Atlanta Properties (Part 2)
3453 Eisenhower Circle SE, Atlanta, GA 30354
Rented: $800/mon (Section 8)
Asking: $54,990 (firm)
This is a well maintained 3 bed/1 bath section 8 property with no repairs required. Rented section 8 with $800/month in rent. Feel free to drive by but showing by appointment only.
5675 Koweta Road, College Park, GA 30349
Rent Potential: $1,050
Repairs: $5,000 (if holding as rental), $10,000 (for retail flip)
Asking: $44,999
This is a nice and clean 3 bedroom, 2 bath property with 1150 sq ft (Tax records are out of date - a bed and bath was added to make it 3 beds & 2 baths). It needs minimal work to get it in move-in ready condition. Here's a list of repairs for rental:
-Carpet in two back bedrooms, hallway and living room
-Linoleum in kitchen and hall bath
-Trim in kitchen ceiling
-Side door needs adjustment
-Deck needs some repair, paint and bolt etc.
Estimated: $5000
If flipping, add new roof, power wash, exterior paint, landscaping etc. for another $5,000
Buy-Hold Analysis:
Rent: $1,050 * 12 = $12,600
Tax: $565 (estimated)
Insurance: $1000 (estimated)
Property Management: $1,260
Net Income: $9,775
Purchase plus Repairs: $50,000
ROI: 20%
Flip Analysis:
Purchase: $45,000
Repair: $10,000
ARV: $70,000
Profit: $15,000
Comps:
4002 Robin Cir, 3/2.5, Sold 09/2015, Price: $101,900, Price/Sq ft: $78
3253 Diamond Blf, 4/2.5, Sold 10/2015, Price: $75,500, Price/Sq ft: 68
455 Boxelder Rd, 3/2.5, Sold 11/2015, Price: $102,000, Price/Sq ft: 61
Using the lowest comp for valuation, 1150 sq ft * $61/sq ft = $70,150