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241 Gray Ghost Street Benson, NC 27504

3 Beds 2 Baths 1,189 sqft Built 2009

$180,000

List Price

$1,080

$972 - $1.2K

Rent Est.

PROPERTY INFO

November 19, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2009
  • Price/Sqft : $151.39
  • 4 Days on Market
  • MLS # : 2354423
  • Updated Date : 11/19/2020 at 18:30
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,189 sqft
  • Baths : 2 full
Listing Agent

Mark Spain Real Estate

Listing Agent's Description

This pristine ranch style home boasts beautiful wooden floors, a fenced-in backyard with butterfly bushes by the fence, and an eat-in kitchen. There is an outside workshop/tool shed, and plenty of storage space.

SEE MORE

MARKET HIGHLIGHTS

  • 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
  • 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)

PRICE & RENT TRENDS

Neighborhood: Patriots Pointe

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $103k265k

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

Neighborhood: Patriots Pointe

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2800900100011001200130014001500Rent in $7671595

* 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
Mcgee's Crossroads Elementary School Primary Regular 860 52 7
Mcgee's Crossroads Middle School Middle Regular 895 49 4
West Johnston High School High Regular 1,359 83 5

Mcgee's Crossroads Elementary School

  • Education Level: Primary
  • # of students: 860
  • # of teachers: 52
7
GreatSchools Rating

Mcgee's Crossroads Middle School

  • Education Level: Middle
  • # of students: 895
  • # of teachers: 49
4
GreatSchools Rating

West Johnston High School

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

$162,000$198,000$180,000

PURCHASE PRICE

$972$1,188$1,080

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,080
EXPENSES Loan Payment -$664
Property Tax -$114
Property Insurance -$50
Property Management Fees -$97
CASH FLOW
$154

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.

$180,000

PROJECTED PRICE

$1,080

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 4.3%
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$12k

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$53,450

INVESTMENT

$53,450

Down Payment
$45,000
Rehab Estimate
$5,750
Closing Costs
$2,700

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$664

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $45,000
Loan Amount $135,000
See What Happens When You Reinvest Cash Flow

9.25

YEARS SAVED

$27,013

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,080

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $1,149

    COMP ESTIMATED VALUE
  • $0.97

    COMP AVG. RENT PER SQFT
Comps Range
$1,080
1$1,0802$1,1003$1,2954$1,350
$1,350
RENT COMPS ANALYSIS
  • 241 Gray Ghost Street Benson, NC 1
    • 3 beds 2 baths ∙ 1,189 Sqft ∙ Built 2009 3 beds 2 baths ∙ 1,189 Sqft ∙ Built 2009
    • Rent
    • Rent Per SQFT
    •  
    • $1,080
    • $0.91
    •  
  • 104 Eddy Court Benson, NC 2
    • 3 beds 2 baths ∙ 1,225 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,225 Sqft ∙ Built 1997
    LEASED 05/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,100
    • $0.90
    •  
  • 504 Rockvale Court Benson, NC 3
    • 3 beds 2 baths ∙ 1,248 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,248 Sqft ∙ Built 1997
    LEASED 04/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $1.04
    •  
  • 156 Gordon Farm Drive Benson, NC 4
    • 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 2001
    LEASED 03/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.96
    •  
PROPERTY LISTING DETAILS
Amy Hiott
1.919.395.0220
Mark Spain Real Estate
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2354423
Last Updated: 11/19/2020
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