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1057 Crenshaw Drive Wake Forest, NC 27587

3 Beds 3 Baths 1,992 sqft Built 1974

$260,000

List Price

$1,900

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

December 03, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1974
  • Price/Sqft : $130.52
  • 4 Days on Market
  • MLS # : 2356232
  • Updated Date : 12/05/2020 at 02:13
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,992 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Hometown

Listing Agent's Description

Location! Location! Rare find on the edge of the city limits of Wake Forest - Ranch w/ split foyer. Basement family room & game/ office area and 1/2 bath. Large country kitchen and dining room w/ bay window. Deck and large storage building on .92 acre lot w/ well and septic tank. Two car garage. Excellent location near shopping, restaurants and major roads. Short drive to Falls Lake. Updated roof and HVAC. Check out the virtual tour to see a walk-through video!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • #7 Best Big City for Jobs 2018 (Forbes, 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)

PRICE & RENT TRENDS

Neighborhood: Wake Forest

ZipNIR Market*CityMarket2010Year20002019160k180k200k220k240k260k280k300k320k340kPrice in $153k359k

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

Neighborhood: Wake Forest

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q21100120013001400150016001700180019002000Rent in $10272062

* 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
Richland Creek Elementary School Primary Unknown 257 19 NA
Wake Forest Middle School Middle Regular 1,021 60 4
Wake Forest High School High Regular 1,953 106 7

Richland Creek Elementary School

  • Education Level: Primary
  • # of students: 257
  • # of teachers: 19
NA
GreatSchools Rating

Wake Forest Middle School

  • Education Level: Middle
  • # of students: 1,021
  • # of teachers: 60
4
GreatSchools Rating

Wake Forest High School

  • Education Level: High
  • # of students: 1,953
  • # of teachers: 106
7
GreatSchools Rating
 

$234,000$286,000$260,000

PURCHASE PRICE

$1,710$2,090$1,900

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,900
EXPENSES Loan Payment -$959
Property Tax -$260
Property Insurance -$66
Property Management Fees -$119
CASH FLOW
$496

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 16% of earned rent to cover both maintenance and periods of vacancy.

$260,000

PROJECTED PRICE

$1,900

PROJECTED RENT

0.73%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.33%
Appreciation Year (1-5) 4.5%
Maintenance Year (1-5) 8.00%
Vacancy 7.51%
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$25k

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$74,650

INVESTMENT

$74,650

Down Payment
$65,000
Rehab Estimate
$5,750
Closing Costs
$3,900

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$959

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $65,000
Loan Amount $195,000
See What Happens When You Reinvest Cash Flow

14.67

YEARS SAVED

$72,364

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,900

    LIST RENT
  • $0.95

    LIST RENT PER SQFT
  • $1,952

    COMP ESTIMATED VALUE
  • $0.98

    COMP AVG. RENT PER SQFT
Comps Range
$1,695
1$1,6952$1,7003$1,900
$1,900
RENT COMPS ANALYSIS
  • 1057 Crenshaw Drive Wake Forest, NC 3
    • 3 beds 3 baths ∙ 1,992 Sqft ∙ Built 1974 3 beds 3 baths ∙ 1,992 Sqft ∙ Built 1974
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.95
    •  
  • 12829 Camp Kanata Road Wake Forest, NC 1
    • 3 beds 2 baths ∙ 1,752 Sqft ∙ Built 1992 3 beds 2 baths ∙ 1,752 Sqft ∙ Built 1992
    LEASED 11/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.97
    •  
  • 502 Tyler Run Drive Wake Forest, NC 2
    • 3 beds 3 baths ∙ 1,725 Sqft ∙ Built 1988 3 beds 3 baths ∙ 1,725 Sqft ∙ Built 1988
    LEASED 05/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.99
    •  
PROPERTY LISTING DETAILS
Alice Ray
1.919.906.5794
Re/max Hometown
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2356232
Last Updated: 12/05/2020
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