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7497 Ferrara Drive Lithonia, GA 30058

4 Beds 3 Baths 2,981 sqft Built 2006

INVESTimate

$241,000

List Price

$1,710

$1,539 - $1,881

Rent Est.

$262,473  ( +8.91%)   1 YR EST. FORECAST

PROPERTY INFO

FACTS
  • Built In 2006
  • Price/Sqft : $80.85
  • 10 Days on Market
  • MLS # : 6769204
  • Updated Date : 08/20/2020 at 08:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,981 sqft
  • Baths : 2 full , 1 half
Listing Agent's Description

Huge home located in gorgeous cul-de-sac lot. Formal Living, can we be used as an office or a flex room. Separate Family Room and Dining room. Kitchen has a separate breakfast area that includes a breakfast bar. Owner's Suite with sitting room, double vanities along with separate shower and garden tub. Private backyard. Close proximity to Stone Crest mall and shopping. Quick interstate access Seller's is relocating

SEE MORE

MARKET HIGHLIGHTS

  • #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)
  • 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)

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
Rock Chapel Elementary School Primary Regular 499 33 4
Lithonia Middle School Middle Regular 1,158 71 2
Lithonia High School High Regular 1,315 77 3

Rock Chapel Elementary School

  • Education Level: Primary
  • # of students: 499
  • # of teachers: 33
4
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
 

$216,900$265,100$241,000

PURCHASE PRICE

$1,539$1,881$1,710

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,710
EXPENSES Loan Payment -$889
Property Tax -$349
Property Insurance -$85
Property Management Fees -$119
CASH FLOW
$268

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.

$241,000

PROJECTED PRICE

$1,710

PROJECTED RENT

0.71%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.05%
Appreciation Year (1-5) 8.91%
Maintenance Year (1-5) 8.00%
Vacancy 8.60%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$69,615

INVESTMENT

$69,615

Down Payment
$60,250
Rehab Estimate
$5,750
Closing Costs
$3,615

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$889

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $60,250
Loan Amount $180,750
See What Happens When You Reinvest Cash Flow

8.33

YEARS SAVED

$30,897

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,710

    LIST RENT
  • $0.57

    LIST RENT PER SQFT
  • $1,789

    COMP ESTIMATED VALUE
  • $0.6

    COMP AVG. RENT PER SQFT
Comps Range
$1,585
1$1,5852$1,7103$1,750
$1,750
RENT COMPS ANALYSIS
  • 7497 Ferrara Drive Lithonia, 2
    • 4 beds 3 baths ∙ 2,981 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,981 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $1,710
    • $0.57
    •  
  • 1667 Cutters Mill Drive Lithonia, 1
    • 4 beds 3 baths ∙ 2,670 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,670 Sqft ∙ Built 2003
    LEASED 03/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,585
    • $0.59
    •  
  • 1805 Stone Meadow Road Lithonia, 3
    • 4 beds 3 baths ∙ 2,874 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,874 Sqft ∙ Built 2015
    LEASED 06/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.61
    •  
PROPERTY LISTING DETAILS
Trish Mccord
1.678.751.7287
Shakhan King
1.866.250.5610
RentVest Georgia LLC
H-75957
FIrst Multiple Listing Services ( FMLS)
MLS #: 6769204
Last Updated: 08/20/2020
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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