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402 Hilltop Avenue Garner, NC 27529

3 Beds 2 Baths 1,807 sqft Built 1953

INVESTimate

$248,900

List Price

$1,280

$1,152 - $1,408

Rent Est.

$261,096  ( +4.90%)   1 YR EST. FORECAST

PROPERTY INFO

August 20, 2020 RECENTLY ADDED
FACTS
  • Built In 1953
  • Price/Sqft : $137.74
  • 7 Days on Market
  • MLS # : 2338217
  • Updated Date : 08/24/2020 at 15:06
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,807 sqft
  • Baths : 1 full , 1 half
Listing Agent

Nest Realty

Listing Agent's Description

ALL BRICK 3 bedroom 1.5 bath RANCH in PRIME Garner location! Hardwood floors, new laminate floors. Roof is a few years old. FAMILY ROOM + Additional Living room - could be a great bonus room! Lots of natural light. Huge carport. 2 fireplaces. Half acre lot. Circular gravel driveway. See agent only remarks.

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

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
Vandora Springs Elementary School Primary Regular 572 43 4
North Garner Middle School Middle Regular 948 59 3
Garner High School High Magnet 2,650 145 3

Vandora Springs Elementary School

  • Education Level: Primary
  • # of students: 572
  • # of teachers: 43
4
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
 

$224,010$273,790$248,900

PURCHASE PRICE

$1,152$1,408$1,280

RENT

DOWN PAYMENT
FINANCING

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-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,280
EXPENSES Loan Payment -$918
Property Tax -$199
Property Insurance -$62
Property Management Fees -$115
CASH FLOW
-$15

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.

$248,900

PROJECTED PRICE

$1,280

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 4.90%
Maintenance Year (1-5) 8.00%
Vacancy 7.49%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$71,709

INVESTMENT

$71,709

Down Payment
$62,225
Rehab Estimate
$5,750
Closing Costs
$3,734

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$918

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $62,225
Loan Amount $186,675
See What Happens When You Reinvest Cash Flow

4.42

YEARS SAVED

$12,912

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,280

    LIST RENT
  • $0.71

    LIST RENT PER SQFT
  • $1,397

    COMP ESTIMATED VALUE
  • $0.77

    COMP AVG. RENT PER SQFT
Comps Range
$1,250
1$1,2502$1,2803$1,3004$1,400
$1,400
RENT COMPS ANALYSIS
  • 402 Hilltop Avenue Garner, 2
    • 3 beds 2 baths ∙ 1,807 Sqft ∙ Built 1953 3 beds 2 baths ∙ 1,807 Sqft ∙ Built 1953
    • Rent
    • Rent Per SQFT
    •  
    • $1,280
    • $0.71
    •  
  • 1309 Southerlund Road Garner, 1
    • 4 beds 2 baths ∙ 1,782 Sqft ∙ Built 1957 4 beds 2 baths ∙ 1,782 Sqft ∙ Built 1957
    LEASED 07/22/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.70
    •  
  • 1221 Southerlund Road Garner, 3
    • 3 beds 2 baths ∙ 1,550 Sqft ∙ Built 1956 3 beds 2 baths ∙ 1,550 Sqft ∙ Built 1956
    LEASED 08/09/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.84
    •  
  • 1521 Wiljohn Road Garner, 4
    • 3 beds 2 baths ∙ 1,800 Sqft ∙ Built 1961 3 beds 2 baths ∙ 1,800 Sqft ∙ Built 1961
    LEASED 08/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.78
    •  
PROPERTY LISTING DETAILS
Jordan Lee
1.919.475.2944
Nest Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2338217
Last Updated: 08/24/2020
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