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1112 Meadowbrook Drive Garner, NC 27529

3 Beds 2 Baths 1,508 sqft Built 1961

$249,900

List Price

$1,320

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

February 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1961
  • Price/Sqft : $165.72
  • 3 Days on Market
  • MLS # : 2366683
  • Updated Date : 02/14/2021 at 01:15
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,508 sqft
  • Baths : 2 full
Listing Agent

Re/max One Hundred

Listing Agent's Description

Fall in love with this recently renovated home, with all of the major upgrades including granite counter tops, stainless steel appliances, original hardwood floors, and a built in deck. This home has a large family room that could be used as a 4th bedroom. No carpet throughout the entire home. Enjoy ample backyard space on over half an acre of land. The best part....NO HOA fees. In just a 10 minute drive, you'll be in the heart of Downtown Raleigh. Dont miss out on this one!

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

PRICE & RENT TRENDS

Neighborhood: Cloverdale

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $89k265k

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

Neighborhood: Cloverdale

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2800900100011001200130014001500Rent in $7021595

* 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
Middle Creek Elementary School Primary Regular 849 56 6
Holly Ridge Middle School Middle Regular 1,222 69 4
Garner High School High Magnet 2,650 145 3

Middle Creek Elementary School

  • Education Level: Primary
  • # of students: 849
  • # of teachers: 56
6
GreatSchools Rating

Holly Ridge Middle School

  • Education Level: Middle
  • # of students: 1,222
  • # of teachers: 69
4
GreatSchools Rating

Garner High School

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

$224,910$274,890$249,900

PURCHASE PRICE

$1,188$1,452$1,320

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,320
EXPENSES Loan Payment -$868
Property Tax -$200
Property Insurance -$57
Property Management Fees -$119
CASH FLOW
$76

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.

$249,900

PROJECTED PRICE

$1,320

PROJECTED RENT

0.53%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 2.7%
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

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$100k$200k$300k$400k$500k$600k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$71,974

INVESTMENT

$71,974

Down Payment
$62,475
Rehab Estimate
$5,750
Closing Costs
$3,749

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$868

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $62,475
Loan Amount $187,425
See What Happens When You Reinvest Cash Flow

7.33

YEARS SAVED

$22,299

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,320

    LIST RENT
  • $0.88

    LIST RENT PER SQFT
  • $1,342

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$1,175
1$1,1752$1,1953$1,2254$1,2255$1,320
$1,320
RENT COMPS ANALYSIS
  • 1112 Meadowbrook Drive Garner, NC 5
    • 3 beds 2 baths ∙ 1,508 Sqft ∙ Built 1961 3 beds 2 baths ∙ 1,508 Sqft ∙ Built 1961
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,320
    • $0.88
    •  
  • 1124 Savannah Drive Raleigh, NC 1
    • 3 beds 2 baths ∙ 1,536 Sqft ∙ Built 1969 3 beds 2 baths ∙ 1,536 Sqft ∙ Built 1969
    property image
    LEASED 12/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,175
    • $0.76
    •  
  • 2708 Adcox Place Raleigh, NC 2
    • 3 beds 2 baths ∙ 1,280 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,280 Sqft ∙ Built 1979
    property image
    LEASED 11/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,195
    • $0.93
    •  
  • 2412 Evers Drive Raleigh, NC 3
    • 4 beds 2 baths ∙ 1,320 Sqft ∙ Built 1972 4 beds 2 baths ∙ 1,320 Sqft ∙ Built 1972
    property image
    LEASED 10/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,225
    • $0.93
    •  
  • 2704 Plainsfield Circle Raleigh, NC 4
    • 4 beds 2 baths ∙ 1,300 Sqft ∙ Built 1971 4 beds 2 baths ∙ 1,300 Sqft ∙ Built 1971
    property image
    LEASED 04/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,225
    • $0.94
    •  
PROPERTY LISTING DETAILS
Tamara White
1.919.423.3083
Re/max One Hundred
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2366683
Last Updated: 02/14/2021
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