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8920 S Somerset Lane Alpharetta, GA 30004

3 Beds 3 Baths 1,797 sqft Built 1992

$274,000

List Price

$1,840

$1.7K - $2K

Rent Est.

PROPERTY INFO

December 31, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1992
  • Price/Sqft : $152.48
  • 5 Days on Market
  • MLS # : 6822931
  • Updated Date : 12/31/2020 at 08:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,797 sqft
  • Baths : 2 full , 1 half
Listing Agent's Description

Investors and DIYers welcome! Being sold AS-IS! This is an incredible opportunity to own a 3/2.1 in Alpharetta High School District located in the fabulous Henderson Village neighborhood, just 1 mi. from downtown. This single-owner home is begging for a little aesthetic attention. Bones are great! On a cul-de-sac with a full unfinished walkout basement is ready to be transported to your family's safe haven. Open floor concept with 2-story vaulted great room with modern bones and a master on the main! What more can you ask for?! Come check it out!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • #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)

PRICE & RENT TRENDS

Neighborhood: Somerset at Henderson Village

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360k380k400k420kPrice in $113k426k

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

Neighborhood: Somerset at Henderson Village

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2100012001400160018002000220024002600Rent in $9732646

* 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
Manning Oaks Elementary School Primary Regular 813 54 6
Hopewell Middle School Middle Regular 1,338 91 8
Alpharetta High School High Regular 2,061 123 9

Manning Oaks Elementary School

  • Education Level: Primary
  • # of students: 813
  • # of teachers: 54
6
GreatSchools Rating

Hopewell Middle School

  • Education Level: Middle
  • # of students: 1,338
  • # of teachers: 91
8
GreatSchools Rating

Alpharetta High School

  • Education Level: High
  • # of students: 2,061
  • # of teachers: 123
9
GreatSchools Rating
 

$246,600$301,400$274,000

PURCHASE PRICE

$1,656$2,024$1,840

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,840
EXPENSES Loan Payment -$1,011
Property Tax -$294
Property Insurance -$62
HOA -$23
Property Management Fees -$119
CASH FLOW
$331

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.

$274,000

PROJECTED PRICE

$1,840

PROJECTED RENT

0.67%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.09%
Appreciation Year (1-5) 5.5%
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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$78,360

INVESTMENT

$78,360

Down Payment
$68,500
Rehab Estimate
$5,750
Closing Costs
$4,110

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,011

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $68,500
Loan Amount $205,500
See What Happens When You Reinvest Cash Flow

10.83

YEARS SAVED

$52,296

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,840

    LIST RENT
  • $1.02

    LIST RENT PER SQFT
  • $1,914

    COMP ESTIMATED VALUE
  • $1.07

    COMP AVG. RENT PER SQFT
Comps Range
$1,700
1$1,7002$1,7753$1,8404$1,9005$2,200
$2,200
RENT COMPS ANALYSIS
  • 8920 S Somerset Lane Alpharetta, GA 3
    • 3 beds 3 baths ∙ 1,797 Sqft ∙ Built 1992 3 beds 3 baths ∙ 1,797 Sqft ∙ Built 1992
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,840
    • $1.02
    •  
  • 230 Blue Heron Lane Alpharetta, GA 1
    • 3 beds 2 baths ∙ 1,528 Sqft ∙ Built 1993 3 beds 2 baths ∙ 1,528 Sqft ∙ Built 1993
    property image
    LEASED 01/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $1.11
    •  
  • 1410 Millstone Drive Alpharetta, GA 2
    • 3 beds 3 baths ∙ 1,762 Sqft ∙ Built 1992 3 beds 3 baths ∙ 1,762 Sqft ∙ Built 1992
    property image
    LEASED 07/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,775
    • $1.01
    •  
  • 140 Crestwood Court Alpharetta, GA 4
    • 3 beds 2 baths ∙ 1,812 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,812 Sqft ∙ Built 1972
    property image
    LEASED 12/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $1.05
    •  
  • 135 Manning Drive Alpharetta, GA 5
    • 3 beds 2 baths ∙ 2,027 Sqft ∙ Built 2000 3 beds 2 baths ∙ 2,027 Sqft ∙ Built 2000
    property image
    LEASED 07/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.09
    •  
PROPERTY LISTING DETAILS
Daryl Lyboldt
1.901.619.0587
Shakhan King
1.866.250.5610
RentVest Georgia LLC
H-75957
FIrst Multiple Listing Services ( FMLS)
MLS #: 6822931
Last Updated: 12/31/2020
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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