High-ROI Investment Opportunity: Updated 3-Bed Ranch in Desirable Marietta Neighborhood

2282 Rainwater Drive Marietta, GA 30066

$349,840 | 3 Bedrooms | 2 Bathrooms | 5.2% Cap Rate

‍I'm Interested in this Property

Listing Description

Listing: Awning - Redfin - Zillow

Welcome to 2282 Rainwater Drive, a stunning four-sided brick ranch located in the highly desirable Vandiver Heights neighborhood of Marietta, GA. This beautifully updated 3-bedroom, 2-bathroom home sits on a large, private, wooded lot, offering peaceful and serene surroundings. As you step inside, you'll be immediately impressed by the brand new hardwood-look LVP flooring, fresh interior paint, and bright, natural light that floods the living space. The white kitchen, complete with freshly painted cabinets, a gas cooktop, and built-in wall oven, is open to the breakfast nook and keeping room area, which features glass sliding doors leading to the covered back porch overlooking the tranquil backyard. All bedrooms boast brand new plush carpeting, while the tiled baths are beautifully updated. The full basement provides ample storage space and is ready to be finished to your liking.

Located in a highly desirable neighborhood with an A+ Niche rating and top-rated public schools, this home is close to shopping, restaurants, and entertainment, making it an excellent investment opportunity for rental investors. With a current monthly rent estimate of $2,395, this property is expected to generate a 5.2% cap rate and a 10-year return of 20.9%. Don't miss your chance to own this turnkey investment property in one of Marietta's most desirable neighborhoods. Contact us today to schedule a showing!

Investment Financials

How much does the home cost?

$349,840   

How much will it earn in rent?

$2,395 per month

How much will it cost to renovate?

According to our estimate expect $4,500 for any major items that may need replacing due to the property's age. 

How much cash can you take home in the first year?

Based on the rental income estimate provided by Awning, which is $2,395 per month, the total annual rental income for the property would be $28,740. After subtracting the estimated expenses, including property tax, insurance, repairs/maintenance, property management, and other operating expenses, the net operating income for the first year is estimated to be $18,596.

What is the cap rate for this property?

The estimated cap rate for this property is 5.2%.

‍All of the cap rates and returns for this property are estimates and are not intended as a guarantee of income or returns. Every investment has risks. It's important to discuss any investment, returns, regulations, laws and projections with a financial advisor, attorney or another fiduciary.

Why People Rent In Marietta, Georgia

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Where is Marietta, Georgia?

Marietta is a city located in the state of Georgia, United States. It is situated in the north-central part of the state, in Cobb County, and is considered a suburb of Atlanta. The city has a population of approximately 60,000 people and is known for its historic downtown, parks, and cultural attractions.

What companies are the major employers in and around Marietta, Georgia?

• Wellstar Health System: This non-profit healthcare system is the largest employer in the Marietta area, with over 20,000 employees across multiple hospitals and healthcare facilities.
• Cobb County School District: As the second-largest employer in the area, the Cobb County School District provides education to over 112,000 students in the region, employing more than 16,000 faculty and staff.
• Lockheed Martin Aeronautics Company: Located just outside Marietta in nearby Marietta, this aerospace and defense company employs over 8,000 people in the production of military aircraft and related technologies.
• The Home Depot: This home improvement retailer is headquartered in nearby Atlanta, and has a significant presence in Marietta with several stores and over 2,000 employees in the area.
• IBM: This technology company has a research and development center in Marietta, employing over 1,000 people in the area.
• Marietta City Government: The local government of Marietta is also a major employer in the area, providing a range of services to the community and employing several hundred people.

What are the demographics of Marietta, Georgia?

Marietta, Georgia is a diverse city with a population of approximately 60,000 people, according to the U.S. Census Bureau's 2020 estimate. The racial makeup of Marietta is 47% White, 26% Black or African American, 16% Hispanic or Latino, and 6% Asian. The median age of Marietta residents is 35 years old. The city has a fairly even distribution of males and females, with females making up 51% of the population. The median household income in Marietta is approximately $61,000, which is slightly below the national median household income.

What is the Niche neighborhood grade and school grade in Marietta, Georgia?

According to Niche, Marietta is rated an A- as a place to live, and it is ranked as one of the best places to live in Georgia. Marietta City Schools is ranked as the 39th best school district in Georgia, and it is ranked 39th out of 179 districts with the best teachers in Georgia according to Niche. Public School Review provides a list of the top 10 best public schools in Marietta, Georgia in 2023, which includes schools such as Dickerson Middle School, Mount Bethel Elementary School, and Sope Creek Elementary School.

What is the property tax rate in Marietta, Georgia?

Property tax rates in Marietta, Georgia are determined by different authorities. The Marietta City Council sets the millage rate for city taxes. The county Board of Commissioners sets the millage rate for county taxes, and the county Board of Education sets the millage rate for county school taxes. Property tax rates in Georgia can be described in mills, which are equal to $1 of taxes for every $1,000 in assessed value. The actual property tax rate in Marietta, Georgia may vary depending on the location and assessed value of the property.

How many rental listings and vacancies are in Marietta, Georgia?

There are many rental listings available in Marietta, Georgia. Zillow has over 1,000 rental listings in Marietta, including apartments and houses for rent. As of the latest search, Zillow has 317 single-family rental listings and 715 apartment rental listings available in Marietta, GA. Rent.com currently shows 586 house rental listings available in Marietta, GA. It is unclear how many vacancies are currently available as the rental market in Marietta can fluctuate frequently.

What's the average rent in Marietta, Georgia?

According to Zillow, the median rent price for houses in Marietta, GA is $2,191, and houses rent between $1,070 - $13,899. Apartments.com reports that the average rent in Marietta, GA as of April 2023 was $1,336/month for an apartment, with prices ranging from $1,026 to $1,994 depending on the location and size of the apartment. RentCafe provides a list of the most affordable neighborhoods in Marietta, where the average rent ranges from $1,429/month to $1,543/month.

From Listing to Rental

1. Place an offer on this property: If you want help finding the best representation, simply submit your information by pressing "I'm Interested in this Property"
2. Close on the property: Closing on this property should be simple. An agent will help you review the contract and confirm that everything in the inspection report makes this a good deal.
3. Hire a property manager to manage your property: If you choose to use Property Management we can help you select the best service and get you a deal on management in the area.