Georgia is located in the Southeastern region of the United States. It is the 24th-largest in area, and 8th-most populous of the 50 United States. Atlanta is both the state’s capital and its largest city. The Atlanta metropolitan area, with an estimated population of 5.9 million people is the 9th most populous metropolitan area in the United States, and contains about 56% of Georgia’s entire state population.
Population: 10.6 million people
Median Household Income: $56,200
Population Density: 165 people/square mile
Median Home Sales Price: $206,800
Median Price to Rent: $1,425/month
On average, home values have gone up about 4.9% over the past year.
Case Study #1: Atlanta Apartment Building Fix-to-Rent Project
Client: Ayesha S. – RFG Pro
Property Location: Atlanta, GA
Property Description: 12-Unit Apartment Building
Purchase Price of the Property: $850,000
Cost to Rehab Property: $167,495
Amount of the Loan: $1,017,495
Original Appraisal Value of Property: $1,020,000
Appraisal Value of Property After Rehab: $1,640,000
Monthly Rents Charged After Rehab: $17,400
Ayesha’s goal was to purchase a multi-unit apartment building, where the rents would more than cover the monthly mortgage, so the investment would pay for itself and provide a small passive income. After a long search, she purchased a 12-unit apartment building in a great area of Atlanta. The seller was extremely motivated, and the property had a very reasonable asking price. The building itself was in good shape, and only required cosmetic upgrades. Once the upgrades were made, Ayesha was able to double the average rent for each unit, charging an average of $1,500 per month per unit. Her fix-to-rent advice: “Never underestimate tenants or the process of evicting them. If you are not an experienced property manger, don’t take it lightly.” Thanks for the tip, Ayesha!
“RFG is a great lender. The whole process is so smooth. No complaints!”
— Ayesha S.