Affordable Rental Property in Stone Mountain, GA

1178 Goldsmith Road Stone Mountain, GA 30083

$235,000 | 3 Bedrooms | 2 Bathrooms | 5.2% Cap Rate

‍I'm Interested in this Property

Listing Description

Listing: Awning - Redfin - Zillow

Welcome to 1178 Goldsmith Road in Stone Mountain, GA! This property presents an excellent opportunity for rental investors. Listed at $235,000, this diamond in the rough has immense potential waiting to be tapped.

The house features 3 bedrooms and 2 bathrooms, spanning across 1,598 square feet of living space. The interior boasts an eat-in kitchen with ample storage and a master bath with a garden tub and separate shower. The property also offers hardwood and tile floors, central heating and cooling, and a laundry closet.

Built in 1953, this home has a lot size of 8,712 square feet and is situated in a desirable neighborhood with an overall niche grade of B. The public schools in the area are rated C, making it an okay option for families. Flood insurance is not required as the property is in flood zone X.

Renovation estimates provided by the Awning team include partially repainting the interior, installing new flooring, repainting kitchen cabinets, updating some appliances, refreshing the bathrooms, and exterior painting. Additionally, a budget of $4,500 is set aside for any major replacements required due to the age of the home.

The property offers a parking pad and is situated on a level and private lot. It features wood siding and has a composition roof. The public sewer system is in place, and the annual property tax for 2022 amounted to $2,788.

According to Awning's analysis, the property has strong rental potential, with an estimated monthly rent of $1,800. The projected returns include a 5.2% cap rate, a 0.8% cash-on-cash return for the first year, and a 22.2% annual return over a 10-year period. The after repair value is estimated to be $259,464.

The neighborhood of 30083 offers various amenities such as bars, coffee shops, nightlife venues, parks, and restaurants. The area is car-dependent, with a WalkScore™ of 34/100, but it has some bike infrastructure.

Don't miss this opportunity to invest in a property with significant potential for rental income and long-term appreciation. Contact Andreis Bergeron, the head of Brokerage Operations at Awning, for more information or to schedule a viewing.

Investment Financials

How much does the home cost?

$235,000  

‍How much will it earn in rent?

$1,800 per month

How much will it cost to renovate?

The estimated renovation costs for 1178 Goldsmith Road are ($20,387) breakdown as follows: The interior of the home can be partially repainted to neutral colors for an estimated cost of $3,196. New flooring in part of the home can be installed at an estimated cost of $3,995. The kitchen cabinets can be repainted and some appliances can be updated for an estimated cost of $2,500. The bathrooms can be updated for an estimated cost of $3,000. Additionally, a budget of $4,500 is set aside for any major items that may need replacing due to the age of the home. Lastly, the exterior of the home can be painted at an estimated cost of $3,196. 

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

Based on the information provided, the estimated cash flow for the first year is $529.

‍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 Stone Mountain, Georgia

Where is Stone Mountain, Georgia?

Stone Mountain is a city located in DeKalb County, Georgia, United States. It is situated approximately 15 miles east of downtown Atlanta. The city is known for the prominent geological feature called Stone Mountain, which is a large granite dome with a carved relief depicting Confederate leaders. Stone Mountain is a suburb of Atlanta and offers a mix of residential areas, commercial developments, and recreational opportunities.

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

• DeKalb County School District: As one of the largest employers in the area, the DeKalb County School District provides education and employs a significant number of teachers, administrators, and support staff.
• DeKalb Medical: This healthcare system operates hospitals and medical facilities in the region, offering employment opportunities for healthcare professionals and support staff.
• Emory Healthcare: Emory Healthcare is a leading healthcare system in the Atlanta metropolitan area, and it has various medical centers and facilities that provide employment opportunities for healthcare professionals.
• Centers for Disease Control and Prevention (CDC): Located in nearby Atlanta, the CDC is a federal agency focused on public health and disease prevention. It employs a significant number of researchers, scientists, and healthcare professionals.
• Georgia Piedmont Technical College: This technical college offers education and training in various fields, contributing to the local workforce development.
• Walmart: The retail giant operates several stores in the area, providing employment opportunities in retail and related sectors.
• Kroger: Kroger is a prominent supermarket chain that operates multiple locations in the region, employing individuals in the grocery and retail sectors.
• Publix Super Markets: Publix is another major supermarket chain that operates stores in the area and provides employment opportunities in the retail industry.
• Stone Mountain Park: As a significant tourist attraction, Stone Mountain Park itself provides employment opportunities in various areas, including hospitality, entertainment, and recreation.

What are the demographics of Stone Mountain, Georgia?

Stone Mountain, Georgia is a city located in DeKalb County with a population of approximately 6,703 residents according to the 2020 U.S. Census. The city covers an area of about 1.7 square miles and is situated in the eastern part of DeKalb County, serving as a suburb of Atlanta.

Specific demographic details such as racial and ethnic composition, age distribution, and educational attainment are not available in the provided search results. For a comprehensive understanding of the demographics of Stone Mountain, it is recommended to consult official U.S. Census Bureau reports or local government sources. These sources provide detailed and up-to-date demographic data including information on race, ethnicity, age groups, educational attainment, and other relevant statistics.

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

Stone Mountain, Georgia has been assigned an overall Niche neighborhood grade of B, indicating that it is considered a desirable place to live. The city offers residents a dense suburban feel, and many individuals choose to rent their homes. Stone Mountain is known for its abundance of parks, providing residents with outdoor recreational opportunities.

Regarding school grades, specific information about the overall school grade for Stone Mountain is not mentioned in the search results. However, Stephenson High School, located in Stone Mountain, has a student-teacher ratio of 15 to 1. According to state test scores, 24% of students are proficient in math, while 30% are proficient in reading.

For a more detailed understanding of the school grades and educational institutions in Stone Mountain, it is recommended to visit the Niche website or explore reliable sources that provide specific school ratings and reviews. Additionally, local school district websites or the Georgia Department of Education can offer further insights into the educational landscape in Stone Mountain, including school grades and performance indicators.

What is the property tax rate in Stone Mountain, Georgia?

The property tax rate in Stone Mountain, Georgia can vary depending on factors such as the assessed value of the property and the millage rate applied by the taxing authorities.

The average effective property tax rate in Georgia is 0.81%, which is relatively low compared to the national average.

To calculate the property tax amount for a specific property in Stone Mountain, one needs to consider the assessed value of the property and the millage rate set by the county. In DeKalb County, where Stone Mountain is located, the property tax is calculated by multiplying the assessed value by the millage rate, which is expressed as a per-thousand rate. For example, if the assessed value of a property is $120,000 and the millage rate is 29.235, the property tax would be $3,508.

How many rental listings and vacancies are in Stone Mountain, Georgia?

To get a sense of the rental market in Stone Mountain, the median rent in the area is mentioned as $1,900 with houses renting between $799 and $2,995.

What's the average rent in Stone Mountain, Georgia?

The average rent in Stone Mountain, Georgia can vary depending on factors such as the type of unit, number of bedrooms, and location. 

RentCafe states that the average size for an apartment in Stone Mountain is approximately 1,035 square feet. 

Another RentCafe source indicates that around 74% of apartments in Stone Mountain fall within the $1,001-$1,500 price range. Apartments priced between $1,501-$2,000 represent about 16% of the rental market, while those over $2,000 make up around 3% of available apartments. Additionally, approximately 7% of apartments in Stone Mountain are priced between $701 and $1,000.

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.