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138 Forest Lane Garner, NC 27529

3 Beds 3 Baths 2,284 sqft Built 2002

$300,000

List Price

$1,670

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

November 27, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $131.35
  • 3 Days on Market
  • MLS # : 2355428
  • Updated Date : 11/27/2020 at 20:47
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,284 sqft
  • Baths : 2 full , 1 half
Listing Agent

Selling To Give

Listing Agent's Description

Looking for the Impossible Combination of a Well Cared for Home on About an Acre that has Mature Trees, Open Yard Spaces & Wooded area? What if it also had a long driveway, rocking chair front porch, massive screened porch & no HOA? Gorgeous updates inside, Side Entry Garage, Shed+Childs Play House + 25x13 RV/Boat Covered Parking. Private fire pit area nestled in backyard woods overlooks a creek. Bonus Room is currently divided into 2 rooms for lots of options. Impressive Master w/ Double Walk-in Closets

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

Neighborhood: South Ridge

NeighborhoodNIR Market*CityMarket2010Year20002019130k140k150k160k170k180k190k200k210k220k230k240k250k260kPrice in $124k265k

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

Neighborhood: South Ridge

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2950100010501100115012001250130013501400145015001550Rent in $9441595

* 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
West View Elementary School Primary Regular 943 57 4
Cleveland Middle School Middle Regular 1,163 64 7
Cleveland High School High Regular 1,468 80 6

West View Elementary School

  • Education Level: Primary
  • # of students: 943
  • # of teachers: 57
4
GreatSchools Rating

Cleveland Middle School

  • Education Level: Middle
  • # of students: 1,163
  • # of teachers: 64
7
GreatSchools Rating

Cleveland High School

  • Education Level: High
  • # of students: 1,468
  • # of teachers: 80
6
GreatSchools Rating
 

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

PURCHASE PRICE

$1,503$1,837$1,670

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,670
EXPENSES Loan Payment -$1,107
Property Tax -$193
Property Insurance -$72
Property Management Fees -$150
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.

$300,000

PROJECTED PRICE

$1,670

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 4.9%
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$1.0M

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

$1,107

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $75,000
Loan Amount $225,000
See What Happens When You Reinvest Cash Flow

7.5

YEARS SAVED

$33,633

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,670

    LIST RENT
  • $0.73

    LIST RENT PER SQFT
  • $1,559

    COMP ESTIMATED VALUE
  • $0.68

    COMP AVG. RENT PER SQFT
Comps Range
$1,495
1$1,4952$1,4953$1,5994$1,6505$1,670
$1,670
RENT COMPS ANALYSIS
  • 138 Forest Lane Garner, NC 5
    • 3 beds 3 baths ∙ 2,284 Sqft ∙ Built 2002 3 beds 3 baths ∙ 2,284 Sqft ∙ Built 2002
    • Rent
    • Rent Per SQFT
    •  
    • $1,670
    • $0.73
    •  
  • 51 Iroquois Court Garner, NC 1
    • 3 beds 3 baths ∙ 2,200 Sqft ∙ Built 2017 3 beds 3 baths ∙ 2,200 Sqft ∙ Built 2017
    LEASED 09/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.68
    •  
  • 83 Lars Lane Garner, NC 2
    • 3 beds 3 baths ∙ 2,182 Sqft ∙ Built 2008 3 beds 3 baths ∙ 2,182 Sqft ∙ Built 2008
    LEASED 11/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.69
    •  
  • 104 Dando Street Garner, NC 3
    • 4 beds 3 baths ∙ 2,400 Sqft ∙ Built 2019 4 beds 3 baths ∙ 2,400 Sqft ∙ Built 2019
    LEASED 12/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,599
    • $0.67
    •  
  • 307 Dando Street Garner, NC 4
    • 4 beds 3 baths ∙ 2,400 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,400 Sqft ∙ Built 2020
    LEASED 05/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.69
    •  
PROPERTY LISTING DETAILS
David Williams
1.919.812.0150
Selling To Give
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2355428
Last Updated: 11/27/2020
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