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1220 Crendall Way Wake Forest, NC 27587

3 Beds 3 Baths 2,142 sqft Built 2008

$300,000

List Price

$1,610

$1.4K - $1.8K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2008
  • Price/Sqft : $140.06
  • 4 Days on Market
  • MLS # : 2371666
  • Updated Date : 03/12/2021 at 14:36
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,142 sqft
  • Baths : 2 full , 1 half
Listing Agent

Howard Perry & Walston Realtor

Listing Agent's Description

Cstm Home by Cady Construction! NewCarpet! Kit: RaisdPanel OffWhite PaintdCbnts w/CrwnTrim, TumbldTravertine Bcksplsh, StnlssAppls Incl SmoothTopStove & BltInMicro. Windw Over Sink! Mstr: DblTrey Ceilng w/Crwn & Chandelier! MstrBth: WlkInShwr & SepGardenTub w/TileSrrnd! Tile Flr, DualVanity w/RaisdPanel OffWhite PaintdCbnts! Sep H2O Clst & WlkInClst w/Wndw! FamRm: MarbleSrrnd GasFP w/FlshHearth! WlkInLaundryRm! GrllngDeck & PrivateBackYard!

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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

Neighborhood: Wake Forest

ZipNIR Market*CityMarket2010Year20002019160k180k200k220k240k260k280k300k320k340kPrice in $153k359k

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

Neighborhood: Wake Forest

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q21100120013001400150016001700180019002000Rent in $10272062

* 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
Youngsville Elementary School Primary Regular 449 30 5
Cedar Creek Middle School Middle Regular 610 37 7
Franklinton High School High Regular 1,008 56 6

Youngsville Elementary School

  • Education Level: Primary
  • # of students: 449
  • # of teachers: 30
5
GreatSchools Rating

Cedar Creek Middle School

  • Education Level: Middle
  • # of students: 610
  • # of teachers: 37
7
GreatSchools Rating

Franklinton High School

  • Education Level: High
  • # of students: 1,008
  • # of teachers: 56
6
GreatSchools Rating
 

$270,000$330,000$300,000

PURCHASE PRICE

$1,449$1,771$1,610

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,610
EXPENSES Loan Payment -$1,042
Property Tax -$301
Property Insurance -$69
HOA -$44
Property Management Fees -$119
CASH FLOW
$35

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.

$300,000

PROJECTED PRICE

$1,610

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.33%
Appreciation Year (1-5) 4.5%
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

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$85,250

INVESTMENT

$85,250

Down Payment
$75,000
Rehab Estimate
$5,750
Closing Costs
$4,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,042

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $75,000
Loan Amount $225,000
See What Happens When You Reinvest Cash Flow

6.5

YEARS SAVED

$23,070

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,610

    LIST RENT
  • $0.75

    LIST RENT PER SQFT
  • $1,644

    COMP ESTIMATED VALUE
  • $0.77

    COMP AVG. RENT PER SQFT
Comps Range
$1,475
1$1,4752$1,5753$1,6104$1,8005$1,950
$1,950
RENT COMPS ANALYSIS
  • 1220 Crendall Way Wake Forest, NC 3
    • 3 beds 3 baths ∙ 2,142 Sqft ∙ Built 2008 3 beds 3 baths ∙ 2,142 Sqft ∙ Built 2008
    • Rent
    • Rent Per SQFT
    •  
    • $1,610
    • $0.75
    •  
  • 821 Stackhurst Way Wake Forest, NC 1
    • 3 beds 3 baths ∙ 2,027 Sqft ∙ Built 2003 3 beds 3 baths ∙ 2,027 Sqft ∙ Built 2003
    LEASED 03/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $0.73
    •  
  • 716 Stackhurst Way Wake Forest, NC 2
    • 4 beds 3 baths ∙ 2,100 Sqft ∙ Built 2008 4 beds 3 baths ∙ 2,100 Sqft ∙ Built 2008
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $0.75
    •  
  • 300 Colin Court Wake Forest, NC 4
    • 4 beds 3 baths ∙ 2,308 Sqft ∙ Built 2019 4 beds 3 baths ∙ 2,308 Sqft ∙ Built 2019
    LEASED 02/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.78
    •  
  • 1441 Haltwhistle Street Wake Forest, NC 5
    • 4 beds 3 baths ∙ 2,420 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,420 Sqft ∙ Built 2020
    LEASED 07/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.81
    •  
PROPERTY LISTING DETAILS
Jim Allen
1.919.645.2114
Howard Perry & Walston Realtor
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2371666
Last Updated: 03/12/2021
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