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154 Lowery Lane Benson, NC 27504

4 Beds 3 Baths 2,339 sqft Built 2020

INVESTimate

$292,900

List Price

$1,860

$1,674 - $2,046

Rent Est.

$305,436  ( +4.28%)   1 YR EST. FORECAST

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
August 20, 2020 RECENTLY ADDED
FACTS
  • Built In 2020
  • Price/Sqft : $125.22
  • 7 Days on Market
  • MLS # : 2338280
  • Updated Date : 08/22/2020 at 00:35
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,339 sqft
  • Baths : 3 full
Listing Agent

Re/max Southland Realty Ii

Listing Agent's Description

Get ready to move! PRESALE OPPORTUNITY. The East Carolina will keep callin' you home. This OPEN, SPLIT FLOOR PLAN features a *GOURMET KITCHEN* with recessed lighting & EXQUISITE TRIM throughout. 4 BEDS/3 FULL BATHS. Master bedroom boasts a DOUBLE-TRAY CEILING & SITTING AREA + WALK-IN CLOSET with CUSTOM-WOOD SHELVING. Upstairs offers the perfect guest/teen suite, play area or WORK FROM HOME office. LARGE LOT. Great LOCATION. Just MINUTES from I-40 & shopping. Your friends will want this one, too! ACT NOW!

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
  • #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: 27504

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $103k265k

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

Zip Code: 27504

ZipNIR Market*CityMarket2010Year2000 Q22019 Q2800900100011001200130014001500Rent in $7671595

* 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
Four Oaks Elementary School Primary Regular 1,078 77 5
Four Oaks Middle School Middle Regular 523 33 4
West Johnston High School High Regular 1,359 83 5

Four Oaks Elementary School

  • Education Level: Primary
  • # of students: 1,078
  • # of teachers: 77
5
GreatSchools Rating

Four Oaks Middle School

  • Education Level: Middle
  • # of students: 523
  • # of teachers: 33
4
GreatSchools Rating

West Johnston High School

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

$263,610$322,190$292,900

PURCHASE PRICE

$1,674$2,046$1,860

RENT

DOWN PAYMENT
FINANCING

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,860
EXPENSES Loan Payment -$1,081
Property Tax -$194
Property Insurance -$73
HOA -$15
Property Management Fees -$167
CASH FLOW
$330

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.

$292,900

PROJECTED PRICE

$1,860

PROJECTED RENT

0.64%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 4.28%
Maintenance Year (1-5) 3.00%
Vacancy 7.47%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$79,619

INVESTMENT

$79,619

Down Payment
$73,225
Rehab Estimate
$2,000
Closing Costs
$4,394

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,081

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $73,225
Loan Amount $219,675
See What Happens When You Reinvest Cash Flow

11.25

YEARS SAVED

$60,425

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,860

    LIST RENT
  • $0.8

    LIST RENT PER SQFT
  • $1,801

    COMP ESTIMATED VALUE
  • $0.77

    COMP AVG. RENT PER SQFT
Comps Range
$1,850
1$1,8502$1,860
$1,860
RENT COMPS ANALYSIS
  • 154 Lowery Lane Benson, 2
    • 4 beds 3 baths ∙ 2,339 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,339 Sqft ∙ Built 2020
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,860
    • $0.80
    •  
  • 359 N Pleasant Coates Road Benson, 1
    • 3 beds 3 baths ∙ 2,400 Sqft ∙ Built 2003 3 beds 3 baths ∙ 2,400 Sqft ∙ Built 2003
    property image
    LEASED 09/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.77
    •  
PROPERTY LISTING DETAILS
Robyn Williams
1.919.631.6348
Re/max Southland Realty Ii
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2338280
Last Updated: 08/22/2020
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