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320 Machost Drive Garner, NC 27529

4 Beds 3 Baths 1,840 sqft Built 1999

$285,000

List Price

$1,450

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

February 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1999
  • Price/Sqft : $154.89
  • 2 Days on Market
  • MLS # : 2366715
  • Updated Date : 02/13/2021 at 15:28
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,840 sqft
  • Baths : 2 full , 1 half
Listing Agent

Be Home Realty

Listing Agent's Description

Prime location to convenient living. 4 bed,2.5 ba with 1 car garage, fenced backyard w deck. 4th bedroom over garage can be used for bonus. Dining room can easily be converted to office or sitting room. New LVT DS, fresh paint throughout and carpet upstairs, granite in kitchen and baths, new faucets, new range and microwave, new garage door motor, new ceiling fans/lights in family & master, walk in closet, large utility room.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Heather Springs

NeighborhoodNIR Market*CityMarket2010Year20002019140k150k160k170k180k190k200k210k220k230k240k250k260kPrice in $132k265k

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

Neighborhood: Heather Springs

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2950100010501100115012001250130013501400145015001550Rent in $9461595

* 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
Timber Drive Elementary School Primary Unknown NA
North Garner Middle School Middle Regular 948 59 3
Garner High School High Magnet 2,650 145 3

Timber Drive Elementary School

  • Education Level: Primary
  • # of students:
  • # of teachers:
NA
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
 

$256,500$313,500$285,000

PURCHASE PRICE

$1,305$1,595$1,450

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,450
EXPENSES Loan Payment -$990
Property Tax -$228
Property Insurance -$63
HOA -$9
Property Management Fees -$119
CASH FLOW
$41

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.

$285,000

PROJECTED PRICE

$1,450

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 4.9%
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$200k$400k$600k$800k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$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$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$81,275

INVESTMENT

$81,275

Down Payment
$71,250
Rehab Estimate
$5,750
Closing Costs
$4,275

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% 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 $71,250
Loan Amount $213,750
See What Happens When You Reinvest Cash Flow

6.42

YEARS SAVED

$20,983

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,450

    LIST RENT
  • $0.79

    LIST RENT PER SQFT
  • $1,569

    COMP ESTIMATED VALUE
  • $0.85

    COMP AVG. RENT PER SQFT
Comps Range
$1,450
1$1,4502$1,4803$1,6004$1,6005$1,650
$1,650
RENT COMPS ANALYSIS
  • 320 Machost Drive Garner, NC 1
    • 4 beds 3 baths ∙ 1,840 Sqft ∙ Built 1999 4 beds 3 baths ∙ 1,840 Sqft ∙ Built 1999
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.79
    •  
  • 1200 Stapleton Drive Garner, NC 2
    • 4 beds 3 baths ∙ 1,812 Sqft ∙ Built 1991 4 beds 3 baths ∙ 1,812 Sqft ∙ Built 1991
    LEASED 05/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,480
    • $0.82
    •  
  • 1207 Silverhill Court Garner, NC 3
    • 3 beds 3 baths ∙ 1,800 Sqft ∙ Built 1988 3 beds 3 baths ∙ 1,800 Sqft ∙ Built 1988
    LEASED 08/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.89
    •  
  • 600 Poplar Springs Church Road Raleigh, NC 4
    • 4 beds 3 baths ∙ 1,789 Sqft ∙ Built 1981 4 beds 3 baths ∙ 1,789 Sqft ∙ Built 1981
    LEASED 11/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.89
    •  
  • 1469 S Wade Avenue Garner, NC 5
    • 3 beds 3 baths ∙ 2,031 Sqft ∙ Built 2013 3 beds 3 baths ∙ 2,031 Sqft ∙ Built 2013
    LEASED 07/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.81
    •  
PROPERTY LISTING DETAILS
Jane Ball
1.919.422.6375
Be Home Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2366715
Last Updated: 02/13/2021
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