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410 Butler Drive Garner, NC 27529

3 Beds 2 Baths 1,600 sqft Built 1973

$274,900

List Price

$1,480

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 18, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1973
  • Price/Sqft : $171.81
  • 6 Days on Market
  • MLS # : 2367217
  • Updated Date : 02/18/2021 at 02:03
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,600 sqft
  • Baths : 2 full
Listing Agent

Fonville Morisey/lochmere Sales Office

Listing Agent's Description

Nice Brick Ranch with 1-Car Garage, front porch, wonderful large screen porch to enjoy and open deck, private backyard, oversized flat lot, updated laminate flooring, recent interior painting, separate living room, +/- 2 year old hvac, +/- 6 year old roof, new garage door, nice outbuilding for workshop plus a separate storage building and rear shelter, security system. Hard to find ranch in very convenient location. Minutes into Downtown Raleigh. Feels like home.. Masonite eaves, otherwise brick.

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

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
 

$247,410$302,390$274,900

PURCHASE PRICE

$1,332$1,628$1,480

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,480
EXPENSES Loan Payment -$955
Property Tax -$220
Property Insurance -$58
Property Management Fees -$119
CASH FLOW
$128

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.

$274,900

PROJECTED PRICE

$1,480

PROJECTED RENT

0.54%

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) 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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$78,599

INVESTMENT

$78,599

Down Payment
$68,725
Rehab Estimate
$5,750
Closing Costs
$4,124

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$955

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $68,725
Loan Amount $206,175
See What Happens When You Reinvest Cash Flow

8.08

YEARS SAVED

$28,768

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,480

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $1,484

    COMP ESTIMATED VALUE
  • $0.93

    COMP AVG. RENT PER SQFT
Comps Range
$1,325
1$1,3252$1,4803$1,4954$1,6005$1,795
$1,795
RENT COMPS ANALYSIS
  • 410 Butler Drive Garner, NC 2
    • 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 1973
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,480
    • $0.93
    •  
  • 104 Stefi Court Garner, NC 1
    • 3 beds 2 baths ∙ 1,435 Sqft ∙ Built 1989 3 beds 2 baths ∙ 1,435 Sqft ∙ Built 1989
    property image
    LEASED 10/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,325
    • $0.92
    •  
  • 916 Buckingham Road Garner, NC 3
    • 3 beds 2 baths ∙ 1,524 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,524 Sqft ∙ Built 1979
    property image
    LEASED 02/14/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.98
    •  
  • 1207 Silverhill Court Garner, NC 4
    • 3 beds 3 baths ∙ 1,800 Sqft ∙ Built 1988 3 beds 3 baths ∙ 1,800 Sqft ∙ Built 1988
    property image
    LEASED 08/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.89
    •  
  • 707 Springview Trail Garner, NC 5
    • 3 beds 3 baths ∙ 1,942 Sqft ∙ Built 1974 3 beds 3 baths ∙ 1,942 Sqft ∙ Built 1974
    property image
    LEASED 02/06/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.92
    •  
PROPERTY LISTING DETAILS
Paul Capps
1.919.669.9045
Fonville Morisey/lochmere Sales Office
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2367217
Last Updated: 02/18/2021
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