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111 Weston Road Garner, NC 27529

3 Beds 1 Baths 1,050 sqft Built 1963

$130,000

List Price

$1,020

$918 - $1.1K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
YES TENANTED
March 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1963
  • Price/Sqft : $123.81
  • 2 Days on Market
  • MLS # : 2370610
  • Updated Date : 03/06/2021 at 19:06
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,050 sqft
  • Baths : 1 full
Listing Agent

Trademark Residential

Listing Agent's Description

Investors portfolio package. This property is being sold with 915/0 Willow Vista Road, 1225 Poplar Avenue, 908 Powell Drive, 800 Delbridge Street, 917 Wade Avenue and 306 Penny Street for $1,060,000. All houses have been priced according to the amount of work needed. Rent is $850/month.

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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)
  • 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
  • #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)

PRICE & RENT TRENDS

Zip Code: 27529

ZipNIR Market*CityMarket2010Year20002019140k150k160k170k180k190k200k210k220k230k240k250k260kPrice in $132k265k

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

Zip Code: 27529

ZipNIR 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
Creech Road Elementary School Primary Regular 613 42 2
North Garner Middle School Middle Regular 948 59 3
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

North Garner Middle School

  • Education Level: Middle
  • # of students: 948
  • # of teachers: 59
3
GreatSchools Rating

Garner High School

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

$117,000$143,000$130,000

PURCHASE PRICE

$918$1,122$1,020

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,020
EXPENSES Loan Payment -$452
Property Tax -$127
Property Insurance -$48
Property Management Fees -$119
CASH FLOW
$275

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.

$130,000

PROJECTED PRICE

$1,020

PROJECTED RENT

0.78%

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$100k$200k$300k$400k$500k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$50k$100k$150k$200k$250k$300k$350k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$40,200

INVESTMENT

$40,200

Down Payment
$32,500
Rehab Estimate
$5,750
Closing Costs
$1,950

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$452

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $32,500
Loan Amount $97,500
See What Happens When You Reinvest Cash Flow

14.67

YEARS SAVED

$31,253

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,020

    LIST RENT
  • $0.97

    LIST RENT PER SQFT
  • $1,003

    COMP ESTIMATED VALUE
  • $0.96

    COMP AVG. RENT PER SQFT
Comps Range
$1,020
1$1,0202$1,2953$1,300
$1,300
RENT COMPS ANALYSIS
  • 111 Weston Road Garner, NC 1
    • 3 beds 1 baths ∙ 1,050 Sqft ∙ Built 1963 3 beds 1 baths ∙ 1,050 Sqft ∙ Built 1963
    • Rent
    • Rent Per SQFT
    •  
    • $1,020
    • $0.97
    •  
  • 4814 Greenbrier Road Raleigh, NC 2
    • 3 beds 2 baths ∙ 1,350 Sqft ∙ Built 1963 3 beds 2 baths ∙ 1,350 Sqft ∙ Built 1963
    LEASED 09/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.96
    •  
  • 1504 Macdonald Avenue Garner, NC 3
    • 3 beds 2 baths ∙ 1,364 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,364 Sqft ∙ Built 1980
    LEASED 03/02/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.95
    •  
PROPERTY LISTING DETAILS
Bo Winn
1.919.614.4533
Trademark Residential
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2370610
Last Updated: 03/06/2021
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