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145 Nutmeg Lane Garner, NC 27529

3 Beds 3 Baths 1,712 sqft Built 2021

$255,650

List Price

$1,590

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
January 02, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $149.33
  • 2 Days on Market
  • MLS # : 2359790
  • Updated Date : 01/02/2021 at 19:43
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,712 sqft
  • Baths : 2 full , 1 half
Listing Agent

Coldwell Banker Advantage

Listing Agent's Description

RIVERBIRCH Plan- FRONT PORCH. HUGE Fam Rm. Kitchen features GRANITE Cntops, SS APPLs, Pantry & Ctr.ISLAND. 3 Spacious Bdrms, LOFT. Laminate Flooring Foyer. LOW-E WINDOWs. Garage KEYPAD. Lots ofUPGRADEs thruout! 2 Car Garage. 10Yr STRUCTURAL WARRANTY. Great SCHOOLs & LOCATION!

SEE MORE

MARKET HIGHLIGHTS

  • #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
  • 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: Summerwind Plantation

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $107k265k

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

Neighborhood: Summerwind Plantation

ZipNIR Market*CityMarket2010Year2000 Q22019 Q2900100011001200130014001500Rent in $8231595

* 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
 

$230,085$281,215$255,650

PURCHASE PRICE

$1,431$1,749$1,590

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,590
EXPENSES Loan Payment -$943
Property Tax -$164
Property Insurance -$61
HOA -$53
Property Management Fees -$119
CASH FLOW
$250

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.

$255,650

PROJECTED PRICE

$1,590

PROJECTED RENT

0.62%

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) 3.00%
Vacancy 7.47%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k

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$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$69,747

INVESTMENT

$69,747

Down Payment
$63,913
Rehab Estimate
$2,000
Closing Costs
$3,835

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 25% down payment or higher enables the proceeds from the asset to cover all costs.

$943

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $63,913
Loan Amount $191,738
See What Happens When You Reinvest Cash Flow

11.25

YEARS SAVED

$52,069

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,590

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $1,618

    COMP ESTIMATED VALUE
  • $0.95

    COMP AVG. RENT PER SQFT
Comps Range
$1,590
1$1,5902$1,5953$1,6944$1,6955$1,750
$1,750
RENT COMPS ANALYSIS
  • 145 Nutmeg Lane Garner, NC 1
    • 3 beds 3 baths ∙ 1,712 Sqft ∙ Built 2021 3 beds 3 baths ∙ 1,712 Sqft ∙ Built 2021
    • Rent
    • Rent Per SQFT
    •  
    • $1,590
    • $0.93
    •  
  • 47 Mariners Point Way Garner, NC 2
    • 3 beds 3 baths ∙ 1,730 Sqft ∙ Built 2017 3 beds 3 baths ∙ 1,730 Sqft ∙ Built 2017
    LEASED 03/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.92
    •  
  • 205 Outwater Ridge Drive Garner, NC 3
    • 4 beds 3 baths ∙ 1,850 Sqft ∙ Built 2016 4 beds 3 baths ∙ 1,850 Sqft ∙ Built 2016
    LEASED 11/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,694
    • $0.92
    •  
  • 292 Outwater Ridge Drive Garner, NC 4
    • 4 beds 3 baths ∙ 1,724 Sqft ∙ Built 2016 4 beds 3 baths ∙ 1,724 Sqft ∙ Built 2016
    LEASED 12/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.98
    •  
  • 138 Davelyn Court Garner, NC 5
    • 4 beds 3 baths ∙ 1,816 Sqft ∙ Built 2015 4 beds 3 baths ∙ 1,816 Sqft ∙ Built 2015
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.96
    •  
PROPERTY LISTING DETAILS
Rod Hudson
1.919.524.1800
Coldwell Banker Advantage
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2359790
Last Updated: 01/02/2021
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