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1601 W Gannon Avenue Zebulon, NC 27597

3 Beds 2 Baths 1,504 sqft Built 1972

$174,900

List Price

$1,230

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
November 26, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1972
  • Price/Sqft : $116.29
  • 5 Days on Market
  • MLS # : 2355353
  • Updated Date : 11/25/2020 at 23:44
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,504 sqft
  • Baths : 2 full
Listing Agent

Parrish Realty Company Of Zebulon

Listing Agent's Description

HOME IS BEING SOLD AS-IS. Investor alert. Just minutes from downtown Zebulon, Wendell, Raleigh and other great areas of beauty. Only Miles from I-87 as well. This beautiful all brick Ranch home features Hardwood floors throughout the home, carpet is in the bedrooms at the moment, and a large eat-in kitchen with a wood burning fireplace to keep you cozy. Large living room, large bedrooms, and a large back deck surrounded by a fenced in back yard. Come see this gem for yourself today and fall in love.

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
  • Major employers in Raleigh area: IBM, Cisco systems, Fidelity Investments, GlaxoSmithKline, RTI International
  • One of Top 10 cities for Small Business Friendliness (Thumbtack, 2018)
  • #7 Best Big City for Jobs 2018 (Forbes, 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: Rivercrest Estates

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $102k265k

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

Neighborhood: Rivercrest Estates

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2700800900100011001200130014001500Rent in $6811595

* 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
Wakelon Elementary School Primary Regular 510 38 4
Zebulon Middle School Middle Magnet 556 42 3
East Wake High School High Regular NA

Wakelon Elementary School

  • Education Level: Primary
  • # of students: 510
  • # of teachers: 38
4
GreatSchools Rating

Zebulon Middle School

  • Education Level: Middle
  • # of students: 556
  • # of teachers: 42
3
GreatSchools Rating

East Wake High School

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

$157,410$192,390$174,900

PURCHASE PRICE

$1,107$1,353$1,230

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,230
EXPENSES Loan Payment -$645
Property Tax -$162
Property Insurance -$57
Property Management Fees -$111
CASH FLOW
$255

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.

$174,900

PROJECTED PRICE

$1,230

PROJECTED RENT

0.70%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 4.6%
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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$52,099

INVESTMENT

$52,099

Down Payment
$43,725
Rehab Estimate
$5,750
Closing Costs
$2,624

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$645

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $43,725
Loan Amount $131,175
See What Happens When You Reinvest Cash Flow

11.67

YEARS SAVED

$37,434

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,230

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $1,290

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$1,150
1$1,1502$1,2303$1,2504$1,3005$1,400
$1,400
RENT COMPS ANALYSIS
  • 1601 W Gannon Avenue Zebulon, NC 2
    • 3 beds 2 baths ∙ 1,504 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,504 Sqft ∙ Built 1972
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,230
    • $0.82
    •  
  • 113 E Mciver Street Zebulon, NC 1
    • 3 beds 2 baths ∙ 1,351 Sqft ∙ Built 1970 3 beds 2 baths ∙ 1,351 Sqft ∙ Built 1970
    property image
    LEASED 04/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,150
    • $0.85
    •  
  • 510 Somerset Drive Zebulon, NC 3
    • 3 beds 3 baths ∙ 1,450 Sqft ∙ Built 1986 3 beds 3 baths ∙ 1,450 Sqft ∙ Built 1986
    property image
    LEASED 06/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.86
    •  
  • 637 Yates Place Zebulon, NC 4
    • 4 beds 2 baths ∙ 1,500 Sqft ∙ Built 1983 4 beds 2 baths ∙ 1,500 Sqft ∙ Built 1983
    property image
    LEASED 06/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.87
    •  
  • 1600 Teddy Lane Zebulon, NC 5
    • 4 beds 2 baths ∙ 1,650 Sqft ∙ Built 1973 4 beds 2 baths ∙ 1,650 Sqft ∙ Built 1973
    property image
    LEASED 07/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.85
    •  
PROPERTY LISTING DETAILS
Eric Driver
1.919.269.7439
Parrish Realty Company Of Zebulon
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2355353
Last Updated: 11/25/2020
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