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10 Beacon Way Garner, NC 27529

4 Beds 3 Baths 2,449 sqft Built 2014

$274,900

List Price

$1,810

$1.6K - $2K

Rent Est.

PROPERTY INFO

November 07, 2020 RECENTLY ADDED
FACTS
  • Built In 2014
  • Price/Sqft : $112.25
  • 2 Days on Market
  • MLS # : 2352735
  • Updated Date : 11/07/2020 at 23:04
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,449 sqft
  • Baths : 2 full , 1 half
Listing Agent

Apple Grove Realty

Listing Agent's Description

Beautiful home on corner lot in pool community. Absolutely gorgeous kitchen with large granite island, SS appliances, large walk-in pantry. Open floor plan, 9 ft ceilings, fireplace, hardwood floors, coffered ceiling in dining room. Four bedrooms upstairs with loft and laundry. Master suite features walk in closet, separate shower and tub, double vanity. Large fenced in back yard, great as a play area and garden space. 2 car garage. Convenient to I-40, shopping, and restaurants. Priced to sell.

SEE MORE

MARKET HIGHLIGHTS

  • #7 Best Big City for Jobs 2018 (Forbes, 2018)
  • Major employers in Raleigh area: IBM, Cisco systems, Fidelity Investments, GlaxoSmithKline, RTI International
  • One of Top 10 cities for Small Business Friendliness (Thumbtack, 2018)
  • Raleigh-Durham combined metros' economy is worth over $137 billion in Gross Metro Product and projected to grow to $146 billion in 2019 (USMayors.org, 2018)
  • Raleigh-Durham combined metros has 65.3% labor force participation rate higher than the national rate of 62.8% (USMayors.org, 2018)
  • Raleigh-Durham combined metros contribute to 24.1% of North Carolina's state economy i.e. Gross State Product (USMayors.org, 2018)
  • University of North Carolina, Duke University and Davidson University systems drive rental demand

PRICE & RENT TRENDS

Neighborhood: The Village at Cleveland Springs

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $107k265k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Neighborhood: The Village at Cleveland Springs

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q29001000110012001300140015001600Rent in $8231686

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

SCHOOLS

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
West View Elementary School Primary Regular 943 57 4
Cleveland Middle School Middle Regular 1,163 64 7
Cleveland High School High Regular 1,468 80 6

West View Elementary School

  • Education Level: Primary
  • # of students: 943
  • # of teachers: 57
4
GreatSchools Rating

Cleveland Middle School

  • Education Level: Middle
  • # of students: 1,163
  • # of teachers: 64
7
GreatSchools Rating

Cleveland High School

  • Education Level: High
  • # of students: 1,468
  • # of teachers: 80
6
GreatSchools Rating
 

$247,410$302,390$274,900

PURCHASE PRICE

$1,629$1,991$1,810

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,810
EXPENSES Loan Payment -$1,014
Property Tax -$180
Property Insurance -$75
HOA -$53
Property Management Fees -$163
CASH FLOW
$325

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$274,900

PROJECTED PRICE

$1,810

PROJECTED RENT

0.66%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 4.9%
Maintenance Year (1-5) 8.00%
Vacancy 7.47%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$78,599

INVESTMENT

$78,599

Down Payment
$68,725
Rehab Estimate
$5,750
Closing Costs
$4,124

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$1,014

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $68,725
Loan Amount $206,175
See What Happens When You Reinvest Cash Flow

10.67

YEARS SAVED

$51,809

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $1,810

    LIST RENT
  • $0.74

    LIST RENT PER SQFT
  • $1,812

    COMP ESTIMATED VALUE
  • $0.74

    COMP AVG. RENT PER SQFT
Comps Range
$1,650
1$1,6502$1,6753$1,7954$1,8105$1,995
$1,995
RENT COMPS ANALYSIS
  • 10 Beacon Way Garner, NC 4
    • 4 beds 3 baths ∙ 2,449 Sqft ∙ Built 2014 4 beds 3 baths ∙ 2,449 Sqft ∙ Built 2014
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,810
    • $0.74
    •  
  • 307 Dando Street Garner, NC 1
    • 4 beds 3 baths ∙ 2,400 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,400 Sqft ∙ Built 2020
    property image
    LEASED 05/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.69
    •  
  • 533 Summerwind Plantation Drive Garner, NC 2
    • 4 beds 3 baths ∙ 2,253 Sqft ∙ Built 2018 4 beds 3 baths ∙ 2,253 Sqft ∙ Built 2018
    property image
    LEASED 04/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $0.74
    •  
  • 163 Davelyn Court Garner, NC 3
    • 4 beds 3 baths ∙ 2,375 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,375 Sqft ∙ Built 2015
    property image
    LEASED 11/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.76
    •  
  • 39 Glenn Creek Court Garner, NC 5
    • 4 beds 3 baths ∙ 2,585 Sqft ∙ Built 2008 4 beds 3 baths ∙ 2,585 Sqft ∙ Built 2008
    property image
    LEASED 10/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.77
    •  
PROPERTY LISTING DETAILS
Billy Boggs
1.919.605.2273
Apple Grove Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2352735
Last Updated: 11/07/2020
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