tomo logo

$524,900

Beds
6
Baths
3.0
sq ft
Unknown

472 First St, Athens, GA 30601

472 First St

Athens, GA 30601

  • 48 days on market
    • Price drop $100↓
Nestled near the University of Georgia, in the vibrant heart of Athens, GA, sits a modern bungalow ripe for the taking by the astute student housing investor. This isn't merely a property; it's a strategic asset with prime location and robust rental history. Property Overview: Location: Proximity to UGA and the stadium ensures constant demand from students. Layout: A spacious 6-bedroom, 3-bathroom setup designed for student living. Rental Status: Currently leased at $3,900 monthly through July 2025, guaranteeing immediate cash flow. Investment Highlights: High Cap Rate: Priced to deliver an attractive cap rate, promising excellent ROI. Rental Stability: The area's high demand for student housing means low vacancy rates. Versatile Layout: Ideal for accommodating multiple students or privacy-conscious tenants. Property Features: Main Floor: Warm hardwood floors and freshly painted walls lead to a large living/dining area, perfect for groups or study sessions. Kitchen: Open plan, fostering a communal living environment. Upstairs: Additional bedrooms, one with a private porch, enhancing appeal for students seeking personal space. Basement: Fully finished with two more bedrooms, offering versatile accommodation options. Why Invest in Student Housing Here? Consistent Demand: Proximity to UGA ensures year-round occupancy. Economic Resilience: Student housing often performs well even in economic downturns due to the necessity for student accommodation. Growth Potential: The area's development and UGA's expansion could lead to property value appreciation. Investment Strategy: Long-Term Vision: This property isn't just about immediate returns but also about capital growth in a market with stable demand. Future Development: With UGA's growth, properties in this locale could see increased value over time. This bungalow isn't just a home; it's a smart investment in one of the most dynamic student markets in Georgia. With immediate rental income secured through July 27th 2025 and a strategic location near UGA, this property stands as an exemplary choice for those looking to invest in student housing. It's not just about buying real estate; it's about securing a piece of a thriving, recession-resistant market where your property not only pays for itself but also holds the promise of future appreciation. Whether you're looking to dive into the real estate market with a property that's already proving its worth or seeking a home that places you at the epicenter of Athens' energy, this bungalow is your canvas. Ready to be painted with your dreams, it stands as a testament to smart living and even smarter investing. Come, see, and seize the opportunity that this property in the shadow of UGA and the roar of the stadium offers.

Details

Property type

Single Family Residence

Est. home value

$322,204

Lot size

5,227 sq ft

Price per sq ft

Unknown

Year built

2006

Annual property taxes

$3,642

Price History

09/27/2024
GeorgiaMLS

GeorgiaMLS #10382493

Price change
$524,900
-0.02%
09/19/2024
GeorgiaMLS

GeorgiaMLS #10382493

Listed
$525,000
+61.54%
08/22/2023
GeorgiaMLS

GeorgiaMLS #10186476

Sold
$325,000

Schools & Community

Elementary school: 

Howard B Stroud

Middle school: 

Coile

High school: 

Cedar Shoals

Community features: 

None

Negotiation Insights

Before you make an offer, understand who you are negotiating with so you can tailor your negotiation strategy to their situation.

Seller could get up to

$370,269
Asking price
$524,900
Closing costs (~8% of asking)
-$41,992
Est. remaining loan balance
-$112,639
Cash to seller
$370,269

This is an estimate of how much the seller could receive at closing after paying off the outstanding mortgage.

Seller’s Loan History

Lender

Commercial Bank

Loan start date

August 2023

Original loan amount

$260,000

Est. remaining balance

$112,639

Interest rate

6.81%

Loan type

New Conventional, 2 year

Seller

472 First Street Llc

Source: Public records data

If you're the owner, you can request to remove loan details. Email listingsupport@tomo.com

How insights can help you

Interest rate

If the seller has a low interest rate, they may be tempted to rent the property out if they can't get the price they have in mind.

Motivation

If the seller already got a job in a different city, they may feel pressure to sell quickly to free up cash for a new home.

Equity

If the seller stands to receive a large amount of cash when they sell the property, they might be willing to negotiate on the offer price.

Interested in learning more?

Similar Homes Nearby

Price drop
GeorgiaMLS
$550,000
3 bd
|
3 ba
|
3,428 sq ft
|
House

695 Riverhill Dr, Athens, GA 30606

GeorgiaMLS
$525,000
3 bd
|
3 ba
|
1,628 sq ft
|
House

1092 W Lake Dr, Athens, GA 30606

Price drop
GeorgiaMLS
$460,000
3 bd
|
3 ba
|
4,003 sq ft
|
House

125 N Homewood Dr, Athens, GA 30606

Status: Active

Tomo last checked: 11/05/2024 at 7:10 PM

Listing updated: 09/30/2024 at 1:11 AM

Listed by: Brandon Smith, Realty South Athens, LLC

MLS: GeorgiaMLS #10382493

GeorgiaMLS logo

Recently listed in Athens

$1,250,000|4 bd|3.5 ba|House
$350,000|3 bd|2.5 ba|House
$335,000|4 bd|2.0 ba|House
$325,000|4 bd|3.0 ba|House
$229,500|2 bd|1.0 ba|House
$375,000|4 bd|2.5 ba|House
$274,900|2 bd|2.5 ba|Townhouse
$450,000|4 bd|3.0 ba|House