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16 Great Oak Drive Garner, NC 27529

5 Beds 4 Baths 2,538 sqft Built 2006

$289,947

List Price

$1,790

$1.6K - $2K

Rent Est.

PROPERTY INFO

November 13, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $114.24
  • 4 Days on Market
  • MLS # : 2353330
  • Updated Date : 11/13/2020 at 15:38
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,538 sqft
  • Baths : 3 full , 1 half
Listing Agent

Exp Realty

Listing Agent's Description

11 Reasons Why to buy This Home: 1. Elegant custom interior 2. Liv rm w/gas Fp, Hdwd floor 3. Kitchen w/granite counter, bkfst bar, SS appl, smooth top stove, tile back-splash, tile floor 4. No carpet in the home 5. Sep dining rm 6. Sep brkfst area 7. 1st floor Ma-bdrm w/trey ceiling, hdwd flr, walk-in closet 8. Ma-bath w/walk-in shower, garden tub 9. Bonus rm 10. large addl bdrms w/walk-in closets 11. Screen porch & large deck to entertain - SELLER WILL REVIEW ALL OFFERS SUNDAY AT 6:00pm on Nov 15, 2020

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

Neighborhood: Twisted Oaks

NeighborhoodNIR Market*CityMarket2010Year20002019140k150k160k170k180k190k200k210k220k230k240k250k260kPrice in $132k265k

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

Neighborhood: Twisted Oaks

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q295010001050110011501200125013001350140014501500155016001650Rent in $9461672

* 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
Cleveland Elementary School Primary Regular 835 49 6
Cleveland Middle School Middle Regular 1,163 64 7
Cleveland High School High Regular 1,468 80 6

Cleveland Elementary School

  • Education Level: Primary
  • # of students: 835
  • # of teachers: 49
6
GreatSchools Rating

Cleveland Middle School

  • Education Level: Middle
  • # of students: 1,163
  • # of teachers: 64
7
GreatSchools Rating

Cleveland High School

  • Education Level: High
  • # of students: 1,468
  • # of teachers: 80
6
GreatSchools Rating
 

$260,952$318,942$289,947

PURCHASE PRICE

$1,611$1,969$1,790

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,790
EXPENSES Loan Payment -$1,070
Property Tax -$186
Property Insurance -$77
Property Management Fees -$161
CASH FLOW
$296

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.

$289,947

PROJECTED PRICE

$1,790

PROJECTED RENT

0.62%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 4.7%
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$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$82,586

INVESTMENT

$82,586

Down Payment
$72,487
Rehab Estimate
$5,750
Closing Costs
$4,349

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,070

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $72,487
Loan Amount $217,460
See What Happens When You Reinvest Cash Flow

10.17

YEARS SAVED

$50,509

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,790

    LIST RENT
  • $0.71

    LIST RENT PER SQFT
  • $1,743

    COMP ESTIMATED VALUE
  • $0.69

    COMP AVG. RENT PER SQFT
Comps Range
$1,545
1$1,5452$1,7003$1,7904$1,950
$1,950
RENT COMPS ANALYSIS
  • 16 Great Oak Drive Garner, NC 3
    • 5 beds 4 baths ∙ 2,538 Sqft ∙ Built 2006 5 beds 4 baths ∙ 2,538 Sqft ∙ Built 2006
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,790
    • $0.71
    •  
  • 12 Woodcreek Lane Clayton, NC 1
    • 4 beds 3 baths ∙ 2,659 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,659 Sqft ∙ Built 2006
    property image
    LEASED 02/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,545
    • $0.58
    •  
  • 57 Callisto Way Garner, NC 2
    • 4 beds 3 baths ∙ 2,363 Sqft ∙ Built 2014 4 beds 3 baths ∙ 2,363 Sqft ∙ Built 2014
    property image
    LEASED 03/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.72
    •  
  • 175 Scarlet Maple Court Clayton, NC 4
    • 5 beds 4 baths ∙ 2,573 Sqft ∙ Built 2019 5 beds 4 baths ∙ 2,573 Sqft ∙ Built 2019
    property image
    LEASED 10/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.76
    •  
PROPERTY LISTING DETAILS
Phil Slezak
1.919.607.4844
Exp Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2353330
Last Updated: 11/13/2020
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