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1510 Axum Road Garner, NC 27529

3 Beds 1 Baths 1,370 sqft Built 1968

$205,000

List Price

$1,140

$1K - $1.3K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
YES TENANTED
March 04, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1968
  • Price/Sqft : $149.64
  • 4 Days on Market
  • MLS # : 2370086
  • Updated Date : 03/06/2021 at 14:59
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,370 sqft
  • Baths : 1 full
Listing Agent

Re/max Advantage

Listing Agent's Description

Three bedroom ranch home with a family room and den. Large dining area in kitchen, gas range, The home has a newer gas pack HVAC, and new flooring throughout most of the house. The home is located on a nice lot at the culd-e-sac with an open yard and two sheds. Den could be used as 4th Bedroom (no closet). Large carport and concrete driveway with a second car port structure. No HOA.

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

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
Vandora Springs Elementary School Primary Regular 572 43 4
North Garner Middle School Middle Regular 948 59 3
Garner High School High Magnet 2,650 145 3

Vandora Springs Elementary School

  • Education Level: Primary
  • # of students: 572
  • # of teachers: 43
4
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
 

$184,500$225,500$205,000

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 -$712
Property Tax -$164
Property Insurance -$54
Property Management Fees -$119
CASH FLOW
$91

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.

$205,000

PROJECTED PRICE

$1,140

PROJECTED RENT

0.56%

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) 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$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$60,075

INVESTMENT

$60,075

Down Payment
$51,250
Rehab Estimate
$5,750
Closing Costs
$3,075

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$712

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $51,250
Loan Amount $153,750
See What Happens When You Reinvest Cash Flow

7.92

YEARS SAVED

$20,952

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
  • $0.83

    LIST RENT PER SQFT
  • $1,284

    COMP ESTIMATED VALUE
  • $0.94

    COMP AVG. RENT PER SQFT
Comps Range
$1,140
1$1,1402$1,2953$1,3004$1,4005$1,425
$1,425
RENT COMPS ANALYSIS
  • 1510 Axum Road Garner, NC 1
    • 3 beds 1 baths ∙ 1,370 Sqft ∙ Built 1968 3 beds 1 baths ∙ 1,370 Sqft ∙ Built 1968
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,140
    • $0.83
    •  
  • 4814 Greenbrier Road Raleigh, NC 2
    • 3 beds 2 baths ∙ 1,350 Sqft ∙ Built 1963 3 beds 2 baths ∙ 1,350 Sqft ∙ Built 1963
    property image
    LEASED 09/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.96
    •  
  • 1504 Macdonald Avenue Garner, NC 3
    • 3 beds 2 baths ∙ 1,364 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,364 Sqft ∙ Built 1980
    property image
    LEASED 03/02/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.95
    •  
  • 4905 Greenbrier Road Raleigh, NC 4
    • 3 beds 2 baths ∙ 1,527 Sqft ∙ Built 1971 3 beds 2 baths ∙ 1,527 Sqft ∙ Built 1971
    property image
    LEASED 12/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.92
    •  
  • 1306 Timber Drive Garner, NC 5
    • 3 beds 2 baths ∙ 1,550 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,550 Sqft ∙ Built 1977
    property image
    LEASED 02/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,425
    • $0.92
    •  
PROPERTY LISTING DETAILS
Thomas Harper
1.919.605.4253
Re/max Advantage
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2370086
Last Updated: 03/06/2021
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