2421 Windridge Drive, Conyers, GA


$ 135,000 - Fix & Flip

4.0 bd | 2.5 ba | 1,970 sqft | 1989 | $ 1,332 Rent

ARV
$177,566
Net Profit
$42,288
Net ROI
49.00 %

Description

This incredible two story home was built in 1989 and the tax records say that it has 1,976 square feet.  This home has been renovated recently with new interior and exterior paint, new luxury vinyl plank and carpet, new lighting, door knobs and hinges.  Pollybuteline plumbing that was in the home and going to the street was replaced by the owner a few years ago, as well as the garage door and opener. This home has had an excellent rental history with the last tenant staying for about 5 years.  In this market this home should rent for $1,200-1,300, but please verify with property management.  The same manager that has managed this home for approximately 7 years is still available to continue management.  This home is a "Reliable Rental" and will fly of the market as Atlanta is RED HOT!  This home is listed by Jared Garfield and America's Realty and the seller is a Rich Dad, Poor Dad Coach who bought the property from us at the bottom of the Atlanta market.  This is a great opportunity to old a newer property at a great price that still comes pretty close to the 1% rule in a PRIMARY MARKET!


Fix & Flip Analysis

  • IRR: 31.65 %
  • Net Cashflow: $ 3,961
  • Rehab Est: $ 40,000
  • Cap Rate: 8.03 %
  • Monthly Rent: $ 1,332
  • ARV: $ 177,566
  • Cash on Cash: 12.98 %
  • Taxes: $ 1,078

Financial Analysis

  • Loan Amnt: $ 32,124
  • All-in Cost: $ 81,199
  • Debt Coverage Ratio: 8.03 %
  • Total Out of Pocket: $ 49,075
  • Monthly Mortgage: $ 177

Expense Assumptions

  • Prop Insurance: $ 1,013
  • Vacancy: $ 799
  • Prop Mgmt Fee: $ 1,279
  • Maintenance: $ 799
  • Capex: $ 0

Financing Assumptions

  • Cash Purchase: No
  • Loan Term: 360 months
  • Down Payment: 20.00 %
  • Points: 2.00
  • Interest Rate: 5.25 %
  • Interest only loan: No

Other Assumptions

  • Closing Cost: $ 1,350
  • Rental Holding Period: 12


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