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243 Inkster Cove Raleigh, NC 27603

3 Beds 3 Baths 1,936 sqft Built 2001

$270,000

List Price

$1,660

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $139.46
  • 4 Days on Market
  • MLS # : 2371660
  • Updated Date : 03/13/2021 at 15:38
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,936 sqft
  • Baths : 2 full , 1 half
Listing Agent

Allen Tate/cary-searstone

Listing Agent's Description

Please know we are in a multiple offer situation. Best and final offer du Sunday 3/14 by 3pm ***Delightful home**Spacious & Open Floorplan with Laminate Hardwoods in Foyer, Kitchen & Breakfast Area**Gas FP in Relaxing Living Rm**Separate Dining Room**King Size Owner's Bedroom**Garden Tub & Separate Walk-in Shower**Awesome Owner's Walk-in Closet**Secondary Bedrooms have Great Closets**Neutral Paint thru/out**2nd Floor Laundry Rm**2 Car Garage**New Hot Water Heater 2020**2015 HVAC** Fenced Yard w/Patio**

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
  • #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)

PRICE & RENT TRENDS

Neighborhood: Eagle Ridge

NeighborhoodNIR Market*CityMarket2010Year20002019160k180k200k220k240k260k280k300k320k340kPrice in $153k359k

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

Neighborhood: Eagle Ridge

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2100011001200130014001500160017001800Rent in $9521873

* 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
Vance Elementary School Primary Regular 461 33 5
North Garner Middle School Middle Regular 948 59 3
Garner High School High Magnet 2,650 145 3

Vance Elementary School

  • Education Level: Primary
  • # of students: 461
  • # of teachers: 33
5
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
 

$243,000$297,000$270,000

PURCHASE PRICE

$1,494$1,826$1,660

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,660
EXPENSES Loan Payment -$938
Property Tax -$234
Property Insurance -$65
HOA -$42
Property Management Fees -$119
CASH FLOW
$262

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 16% of earned rent to cover both maintenance and periods of vacancy.

$270,000

PROJECTED PRICE

$1,660

PROJECTED RENT

0.61%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.33%
Appreciation Year (1-5) 5.3%
Maintenance Year (1-5) 8.00%
Vacancy 7.51%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k

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$77,300

INVESTMENT

$77,300

Down Payment
$67,500
Rehab Estimate
$5,750
Closing Costs
$4,050

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$938

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $67,500
Loan Amount $202,500
See What Happens When You Reinvest Cash Flow

11.08

YEARS SAVED

$44,219

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,660

    LIST RENT
  • $0.86

    LIST RENT PER SQFT
  • $1,820

    COMP ESTIMATED VALUE
  • $0.94

    COMP AVG. RENT PER SQFT
Comps Range
$1,600
1$1,6002$1,6603$1,7504$1,995
$1,995
RENT COMPS ANALYSIS
  • 243 Inkster Cove Raleigh, NC 2
    • 3 beds 3 baths ∙ 1,936 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,936 Sqft ∙ Built 2001
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,660
    • $0.86
    •  
  • 124 Ryder Cup Circle Raleigh, NC 1
    • 3 beds 3 baths ∙ 1,648 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,648 Sqft ∙ Built 2006
    property image
    LEASED 10/12/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.97
    •  
  • 1320 Cane Creek Drive Garner, NC 3
    • 3 beds 3 baths ∙ 1,932 Sqft ∙ Built 1998 3 beds 3 baths ∙ 1,932 Sqft ∙ Built 1998
    property image
    LEASED 04/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.91
    •  
  • 127 Misty Pike Drive Raleigh, NC 4
    • 4 beds 3 baths ∙ 2,114 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,114 Sqft ∙ Built 2020
    property image
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.94
    •  
PROPERTY LISTING DETAILS
Meg Swienckowski
1.919.219.2193
Allen Tate/cary-searstone
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2371660
Last Updated: 03/13/2021
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