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224 Audrey Circle Garner, NC 27529

3 Beds 2 Baths 1,351 sqft Built 2002

$243,000

List Price

$1,290

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 23, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $179.87
  • 7 Days on Market
  • MLS # : 2368216
  • Updated Date : 02/24/2021 at 17:37
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,351 sqft
  • Baths : 2 full
Listing Agent

Opendoor Brokerage Llc

Listing Agent's Description

This Garner one-story home offers a patio. This home is vacant and cleaned regularly. This home has been virtually staged to illustrate its potential.

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: Lancaster Place

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $109k265k

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

Neighborhood: Lancaster Place

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2950100010501100115012001250130013501400145015001550Rent in $9021595

* 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
West Johnston High School High Regular 1,359 83 5

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

West Johnston High School

  • Education Level: High
  • # of students: 1,359
  • # of teachers: 83
5
GreatSchools Rating
 

$218,700$267,300$243,000

PURCHASE PRICE

$1,161$1,419$1,290

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,290
EXPENSES Loan Payment -$844
Property Tax -$156
Property Insurance -$54
Property Management Fees -$119
CASH FLOW
$117

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.

$243,000

PROJECTED PRICE

$1,290

PROJECTED RENT

0.53%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 6.8%
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$900k

PROJECTED ANNUAL CASH FLOW

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

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$70,145

INVESTMENT

$70,145

Down Payment
$60,750
Rehab Estimate
$5,750
Closing Costs
$3,645

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$844

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $60,750
Loan Amount $182,250
See What Happens When You Reinvest Cash Flow

8.33

YEARS SAVED

$26,456

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,290

    LIST RENT
  • $0.95

    LIST RENT PER SQFT
  • $1,094

    COMP ESTIMATED VALUE
  • $0.81

    COMP AVG. RENT PER SQFT
Comps Range
$1,000
1$1,0002$1,2903$1,550
$1,550
RENT COMPS ANALYSIS
  • 224 Audrey Circle Garner, NC 2
    • 3 beds 2 baths ∙ 1,351 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,351 Sqft ∙ Built 2002
    • Rent
    • Rent Per SQFT
    •  
    • $1,290
    • $0.95
    •  
  • 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
    •  
  • 617 Rudy Drive Clayton, NC 3
    • 3 beds 2 baths ∙ 1,597 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,597 Sqft ∙ Built 1999
    LEASED 10/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.97
    •  
PROPERTY LISTING DETAILS
Verria Hairston
1.919.679.9883
Opendoor Brokerage Llc
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2368216
Last Updated: 02/24/2021
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