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131 Mary Michael Lane Benson, NC 27504

3 Beds 2 Baths 1,164 sqft Built 1995

INVESTimate

$199,900

List Price

$1,110

$999 - $1,221

Rent Est.

$208,456  ( +4.28%)   1 YR EST. FORECAST

PROPERTY INFO

August 22, 2020 RECENTLY ADDED
FACTS
  • Built In 1995
  • Price/Sqft : $171.74
  • 6 Days on Market
  • MLS # : 2338636
  • Updated Date : 08/25/2020 at 12:12
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,164 sqft
  • Baths : 2 full
Listing Agent

Raleigh Cary Realty Inc.

Listing Agent's Description

Beautiful 3 Bed 2 Ba Ranch Almost 1 Acre Private Peaceful Neighborhood. 2 Car Garage with Deck & Private Entrance to Loft Create your Man Cave, Finished Apartment, Playroom, or Studio $5000 Allowance to Make It Your Special Place.This Lovely Home Features New 50Yr Warranty Roof, Back Deck, Paint, Dishwasher, Floors, Bath, Shower, Sliding Door, All Appliances convey and Much More. HVAC/2013 Great Schools, No City Taxes or HOA, and Convenient to Shopping, Food, and Entertainment. Come See This Great Home.

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
  • #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)

PRICE & RENT TRENDS

Neighborhood: Woodsboro Crossing

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $92k265k

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

Neighborhood: Woodsboro Crossing

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2800900100011001200130014001500Rent in $7331595

* 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
Dixon Road Elementary School Primary Regular 551 34 7
Mcgee's Crossroads Middle School Middle Regular 895 49 4
West Johnston High School High Regular 1,359 83 5

Dixon Road Elementary School

  • Education Level: Primary
  • # of students: 551
  • # of teachers: 34
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
 

$179,910$219,890$199,900

PURCHASE PRICE

$999$1,221$1,110

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,110
EXPENSES Loan Payment -$738
Property Tax -$127
Property Insurance -$50
Property Management Fees -$100
CASH FLOW
$96

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.

$199,900

PROJECTED PRICE

$1,110

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 4.28%
Maintenance Year (1-5) 8.00%
Vacancy 7.49%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$58,724

INVESTMENT

$58,724

Down Payment
$49,975
Rehab Estimate
$5,750
Closing Costs
$2,999

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$738

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $49,975
Loan Amount $149,925
See What Happens When You Reinvest Cash Flow

7.33

YEARS SAVED

$21,644

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,110

    LIST RENT
  • $0.95

    LIST RENT PER SQFT
  • $1,036

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$1,050
1$1,0502$1,110
$1,110
RENT COMPS ANALYSIS
  • 131 Mary Michael Lane Benson, 2
    • 3 beds 2 baths ∙ 1,164 Sqft ∙ Built 1995 3 beds 2 baths ∙ 1,164 Sqft ∙ Built 1995
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,110
    • $0.95
    •  
  • 310 Gray Ghost Street Benson, 1
    • 3 beds 2 baths ∙ 1,185 Sqft ∙ Built 2009 3 beds 2 baths ∙ 1,185 Sqft ∙ Built 2009
    property image
    LEASED 04/22/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,050
    • $0.89
    •  
PROPERTY LISTING DETAILS
Mitchell Sparks
1.919.331.0113
Raleigh Cary Realty Inc.
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2338636
Last Updated: 08/25/2020
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