ∙ Built 1985 3 beds 3 baths ∙ 1,541 Sqft ∙ Built 1985
    LEASED 05/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,120
    • $0.73
    •  
  • 4795 Brasac Drive Stone Mountain, GA 3
    • 3 beds 2 baths ∙ 1,428 Sqft ∙ Built 1989 3 beds 2 baths ∙ 1,428 Sqft ∙ Built 1989
    LEASED 05/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,175
    • $0.82
    •  
PROPERTY LISTING DETAILS
Jasmine Miller
1.503.501.0177
Shakhan King
1.866.250.5610
RentVest Georgia LLC
H-75957
FIrst Multiple Listing Services ( FMLS)
MLS #: 6804202
Last Updated: 11/04/2020
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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