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2044 Sherry Lynne Drive Garner, NC 27529

3 Beds 2 Baths 1,683 sqft Built 1996

$244,900

List Price

$1,260

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

November 01, 2020 RECENTLY ADDED
FACTS
  • Built In 1996
  • Price/Sqft : $145.51
  • 3 Days on Market
  • MLS # : 2351561
  • Updated Date : 11/01/2020 at 20:49
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,683 sqft
  • Baths : 2 full
Listing Agent

Hunter Rowe Real Estate

Listing Agent's Description

Immaculate and inviting MOVE-IN READY gorgeous 3 bedroom all-brick RANCH home located in the back of a quiet subdivision! HARDWOOD FLOORS in common area. STAINLESS STEEL appliances! GAS LOG fireplace. Owners Suite has WHIRLPOOL TUB and separate tile shower. Ample closet space! HUGE .8 acre lot! NEW HVAC in 2016! NEW ROOF in 2019! Wired STORAGE SHED! Entertain in the big backyard around the fire pit backing to wooded area! NO HOA or city taxes! Easy access to shopping/restaurants, I-40 and Hwy 42!

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: South Hills

NeighborhoodNIR Market*CityMarket2010Year20002019140k150k160k170k180k190k200k210k220k230k240k250k260kPrice in $132k265k

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

Neighborhood: South Hills

NeighborhoodNIR 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
West View Elementary School Primary Regular 943 57 4
Cleveland Middle School Middle Regular 1,163 64 7
Cleveland High School High Regular 1,468 80 6

West View Elementary School

  • Education Level: Primary
  • # of students: 943
  • # of teachers: 57
4
GreatSchools Rating

Cleveland Middle School

  • Education Level: Middle
  • # of students: 1,163
  • # of teachers: 64
7
GreatSchools Rating

Cleveland High School

  • Education Level: High
  • # of students: 1,468
  • # of teachers: 80
6
GreatSchools Rating
 

$220,410$269,390$244,900

PURCHASE PRICE

$1,134$1,386$1,260

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,260
EXPENSES Loan Payment -$904
Property Tax -$157
Property Insurance -$60
Property Management Fees -$113
CASH FLOW
$26

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.

$244,900

PROJECTED PRICE

$1,260

PROJECTED RENT

0.51%

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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$70,649

INVESTMENT

$70,649

Down Payment
$61,225
Rehab Estimate
$5,750
Closing Costs
$3,674

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$904

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $61,225
Loan Amount $183,675
See What Happens When You Reinvest Cash Flow

5.42

YEARS SAVED

$17,038

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,260

    LIST RENT
  • $0.75

    LIST RENT PER SQFT
  • $1,283

    COMP ESTIMATED VALUE
  • $0.76

    COMP AVG. RENT PER SQFT
Comps Range
$1,000
1$1,0002$1,1003$1,2604$1,5955$1,645
$1,645
RENT COMPS ANALYSIS
  • 2044 Sherry Lynne Drive Garner, NC 3
    • 3 beds 2 baths ∙ 1,683 Sqft ∙ Built 1996 3 beds 2 baths ∙ 1,683 Sqft ∙ Built 1996
    • Rent
    • Rent Per SQFT
    •  
    • $1,260
    • $0.75
    •  
  • 122 Forest Lane Garner, NC 1
    • 3 beds 2 baths ∙ 1,530 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,530 Sqft ∙ Built 1997
    LEASED 11/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,000
    • $0.65
    •  
  • 435 Joy Drive Garner, NC 2
    • 3 beds 2 baths ∙ 1,518 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,518 Sqft ∙ Built 1978
    LEASED 08/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,100
    • $0.72
    •  
  • 29 Glenn Creek Court Garner, NC 4
    • 4 beds 3 baths ∙ 1,927 Sqft ∙ Built 2010 4 beds 3 baths ∙ 1,927 Sqft ∙ Built 2010
    LEASED 02/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.83
    •  
  • 242 Outwater Ridge Drive Garner, NC 5
    • 4 beds 3 baths ∙ 1,939 Sqft ∙ Built 2016 4 beds 3 baths ∙ 1,939 Sqft ∙ Built 2016
    LEASED 07/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,645
    • $0.85
    •  
PROPERTY LISTING DETAILS
Jed Gronewald
1.919.606.2310
Hunter Rowe Real Estate
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2351561
Last Updated: 11/01/2020
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