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428 Johnson Street Garner, NC 27529

3 Beds 3 Baths 1,286 sqft Built 1997

$185,000

List Price

$1,070

$963 - $1.2K

Rent Est.

PROPERTY INFO

November 15, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1997
  • Price/Sqft : $143.86
  • 2 Days on Market
  • MLS # : 2353754
  • Updated Date : 11/15/2020 at 02:21
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,286 sqft
  • Baths : 2 full , 1 half
Listing Agent

Exp Realty

Listing Agent's Description

Come claim this well loved; one owner single family home w/3 beds & 2 1/2 baths; hardwoods throughout 1st floor; tile floors in kitchen & baths; freshly painted interior; w/private back deck overlooking woods in Wake Co. for under 200K! Convenient to DT Garner;I-40; DT Raleigh; and the new Amazon distribution plant. Hurry! Don't let this opportunity pass you! won't last long! Showings start Dec. 12th.

SEE MORE

MARKET HIGHLIGHTS

  • 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
  • One of Top 10 cities for Small Business Friendliness (Thumbtack, 2018)

PRICE & RENT TRENDS

Neighborhood: Avery Park

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $107k265k

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

Neighborhood: Avery Park

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2800900100011001200130014001500Rent in $7671595

* 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
Creech Road Elementary School Primary Regular 613 42 2
North Garner Middle School Middle Regular 948 59 3
Garner High School High Magnet 2,650 145 3

Creech Road Elementary School

  • Education Level: Primary
  • # of students: 613
  • # of teachers: 42
2
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
 

$166,500$203,500$185,000

PURCHASE PRICE

$963$1,177$1,070

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,070
EXPENSES Loan Payment -$683
Property Tax -$148
Property Insurance -$52
Property Management Fees -$96
CASH FLOW
$91

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.

$185,000

PROJECTED PRICE

$1,070

PROJECTED RENT

0.58%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 4.9%
Maintenance Year (1-5) 8.00%
Vacancy 7.47%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k

PROJECTED ANNUAL CASH FLOW

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

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$54,775

INVESTMENT

$54,775

Down Payment
$46,250
Rehab Estimate
$5,750
Closing Costs
$2,775

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$683

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $46,250
Loan Amount $138,750
See What Happens When You Reinvest Cash Flow

7.25

YEARS SAVED

$19,417

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,070

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $1,161

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$1,070
1$1,0702$1,1753$1,2254$1,2505$1,295
$1,295
RENT COMPS ANALYSIS
  • 428 Johnson Street Garner, NC 1
    • 3 beds 3 baths ∙ 1,286 Sqft ∙ Built 1997 3 beds 3 baths ∙ 1,286 Sqft ∙ Built 1997
    • Rent
    • Rent Per SQFT
    •  
    • $1,070
    • $0.83
    •  
  • 128 Villavista Trace Garner, NC 2
    • 3 beds 2 baths ∙ 1,320 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,320 Sqft ∙ Built 2002
    LEASED 06/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,175
    • $0.89
    •  
  • 129 Creek Commons Avenue Garner, NC 3
    • 3 beds 2 baths ∙ 1,360 Sqft ∙ Built 2007 3 beds 2 baths ∙ 1,360 Sqft ∙ Built 2007
    LEASED 06/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,225
    • $0.90
    •  
  • 3413 Fatima Court Raleigh, NC 4
    • 3 beds 2 baths ∙ 1,350 Sqft ∙ Built 2006 3 beds 2 baths ∙ 1,350 Sqft ∙ Built 2006
    LEASED 10/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.93
    •  
  • 3413 Rocket Court Raleigh, NC 5
    • 3 beds 3 baths ∙ 1,461 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,461 Sqft ∙ Built 2006
    LEASED 01/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.89
    •  
PROPERTY LISTING DETAILS
Elizabeth Dunn
1.919.244.4138
Exp Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2353754
Last Updated: 11/15/2020
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