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113 Adams Peak Lane Garner, NC 27529

3 Beds 3 Baths 1,922 sqft Built 2000

$269,900

List Price

$1,520

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

YES TENANTED
February 03, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2000
  • Price/Sqft : $140.43
  • 5 Days on Market
  • MLS # : 2364889
  • Updated Date : 02/07/2021 at 02:24
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,922 sqft
  • Baths : 2 full , 1 half
Listing Agent

Debteam

Listing Agent's Description

Great Investment Home Opportunity in the Hunters Mark Subdivision very close to the New Amazon Distribution Center just off I-40. 3 Bedroom 2.5 baths in great location. Home will come with great longterm tenants with current lease through 01/31/2022

SEE MORE

MARKET HIGHLIGHTS

  • Major employers in Raleigh area: IBM, Cisco systems, Fidelity Investments, GlaxoSmithKline, RTI International
  • 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)
  • #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

PRICE & RENT TRENDS

Neighborhood: Hunters Mark

NeighborhoodNIR Market*CityMarket2010Year20002019140k150k160k170k180k190k200k210k220k230k240k250k260kPrice in $132k265k

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

Neighborhood: Hunters Mark

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
Creech Road Elementary School Primary Regular 613 42 2
East Garner Middle School Middle Magnet 1,361 83 4
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

East Garner Middle School

  • Education Level: Middle
  • # of students: 1,361
  • # of teachers: 83
4
GreatSchools Rating

Garner High School

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

$242,910$296,890$269,900

PURCHASE PRICE

$1,368$1,672$1,520

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,520
EXPENSES Loan Payment -$937
Property Tax -$216
Property Insurance -$65
HOA -$35
Property Management Fees -$119
CASH FLOW
$148

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.

$269,900

PROJECTED PRICE

$1,520

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 5.3%
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

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k$18k

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$77,274

INVESTMENT

$77,274

Down Payment
$67,475
Rehab Estimate
$5,750
Closing Costs
$4,049

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$937

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $67,475
Loan Amount $202,425
See What Happens When You Reinvest Cash Flow

8.42

YEARS SAVED

$29,914

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,520

    LIST RENT
  • $0.79

    LIST RENT PER SQFT
  • $1,600

    COMP ESTIMATED VALUE
  • $0.83

    COMP AVG. RENT PER SQFT
Comps Range
$1,520
1$1,5202$1,5253$1,6954$1,7255$1,750
$1,750
RENT COMPS ANALYSIS
  • 113 Adams Peak Lane Garner, NC 1
    • 3 beds 3 baths ∙ 1,922 Sqft ∙ Built 2000 3 beds 3 baths ∙ 1,922 Sqft ∙ Built 2000
    • Rent
    • Rent Per SQFT
    •  
    • $1,520
    • $0.79
    •  
  • 2516 Quarry Ridge Lane Raleigh, NC 2
    • 3 beds 3 baths ∙ 1,860 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,860 Sqft ∙ Built 2006
    LEASED 11/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,525
    • $0.82
    •  
  • 116 Pasadena Road Garner, NC 3
    • 4 beds 3 baths ∙ 1,995 Sqft ∙ Built 2006 4 beds 3 baths ∙ 1,995 Sqft ∙ Built 2006
    LEASED 02/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.85
    •  
  • 169 Longbay Street Garner, NC 4
    • 4 beds 3 baths ∙ 2,192 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,192 Sqft ∙ Built 2007
    LEASED 01/08/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,725
    • $0.79
    •  
  • 1300 Winter Sweet Court Raleigh, NC 5
    • 4 beds 3 baths ∙ 2,010 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,010 Sqft ∙ Built 2020
    LEASED 01/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.87
    •  
PROPERTY LISTING DETAILS
Kermit Dowdy
1.919.427.8737
Debteam
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2364889
Last Updated: 02/07/2021
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