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2 W Boxley Drive Wendell, NC 27591

3 Beds 2 Baths 1,176 sqft Built 1999

$184,900

List Price

$1,050

$945 - $1.2K

Rent Est.

PROPERTY INFO

November 07, 2020 RECENTLY ADDED
FACTS
  • Built In 1999
  • Price/Sqft : $157.23
  • 2 Days on Market
  • MLS # : 2352678
  • Updated Date : 11/07/2020 at 13:40
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,176 sqft
  • Baths : 2 full
Listing Agent

Hometowne Realty

Listing Agent's Description

Location, location, location. Ranch floorplan with 3 bedrooms and 2 bathrooms. Beautiful bamboo flooring throughout the living areas and bedrooms. The bathrooms are ceramic tile. Owners suite features cathedral ceiling, bay window and ensuite bathroom with dual vanities and private tub/toilet area as well as a walk-in closet!! Wonderful Wendell location minutes from shopping. A new roof will be installed prior to closing.

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

Neighborhood: Wellington Place

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $82k265k

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

Neighborhood: Wellington Place

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2800900100011001200130014001500Rent in $7561595

* 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
Wendell Elementary School Primary Magnet 459 34 2
Wendell Middle School Middle Regular 973 59 2
East Wake High School High Regular NA

Wendell Elementary School

  • Education Level: Primary
  • # of students: 459
  • # of teachers: 34
2
GreatSchools Rating

Wendell Middle School

  • Education Level: Middle
  • # of students: 973
  • # of teachers: 59
2
GreatSchools Rating

East Wake High School

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

$166,410$203,390$184,900

PURCHASE PRICE

$945$1,155$1,050

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,050
EXPENSES Loan Payment -$682
Property Tax -$168
Property Insurance -$50
Property Management Fees -$95
CASH FLOW
$55

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.

$184,900

PROJECTED PRICE

$1,050

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 6.2%
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

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$54,749

INVESTMENT

$54,749

Down Payment
$46,225
Rehab Estimate
$5,750
Closing Costs
$2,774

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$682

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $46,225
Loan Amount $138,675
See What Happens When You Reinvest Cash Flow

6.08

YEARS SAVED

$15,189

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,050

    LIST RENT
  • $0.89

    LIST RENT PER SQFT
  • $1,051

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$1,050
1$1,0502$1,2003$1,2954$1,350
$1,350
RENT COMPS ANALYSIS
  • 2 W Boxley Drive Wendell, NC 1
    • 3 beds 2 baths ∙ 1,176 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,176 Sqft ∙ Built 1999
    • Rent
    • Rent Per SQFT
    •  
    • $1,050
    • $0.89
    •  
  • 1020 Holly Pointe Drive Wendell, NC 2
    • 3 beds 2 baths ∙ 1,320 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,320 Sqft ∙ Built 1997
    LEASED 12/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.91
    •  
  • 324 Caroline Drive Wendell, NC 3
    • 3 beds 3 baths ∙ 1,481 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,481 Sqft ∙ Built 2002
    LEASED 02/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.87
    •  
  • 402 Cedarmere Drive Wendell, NC 4
    • 3 beds 3 baths ∙ 1,500 Sqft ∙ Built 1992 3 beds 3 baths ∙ 1,500 Sqft ∙ Built 1992
    LEASED 06/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.90
    •  
PROPERTY LISTING DETAILS
Terry Burton
1.919.625.2686
Hometowne Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2352678
Last Updated: 11/07/2020
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