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728 Lorimore Pass Canton, GA 30115

4 Beds 4 Baths 2,986 sqft Built 2014

$340,000

List Price

$2,220

$2K - $2.4K

Rent Est.

PROPERTY INFO

January 08, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2014
  • Price/Sqft : $113.86
  • 4 Days on Market
  • MLS # : 6825421
  • Updated Date : 01/09/2021 at 10:54
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,986 sqft
  • Baths : 3 full , 1 half
Listing Agent's Description

This beautiful owner's suite on the main level home offers 4 bedrooms, 3.5 baths, loft area and located in a highly desired Harmony on the Lakes neighborhood. As you enter the home, elegant hardwood floors invite you and your guests to explore the openness of one of the most popular floor plans. This home has a gorgeous gourmet kitchen with granite countertops, a walk-in pantry, stainless steel appliances, and a plethora of storage space.

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MARKET HIGHLIGHTS

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

PRICE & RENT TRENDS

Neighborhood: Harmony on The Lakes

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $113k321k

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

Neighborhood: Harmony on The Lakes

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700180019002000Rent in $9732040

* 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
Indian Knoll Elementary School Primary Regular 1,113 62 6
Dean Rusk Middle School Middle Regular 901 50 7
Sequoyah High School High Regular 1,715 93 8

Indian Knoll Elementary School

  • Education Level: Primary
  • # of students: 1,113
  • # of teachers: 62
6
GreatSchools Rating

Dean Rusk Middle School

  • Education Level: Middle
  • # of students: 901
  • # of teachers: 50
7
GreatSchools Rating

Sequoyah High School

  • Education Level: High
  • # of students: 1,715
  • # of teachers: 93
8
GreatSchools Rating
 

$306,000$374,000$340,000

PURCHASE PRICE

$1,998$2,442$2,220

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,220
EXPENSES Loan Payment -$1,181
Property Tax -$351
Property Insurance -$85
HOA -$58
Property Management Fees -$119
CASH FLOW
$426

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.

$340,000

PROJECTED PRICE

$2,220

PROJECTED RENT

0.65%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.09%
Appreciation Year (1-5) 6.8%
Maintenance Year (1-5) 8.00%
Vacancy 7.38%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k$25k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$95,850

INVESTMENT

$95,850

Down Payment
$85,000
Rehab Estimate
$5,750
Closing Costs
$5,100

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,181

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $85,000
Loan Amount $255,000
See What Happens When You Reinvest Cash Flow

11.08

YEARS SAVED

$56,897

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,220

    LIST RENT
  • $0.74

    LIST RENT PER SQFT
  • $2,471

    COMP ESTIMATED VALUE
  • $0.83

    COMP AVG. RENT PER SQFT
Comps Range
$2,000
1$2,0002$2,2203$2,2204$2,4955$2,595
$2,595
RENT COMPS ANALYSIS
  • 728 Lorimore Pass Canton, GA 3
    • 4 beds 4 baths ∙ 2,986 Sqft ∙ Built 2014 4 beds 4 baths ∙ 2,986 Sqft ∙ Built 2014
    • Rent
    • Rent Per SQFT
    •  
    • $2,220
    • $0.74
    •  
  • 304 Ridgewood Trail Canton, GA 1
    • 4 beds 3 baths ∙ 2,656 Sqft ∙ Built 2009 4 beds 3 baths ∙ 2,656 Sqft ∙ Built 2009
    LEASED 10/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.75
    •  
  • 213 Harmony Lake Drive Canton, GA 2
    • 4 beds 3 baths ∙ 2,713 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,713 Sqft ∙ Built 2004
    LEASED 06/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,220
    • $0.82
    •  
  • 665 Lorimore Pass Canton, GA 4
    • 5 beds 4 baths ∙ 2,858 Sqft ∙ Built 2013 5 beds 4 baths ∙ 2,858 Sqft ∙ Built 2013
    LEASED 08/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $0.87
    •  
  • 701 Sterling Reserve Canton, GA 5
    • 5 beds 4 baths ∙ 2,997 Sqft ∙ Built 2007 5 beds 4 baths ∙ 2,997 Sqft ∙ Built 2007
    LEASED 06/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,595
    • $0.87
    •  
PROPERTY LISTING DETAILS
Olya Hatch
1.864.238.8639
Shakhan King
1.866.250.5610
RentVest Georgia LLC
H-75957
FIrst Multiple Listing Services ( FMLS)
MLS #: 6825421
Last Updated: 01/09/2021
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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