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111 Richard Drive Garner, NC 27529

4 Beds 3 Baths 2,406 sqft Built 2003

$275,000

List Price

$1,610

$1.4K - $1.8K

Rent Est.

PROPERTY INFO

January 21, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $114.30
  • 4 Days on Market
  • MLS # : 2362698
  • Updated Date : 01/23/2021 at 18:39
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,406 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Elite Realty

Listing Agent's Description

This stunning country home has everything! The designated office space is perfect for the modern work-from-home lifestyle, and you'll never feel crowded with the beautifully designed open concept floor plan! Every room has a walk in closet, and you can spend evenings in your oversized bonus room for movie nights! Head out back to relax in the pool, or work on projects in the shed! The oversized yard is just what you would expect from this home! Close to shopping, dining, and more; you'll love it here!

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: Johnsons Pond

NeighborhoodNIR Market*CityMarket2010Year20002019140k150k160k170k180k190k200k210k220k230k240k250k260kPrice in $132k265k

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

Neighborhood: Johnsons Pond

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2950100010501100115012001250130013501400145015001550Rent in $9461595

* 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 Clayton Elementary School Primary Regular 902 58 6
Cleveland Middle School Middle Regular 1,163 64 7
Clayton High School High Regular 1,512 85 5

West Clayton Elementary School

  • Education Level: Primary
  • # of students: 902
  • # of teachers: 58
6
GreatSchools Rating

Cleveland Middle School

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

Clayton High School

  • Education Level: High
  • # of students: 1,512
  • # of teachers: 85
5
GreatSchools Rating
 

$247,500$302,500$275,000

PURCHASE PRICE

$1,449$1,771$1,610

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,610
EXPENSES Loan Payment -$955
Property Tax -$186
Property Insurance -$74
Property Management Fees -$119
CASH FLOW
$276

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.

$275,000

PROJECTED PRICE

$1,610

PROJECTED RENT

0.59%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 4.9%
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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$78,625

INVESTMENT

$78,625

Down Payment
$68,750
Rehab Estimate
$5,750
Closing Costs
$4,125

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$955

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $68,750
Loan Amount $206,250
See What Happens When You Reinvest Cash Flow

10.75

YEARS SAVED

$44,505

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,610

    LIST RENT
  • $0.67

    LIST RENT PER SQFT
  • $1,666

    COMP ESTIMATED VALUE
  • $0.69

    COMP AVG. RENT PER SQFT
Comps Range
$1,495
1$1,4952$1,5003$1,6004$1,6105$1,750
$1,750
RENT COMPS ANALYSIS
  • 111 Richard Drive Garner, NC 4
    • 4 beds 3 baths ∙ 2,406 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,406 Sqft ∙ Built 2003
    • Rent
    • Rent Per SQFT
    •  
    • $1,610
    • $0.67
    •  
  • 27 N Ringneck Place Garner, NC 1
    • 3 beds 3 baths ∙ 2,110 Sqft ∙ Built 2003 3 beds 3 baths ∙ 2,110 Sqft ∙ Built 2003
    LEASED 01/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.71
    •  
  • 359 Johnson Estate Road Clayton, NC 2
    • 4 beds 3 baths ∙ 2,200 Sqft ∙ Built 1983 4 beds 3 baths ∙ 2,200 Sqft ∙ Built 1983
    LEASED 02/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.68
    •  
  • 187 W Alex Drive Clayton, NC 3
    • 3 beds 3 baths ∙ 2,260 Sqft ∙ Built 2004 3 beds 3 baths ∙ 2,260 Sqft ∙ Built 2004
    LEASED 10/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.71
    •  
  • 71 Speight Lane Garner, NC 5
    • 3 beds 3 baths ∙ 2,630 Sqft ∙ Built 2008 3 beds 3 baths ∙ 2,630 Sqft ∙ Built 2008
    LEASED 01/15/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.67
    •  
PROPERTY LISTING DETAILS
Hunter Johnson
1.984.244.5830
Keller Williams Elite Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2362698
Last Updated: 01/23/2021
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