Demolition - Re Build 4 Bed 3 Bath Single Family Home - Atlanta

Discussion in 'Development' started by 380, 20th Jan, 2017.

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  1. 380

    380 Well-Known Member

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    What : SFR - single family residence - converting existing dump!

    When: Start early March 2017 (Probate Issues). Projected Completion: end of July -2017

    Where: Atlanta, Georgia US - within 10 miles of Downtown

    Why: 25%+

    Project Numbers:

    Buy: $112k
    Total Development Cost: $182K

    Total cost ; $294K


    Projected Resale: $365k - $385k (based on current comps)

    Comps in area are nearing $400K - just being conservative :)


    Expected Profit: $70k -$90k

    All $ Value in USD
     
    Last edited: 20th Jan, 2017
  2. 380

    380 Well-Known Member

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    Not Great photos (copied them from screen) -

    House:

    1.JPG

    Street View

    2.JPG

    Nice House across:

    3.JPG
     
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  3. 380

    380 Well-Known Member

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    IMG_1381.PNG

    Proposed New Floor Plan!
     
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  4. Gockie

    Gockie Life is good ☺️ Premium Member

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    380 likes this.
  5. 380

    380 Well-Known Member

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    We are one of many rebuilding in Atlanta

    Streets are being transformed around the inner city beltline of Atlanta, with this change comes growth, property prices will keep hitting new highs.

    I expect the same is happening across USA
     
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  6. 380

    380 Well-Known Member

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    Video Update:
     
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  7. Sonamic

    Sonamic Well-Known Member

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    Is the laundry in the basement storage area?
     
  8. 380

    380 Well-Known Member

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    Hi Guys
    This is a feature story on the Beltline, where we are buying houses, development sites.

    Houses in this precinct are tipped to start at $600,000

    Link - Atlanta Curve, 5 January 2017
    On Beltline in Ormewood Park, 24-home ‘Farmhouse’ community is planned

    Extract below

    Farmhouses will offer a total of 24 residences — three moderns and 21 farmhouse-style properties — with the first sites expected to be complete this summer.

    According to a tipster, signage in the neighborhood says homes will start in the $600,000s. We’re told the location is Delmar Court off Ormewood Terrace.


    In addition to calling the Farmhouses an “Equal Housing Opportunity,” marketers boldly describe the venture as “possibly the last single family home community on the Beltline®” — always with that registered trademark symbol.

    The project would join a proposal for some 200 Beltline apartments a little father north in Ormewood Park that came to light last month. That site is also adjacent to the planned Southside Trail and across the street from Snap Fitness at Glenwood Park.
     
  9. 380

    380 Well-Known Member

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    No basement!

    see video - will give you clear idea!
     
  10. Sonamic

    Sonamic Well-Known Member

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    Ok. . . Just going by the plans. Clearly states Basement Floor Plan, Ground Floor Plan, and First Floor Plan. I already watched the video. It's built into the side of a slope. So "basement" level emerges from underground as the hill drops away.

    So seeing as there is "no basement!", my original question can be reasked as, is the laundry located in the "sub ground" level storage area?
     
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  11. 380

    380 Well-Known Member

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    Laundry is located next to master bedroom!
     
  12. Sonamic

    Sonamic Well-Known Member

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    Thanks!
     
  13. MrFox

    MrFox Well-Known Member

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    Interesting layout. How many sq. feet is the house?
     
  14. CK_Invest

    CK_Invest Well-Known Member

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    nice work.

    can I ask out of curiousity - what sort of employment do most folk have in that part of town?
     
  15. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    can I ask out of curiosity - Does anyone in that part of town have employment except the DEA / cops ?
     
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  16. CK_Invest

    CK_Invest Well-Known Member

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    is it really that bad? if folks are now paying USD $300k+ for houses (considering they were worth almost nothing back in 08-09 - just check zillow foreclosures selling at USD $500), something must be going on in the area 8 years on
     
  17. 380

    380 Well-Known Member

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    In 2007 markets crashed and values in many States fell back 70% (foreclosure market), ie Florida, Atlanta, Las Vegas, Arizona etc

    $500 on Zillow??? don't know what this is or where, could be a war zone at this price? Detroit??

    Some members on the forum @Handyandy, @MTR were paying $18-25 per sq foot for properties in Atlanta in 2011 this is when markets started to rise, beginning of the recovery in USA.

    Fast track today, Atlanta build costs are approximately $80-110 per sq foot. You wont be able to pick up anything at 2011 prices those days have long gone.

    Something is going on? you are right, low inventory/stock and huge demand from investors, foreigners and hedge funds this has not stopped pushing prices north. US economy has bounced back and in full swing,
     
  18. 380

    380 Well-Known Member

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    [​IMG]
    Industry employment

    In the Atlanta metropolitan area, the professional and business services industry had the largest employment gain from November 2015 to November 2016, up 20,700 or 4.2 percent. Nationwide, employment in professional and business services rose 2.9 percent from the previous November. (See chart 2.)

    [​IMG]
     
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  19. CK_Invest

    CK_Invest Well-Known Member

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    Thanks Be Developer

    From memory it was around West side (go several km west of georgia tech), which if I'm not mistaken has a fair bit of crime
     
  20. 380

    380 Well-Known Member

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    Not sure - haven't checked their ITIN returns (equalant to TFN) ;)

    on serious note: Areas we are playing are equalant to Sydney's marrickville, Redfern, Alexandria.
     
    Last edited: 15th Feb, 2017

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