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1605 Cameron Drive Wake Forest, NC 27587

3 Beds 2 Baths 1,415 sqft Built 1965

INVESTimate

$260,000

List Price

$1,310

$1,179 - $1,441

Rent Est.

$270,712  ( +4.12%)   1 YR EST. FORECAST

PROPERTY INFO

YES TENANTED
August 20, 2020 RECENTLY ADDED
FACTS
  • Built In 1965
  • Price/Sqft : $183.75
  • 7 Days on Market
  • MLS # : 2338129
  • Updated Date : 08/25/2020 at 14:42
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,415 sqft
  • Baths : 2 full
Listing Agent

Allen Tate/wake Forest

Listing Agent's Description

Well maintained all brick Ranch home in a great location in Wake Forest on close to .50 acres! Spacious living room filled with natural light. Updates include: guest bath, hardwood floors throughout most of the home & bedrooms, newer appliances. Tile floor in kitchen. Large backyard great for family BBQ's with plenty of space to entertain. Let's talk about location... only two blocks from Walmart, Mellow Mushroom, Irish Pub, Sushi bar, Aldi & the bus stop. Limited Showing Times!

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

Neighborhood: Green Acres

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300k320k340kPrice in $93k359k

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

Neighborhood: Green Acres

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q28009001000110012001300140015001600170018001900Rent in $7971937

* 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
Forest Pines Elementary School Primary Regular 672 45 6
Wake Forest Middle School Middle Regular 1,021 60 4
Heritage High School High Regular 1,910 107 7

Forest Pines Elementary School

  • Education Level: Primary
  • # of students: 672
  • # of teachers: 45
6
GreatSchools Rating

Wake Forest Middle School

  • Education Level: Middle
  • # of students: 1,021
  • # of teachers: 60
4
GreatSchools Rating

Heritage High School

  • Education Level: High
  • # of students: 1,910
  • # of teachers: 107
7
GreatSchools Rating
 

$234,000$286,000$260,000

PURCHASE PRICE

$1,179$1,441$1,310

RENT

DOWN PAYMENT
FINANCING

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-$2.0k$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$600k$700k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,310
EXPENSES Loan Payment -$959
Property Tax -$205
Property Insurance -$55
Property Management Fees -$118
CASH FLOW
-$27

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.

$260,000

PROJECTED PRICE

$1,310

PROJECTED RENT

0.50%

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$74,650

INVESTMENT

$74,650

Down Payment
$65,000
Rehab Estimate
$5,750
Closing Costs
$3,900

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$959

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $65,000
Loan Amount $195,000
See What Happens When You Reinvest Cash Flow

4.58

YEARS SAVED

$14,959

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,310

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $1,245

    COMP ESTIMATED VALUE
  • $0.88

    COMP AVG. RENT PER SQFT
Comps Range
$1,150
1$1,1502$1,1503$1,310
$1,310
RENT COMPS ANALYSIS
  • 1605 Cameron Drive Wake Forest, 3
    • 3 beds 2 baths ∙ 1,415 Sqft ∙ Built 1965 3 beds 2 baths ∙ 1,415 Sqft ∙ Built 1965
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,310
    • $0.93
    •  
  • 102 Pine Ridge Court Wake Forest, 1
    • 3 beds 2 baths ∙ 1,420 Sqft ∙ Built 1971 3 beds 2 baths ∙ 1,420 Sqft ∙ Built 1971
    property image
    LEASED 03/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,150
    • $0.81
    •  
  • 1454 Cimarron Parkway Wake Forest, 2
    • 3 beds 2 baths ∙ 1,208 Sqft ∙ Built 1985 3 beds 2 baths ∙ 1,208 Sqft ∙ Built 1985
    property image
    LEASED 06/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,150
    • $0.95
    •  
PROPERTY LISTING DETAILS
Aisa Pinto-ramirez
1.305.798.6109
Allen Tate/wake Forest
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2338129
Last Updated: 08/25/2020
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