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150 Sherrill Place Lane #54 Garner, NC 27529

4 Beds 3 Baths 1,786 sqft Built 2021

$290,342

List Price

$1,590

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
February 10, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $162.57
  • 5 Days on Market
  • MLS # : 2365970
  • Updated Date : 02/10/2021 at 14:48
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,786 sqft
  • Baths : 2 full , 1 half
Listing Agent

Mungo Homes Of North Carolina

Listing Agent's Description

The Guilford is a 4 bedroom, 2.5 bath with a flex room that can be used for dining or an office. Walk in pantry in the kitchen with gas appliances. Enjoy the view from your covered porch! All resilient LVP flooring in main living areas and bathrooms. Walk in shower in master. Homesite 54. Pictures of similar home. By appointment only. Please contact onsite agents for more information.

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

Zip Code: 27529

ZipNIR Market*CityMarket2010Year20002019140k150k160k170k180k190k200k210k220k230k240k250k260kPrice in $132k265k

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

Zip Code: 27529

ZipNIR Market*CityMarket2010Year2000 Q22019 Q2950100010501100115012001250130013501400145015001550Rent in $9461595

* 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
West Johnston High School High Regular 1,359 83 5

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

West Johnston High School

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

$261,308$319,376$290,342

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 -$1,008
Property Tax -$185
Property Insurance -$62
HOA -$50
Property Management Fees -$119
CASH FLOW
$166

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.

$290,342

PROJECTED PRICE

$1,590

PROJECTED RENT

0.55%

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) 3.00%
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$20k

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$78,941

INVESTMENT

$78,941

Down Payment
$72,586
Rehab Estimate
$2,000
Closing Costs
$4,355

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$1,008

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $72,586
Loan Amount $217,757
See What Happens When You Reinvest Cash Flow

9

YEARS SAVED

$36,877

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
  • $0.89

    LIST RENT PER SQFT
  • $1,572

    COMP ESTIMATED VALUE
  • $0.88

    COMP AVG. RENT PER SQFT
Comps Range
$1,590
1$1,5902$1,5953$1,5954$1,6455$1,694
$1,694
RENT COMPS ANALYSIS
  • 150 Sherrill Place Lane Garner, NC 1
    • 4 beds 3 baths ∙ 1,786 Sqft ∙ Built 2021 4 beds 3 baths ∙ 1,786 Sqft ∙ Built 2021
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,590
    • $0.89
    •  
  • 29 Glenn Creek Court Garner, NC 2
    • 4 beds 3 baths ∙ 1,927 Sqft ∙ Built 2010 4 beds 3 baths ∙ 1,927 Sqft ∙ Built 2010
    property image
    LEASED 02/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.83
    •  
  • 47 Mariners Point Way Garner, NC 3
    • 3 beds 3 baths ∙ 1,730 Sqft ∙ Built 2017 3 beds 3 baths ∙ 1,730 Sqft ∙ Built 2017
    property image
    LEASED 03/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.92
    •  
  • 242 Outwater Ridge Drive Garner, NC 4
    • 4 beds 3 baths ∙ 1,939 Sqft ∙ Built 2016 4 beds 3 baths ∙ 1,939 Sqft ∙ Built 2016
    property image
    LEASED 07/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,645
    • $0.85
    •  
  • 205 Outwater Ridge Drive Garner, NC 5
    • 4 beds 3 baths ∙ 1,850 Sqft ∙ Built 2016 4 beds 3 baths ∙ 1,850 Sqft ∙ Built 2016
    property image
    LEASED 11/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,694
    • $0.92
    •  
PROPERTY LISTING DETAILS
Laura Shook-marino
1.919.255.0610
Mungo Homes Of North Carolina
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2365970
Last Updated: 02/10/2021
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