Posted by mj on April 19, 2006 at 15:00:00:
I can tell you from experience in that area to be careful. Hapeville is a lower middle class area- the market has slowed down a bit and I can tell you you can bet your butt your not going to sell that house for 125k.
If you were getting the house for 75k it would be a deal, but youre not going to be able to sell that for more than 105k, imho. Good luck, just remember theres alot of sharks in Atlanta and its the #1 place in the US for mortgage fraud.
Atlanta anyone know much about this area? - Posted by Rodney
Posted by Rodney on April 19, 2006 at 09:53:27:
I have an offer from a wholesaler. Here’s the info from the wholesaler:
Walnut Street, Hapeville, GA 30354 ($92,000)
2/1 frame house in the Hapeville area of Atlanta. It is inside the I-285 Perimeter. Very near the highway and Marta. This home already has a tenant in place paying $750/month. The tenant has been there about 5 months and isn’t planning to leave anytime soon, that I know of.
Sales price is $92,000
Repairs: ZERO
REPAIR TOTAL: $ZERO
ARV: $125,000
Features: THIS HOUSE IS ALREADY RENTED OUT AT $750/MONTH. This house is in great condition so you don’t need hard money. You can just go with regular traditional financing which saves you a ton of money.
(DO NOT DISTURB THE TENANT)
Comparable Sales - All within 1.0 miles, sales within 1 year of today, built around the same time.
ADDRESS SALES DATE
SALES PRICE
Beds/Baths/Sq Ft
Dist from Subject
423 Walnut 12/14/2005 $118,700 2/1/794 0.056 miles
437 Walnut 7/19/2005 $140,000 3/1/864 0.076 miles
2976 5th St 5/3/2005 $140,000 2/1/995 0.492 miles
724 Campbell Cir 10/25/2005 $145,000 2/1/977 0.641 miles
2890 3rd Ave 9/8/2005 $120,000 2/1/792 0.687 miles
2828 1st Ave 10/17/2005 $124,000 2/1/728 0.764 miles
Does anyone know any reliable real estate agent or appraiser in that area?
Thanks!!!
Re: Atlanta anyone know much about this area? - Posted by Jason-ga
Posted by Jason-ga on April 20, 2006 at 14:36:49:
Very Bad Area!!!
Re: Atlanta anyone know much about this area? - Posted by Natalie-VA
Posted by Natalie-VA on April 20, 2006 at 07:50:43:
Rodney,
I have no experience in the Atlanta area, but I do have some observations.
First, I’ve never met a house that didn’t need any repairs. That information is extremely suspect.
Second, if you got a loan on this property, her rent might not even cover the payments. It would be close.
Third, those are not good comps. None of them are from 2006. Since the market has slowed down, those older comps are not valid IMO. The closest one you have is the one for $118,700. I would ask to see ALL comps from this year, regardless of price.
–Natalie