3BR Home in East Point , GA

About This Property

down payment: -- Cash to Close: Contact for details + Closing Costs -- EMD: Contact for details non refundable -- Purchase Type: Subject-To the Existing FHA Mortgage PROPERTY OVERVIEW: -- 3-bedroom, 3-bathroom single-family home -- 1,632 sqft of living space -- Built in 1940 -- Lot Size: 7,013 sqft -- Located at 2802 Palm Dr, East Point, GA 30344 -- Close to Atlanta airport, downtown Atlanta, Tyler Perry Studios, downtown East Point, and Hapeville dining districts LOAN DETAILS (SUBJECT-TO): -- Loan Type: FHA -- Remaining existing financing in place -- Interest Rate: 3.625% fixed -- HUD Partial Claim: Contact for details at 0% interest -- Escrow Balance: Contact for details -- Total Contact for details/month -- Principal: $471.70/month -- Interest: $686.73/month -- Taxes: $384.17/month -- Insurance: $304.33/month -- FHA Mortgage Insurance: $161.04/month -- / required exit: 84 months, approximately October 2033 RATE ADVANTAGE: -- Existing Principal & Interest: ~Contact for details/month -- Comparable payment on the same balance at 7.03%: ~Contact for details/month -- Estimated payment advantage: ~$359/month -- Estimated payment savings over a 7-year hold: Contact for details+ -- Approximately $470/month is going toward principal from day one -- Buyer is primarily paying for the 3.625% rate and low cash down payment, rather than acquiring the property at a deep discount RENTAL STRATEGY & RETURNS: -- Projected Long-Term Rental: Contact for details–Contact for details/month -- East Point 3-bedroom average: Contact for details/month -- Rent-by-the-room strategy may fit the 3 full bath / roommate-style layout -- Mid-Term Rental may fit traveling nurses, airline crews, and film production staff, but revenue has not yet been verified RENT COMPS: -- 1414 Womack Ave — 3/2, 1,426 sqft — Contact for details/month -- 3211 Flamingo Dr — 3/2, 1,485 sqft — Contact for details/month -- 2890 Bayrose Cir — 3/3 — Contact for details/month -- 2561 Sylvan Rd — 3/2, 1,364 sqft — Contact for details/month renovated CONTACT: Call or Text Brad Today at (786) 322-3646 "You miss 100% of the shots you don’t take — submit your offer before someone else does!"

Features & Highlights