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1446 Cimarron Parkway #6 Wake Forest, NC 27587

3 Beds 2 Baths 1,275 sqft Built 1994

$215,000

List Price

$1,140

$1K - $1.3K

Rent Est.

PROPERTY INFO

February 05, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1994
  • Price/Sqft : $168.63
  • 4 Days on Market
  • MLS # : 2365045
  • Updated Date : 02/05/2021 at 19:40
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,275 sqft
  • Baths : 2 full
Listing Agent

Dash Carolina

Listing Agent's Description

Charming 3 bedroom, 2 bathroom home! The living room, featuring a wood burning fireplace offers the perfect space for family and guests to gather. Enjoy the open floorplan with a spacious, sought-after U-shaped kitchen, connected to the dining room for convenient transition of food to table. Before heading upstairs to find two bedrooms check out the first floor primary bedroom with en-suite bathroom. Step out back to enjoy a cup of coffee and a book on the private patio. Access to major roadways!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • #7 Best Big City for Jobs 2018 (Forbes, 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

PRICE & RENT TRENDS

Neighborhood: Cimarron Forest Point

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340kPrice in $104k358k

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

Neighborhood: Cimarron Forest Point

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q29001000110012001300140015001600170018001900Rent in $8161937

* 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
Forest Pines Elementary School Primary Regular 672 45 6
Wake Forest Middle School Middle Regular 1,021 60 4
Heritage High School High Regular 1,910 107 7

Forest Pines Elementary School

  • Education Level: Primary
  • # of students: 672
  • # of teachers: 45
6
GreatSchools Rating

Wake Forest Middle School

  • Education Level: Middle
  • # of students: 1,021
  • # of teachers: 60
4
GreatSchools Rating

Heritage High School

  • Education Level: High
  • # of students: 1,910
  • # of teachers: 107
7
GreatSchools Rating
 

$193,500$236,500$215,000

PURCHASE PRICE

$1,026$1,254$1,140

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,140
EXPENSES Loan Payment -$747
Property Tax -$179
Property Insurance -$52
HOA -$42
Property Management Fees -$119
CASH FLOW
$2

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.

$215,000

PROJECTED PRICE

$1,140

PROJECTED RENT

0.53%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 4.1%
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$100k$200k$300k$400k$500k$600k

PROJECTED ANNUAL CASH FLOW

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

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$62,725

INVESTMENT

$62,725

Down Payment
$53,750
Rehab Estimate
$5,750
Closing Costs
$3,225

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$747

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $53,750
Loan Amount $161,250
See What Happens When You Reinvest Cash Flow

5.58

YEARS SAVED

$12,935

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,140

    LIST RENT
  • $0.89

    LIST RENT PER SQFT
  • $1,135

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$1,140
1$1,1402$1,3003$1,435
$1,435
RENT COMPS ANALYSIS
  • 1446 Cimarron Parkway Wake Forest, NC 1
    • 3 beds 2 baths ∙ 1,275 Sqft ∙ Built 1994 3 beds 2 baths ∙ 1,275 Sqft ∙ Built 1994
    • Rent
    • Rent Per SQFT
    •  
    • $1,140
    • $0.89
    •  
  • 309 Tillamook Drive Wake Forest, NC 2
    • 3 beds 3 baths ∙ 1,470 Sqft ∙ Built 1997 3 beds 3 baths ∙ 1,470 Sqft ∙ Built 1997
    LEASED 04/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.88
    •  
  • 716 Lakeview Avenue Wake Forest, NC 3
    • 3 beds 3 baths ∙ 1,600 Sqft ∙ Built 2000 3 beds 3 baths ∙ 1,600 Sqft ∙ Built 2000
    LEASED 01/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,435
    • $0.90
    •  
PROPERTY LISTING DETAILS
Quentin Dane
Dash Carolina
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2365045
Last Updated: 02/05/2021
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