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40 Forest Meadow Court #21 Garner, NC 27529

4 Beds 3 Baths 2,218 sqft Built 2020

$291,529

List Price

$1,680

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
October 29, 2020 RECENTLY ADDED
FACTS
  • Built In 2020
  • Price/Sqft : $131.44
  • 6 Days on Market
  • MLS # : 2351171
  • Updated Date : 10/29/2020 at 21:41
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,218 sqft
  • Baths : 2 full , 1 half
Listing Agent

Mungo Homes Of North Carolina

Listing Agent's Description

Introducing Sherrill Place Village! Popular McDowell floor plan with HUGE kitchen island with pendant lights, granite countertops, stainless steel appliances, and first floor bonus room perfect to use as a home office! Tankless gas water heater included!! Covered porch! $3500 in closing costs w our lending partner & attorney. By appointment only!

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)
  • 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

PRICE & RENT TRENDS

Zip Code: 27529

ZipNIR Market*CityMarket2010Year20002019140k150k160k170k180k190k200k210k220k230k240k250k260kPrice in $132k265k

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

Zip Code: 27529

ZipNIR 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
West View Elementary School Primary Regular 943 57 4
Cleveland Middle School Middle Regular 1,163 64 7
West Johnston High School High Regular 1,359 83 5

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

West Johnston High School

  • Education Level: High
  • # of students: 1,359
  • # of teachers: 83
5
GreatSchools Rating
 

$262,376$320,682$291,529

PURCHASE PRICE

$1,512$1,848$1,680

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,680
EXPENSES Loan Payment -$1,076
Property Tax -$187
Property Insurance -$70
HOA -$65
Property Management Fees -$151
CASH FLOW
$130

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$291,529

PROJECTED PRICE

$1,680

PROJECTED RENT

0.58%

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) 3.00%
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$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k$18k

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$79,255

INVESTMENT

$79,255

Down Payment
$72,882
Rehab Estimate
$2,000
Closing Costs
$4,373

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,076

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $72,882
Loan Amount $218,647
See What Happens When You Reinvest Cash Flow

7.25

YEARS SAVED

$31,523

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,680

    LIST RENT
  • $0.76

    LIST RENT PER SQFT
  • $1,680

    COMP ESTIMATED VALUE
  • $0.76

    COMP AVG. RENT PER SQFT
Comps Range
$1,680
1$1,6802$1,6953$1,7004$1,7005$1,795
$1,795
RENT COMPS ANALYSIS
  • 40 Forest Meadow Court Garner, NC 1
    • 4 beds 3 baths ∙ 2,218 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,218 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $1,680
    • $0.76
    •  
  • 411 Outwater Ridge Drive Garner, NC 2
    • 4 beds 3 baths ∙ 2,300 Sqft ∙ Built 2019 4 beds 3 baths ∙ 2,300 Sqft ∙ Built 2019
    LEASED 07/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.74
    •  
  • 60 Heron Point Way Garner, NC 3
    • 4 beds 3 baths ∙ 2,235 Sqft ∙ Built 2017 4 beds 3 baths ∙ 2,235 Sqft ∙ Built 2017
    LEASED 07/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.76
    •  
  • 388 Boone Trail Garner, NC 4
    • 4 beds 3 baths ∙ 2,200 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,200 Sqft ∙ Built 2005
    LEASED 07/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.77
    •  
  • 163 Davelyn Court Garner, NC 5
    • 4 beds 3 baths ∙ 2,375 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,375 Sqft ∙ Built 2015
    LEASED 11/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.76
    •  
PROPERTY LISTING DETAILS
Shauna Sallinger
1.919.610.5956
Mungo Homes Of North Carolina
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2351171
Last Updated: 10/29/2020
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