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

2474 Sumter Drive Garner, NC 27529

3 Beds 2 Baths 1,376 sqft Built 1997

$215,000

List Price

$1,240

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
SINGLE-FAMILY
February 16, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1997
  • Price/Sqft : $156.25
  • 8 Days on Market
  • MLS # : 2366849
  • Updated Date : 02/16/2021 at 00:43
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,376 sqft
  • Baths : 2 full
Listing Agent

Better Homes & Gardens Real Estate Paracle

Listing Agent's Description

Check out this beautiful home in the coveted Cleveland School rd area! This neighborhood is quiet and boasts of beautiful homes. This home has vaulted ceilings as well as stainless steel appliances. The master is oversized with a large walk in closet and a spacious garden tub to relax in. Lots of crown molding and a rocking chair front porch. Enjoy the large .76 acres with friends or family. This home is going live on March 15th and will review all offers on the 17th at 5pm.

SEE MORE

MARKET HIGHLIGHTS

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

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
 

$193,500$236,500$215,000

PURCHASE PRICE

$1,116$1,364$1,240

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,240
EXPENSES Loan Payment -$747
Property Tax -$138
Property Insurance -$54
Property Management Fees -$119
CASH FLOW
$182

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.

$215,000

PROJECTED PRICE

$1,240

PROJECTED RENT

0.58%

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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$62,725

INVESTMENT

$62,725

Down Payment
$53,750
Rehab Estimate
$5,750
Closing Costs
$3,225

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$747

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $53,750
Loan Amount $161,250
See What Happens When You Reinvest Cash Flow

10.08

YEARS SAVED

$31,189

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,240

    LIST RENT
  • $0.9

    LIST RENT PER SQFT
  • $943

    COMP ESTIMATED VALUE
  • $0.69

    COMP AVG. RENT PER SQFT
Comps Range
$1,000
1$1,0002$1,1003$1,240
$1,240
RENT COMPS ANALYSIS
  • 2474 Sumter Drive Garner, NC 3
    • 3 beds 2 baths ∙ 1,376 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,376 Sqft ∙ Built 1997
    • Rent
    • Rent Per SQFT
    •  
    • $1,240
    • $0.90
    •  
  • 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
    •  
PROPERTY LISTING DETAILS
Laura Vevurka
1.919.279.5912
Better Homes & Gardens Real Estate Paracle
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2366849
Last Updated: 02/16/2021
BESbswy