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8391 Magnolia Drive Jonesboro, GA 30238

3 Beds 2 Baths 1,248 sqft Built 1972

INVESTimate

$115,000

List Price

$990

$891 - $1,089

Rent Est.

$122,521  ( +6.54%)   1 YR EST. FORECAST

PROPERTY INFO

August 25, 2020 RECENTLY ADDED
FACTS
  • Built In 1972
  • Price/Sqft : $92.15
  • 2 Days on Market
  • MLS # : 6771882
  • Updated Date : 08/25/2020 at 12:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,248 sqft
  • Baths : 1 full , 1 half
Listing Agent's Description

Traditional Split Level Home, Hardwood Flooring, Eat-In Kitchen w/ Stained Cabinets, Spacious Front & Back Yard, Convenient Location to Downtown Atlanta, Airport, Parks, Schools, & Shopping.

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: 30238

ZipNIR Market*CityMarket2010Year2000201980k90k100k110k120k130k140k150k160k170k180k190k200kPrice in $76k209k

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

Zip Code: 30238

ZipNIR Market*CityMarket2010Year20002019 Q2800900100011001200130014001500Rent in $7401509

* 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
Lee Street Elementary School Primary Regular 682 40 3
Jonesboro Middle School Middle Regular 912 54 4
Jonesboro High School High Regular 1,321 70 3

Lee Street Elementary School

  • Education Level: Primary
  • # of students: 682
  • # of teachers: 40
3
GreatSchools Rating

Jonesboro Middle School

  • Education Level: Middle
  • # of students: 912
  • # of teachers: 54
4
GreatSchools Rating

Jonesboro High School

  • Education Level: High
  • # of students: 1,321
  • # of teachers: 70
3
GreatSchools Rating
 

$103,500$126,500$115,000

PURCHASE PRICE

$891$1,089$990

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k

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$50k$100k$150k$200k$250k$300k$350k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $990
EXPENSES Loan Payment -$424
Property Tax -$125
Property Insurance -$51
Property Management Fees -$119
CASH FLOW
$270

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.

$115,000

PROJECTED PRICE

$990

PROJECTED RENT

0.86%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.05%
Appreciation Year (1-5) 6.54%
Maintenance Year (1-5) 8.00%
Vacancy 8.60%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$36,225

INVESTMENT

$36,225

Down Payment
$28,750
Rehab Estimate
$5,750
Closing Costs
$1,725

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$424

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $28,750
Loan Amount $86,250
See What Happens When You Reinvest Cash Flow

13.58

YEARS SAVED

$29,710

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $990

    LIST RENT
  • $0.79

    LIST RENT PER SQFT
  • $899

    COMP ESTIMATED VALUE
  • $0.72

    COMP AVG. RENT PER SQFT
Comps Range
$990
1$9902$1,0163$1,020
$1,020
RENT COMPS ANALYSIS
  • 8391 Magnolia Drive Jonesboro, 1
    • 3 beds 2 baths ∙ 1,248 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,248 Sqft ∙ Built 1972
    • Rent
    • Rent Per SQFT
    •  
    • $990
    • $0.79
    •  
  • 201 Montego Circle Riverdale, 2
    • 3 beds 2 baths ∙ 1,426 Sqft ∙ Built 1976 3 beds 2 baths ∙ 1,426 Sqft ∙ Built 1976
    LEASED 08/09/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,016
    • $0.71
    •  
  • 568 Dixon Road Jonesboro, 3
    • 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1968 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1968
    LEASED 04/12/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,020
    • $0.73
    •  
PROPERTY LISTING DETAILS
Kimberly Yates Dba Yates Estates
1.877.393.0024
Shakhan King
1.866.250.5610
RentVest Georgia LLC
H-75957
FIrst Multiple Listing Services ( FMLS)
MLS #: 6771882
Last Updated: 08/25/2020
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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