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990 Palmer Road Lithonia, GA 30058

5 Beds 3 Baths 2,606 sqft Built 1999

$235,000

List Price

$1,540

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 19, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1999
  • Price/Sqft : $90.18
  • 3 Days on Market
  • MLS # : 6856257
  • Updated Date : 03/20/2021 at 08:00
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,606 sqft
  • Baths : 3 full
Listing Agent's Description

This spacious home is in the highly sought-after Greystone subdivision. It boasts a bedroom and full bathroom on the main level, with 4 bedrooms and 2 bathrooms on the upper level. The foyer leads to a formal sitting room that flows into a spacious dining room. The kitchen opens to a breakfast bar with a spacious eat in kitchen that overlooks the family room that has a cozy woodburning fireplace great for those cool nights. Hurry this home awaits a new family to put their personal touches to it.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)
  • #1 Moving Destination in the Nation (Penske, 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
Princeton Elementary School Primary Regular 924 53 2
Stephenson Middle School Middle Regular 1,006 58 4
Stephenson High School High Regular 1,599 84 4

Princeton Elementary School

  • Education Level: Primary
  • # of students: 924
  • # of teachers: 53
2
GreatSchools Rating

Stephenson Middle School

  • Education Level: Middle
  • # of students: 1,006
  • # of teachers: 58
4
GreatSchools Rating

Stephenson High School

  • Education Level: High
  • # of students: 1,599
  • # of teachers: 84
4
GreatSchools Rating
 

$211,500$258,500$235,000

PURCHASE PRICE

$1,386$1,694$1,540

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,540
EXPENSES Loan Payment -$816
Property Tax -$341
Property Insurance -$78
HOA -$33
Property Management Fees -$119
CASH FLOW
$153

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.

$235,000

PROJECTED PRICE

$1,540

PROJECTED RENT

0.66%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.05%
Appreciation Year (1-5) 8.9%
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$900k

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$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$68,025

INVESTMENT

$68,025

Down Payment
$58,750
Rehab Estimate
$5,750
Closing Costs
$3,525

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$816

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $58,750
Loan Amount $176,250
See What Happens When You Reinvest Cash Flow

5.67

YEARS SAVED

$14,861

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,540

    LIST RENT
  • $0.59

    LIST RENT PER SQFT
  • $1,642

    COMP ESTIMATED VALUE
  • $0.63

    COMP AVG. RENT PER SQFT
Comps Range
$1,540
1$1,5402$1,5853$1,7004$1,7255$2,000
$2,000
RENT COMPS ANALYSIS
  • 990 Palmer Road Lithonia, GA 1
    • 5 beds 3 baths ∙ 2,606 Sqft ∙ Built 1999 5 beds 3 baths ∙ 2,606 Sqft ∙ Built 1999
    • Rent
    • Rent Per SQFT
    •  
    • $1,540
    • $0.59
    •  
  • 1667 Cutters Mill Drive Lithonia, GA 2
    • 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
    •  
  • 6690 Princeton Park Court Lithonia, GA 3
    • 4 beds 3 baths ∙ 2,732 Sqft ∙ Built 2000 4 beds 3 baths ∙ 2,732 Sqft ∙ Built 2000
    LEASED 03/05/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.62
    •  
  • 983 Carriage Trace Circle Stone Mountain, GA 4
    • 5 beds 3 baths ∙ 2,890 Sqft ∙ Built 1996 5 beds 3 baths ∙ 2,890 Sqft ∙ Built 1996
    LEASED 04/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,725
    • $0.60
    •  
  • 225 Mistybrook Circle Stone Mountain, GA 5
    • 5 beds 3 baths ∙ 2,803 Sqft ∙ Built 2001 5 beds 3 baths ∙ 2,803 Sqft ∙ Built 2001
    LEASED 01/29/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.71
    •  
PROPERTY LISTING DETAILS
Liz Mensey
1.404.398.8110
Shakhan King
1.866.250.5610
RentVest Georgia LLC
H-75957
FIrst Multiple Listing Services ( FMLS)
MLS #: 6856257
Last Updated: 03/20/2021
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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