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1003 Brucemont Drive Garner, NC 27529

4 Beds 3 Baths 1,888 sqft Built 1970

$299,000

List Price

$1,740

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
July 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1970
  • Price/Sqft : $158.37
  • 2 Days on Market
  • MLS # : 2395230
  • Updated Date : 07/12/2021 at 20:44
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,888 sqft
  • Baths : 3 full
Listing Agent

Kendahl Mcintyre Real Estate

Listing Agent's Description

Located in the heart of Garner this completely renovated split level home on .43-acres featuring 4 bedrooms & 3 full bath. Plenty of living space on both the main and lower level. Spacious kitchen includes granite countertops, stainless steel appliances and subway backsplash. Site finished hardwood floor on main level & 2nd floor bedrooms. Screened in porch overlooks private fenced in mature backyard & storage shed. Walking distance to many stores and restaurants. HVAC 2020 & Roof 2016

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: Heather Hills

NeighborhoodNIR Market*CityMarket2010Year20002019120k130k140k150k160k170k180k190k200k210k220k230k240k250k260kPrice in $120k265k

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

Neighborhood: Heather Hills

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2900950100010501100115012001250130013501400145015001550Rent in $8981595

* 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
Aversboro Elementary School Primary Regular 584 42 3
East Garner Middle School Middle Magnet 1,361 83 4
Garner High School High Magnet 2,650 145 3

Aversboro Elementary School

  • Education Level: Primary
  • # of students: 584
  • # of teachers: 42
3
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
 

$269,100$328,900$299,000

PURCHASE PRICE

$1,566$1,914$1,740

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,740
EXPENSES Loan Payment -$1,039
Property Tax -$239
Property Insurance -$64
Property Management Fees -$119
CASH FLOW
$279

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.

$299,000

PROJECTED PRICE

$1,740

PROJECTED RENT

0.58%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 6.3%
Maintenance Year (1-5) 8.00%
Vacancy 7.49%
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$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$84,985

INVESTMENT

$84,985

Down Payment
$74,750
Rehab Estimate
$5,750
Closing Costs
$4,485

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,039

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $74,750
Loan Amount $224,250
See What Happens When You Reinvest Cash Flow

10.42

YEARS SAVED

$45,976

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,740

    LIST RENT
  • $0.92

    LIST RENT PER SQFT
  • $1,633

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$1,495
1$1,4952$1,6003$1,740
$1,740
RENT COMPS ANALYSIS
  • 1003 Brucemont Drive Garner, NC 3
    • 4 beds 3 baths ∙ 1,888 Sqft ∙ Built 1970 4 beds 3 baths ∙ 1,888 Sqft ∙ Built 1970
    • Rent
    • Rent Per SQFT
    •  
    • $1,740
    • $0.92
    •  
  • 524 Woodland Road Raleigh, NC 1
    • 3 beds 2 baths ∙ 1,775 Sqft ∙ Built 1958 3 beds 2 baths ∙ 1,775 Sqft ∙ Built 1958
    LEASED 02/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.84
    •  
  • 1207 Silverhill Court Garner, NC 2
    • 3 beds 3 baths ∙ 1,800 Sqft ∙ Built 1988 3 beds 3 baths ∙ 1,800 Sqft ∙ Built 1988
    LEASED 08/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.89
    •  
PROPERTY LISTING DETAILS
Kendahl Mcintyre
1.919.896.5156
Kendahl Mcintyre Real Estate
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2395230
Last Updated: 07/12/2021
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