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135 Cornfield Lane Benson, NC 27504

3 Beds 2 Baths 1,483 sqft Built 2020

$203,900

List Price

$1,550

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
November 30, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2020
  • Price/Sqft : $137.49
  • 8 Days on Market
  • MLS # : 2355558
  • Updated Date : 11/30/2020 at 14:53
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,483 sqft
  • Baths : 2 full
Listing Agent

Re/max Southland Realty Ii

Listing Agent's Description

WONDERFUL NEW CONSTRUCTION RANCH PLAN in quaint neighborhood. 3 bedrooms, 2 full baths. Large kitchen. Cozy fireplace in family room. Enjoy backyard BBQs on your covered porch. 2-10 warranty. Please verify schools. Listing broker has ownership interest.

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
  • Major employers in Raleigh area: IBM, Cisco systems, Fidelity Investments, GlaxoSmithKline, RTI International
  • One of Top 10 cities for Small Business Friendliness (Thumbtack, 2018)
  • #7 Best Big City for Jobs 2018 (Forbes, 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

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
Benson Elementary School Primary Regular 642 48 3
Benson Middle School Middle Regular 440 32 3
West Johnston High School High Regular 1,359 83 5

Benson Elementary School

  • Education Level: Primary
  • # of students: 642
  • # of teachers: 48
3
GreatSchools Rating

Benson Middle School

  • Education Level: Middle
  • # of students: 440
  • # of teachers: 32
3
GreatSchools Rating

West Johnston High School

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

$183,510$224,290$203,900

PURCHASE PRICE

$1,395$1,705$1,550

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,550
EXPENSES Loan Payment -$752
Property Tax -$133
Property Insurance -$56
HOA -$15
Property Management Fees -$119
CASH FLOW
$475

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.

$203,900

PROJECTED PRICE

$1,550

PROJECTED RENT

0.76%

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$900k

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$56,034

INVESTMENT

$56,034

Down Payment
$50,975
Rehab Estimate
$2,000
Closing Costs
$3,059

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$752

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $50,975
Loan Amount $152,925
See What Happens When You Reinvest Cash Flow

16.08

YEARS SAVED

$64,387

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,550

    LIST RENT
  • $1.05

    LIST RENT PER SQFT
  • $1,231

    COMP ESTIMATED VALUE
  • $0.83

    COMP AVG. RENT PER SQFT
Comps Range
$1,000
1$1,0002$1,550
$1,550
RENT COMPS ANALYSIS
  • 135 Cornfield Lane Benson, NC 2
    • 3 beds 2 baths ∙ 1,483 Sqft ∙ Built 2020 3 beds 2 baths ∙ 1,483 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $1.05
    •  
  • 89 Green Tree Court Coats, NC 1
    • 3 beds 2 baths ∙ 1,198 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,198 Sqft ∙ Built 2001
    LEASED 09/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,000
    • $0.83
    •  
PROPERTY LISTING DETAILS
Ron Lee
1.919.669.6339
Re/max Southland Realty Ii
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2355558
Last Updated: 11/30/2020
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