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254 Grovemere Lane #Lexington Wendell, NC 27591

5 Beds 3 Baths 2,154 sqft Built 2021

$279,900

List Price

$1,820

$1.6K - $2K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
October 30, 2020 RECENTLY ADDED
FACTS
  • Built In 2021
  • Price/Sqft : $129.94
  • 7 Days on Market
  • MLS # : 2351223
  • Updated Date : 10/30/2020 at 11:55
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,154 sqft
  • Baths : 2 full , 1 half
Listing Agent

Allen Tate/raleigh-falls Neuse

Listing Agent's Description

"Pre-Sale" under construction 5-bedroom home. Master Suite down w/master bath including garden tub, separate shower and double sinks. Family room with electric fireplace & Luxury Vinyl Plank (LVP) floors. Kitchen features Granite counter tops, Tile backsplash, stainless steel appliances and Luxury Vinyl Plank (LVP) floors. Upstairs has 4 bedrooms with carpeted floors, 1 full bath and Laundry room. Finished 2 car garage with electric door opener. 15 minutes from Raleigh. No HOA!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • #7 Best Big City for Jobs 2018 (Forbes, 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: Groves of Deerfield

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $107k265k

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

Neighborhood: Groves of Deerfield

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2900100011001200130014001500Rent in $8231595

* 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
Wendell Elementary School Primary Magnet 459 34 2
Wendell Middle School Middle Regular 973 59 2
East Wake High School High Regular NA

Wendell Elementary School

  • Education Level: Primary
  • # of students: 459
  • # of teachers: 34
2
GreatSchools Rating

Wendell Middle School

  • Education Level: Middle
  • # of students: 973
  • # of teachers: 59
2
GreatSchools Rating

East Wake High School

  • Education Level: High
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$251,910$307,890$279,900

PURCHASE PRICE

$1,638$2,002$1,820

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,820
EXPENSES Loan Payment -$1,033
Property Tax -$231
Property Insurance -$69
Property Management Fees -$164
CASH FLOW
$323

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$279,900

PROJECTED PRICE

$1,820

PROJECTED RENT

0.65%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 6.2%
Maintenance Year (1-5) 3.00%
Vacancy 7.47%
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$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$76,174

INVESTMENT

$76,174

Down Payment
$69,975
Rehab Estimate
$2,000
Closing Costs
$4,199

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 25% down payment or higher enables the proceeds from the asset to cover all costs.

$1,033

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $69,975
Loan Amount $209,925
See What Happens When You Reinvest Cash Flow

11.33

YEARS SAVED

$58,086

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,820

    LIST RENT
  • $0.84

    LIST RENT PER SQFT
  • $1,766

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$1,600
1$1,6002$1,820
$1,820
RENT COMPS ANALYSIS
  • 254 Grovemere Lane Wendell, NC 2
    • 5 beds 3 baths ∙ 2,154 Sqft ∙ Built 2021 5 beds 3 baths ∙ 2,154 Sqft ∙ Built 2021
    • Rent
    • Rent Per SQFT
    •  
    • $1,820
    • $0.84
    •  
  • 61 Wood Green Drive Wendell, NC 1
    • 4 beds 3 baths ∙ 1,954 Sqft ∙ Built 2015 4 beds 3 baths ∙ 1,954 Sqft ∙ Built 2015
    LEASED 07/08/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.82
    •  
PROPERTY LISTING DETAILS
Robert Llambias
1.919.279.4398
Allen Tate/raleigh-falls Neuse
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2351223
Last Updated: 10/30/2020
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