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114 Winter Red Way Benson, NC 27504

3 Beds 2 Baths 1,496 sqft Built 2021

$249,900

List Price

$1,420

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
SINGLE-FAMILY
July 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $167.05
  • 1 Days on Market
  • MLS # : 2395365
  • Updated Date : 07/13/2021 at 15:53
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,496 sqft
  • Baths : 2 full
Listing Agent

Re/max Southland Realty Ii

Listing Agent's Description

Lovely Ranch plan with rocking chair front porch in new Holly Brook subdivision! Nice sized family room is open to the eat in kitchen that offers granite, tile backsplash, SS appliances and breakfast area. Master suite with a private bath and walk in closet. Two additional bedrooms share a full bathroom. Patio in back is great for entertaining. Great location. Close to Hwy 40 and Hwy 210.

SEE MORE

MARKET HIGHLIGHTS

  • #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)
  • 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

Zip Code: 27504

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $103k265k

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

Zip Code: 27504

ZipNIR Market*CityMarket2010Year2000 Q22019 Q2800900100011001200130014001500Rent in $7671595

* 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
Mcgee's Crossroads Elementary School Primary Regular 860 52 7
Mcgee's Crossroads Middle School Middle Regular 895 49 4
West Johnston High School High Regular 1,359 83 5

Mcgee's Crossroads Elementary School

  • Education Level: Primary
  • # of students: 860
  • # of teachers: 52
7
GreatSchools Rating

Mcgee's Crossroads Middle School

  • Education Level: Middle
  • # of students: 895
  • # of teachers: 49
4
GreatSchools Rating

West Johnston High School

  • Education Level: High
  • # of students: 1,359
  • # of teachers: 83
5
GreatSchools Rating
 

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

PURCHASE PRICE

$1,278$1,562$1,420

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,420
EXPENSES Loan Payment -$868
Property Tax -$166
Property Insurance -$56
HOA -$15
Property Management Fees -$119
CASH FLOW
$196

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$249,900

PROJECTED PRICE

$1,420

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 4.3%
Maintenance Year (1-5) 3.00%
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$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$68,224

INVESTMENT

$68,224

Down Payment
$62,475
Rehab Estimate
$2,000
Closing Costs
$3,749

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% 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

10.25

YEARS SAVED

$38,449

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,420

    LIST RENT
  • $0.95

    LIST RENT PER SQFT
  • $1,421

    COMP ESTIMATED VALUE
  • $0.95

    COMP AVG. RENT PER SQFT
Comps Range
$1,200
1$1,2002$1,4003$1,420
$1,420
RENT COMPS ANALYSIS
  • 114 Winter Red Way Benson, NC 3
    • 3 beds 2 baths ∙ 1,496 Sqft ∙ Built 2021 3 beds 2 baths ∙ 1,496 Sqft ∙ Built 2021
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,420
    • $0.95
    •  
  • 112 Tree Farm Lane Angier, NC 1
    • 3 beds 2 baths ∙ 1,340 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,340 Sqft ∙ Built 2002
    property image
    LEASED 09/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.90
    •  
  • 156 Gordon Farm Drive Benson, NC 2
    • 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 2001
    property image
    LEASED 03/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $1.00
    •  
PROPERTY LISTING DETAILS
Tony Lee
1.919.436.0347
Re/max Southland Realty Ii
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2395365
Last Updated: 07/13/2021
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