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202 Purvis Street Garner, NC 27529

4 Beds 3 Baths 1,950 sqft Built 1960

$239,000

List Price

$1,430

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

YES TENANTED
December 05, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1960
  • Price/Sqft : $122.56
  • 2 Days on Market
  • MLS # : 2356561
  • Updated Date : 12/05/2020 at 20:20
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,950 sqft
  • Baths : 3 full
Listing Agent

8th Day Realty Group Llc

Listing Agent's Description

Rare find in N. Garner 15 minutes to downtown Raleigh and 5 minutes to White Oak shopping. 4BR 3BA Ranch home with a in-law suite with own entrance! Walk to historic downtown Garner and the new Garner Athletic Center. Hardwoods in living, kitchen, dining & 3 bedrooms. Ceramic tile in baths and kitchen. Family room off the kitchen is carpeted and so is the in-law suite. 1200 sqft unfinished basement with exterior entrance. Roof 2009, water heater/heat/ac 2017. Long term rental @ $1300 per mo vacated 11/30.

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)
  • #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)
  • 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: 27529

ZipNIR Market*CityMarket2010Year20002019140k150k160k170k180k190k200k210k220k230k240k250k260kPrice in $132k265k

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

Zip Code: 27529

ZipNIR Market*CityMarket2010Year2000 Q22019 Q2950100010501100115012001250130013501400145015001550Rent in $9461595

* 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
Creech Road Elementary School Primary Regular 613 42 2
North Garner Middle School Middle Regular 948 59 3
Garner High School High Magnet 2,650 145 3

Creech Road Elementary School

  • Education Level: Primary
  • # of students: 613
  • # of teachers: 42
2
GreatSchools Rating

North Garner Middle School

  • Education Level: Middle
  • # of students: 948
  • # of teachers: 59
3
GreatSchools Rating

Garner High School

  • Education Level: High
  • # of students: 2,650
  • # of teachers: 145
3
GreatSchools Rating
 

$215,100$262,900$239,000

PURCHASE PRICE

$1,287$1,573$1,430

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,430
EXPENSES Loan Payment -$882
Property Tax -$191
Property Insurance -$65
Property Management Fees -$119
CASH FLOW
$173

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.

$239,000

PROJECTED PRICE

$1,430

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 4.9%
Maintenance Year (1-5) 8.00%
Vacancy 7.49%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k$18k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$69,085

INVESTMENT

$69,085

Down Payment
$59,750
Rehab Estimate
$5,750
Closing Costs
$3,585

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$882

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $59,750
Loan Amount $179,250
See What Happens When You Reinvest Cash Flow

9.42

YEARS SAVED

$36,577

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,430

    LIST RENT
  • $0.73

    LIST RENT PER SQFT
  • $1,389

    COMP ESTIMATED VALUE
  • $0.71

    COMP AVG. RENT PER SQFT
Comps Range
$1,250
1$1,2502$1,4003$1,4304$1,4955$1,600
$1,600
RENT COMPS ANALYSIS
  • 202 Purvis Street Garner, NC 3
    • 4 beds 3 baths ∙ 1,950 Sqft ∙ Built 1960 4 beds 3 baths ∙ 1,950 Sqft ∙ Built 1960
    • Rent
    • Rent Per SQFT
    •  
    • $1,430
    • $0.73
    •  
  • 1309 Southerlund Road Garner, NC 1
    • 4 beds 2 baths ∙ 1,782 Sqft ∙ Built 1957 4 beds 2 baths ∙ 1,782 Sqft ∙ Built 1957
    LEASED 07/22/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.70
    •  
  • 1521 Wiljohn Road Garner, NC 2
    • 3 beds 2 baths ∙ 1,800 Sqft ∙ Built 1961 3 beds 2 baths ∙ 1,800 Sqft ∙ Built 1961
    LEASED 08/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.78
    •  
  • 309 Lakeside Drive Garner, NC 4
    • 3 beds 3 baths ∙ 2,252 Sqft ∙ Built 1957 3 beds 3 baths ∙ 2,252 Sqft ∙ Built 1957
    LEASED 08/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.66
    •  
  • 209 Bayberry Lane Garner, NC 5
    • 4 beds 3 baths ∙ 2,264 Sqft ∙ Built 1979 4 beds 3 baths ∙ 2,264 Sqft ∙ Built 1979
    LEASED 06/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.71
    •  
PROPERTY LISTING DETAILS
Ricardo Cobos
1.919.670.3298
8th Day Realty Group Llc
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2356561
Last Updated: 12/05/2020
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