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

310 Berwick Court Wake Forest, NC 27587

3 Beds 3 Baths 1,560 sqft Built 1987

$284,900

List Price

$1,370

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1987
  • Price/Sqft : $182.63
  • 9 Days on Market
  • MLS # : 2360818
  • Updated Date : 01/16/2021 at 19:25
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,560 sqft
  • Baths : 2 full , 1 half
Listing Agent

Exp Realty

Listing Agent's Description

Beautiful Home at end of cul-de-sac. Terraced hill side with koi pond and waterfall. Large fenced back yard with mature hardwood trees. Large 500sq ft. covered private deck with lake view. 10x10 shed. New laminate flooring, pellet stove heating option along with dual zone high efficiency ducted mini-split heat pumps. Open floor plan with master bedroom on the first floor. Kitchen has large island with granite countertops and solid wood cabinets. 2 car garage.

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: Staffordshire

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $129k358k

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

Neighborhood: Staffordshire

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q29001000110012001300140015001600170018001900Rent in $8921937

* 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
Richland Creek Elementary School Primary Unknown 257 19 NA
Wake Forest Middle School Middle Regular 1,021 60 4
Wake Forest High School High Regular 1,953 106 7

Richland Creek Elementary School

  • Education Level: Primary
  • # of students: 257
  • # of teachers: 19
NA
GreatSchools Rating

Wake Forest Middle School

  • Education Level: Middle
  • # of students: 1,021
  • # of teachers: 60
4
GreatSchools Rating

Wake Forest High School

  • Education Level: High
  • # of students: 1,953
  • # of teachers: 106
7
GreatSchools Rating
 

$256,410$313,390$284,900

PURCHASE PRICE

$1,233$1,507$1,370

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,370
EXPENSES Loan Payment -$990
Property Tax -$225
Property Insurance -$58
HOA -$34
Property Management Fees -$119
CASH FLOW
-$55

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.

$284,900

PROJECTED PRICE

$1,370

PROJECTED RENT

0.48%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 4.8%
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-$2.0k$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$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$81,249

INVESTMENT

$81,249

Down Payment
$71,225
Rehab Estimate
$5,750
Closing Costs
$4,274

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$990

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $71,225
Loan Amount $213,675
See What Happens When You Reinvest Cash Flow

4.5

YEARS SAVED

$12,847

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,370

    LIST RENT
  • $0.88

    LIST RENT PER SQFT
  • $1,459

    COMP ESTIMATED VALUE
  • $0.93

    COMP AVG. RENT PER SQFT
Comps Range
$1,370
1$1,3702$1,3753$1,4354$1,7005$1,700
$1,700
RENT COMPS ANALYSIS
  • 310 Berwick Court Wake Forest, NC 1
    • 3 beds 3 baths ∙ 1,560 Sqft ∙ Built 1987 3 beds 3 baths ∙ 1,560 Sqft ∙ Built 1987
    • Rent
    • Rent Per SQFT
    •  
    • $1,370
    • $0.88
    •  
  • 506 Tyler Run Drive Wake Forest, NC 2
    • 3 beds 2 baths ∙ 1,443 Sqft ∙ Built 1993 3 beds 2 baths ∙ 1,443 Sqft ∙ Built 1993
    LEASED 03/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $0.95
    •  
  • 716 Lakeview Avenue Wake Forest, NC 3
    • 3 beds 3 baths ∙ 1,600 Sqft ∙ Built 2000 3 beds 3 baths ∙ 1,600 Sqft ∙ Built 2000
    LEASED 01/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,435
    • $0.90
    •  
  • 820 Siena Drive Wake Forest, NC 4
    • 4 beds 3 baths ∙ 1,895 Sqft ∙ Built 1999 4 beds 3 baths ∙ 1,895 Sqft ∙ Built 1999
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.90
    •  
  • 502 Tyler Run Drive Wake Forest, NC 5
    • 3 beds 3 baths ∙ 1,725 Sqft ∙ Built 1988 3 beds 3 baths ∙ 1,725 Sqft ∙ Built 1988
    LEASED 05/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.99
    •  
PROPERTY LISTING DETAILS
Brian Alderman
1.888.548.9134
Exp Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2360818
Last Updated: 01/16/2021
BESbswy