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172 Winter Red Way Benson, NC 27504

3 Beds 3 Baths 1,582 sqft Built 2021

$264,900

List Price

$1,500

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
SINGLE-FAMILY
July 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $167.45
  • 1 Days on Market
  • MLS # : 2395379
  • Updated Date : 07/13/2021 at 16:49
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,582 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Southland Realty Ii

Listing Agent's Description

NEW CONSTRUCTION HOME. 3 bedrooms / 2.5 bath. 1 car garage! Enjoy your morning coffee on your back patio. Convenient to I-40. 2-10 warranty. Listing broker has ownership interest. GPS: 46 Last Cast Drive, Benson

SEE MORE

MARKET HIGHLIGHTS

  • #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)
  • 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

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
Mcgee's Crossroads Elementary School Primary Regular 860 52 7
Mcgee's Crossroads Middle School Middle Regular 895 49 4
West Johnston High School High Regular 1,359 83 5

Mcgee's Crossroads Elementary School

  • Education Level: Primary
  • # of students: 860
  • # of teachers: 52
7
GreatSchools Rating

Mcgee's Crossroads Middle School

  • Education Level: Middle
  • # of students: 895
  • # of teachers: 49
4
GreatSchools Rating

West Johnston High School

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

$238,410$291,390$264,900

PURCHASE PRICE

$1,350$1,650$1,500

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,500
EXPENSES Loan Payment -$920
Property Tax -$176
Property Insurance -$58
HOA -$15
Property Management Fees -$119
CASH FLOW
$212

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.

$264,900

PROJECTED PRICE

$1,500

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 4.3%
Maintenance Year (1-5) 3.00%
Vacancy 7.47%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$72,199

INVESTMENT

$72,199

Down Payment
$66,225
Rehab Estimate
$2,000
Closing Costs
$3,974

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$920

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $66,225
Loan Amount $198,675
See What Happens When You Reinvest Cash Flow

10.33

YEARS SAVED

$41,333

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,500

    LIST RENT
  • $0.95

    LIST RENT PER SQFT
  • $1,503

    COMP ESTIMATED VALUE
  • $0.95

    COMP AVG. RENT PER SQFT
Comps Range
$1,200
1$1,2002$1,4003$1,500
$1,500
RENT COMPS ANALYSIS
  • 172 Winter Red Way Benson, NC 3
    • 3 beds 3 baths ∙ 1,582 Sqft ∙ Built 2021 3 beds 3 baths ∙ 1,582 Sqft ∙ Built 2021
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.95
    •  
  • 112 Tree Farm Lane Angier, NC 1
    • 3 beds 2 baths ∙ 1,340 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,340 Sqft ∙ Built 2002
    LEASED 09/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.90
    •  
  • 156 Gordon Farm Drive Benson, NC 2
    • 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 2001
    LEASED 03/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $1.00
    •  
PROPERTY LISTING DETAILS
Ron Lee
1.919.669.6339
Re/max Southland Realty Ii
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2395379
Last Updated: 07/13/2021
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