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1502 Wade Avenue Garner, NC 27529

3 Beds 2 Baths 1,489 sqft Built 1991

$235,000

List Price

$1,250

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

January 28, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1991
  • Price/Sqft : $157.82
  • 5 Days on Market
  • MLS # : 2363669
  • Updated Date : 01/31/2021 at 01:22
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,489 sqft
  • Baths : 2 full
Listing Agent

Re/max Southland Realty Ii

Listing Agent's Description

*Multiple Offers, Sellers request all offers by 4:00pm, 1.31.2021* Beautifully Updated Ranch in Popular Thistle Park. Open Floor Plan, Inviting Family Room, Spacious Kitchen w/ newer Cabinetry, Quartz Counters, Cozy Breakfast Nook. Sizeable Owners Suite w/ Walk-In Closet, Double Sink Vanity w/ Quartz Counters, Walk-In Tile Shower w/ Pebble Floor, Two Additional Bedrooms share Full Bath. Walk to South Garner Park, Minutes to Downtown Raleigh, Cabela's, White Oak Crossing. Convenient to I-40, I-440, Hwy 70.

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: Thistle Park

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $107k265k

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

Neighborhood: Thistle Park

NeighborhoodNIR 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
Timber Drive Elementary School Primary Unknown NA
East Garner Middle School Middle Magnet 1,361 83 4
Garner High School High Magnet 2,650 145 3

Timber Drive Elementary School

  • Education Level: Primary
  • # of students:
  • # of teachers:
NA
GreatSchools Rating

East Garner Middle School

  • Education Level: Middle
  • # of students: 1,361
  • # of teachers: 83
4
GreatSchools Rating

Garner High School

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

$211,500$258,500$235,000

PURCHASE PRICE

$1,125$1,375$1,250

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,250
EXPENSES Loan Payment -$816
Property Tax -$206
Property Insurance -$56
Property Management Fees -$119
CASH FLOW
$52

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.

$235,000

PROJECTED PRICE

$1,250

PROJECTED RENT

0.53%

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$14k

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$68,025

INVESTMENT

$68,025

Down Payment
$58,750
Rehab Estimate
$5,750
Closing Costs
$3,525

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$816

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $58,750
Loan Amount $176,250
See What Happens When You Reinvest Cash Flow

6.67

YEARS SAVED

$18,841

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,250

    LIST RENT
  • $0.84

    LIST RENT PER SQFT
  • $1,366

    COMP ESTIMATED VALUE
  • $0.92

    COMP AVG. RENT PER SQFT
Comps Range
$1,250
1$1,2502$1,3253$1,3504$1,4255$1,450
$1,450
RENT COMPS ANALYSIS
  • 1502 Wade Avenue Garner, NC 1
    • 3 beds 2 baths ∙ 1,489 Sqft ∙ Built 1991 3 beds 2 baths ∙ 1,489 Sqft ∙ Built 1991
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.84
    •  
  • 104 Stefi Court Garner, NC 2
    • 3 beds 2 baths ∙ 1,435 Sqft ∙ Built 1989 3 beds 2 baths ∙ 1,435 Sqft ∙ Built 1989
    LEASED 10/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,325
    • $0.92
    •  
  • 1504 Burchcrest Drive Garner, NC 3
    • 3 beds 2 baths ∙ 1,485 Sqft ∙ Built 1994 3 beds 2 baths ∙ 1,485 Sqft ∙ Built 1994
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.91
    •  
  • 1306 Timber Drive Garner, NC 4
    • 3 beds 2 baths ∙ 1,550 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,550 Sqft ∙ Built 1977
    LEASED 02/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,425
    • $0.92
    •  
  • 1303 Timber Drive Garner, NC 5
    • 3 beds 2 baths ∙ 1,580 Sqft ∙ Built 1975 3 beds 2 baths ∙ 1,580 Sqft ∙ Built 1975
    LEASED 09/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.92
    •  
PROPERTY LISTING DETAILS
Michael Carawan
1.919.288.6443
Re/max Southland Realty Ii
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2363669
Last Updated: 01/31/2021
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