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197 Rose Court Benson, NC 27504

3 Beds 3 Baths 2,044 sqft Built 2003

$255,000

List Price

$1,710

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

November 03, 2020 RECENTLY ADDED
FACTS
  • Built In 2003
  • Price/Sqft : $124.76
  • 2 Days on Market
  • MLS # : 2351767
  • Updated Date : 11/03/2020 at 02:47
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,044 sqft
  • Baths : 2 full , 1 half
Listing Agent

Hometowne Realty Garner

Listing Agent's Description

Don't miss this amazing two story home on a beautiful lot! 3 bedroom, 2.5 bath, plus large bonus with walk-in closet. New carpet and fresh interior paint. Large master bedroom featuring TWO walk-in closets. Convenient second floor laundry. Oversized 2-car garage. No HOA. New roof! Fenced backyard! This home has been well maintained and ready for new owners!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • #7 Best Big City for Jobs 2018 (Forbes, 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

Neighborhood: Parrish Farm

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $103k265k

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

Neighborhood: Parrish Farm

NeighborhoodNIR 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
 

$229,500$280,500$255,000

PURCHASE PRICE

$1,539$1,881$1,710

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,710
EXPENSES Loan Payment -$941
Property Tax -$162
Property Insurance -$67
Property Management Fees -$154
CASH FLOW
$387

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.

$255,000

PROJECTED PRICE

$1,710

PROJECTED RENT

0.67%

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) 8.00%
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$73,325

INVESTMENT

$73,325

Down Payment
$63,750
Rehab Estimate
$5,750
Closing Costs
$3,825

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$941

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $63,750
Loan Amount $191,250
See What Happens When You Reinvest Cash Flow

12.42

YEARS SAVED

$58,280

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,710

    LIST RENT
  • $0.84

    LIST RENT PER SQFT
  • $1,829

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$1,475
1$1,4752$1,7103$1,775
$1,775
RENT COMPS ANALYSIS
  • 197 Rose Court Benson, NC 2
    • 3 beds 3 baths ∙ 2,044 Sqft ∙ Built 2003 3 beds 3 baths ∙ 2,044 Sqft ∙ Built 2003
    • Rent
    • Rent Per SQFT
    •  
    • $1,710
    • $0.84
    •  
  • 404 Hunting Lodge Road Clayton, NC 1
    • 3 beds 2 baths ∙ 1,725 Sqft ∙ Built 1992 3 beds 2 baths ∙ 1,725 Sqft ∙ Built 1992
    LEASED 02/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $0.86
    •  
  • 121 Peach Orchard Drive Benson, NC 3
    • 3 beds 3 baths ∙ 1,910 Sqft ∙ Built 1994 3 beds 3 baths ∙ 1,910 Sqft ∙ Built 1994
    LEASED 08/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,775
    • $0.93
    •  
PROPERTY LISTING DETAILS
Jessica Wescoe
1.919.662.4871
Hometowne Realty Garner
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2351767
Last Updated: 11/03/2020
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