Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

223 South Ridge Garner, NC 27529

3 Beds 3 Baths 1,662 sqft Built 1999

$269,900

List Price

$1,480

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

February 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1999
  • Price/Sqft : $162.39
  • 3 Days on Market
  • MLS # : 2366458
  • Updated Date : 02/13/2021 at 18:46
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,662 sqft
  • Baths : 2 full , 1 half
Listing Agent

Howard Perry & Walston Realtor

Listing Agent's Description

Beautifully updated home w/ .69 acres! Oversized Welcoming Front Porch. Beautiful New LVP Flooring! Nicely Sized Dining Rm w/wainscoting. Oversized Family Rm w/Fireplace & Barn Door Accent. Kitchen updated w/Custom Shelving & SS Hood! Nicely sized Breakfast Rm w/Bench seating. 2nd floor boasts Master Bdrm w/built in headboard & WIC! Nicely sized guest rms & Renovated Guest Bath. Do not miss the "man cave" garage w/pallet wood accents & TV! Exteriors boasts HUGE yard, deck, firepit & shed! NO HOA!

SEE MORE

MARKET HIGHLIGHTS

  • 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
  • Major employers in Raleigh area: IBM, Cisco systems, Fidelity Investments, GlaxoSmithKline, RTI International
  • #7 Best Big City for Jobs 2018 (Forbes, 2018)
  • 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)

PRICE & RENT TRENDS

Neighborhood: South Ridge

NeighborhoodNIR Market*CityMarket2010Year20002019130k140k150k160k170k180k190k200k210k220k230k240k250k260kPrice in $124k265k

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

Neighborhood: South Ridge

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2950100010501100115012001250130013501400145015001550Rent in $9441595

* 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
 

$242,910$296,890$269,900

PURCHASE PRICE

$1,332$1,628$1,480

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,480
EXPENSES Loan Payment -$937
Property Tax -$174
Property Insurance -$60
Property Management Fees -$119
CASH FLOW
$190

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.

$269,900

PROJECTED PRICE

$1,480

PROJECTED RENT

0.55%

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$200k$400k$600k$800k

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k

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$77,274

INVESTMENT

$77,274

Down Payment
$67,475
Rehab Estimate
$5,750
Closing Costs
$4,049

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$937

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $67,475
Loan Amount $202,425
See What Happens When You Reinvest Cash Flow

9.42

YEARS SAVED

$35,431

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,480

    LIST RENT
  • $0.89

    LIST RENT PER SQFT
  • $1,317

    COMP ESTIMATED VALUE
  • $0.79

    COMP AVG. RENT PER SQFT
Comps Range
$1,000
1$1,0002$1,4803$1,5954$1,6455$1,645
$1,645
RENT COMPS ANALYSIS
  • 223 South Ridge Garner, NC 2
    • 3 beds 3 baths ∙ 1,662 Sqft ∙ Built 1999 3 beds 3 baths ∙ 1,662 Sqft ∙ Built 1999
    • Rent
    • Rent Per SQFT
    •  
    • $1,480
    • $0.89
    •  
  • 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
    •  
  • 29 Glenn Creek Court Garner, NC 3
    • 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 4
    • 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
    •  
  • 197 Great Oak Drive Garner, NC 5
    • 3 beds 3 baths ∙ 1,951 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,951 Sqft ∙ Built 2005
    LEASED 07/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,645
    • $0.84
    •  
PROPERTY LISTING DETAILS
Mary Kromenhoek
1.919.244.7343
Howard Perry & Walston Realtor
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2366458
Last Updated: 02/13/2021
BESbswy