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324 Marsh Creek Drive Garner, NC 27529

4 Beds 3 Baths 2,628 sqft Built 2016

$295,000

List Price

$1,690

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

December 05, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2016
  • Price/Sqft : $112.25
  • 3 Days on Market
  • MLS # : 2356529
  • Updated Date : 12/06/2020 at 04:09
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,628 sqft
  • Baths : 2 full , 1 half
Listing Agent

Andrea Mccleese Thomas Realty

Listing Agent's Description

Coming Soon

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)
  • #7 Best Big City for Jobs 2018 (Forbes, 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

PRICE & RENT TRENDS

Neighborhood: Summerwind Plantation

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $107k265k

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

Neighborhood: Summerwind Plantation

ZipNIR 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
West View Elementary School Primary Regular 943 57 4
Cleveland Middle School Middle Regular 1,163 64 7
Cleveland High School High Regular 1,468 80 6

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

Cleveland High School

  • Education Level: High
  • # of students: 1,468
  • # of teachers: 80
6
GreatSchools Rating
 

$265,500$324,500$295,000

PURCHASE PRICE

$1,521$1,859$1,690

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,690
EXPENSES Loan Payment -$1,088
Property Tax -$190
Property Insurance -$78
HOA -$53
Property Management Fees -$119
CASH FLOW
$161

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.

$295,000

PROJECTED PRICE

$1,690

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 4.9%
Maintenance Year (1-5) 8.00%
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$83,925

INVESTMENT

$83,925

Down Payment
$73,750
Rehab Estimate
$5,750
Closing Costs
$4,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,088

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $73,750
Loan Amount $221,250
See What Happens When You Reinvest Cash Flow

8.5

YEARS SAVED

$39,192

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,690

    LIST RENT
  • $0.64

    LIST RENT PER SQFT
  • $1,794

    COMP ESTIMATED VALUE
  • $0.68

    COMP AVG. RENT PER SQFT
Comps Range
$1,690
1$1,6902$1,6953$1,7504$1,7955$1,815
$1,815
RENT COMPS ANALYSIS
  • 324 Marsh Creek Drive Garner, NC 1
    • 4 beds 3 baths ∙ 2,628 Sqft ∙ Built 2016 4 beds 3 baths ∙ 2,628 Sqft ∙ Built 2016
    • Rent
    • Rent Per SQFT
    •  
    • $1,690
    • $0.64
    •  
  • 67 Mariners Point Way Garner, NC 2
    • 3 beds 3 baths ∙ 2,450 Sqft ∙ Built 2017 3 beds 3 baths ∙ 2,450 Sqft ∙ Built 2017
    LEASED 06/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.69
    •  
  • 196 Boone Trail Garner, NC 3
    • 4 beds 3 baths ∙ 2,560 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,560 Sqft ∙ Built 2005
    LEASED 06/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.68
    •  
  • 15 Crest Circle Garner, NC 4
    • 4 beds 3 baths ∙ 2,621 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,621 Sqft ∙ Built 2007
    LEASED 09/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.68
    •  
  • 121 Outwater Ridge Drive Garner, NC 5
    • 4 beds 3 baths ∙ 2,650 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,650 Sqft ∙ Built 2015
    LEASED 09/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,815
    • $0.68
    •  
PROPERTY LISTING DETAILS
Andrea Mccleese Thomas
1.919.868.0385
Andrea Mccleese Thomas Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2356529
Last Updated: 12/06/2020
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