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3129 Gross Avenue Wake Forest, NC 27587

3 Beds 3 Baths 2,150 sqft Built 2000

$290,000

List Price

$1,630

$1.5K - $1.8K

Rent Est.

$82,600

Investment Est.

AVAILABLE

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AVAILABLE

1 Year
(+5.8%)
1 YR. PROJ. APPRECIATION


Cap Rate	4.0%
Cash Flow	$2,028
Value Increase	$17,301

10 YEAR

Cash On Cash	1.3%
Total Return	12.6%

PROPERTY INFO

February 07, 2021 RECENTLY ADDED

FACTS

Single Family
Built In 2000
Price/Sqft : $134.88
2 Days on Market
MLS # : 2365522
Updated Date : 02/07/2021 at 01:51

CONSTRUCTION

Beds : 3
Floor Size : 2,150 sqft
Baths : 2 full , 1 half

Listing Agent

Berkshire Hathaway Homeservices Ysu

Listing Agent's Description

Coming Soon - Fri 2/12. Pics loaded Th 2/11.

3132 Gross Ave

Wake Forest, North Carolina

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MARKET HIGHLIGHTS

Raleigh Market Report

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

Neighborhood: Caddell Woods

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

Neighborhood: Caddell Woods

* 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
Sanford Creek Elementary School	Primary	Regular	697	45	4
Wake Forest Middle School	Middle	Regular	1,021	60	4
Wake Forest High School	High	Regular	1,953	106	7

Sanford Creek Elementary School

Education Level: Primary
# of students: 697
# of teachers: 45

GreatSchools Rating

Wake Forest Middle School

Education Level: Middle
# of students: 1,021
# of teachers: 60

GreatSchools Rating

Wake Forest High School

Education Level: High
# of students: 1,953
# of teachers: 106

GreatSchools Rating

FINANCIALS

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$261,000$319,00000$290,000

PURCHASE PRICE

$1,467$1,79300$1,630

RENT

DOWN PAYMENT

FINANCING

OFF ON

Acquisition Concierge

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PROPERTY

Expense Inflation	%
Vacancy	%
Length of Stay
Expense Inflation	%
Vacancy	%
Length of Stay

YEAR (1-5)

Appreciation	%
Rental Growth	%
Maintenance	%

YEAR (1-5)

Appreciation	%
Rental Growth	%
Maintenance	%

YEAR (6+)

Appreciation	%
Rental Growth	%
Maintenance	%

INVESTMENT

Rehab Costs
Reinvest Cash Flow	Yes No
Interest Rate	%

INVESTMENT

Rehab Costs
Reinvest Cash Flow	Yes No
Interest Rate	%

Learn how to read this

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME	Rent	$1,630
EXPENSES	Loan Payment	-$1,007
	Property Tax	-$234
	Property Insurance	-$69
	HOA	-$33
	Property Management Fees	-$119



CASH FLOW $169

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.

$290,000

PROJECTED PRICE

$1,630

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS
Expense Inflation	2.50%
Rental Growth Year (1-5)	4.33%
Appreciation Year (1-5)	5.8%
Maintenance Year (1-5)	8.00%
Vacancy	7.51%
Length of Stay Years	2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

Cash Flow
Appreciation
Principal

PROJECTED ANNUAL CASH FLOW

Tenant Turnover

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

Appreciation
Principal
Loan Balance

TOTAL CASH OUT OF POCKET

INVESTMENT

$82,600

Down Payment	$72,500
Rehab Estimate	$5,750
Closing Costs	$4,350

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,007

MONTHLY LOAN PAYMENT

30 yr

3.75%

25.00%

Down Payment

Term	30 Years
Interest	3.75%
Down Payment	$72,500
Loan Amount	$217,500

See What Happens When You Reinvest Cash Flow

9.25

YEARS SAVED

$36,524

INTEREST SAVED

CASH FLOW REINVESTMENT

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

$1,630
LIST RENT
$0.76
LIST RENT PER SQFT

$1,645
COMP ESTIMATED VALUE
$0.77
COMP AVG. RENT PER SQFT

Comps Range

$1,625

1$1,6252$1,6303$1,6504$1,7505$1,750

$1,750

RENT COMPS ANALYSIS

2,150
PROPERTY SQFT
$0.77
AVG RENT PER SQFT
$1,645
ESTIMATED VALUE
$1,630
LIST RENT

3129 Gross Avenue Wake Forest, NC 2

3 beds 3 baths ∙ 2,150 Sqft ∙ Built 2000 3 beds 3 baths ∙ 2,150 Sqft ∙ Built 2000
Price

Price Per SQFT

$290,000

$134.88
2805 Margots Avenue Wake Forest, NC 1

4 beds 3 baths ∙ 2,112 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,112 Sqft ∙ Built 2004
SOLD 10/05/20
Price

Price Per SQFT

$285,000

$134.94
3604 Althorp Drive Raleigh, NC 3

3 beds 3 baths ∙ 2,124 Sqft ∙ Built 2012 3 beds 3 baths ∙ 2,124 Sqft ∙ Built 2012
SOLD 12/11/20
Price

Price Per SQFT

$295,000

$138.89
9516 Ligon Mill Road Wake Forest, NC 4

3 beds 2 baths ∙ 2,017 Sqft ∙ Built 1990 3 beds 2 baths ∙ 2,017 Sqft ∙ Built 1990
SOLD 01/07/21
Price

Price Per SQFT

$299,000

$148.24
5229 Deerchase Trail Wake Forest, NC 5

4 beds 3 baths ∙ 2,193 Sqft ∙ Built 1987 4 beds 3 baths ∙ 2,193 Sqft ∙ Built 1987
SOLD 01/15/21
Price

Price Per SQFT

$300,000

$136.80

3129 Gross Avenue Wake Forest, NC 2

3 beds 3 baths ∙ 2,150 Sqft ∙ Built 2000 3 beds 3 baths ∙ 2,150 Sqft ∙ Built 2000
Rent

Rent Per SQFT

$1,630

$0.76
3028 Creek Moss Drive Raleigh, NC 1

3 beds 3 baths ∙ 2,000 Sqft ∙ Built 1993 3 beds 3 baths ∙ 2,000 Sqft ∙ Built 1993
LEASED 09/04/20
Rent

Rent Per SQFT

$1,625

$0.81
9741 Rainsong Drive Wake Forest, NC 3

3 beds 3 baths ∙ 2,300 Sqft ∙ Built 2004 3 beds 3 baths ∙ 2,300 Sqft ∙ Built 2004
LEASED 10/27/20
Rent

Rent Per SQFT

$1,650

$0.72
3521 Fairstone Road Wake Forest, NC 4

4 beds 3 baths ∙ 2,350 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,350 Sqft ∙ Built 2020
LEASED 04/01/20
Rent

Rent Per SQFT

$1,750

$0.74
9301 Doss Court Wake Forest, NC 5

4 beds 3 baths ∙ 2,225 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,225 Sqft ∙ Built 2004
LEASED 04/17/20
Rent

Rent Per SQFT

$1,750

$0.79

PROPERTY LISTING DETAILS

Missy Farrell
1.919.348.8787
Berkshire Hathaway Homeservices Ysu

Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317

Triangle Multiple Listing Service ( TMLS)
MLS #: 2365522
Last Updated: 02/07/2021

3129 Gross Avenue Wake Forest, NC 27587

$290,000

$1,630

$82,600

REQUEST INFO

PROPERTY INFO

FACTS

CONSTRUCTION

Listing Agent

Listing Agent's Description

MARKET HIGHLIGHTS

PRICE & RENT TRENDS

SCHOOLS

Sanford Creek Elementary School

Wake Forest Middle School

Wake Forest High School

FINANCIALS

$261,000$319,00000$290,000

$1,467$1,79300$1,630

Acquisition Concierge

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

$290,000

$1,630

0.56%

PROJECTED ACCUMULATED WEALTH

PROJECTED ANNUAL CASH FLOW

PROJECTED PROPERTY VALUE

TOTAL CASH OUT OF POCKET

INVESTMENT

LOAN DETAILS

25%

$1,007

9.25

$36,524

$290,000

$134.88

$300,393

$139.72

COMPS RANGE

PRICE COMPS ANALYSIS

$1,630

$0.76

$1,645

$0.77

Comps Range

RENT COMPS ANALYSIS

PROPERTY LISTING DETAILS