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339 E Pine Avenue Wake Forest, NC 27587

3 Beds 2 Baths 1,162 sqft Built 1977

$189,900

List Price

$1,160

$1K - $1.3K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 19, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1977
  • Price/Sqft : $163.43
  • 3 Days on Market
  • MLS # : 2367733
  • Updated Date : 02/20/2021 at 14:04
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,162 sqft
  • Baths : 2 full
Listing Agent

Exp Realty

Listing Agent's Description

Remodeled and Move In Ready! Brand New Roof, New Front Porch, New Lighting Throughout! Fresh New Kitchen with Quartz Countertops and New Cabinets. Updated Baths with New Vanities, Shower Surrounds and Fixtures. Den/Flex Room Could Easily Be a 4th Bedroom! In the Heart of Wake Forest! Run and Don't Miss This Opportunity! Showings Start Saturday 2/20.

SEE MORE

MARKET HIGHLIGHTS

  • 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
  • #7 Best Big City for Jobs 2018 (Forbes, 2018)
  • Major employers in Raleigh area: IBM, Cisco systems, Fidelity Investments, GlaxoSmithKline, RTI International

PRICE & RENT TRENDS

Neighborhood: Northeast Wake Forest

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300k320k340kPrice in $83k358k

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

Neighborhood: Northeast Wake Forest

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q27008009001000110012001300140015001600170018001900Rent in $6711937

* 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
 

$170,910$208,890$189,900

PURCHASE PRICE

$1,044$1,276$1,160

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,160
EXPENSES Loan Payment -$660
Property Tax -$149
Property Insurance -$50
Property Management Fees -$119
CASH FLOW
$182

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.

$189,900

PROJECTED PRICE

$1,160

PROJECTED RENT

0.61%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 4.1%
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$100k$200k$300k$400k$500k$600k$700k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$56,074

INVESTMENT

$56,074

Down Payment
$47,475
Rehab Estimate
$5,750
Closing Costs
$2,849

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$660

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $47,475
Loan Amount $142,425
See What Happens When You Reinvest Cash Flow

10.5

YEARS SAVED

$29,307

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,160

    LIST RENT
  • $1.01

    LIST RENT PER SQFT
  • $1,054

    COMP ESTIMATED VALUE
  • $0.92

    COMP AVG. RENT PER SQFT
Comps Range
$1,160
1$1,1602$1,3003$1,375
$1,375
RENT COMPS ANALYSIS
  • 339 E Pine Avenue Wake Forest, NC 1
    • 3 beds 2 baths ∙ 1,152 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,152 Sqft ∙ Built 1977
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,160
    • $1.01
    •  
  • 309 Tillamook Drive Wake Forest, NC 2
    • 3 beds 3 baths ∙ 1,470 Sqft ∙ Built 1997 3 beds 3 baths ∙ 1,470 Sqft ∙ Built 1997
    property image
    LEASED 04/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.88
    •  
  • 506 Tyler Run Drive Wake Forest, NC 3
    • 3 beds 2 baths ∙ 1,443 Sqft ∙ Built 1993 3 beds 2 baths ∙ 1,443 Sqft ∙ Built 1993
    property image
    LEASED 03/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $0.95
    •  
PROPERTY LISTING DETAILS
Sharon Evans
1.919.271.3399
Exp Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2367733
Last Updated: 02/20/2021
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