Atlanta Properties (Part 2)

[Daniel Dadzie]

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This is a nice and clean 3 bedroom, 2 bath property with 1150 sq ft (Tax records are out of date - a bed and bath was added to make it 3 beds & 2 baths).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