Jonesboro, GA, is just a 30-minute drive from downtown Atlanta — the core of the “Big Peach.” This safe and quiet community attracts tenants who want to live away from the hustle and bustle but close to top tech companies, cultural institutions, and a thriving music scene.
Atlanta is the financial and cultural hub of the eighth-largest metro area in the United States. Home to top tech companies like Apple, Microsoft, Airbnb and Visa, Atlanta has a population of over 6 million people and is the most populous city in the state of Georgia.
More and more people want to live in Atlanta because of its business opportunities and reputation as a global city with a booming economy, beautiful natural sceneries, arts and sports, world class food and cultural lives, prominent highways, and one of the busiest international airports . Population in the Atlanta metro area have increased from 5.3 million in 2010 to 6.1 million in 2020 — a growth rate of 15.2%. That’s double the US average growth rate of 7.4%.
The area has high economic diversity, including education, healthcare, finance, film and television production, trade and transportation, and professional and business services. There are 17 Fortune 500 companies headquartered in the Atlanta metro area: Home Depot, UPS, Coca-Cola, and Delta Air Lines, to name a few. Many top companies establish new operations or relocate to Atlanta recognizing its exceptional business-friendly environment. Rivian, the electric vehicle automaker, is investing $5 billion in a carbon-conscious campus in Georgia, which will create approximately 7,500 jobs. Finance giant Visa is filling 1,000 roles in a new Midtown office location. Roper Corporation, a subsidiary of GE Appliances, is investing $118 million in expanding its manufacturing operations and will create an additional 600 jobs in LaFayette.
Atlanta is also known for its best in class higher education and booming Health IT sector. Emory University and Georgia Tech welcomes students and scholars from around the world and provides top talents especially for the Health IT industry growth. It is also home to CDC headquarters and many other American or World health care associations such as the American Cancer Society and Task Force for Global Health. There are over 200 companies dedicated to Health IT in the area, creating 30,000 jobs and this number is still growing.
Jonesboro — where you’ll find our latest property T3 — is more affordable than living in the city of Atlanta itself, and locals can still reach downtown in around 30 minutes via I-75 N. That provides residents with the best of both worlds — Living in a cheaper Jonesboro property while still being close to the center of all the action and Atlanta’s booming job market. The Atlanta metro area had a job growth rate of +5.3% from August 2021 to August 2022 — much + higher than the national average of 3.8%.
Jonesboro residents can also spend their weekends exploring Atlanta’s many cultural landmarks that attract tourists from around the world. These landmarks include the World of Coca-Cola, Atlanta Botanical Garden, Georgia Aquarium, and the Martin Luther King, Jr. National Park.
Jonesboro has its own unique feel. This suburb community has relatively newer houses than those found elsewhere in the Atlanta metro area and offers beautiful scenery, clean streets, and affordable living.
Our Jonesboro property T3 is located in the Clayton County School District, a public school district with 11 good public schools and 52,149 students in grades PK and K-12. The average student-teacher ratio is 19 to 1. Nearby Emory University and Georgia Institute of Technology provide higher educational opportunities for those living in Jonesboro.
T3 is one mile away from the nearest grocery store and restaurants. Other local attractions include the Road to Tara Museum, Stately Oaks, and Lee Street Park. Reynolds Nature Reserve, which boasts 146 acres of wetlands, is a short drive away from this Jonesboro property.
There is potential for investors to generate substantial profits on homes in Jonesboro. This hot rental market had a home value index of $252,132 in August 2022 — up from $181,963 in 2021 and $79,715 in 2014. (Data from Zillow.) That’s a year-on-year percentage change of 38.6% and a compound historical rate of 15.5%. Jonesboro is a seller’s market, with the average property staying on the market for 42 days. (Data from Realtor.com.)
T3 is a two-story modern townhouse built in 2020. It has 3 bedrooms and 2.5 bathrooms with a sizable backyard.
Tenants love its open floor plan: The high ceiling, large windows, modern kitchen, tile and engineered wood flooring make the entire home very functional and easy to maintain. 3 large bedrooms provide full flexibility for both young couples who may want to convert 1 or even 2 into home offices, or large families requiring more private spaces. Other features include central AC, granite countertops, modern appliances include a fridge, stove, dishwasher, washer/dryer, and microwave.
Atlanta-T3, a long-term family rental residence, is fully occupied now at initial offering. It has a high appreciation potential (past 8 year’s CAGR — compound annual growth rate — of similar properties in the zipcode is 12.83%). The annualized cash yield rate is estimated at 4.08%. These two combined provide you with an estimated total return of 16.91%.
Overall maintenance costs are low because of the state’s low property taxes and average property insurance rates. Jonesboro is also a landlord-friendly market. There’s no rent control or security deposit limit.
The property has a market cap of $295,000 and could generate monthly rent of $1,551. Its purchase price is $220,000.
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