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

328 Stone Monument Drive Wake Forest, NC 27587

3 Beds 3 Baths 2,279 sqft Built 2001

$295,000

List Price

$1,850

$1.7K - $2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 27, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $129.44
  • 3 Days on Market
  • MLS # : 2374505
  • Updated Date : 03/27/2021 at 19:20
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,279 sqft
  • Baths : 2 full , 1 half
Listing Agent

Porchlight Real Estate

Listing Agent's Description

COMING SOON - Showings to start April 9th - WONDERFUL WAKE FOREST LOCATION... Close to everything! Diamond in the rough (mostly cosmetic/handyman repairs) - Hardwoods downstairs - Archways - Transoms - Crown Molding - Granite Counters - Tile Backsplash - Extra Storage Space in Garage - Huge Bonus Room - Screened Porch plus Large Deck overlooks the beautiful fenced back yard

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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: Pemberley

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $132k358k

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

Neighborhood: Pemberley

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q21000110012001300140015001600170018001900Rent in $9461937

* 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
Forest Pines Elementary School Primary Regular 672 45 6
Wake Forest Middle School Middle Regular 1,021 60 4
Wake Forest High School High Regular 1,953 106 7

Forest Pines Elementary School

  • Education Level: Primary
  • # of students: 672
  • # of teachers: 45
6
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
 

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

PURCHASE PRICE

$1,665$2,035$1,850

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,850
EXPENSES Loan Payment -$1,025
Property Tax -$268
Property Insurance -$72
HOA -$12
Property Management Fees -$119
CASH FLOW
$355

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

$1,850

PROJECTED RENT

0.63%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 3.1%
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$1.0M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k$25k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k

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 30% down payment or higher enables the proceeds from the asset to cover all costs.

$1,025

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $73,750
Loan Amount $221,250
See What Happens When You Reinvest Cash Flow

11.58

YEARS SAVED

$52,469

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,850

    LIST RENT
  • $0.81

    LIST RENT PER SQFT
  • $1,914

    COMP ESTIMATED VALUE
  • $0.84

    COMP AVG. RENT PER SQFT
Comps Range
$1,850
1$1,8502$1,8993$1,9504$1,9955$2,000
$2,000
RENT COMPS ANALYSIS
  • 328 Stone Monument Drive Wake Forest, NC 1
    • 3 beds 3 baths ∙ 2,279 Sqft ∙ Built 2001 3 beds 3 baths ∙ 2,279 Sqft ∙ Built 2001
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.81
    •  
  • 1608 Knolls Drive Wake Forest, NC 2
    • 4 beds 3 baths ∙ 2,350 Sqft ∙ Built 2018 4 beds 3 baths ∙ 2,350 Sqft ∙ Built 2018
    LEASED 08/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,899
    • $0.81
    •  
  • 1604 Knolls Drive Wake Forest, NC 3
    • 4 beds 3 baths ∙ 2,300 Sqft ∙ Built 2017 4 beds 3 baths ∙ 2,300 Sqft ∙ Built 2017
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.85
    •  
  • 620 Millers Mark Avenue Wake Forest, NC 4
    • 4 beds 3 baths ∙ 2,460 Sqft ∙ Built 2019 4 beds 3 baths ∙ 2,460 Sqft ∙ Built 2019
    LEASED 05/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.81
    •  
  • 215 Stone Monument Drive Wake Forest, NC 5
    • 3 beds 3 baths ∙ 2,250 Sqft ∙ Built 2001 3 beds 3 baths ∙ 2,250 Sqft ∙ Built 2001
    LEASED 04/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.89
    •  
PROPERTY LISTING DETAILS
Kent Benson
1.919.961.3469
Porchlight Real Estate
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2374505
Last Updated: 03/27/2021
BESbswy