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100 Brook Rock Lane Garner, NC 27529

4 Beds 2 Baths 1,680 sqft Built 1981

$229,900

List Price

$1,510

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1981
  • Price/Sqft : $136.85
  • 10 Days on Market
  • MLS # : 2362062
  • Updated Date : 01/23/2021 at 03:26
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,680 sqft
  • Baths : 2 full
Listing Agent

Fonville Morisey/midtown Sales Office

Listing Agent's Description

Coming Soon! NO HOA DUES! Corner Lot house that has new roof, flooring, HWTR heater, & windows (2017). HVAC is less than 6 mos old. Kitchen is adorned w/ white cabinets. Mobile island conveys. Refrigerator and W/D conveys. Seller will leave Chair Lift on stairway if new buyer wants it (perfect for someone who has knee or leg issues). Spa & Massage Shower insert in Hall bathroom. Enjoy relaxing on the screen porch (added 2017). Storage shed conveys. Den & unfin storage space too! HOUSE IS SOLD AS IS.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • #7 Best Big City for Jobs 2018 (Forbes, 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
  • Major employers in Raleigh area: IBM, Cisco systems, Fidelity Investments, GlaxoSmithKline, RTI International
  • One of Top 10 cities for Small Business Friendliness (Thumbtack, 2018)

PRICE & RENT TRENDS

Neighborhood: Forest Landing

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $105k265k

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

Neighborhood: Forest Landing

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2900100011001200130014001500Rent in $8041595

* 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
Creech Road Elementary School Primary Regular 613 42 2
East Garner Middle School Middle Magnet 1,361 83 4
Garner High School High Magnet 2,650 145 3

Creech Road Elementary School

  • Education Level: Primary
  • # of students: 613
  • # of teachers: 42
2
GreatSchools Rating

East Garner Middle School

  • Education Level: Middle
  • # of students: 1,361
  • # of teachers: 83
4
GreatSchools Rating

Garner High School

  • Education Level: High
  • # of students: 2,650
  • # of teachers: 145
3
GreatSchools Rating
 

$206,910$252,890$229,900

PURCHASE PRICE

$1,359$1,661$1,510

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,510
EXPENSES Loan Payment -$799
Property Tax -$200
Property Insurance -$63
Property Management Fees -$119
CASH FLOW
$330

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.

$229,900

PROJECTED PRICE

$1,510

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$100k$200k$300k$400k$500k$600k$700k$800k$900k

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$66,674

INVESTMENT

$66,674

Down Payment
$57,475
Rehab Estimate
$5,750
Closing Costs
$3,449

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 25% down payment or higher enables the proceeds from the asset to cover all costs.

$799

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $57,475
Loan Amount $172,425
See What Happens When You Reinvest Cash Flow

12.58

YEARS SAVED

$45,478

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,510

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $1,569

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$1,480
1$1,4802$1,4953$1,5104$1,600
$1,600
RENT COMPS ANALYSIS
  • 100 Brook Rock Lane Garner, NC 3
    • 4 beds 2 baths ∙ 1,824 Sqft ∙ Built 1981 4 beds 2 baths ∙ 1,824 Sqft ∙ Built 1981
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,510
    • $0.83
    •  
  • 1200 Stapleton Drive Garner, NC 1
    • 4 beds 3 baths ∙ 1,812 Sqft ∙ Built 1991 4 beds 3 baths ∙ 1,812 Sqft ∙ Built 1991
    property image
    LEASED 05/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,480
    • $0.82
    •  
  • 200 Coachman Drive Garner, NC 2
    • 3 beds 2 baths ∙ 1,710 Sqft ∙ Built 1974 3 beds 2 baths ∙ 1,710 Sqft ∙ Built 1974
    property image
    LEASED 09/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.87
    •  
  • 1207 Silverhill Court Garner, NC 4
    • 3 beds 3 baths ∙ 1,800 Sqft ∙ Built 1988 3 beds 3 baths ∙ 1,800 Sqft ∙ Built 1988
    property image
    LEASED 08/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.89
    •  
PROPERTY LISTING DETAILS
Teresa Connor
1.919.740.8361
Fonville Morisey/midtown Sales Office
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2362062
Last Updated: 01/23/2021
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