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762 Lancelot Drive Norcross, GA 30071

3 Beds 1 Baths 1,040 sqft Built 1968

$212,000

List Price

$1,300

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

February 10, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1968
  • Price/Sqft : $203.85
  • 6 Days on Market
  • MLS # : 6838373
  • Updated Date : 02/10/2021 at 08:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,040 sqft
  • Baths : 1 full
Listing Agent's Description

This Norcross one-story home offers a one-car garage. This home is vacant and cleaned regularly.

MARKET HIGHLIGHTS

  • 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)
  • #1 Moving Destination in the Nation (Penske, 2018)
  • Atlanta metro employment growth is at 2.1% and predicted to grow at 2.0% in 2019 (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)
  • #1 Most affordable big city (WalletHub, 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)

PRICE & RENT TRENDS

Neighborhood: Norcross

ZipNIR Market*CityMarket2010Year2000201990k100k110k120k130k140k150k160k170k180k190k200kPrice in $82k209k

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

Neighborhood: Norcross

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2100012001400160018002000220024002600Rent in $8172702

* 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
Baldwin Elementary School Primary Unknown NA
Summerour Middle School Middle Regular 1,561 101 5
Norcross High School High Regular 3,738 204 5

Baldwin Elementary School

  • Education Level: Primary
  • # of students:
  • # of teachers:
NA
GreatSchools Rating

Summerour Middle School

  • Education Level: Middle
  • # of students: 1,561
  • # of teachers: 101
5
GreatSchools Rating

Norcross High School

  • Education Level: High
  • # of students: 3,738
  • # of teachers: 204
5
GreatSchools Rating
 

$190,800$233,200$212,000

PURCHASE PRICE

$1,170$1,430$1,300

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,300
EXPENSES Loan Payment -$736
Property Tax -$248
Property Insurance -$47
Property Management Fees -$119
CASH FLOW
$149

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.

$212,000

PROJECTED PRICE

$1,300

PROJECTED RENT

0.61%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.05%
Appreciation Year (1-5) 9.5%
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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$61,930

INVESTMENT

$61,930

Down Payment
$53,000
Rehab Estimate
$5,750
Closing Costs
$3,180

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$736

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $53,000
Loan Amount $159,000
See What Happens When You Reinvest Cash Flow

6.58

YEARS SAVED

$16,408

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,300

    LIST RENT
  • $1.25

    LIST RENT PER SQFT
  • $1,227

    COMP ESTIMATED VALUE
  • $1.18

    COMP AVG. RENT PER SQFT
Comps Range
$1,300
1$1,3002$1,5503$1,600
$1,600
RENT COMPS ANALYSIS
  • 762 Lancelot Drive Norcross, GA 1
    • 3 beds 1 baths ∙ 1,040 Sqft ∙ Built 1968 3 beds 1 baths ∙ 1,040 Sqft ∙ Built 1968
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $1.25
    •  
  • 5306 Rails Way Norcross, GA 2
    • 4 beds 2 baths ∙ 1,312 Sqft ∙ Built 1985 4 beds 2 baths ∙ 1,312 Sqft ∙ Built 1985
    LEASED 08/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $1.18
    •  
  • 6557 Devonshire Court Norcross, GA 3
    • 3 beds 2 baths ∙ 1,360 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,360 Sqft ∙ Built 1983
    LEASED 01/12/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.18
    •  
PROPERTY LISTING DETAILS
Kim Klir
Shakhan King
1.866.250.5610
RentVest Georgia LLC
H-75957
FIrst Multiple Listing Services ( FMLS)
MLS #: 6838373
Last Updated: 02/10/2021
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. Copyright (c) 2021 First Multiple Listing Service, Inc.

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