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15229 Aiken Road Wake Forest, NC 27587

3 Beds 2 Baths 1,700 sqft Built 1954

INVESTimate

$249,900

List Price

$1,460

$1,314 - $1,606

Rent Est.

$260,196  ( +4.12%)   1 YR EST. FORECAST

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
August 22, 2020 RECENTLY ADDED
FACTS
  • Built In 1954
  • Price/Sqft : $147.00
  • 5 Days on Market
  • MLS # : 2338669
  • Updated Date : 08/25/2020 at 15:22
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,700 sqft
  • Baths : 2 full
Listing Agent

Taylor Realty & Investment Grp

Listing Agent's Description

2 Homes in Wake County for $249k TOTAL! Larger Brick home features 3 bedrooms, 2 full baths with updated kitchen and spacious master bedroom! Smaller block home features 2 bedrooms & 2 baths. Homes must be sold together as they share a septic tank. Each home has their own well. Well pump on brick home replaced in August 2020. Both homes are being sold "as is", however they are move in ready! Great investment property for rentals, or a large family! Showings to begin Tuesday 8/25/2020.

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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
  • #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)
  • 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: 27587

ZipNIR Market*CityMarket2010Year20002019160k180k200k220k240k260k280k300k320k340kPrice in $153k359k

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

Zip Code: 27587

ZipNIR Market*CityMarket2010Year2000 Q22019 Q2110012001300140015001600170018001900Rent in $10271937

* 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
Pleasant Union Elementary School Primary Regular 560 34 7
Wakefield Middle School Middle Regular 1,139 63 5
Wakefield High School High Regular 2,387 132 5

Pleasant Union Elementary School

  • Education Level: Primary
  • # of students: 560
  • # of teachers: 34
7
GreatSchools Rating

Wakefield Middle School

  • Education Level: Middle
  • # of students: 1,139
  • # of teachers: 63
5
GreatSchools Rating

Wakefield High School

  • Education Level: High
  • # of students: 2,387
  • # of teachers: 132
5
GreatSchools Rating
 

$224,910$274,890$249,900

PURCHASE PRICE

$1,314$1,606$1,460

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,460
EXPENSES Loan Payment -$922
Property Tax -$197
Property Insurance -$60
Property Management Fees -$131
CASH FLOW
$150

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 16% of earned rent to cover both maintenance and periods of vacancy.

$249,900

PROJECTED PRICE

$1,460

PROJECTED RENT

0.58%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.33%
Appreciation Year (1-5) 4.12%
Maintenance Year (1-5) 8.00%
Vacancy 7.51%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$71,974

INVESTMENT

$71,974

Down Payment
$62,475
Rehab Estimate
$5,750
Closing Costs
$3,749

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$922

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $62,475
Loan Amount $187,425
See What Happens When You Reinvest Cash Flow

8.42

YEARS SAVED

$33,238

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,460

    LIST RENT
  • $0.86

    LIST RENT PER SQFT
  • $1,581

    COMP ESTIMATED VALUE
  • $0.93

    COMP AVG. RENT PER SQFT
Comps Range
$1,300
1$1,3002$1,460
$1,460
RENT COMPS ANALYSIS
  • 15229 Aiken Road Wake Forest, 2
    • 3 beds 2 baths ∙ 1,700 Sqft ∙ Built 1954 3 beds 2 baths ∙ 1,700 Sqft ∙ Built 1954
    • Rent
    • Rent Per SQFT
    •  
    • $1,460
    • $0.86
    •  
  • 1189 Dove Road Creedmoor, 1
    • 3 beds 1 baths ∙ 1,400 Sqft ∙ Built 1951 3 beds 1 baths ∙ 1,400 Sqft ∙ Built 1951
    LEASED 10/25/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.93
    •  
PROPERTY LISTING DETAILS
Jessica Taylor
1.919.524.4152
Taylor Realty & Investment Grp
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2338669
Last Updated: 08/25/2020
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