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141 Grassy Rio Lane Garner, NC 27529

3 Beds 2 Baths 1,371 sqft Built 2007

$208,000

List Price

$1,220

$1.1K - $1.3K

Rent Est.

PROPERTY INFO

November 13, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2007
  • Price/Sqft : $151.71
  • 3 Days on Market
  • MLS # : 2353496
  • Updated Date : 11/15/2020 at 01:40
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,371 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Preferred Realty

Listing Agent's Description

Perfect starter home or investment opportunity! Three bedroom, two bathroom ranch with spacious living room with cathedral ceiling, wood burning fireplace with marble surround. Huge master with walk-in closet. New paint and flooring throughout. Home is at the end of Grassy Rio, with wooded area behind and to the side of the house offering lots of privacy. Great location! Just minutes from White Oak Crossing and downtown Raleigh.

SEE MORE

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: Weston Ridge

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $107k265k

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

Neighborhood: Weston Ridge

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2800900100011001200130014001500Rent in $7591595

* 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
Creech Road Elementary School Primary Regular 613 42 2
North Garner Middle School Middle Regular 948 59 3
Garner High School High Magnet 2,650 145 3

Creech Road Elementary School

  • Education Level: Primary
  • # of students: 613
  • # of teachers: 42
2
GreatSchools Rating

North Garner Middle School

  • Education Level: Middle
  • # of students: 948
  • # of teachers: 59
3
GreatSchools Rating

Garner High School

  • Education Level: High
  • # of students: 2,650
  • # of teachers: 145
3
GreatSchools Rating
 

$187,200$228,800$208,000

PURCHASE PRICE

$1,098$1,342$1,220

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,220
EXPENSES Loan Payment -$767
Property Tax -$174
Property Insurance -$53
Property Management Fees -$110
CASH FLOW
$116

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.

$208,000

PROJECTED PRICE

$1,220

PROJECTED RENT

0.59%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 4.9%
Maintenance Year (1-5) 8.00%
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

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$600k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$60,870

INVESTMENT

$60,870

Down Payment
$52,000
Rehab Estimate
$5,750
Closing Costs
$3,120

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$767

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $52,000
Loan Amount $156,000
See What Happens When You Reinvest Cash Flow

7.5

YEARS SAVED

$23,439

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,220

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $1,189

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$1,175
1$1,1752$1,2203$1,2254$1,2955$1,295
$1,295
RENT COMPS ANALYSIS
  • 141 Grassy Rio Lane Garner, NC 2
    • 3 beds 2 baths ∙ 1,340 Sqft ∙ Built 2007 3 beds 2 baths ∙ 1,340 Sqft ∙ Built 2007
    • Rent
    • Rent Per SQFT
    •  
    • $1,220
    • $0.91
    •  
  • 128 Villavista Trace Garner, NC 1
    • 3 beds 2 baths ∙ 1,320 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,320 Sqft ∙ Built 2002
    LEASED 06/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,175
    • $0.89
    •  
  • 129 Creek Commons Avenue Garner, NC 3
    • 3 beds 2 baths ∙ 1,360 Sqft ∙ Built 2007 3 beds 2 baths ∙ 1,360 Sqft ∙ Built 2007
    LEASED 06/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,225
    • $0.90
    •  
  • 3413 Rocket Court Raleigh, NC 4
    • 3 beds 3 baths ∙ 1,461 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,461 Sqft ∙ Built 2006
    LEASED 01/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.89
    •  
  • 904 Roxy Street Raleigh, NC 5
    • 3 beds 3 baths ∙ 1,488 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,488 Sqft ∙ Built 2006
    LEASED 08/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.87
    •  
PROPERTY LISTING DETAILS
Larri Servin
1.919.208.3375
Keller Williams Preferred Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2353496
Last Updated: 11/15/2020
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