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1128 Silent Brook Road Wake Forest, NC 27587

3 Beds 3 Baths 1,883 sqft Built 1993

$287,000

List Price

$1,650

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

January 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1993
  • Price/Sqft : $152.42
  • 7 Days on Market
  • MLS # : 2361101
  • Updated Date : 01/15/2021 at 00:49
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,883 sqft
  • Baths : 2 full , 1 half
Listing Agent

Opendoor Brokerage Llc

Listing Agent's Description

This Wake Forest two-story home offers granite countertops. This home is vacant and cleaned regularly.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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: Jones Dairy Farm

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $127k359k

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

Neighborhood: Jones Dairy Farm

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q29001000110012001300140015001600170018001900Rent in $8421937

* 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
Jones Dairy Elementary School Primary Regular 793 49 7
Wake Forest Middle School Middle Regular 1,021 60 4
Wake Forest High School High Regular 1,953 106 7

Jones Dairy Elementary School

  • Education Level: Primary
  • # of students: 793
  • # of teachers: 49
7
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
 

$258,300$315,700$287,000

PURCHASE PRICE

$1,485$1,815$1,650

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,650
EXPENSES Loan Payment -$997
Property Tax -$226
Property Insurance -$64
Property Management Fees -$119
CASH FLOW
$244

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.

$287,000

PROJECTED PRICE

$1,650

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.33%
Appreciation Year (1-5) 6.7%
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

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$81,805

INVESTMENT

$81,805

Down Payment
$71,750
Rehab Estimate
$5,750
Closing Costs
$4,305

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$997

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $71,750
Loan Amount $215,250
See What Happens When You Reinvest Cash Flow

10.5

YEARS SAVED

$44,461

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,650

    LIST RENT
  • $0.88

    LIST RENT PER SQFT
  • $1,761

    COMP ESTIMATED VALUE
  • $0.94

    COMP AVG. RENT PER SQFT
Comps Range
$1,495
1$1,4952$1,5003$1,6504$1,6505$2,095
$2,095
RENT COMPS ANALYSIS
  • 1128 Silent Brook Road Wake Forest, NC 4
    • 3 beds 3 baths ∙ 1,883 Sqft ∙ Built 1993 3 beds 3 baths ∙ 1,883 Sqft ∙ Built 1993
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.88
    •  
  • 6320 Jones Farm Road Wake Forest, NC 1
    • 3 beds 3 baths ∙ 1,703 Sqft ∙ Built 1986 3 beds 3 baths ∙ 1,703 Sqft ∙ Built 1986
    property image
    LEASED 09/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.88
    •  
  • 1136 Buttercup Lane Wake Forest, NC 2
    • 3 beds 3 baths ∙ 1,554 Sqft ∙ Built 1993 3 beds 3 baths ∙ 1,554 Sqft ∙ Built 1993
    property image
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.97
    •  
  • 304 Dimock Way Wake Forest, NC 3
    • 3 beds 2 baths ∙ 1,820 Sqft ∙ Built 2009 3 beds 2 baths ∙ 1,820 Sqft ∙ Built 2009
    property image
    LEASED 07/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.91
    •  
  • 812 Stroud Circle Wake Forest, NC 5
    • 3 beds 3 baths ∙ 2,135 Sqft ∙ Built 2001 3 beds 3 baths ∙ 2,135 Sqft ∙ Built 2001
    property image
    LEASED 04/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $0.98
    •  
PROPERTY LISTING DETAILS
Verria Hairston
1.919.679.9883
Opendoor Brokerage Llc
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2361101
Last Updated: 01/15/2021
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