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506 Forest Ridge Road Garner, NC 27529

3 Beds 2 Baths 1,307 sqft Built 1970

$217,000

List Price

$1,230

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

November 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1970
  • Price/Sqft : $166.03
  • 4 Days on Market
  • MLS # : 2353366
  • Updated Date : 11/13/2020 at 00:50
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,307 sqft
  • Baths : 2 full
Listing Agent

Movil Realty

Listing Agent's Description

Come to see this beautiful move in ready ranch home in a quiet Garner community! This 3 Bed/2 Bath home is in a great location convenient to shopping, restaurants and schools. This home features beautiful hardwoods floor throughout main living areas and bedrooms. Spacious sunroom that could be used as an office. Property sits on .36 acre with fenced in backyard to enjoy the outdoor living. Refrigerator, washer, dryer and shed to conveys AS IS. No HOA!! Don’t miss out on this prime property!

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: Woodridge

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $85k265k

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

Neighborhood: Woodridge

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2700800900100011001200130014001500Rent in $6701595

* 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
 

$195,300$238,700$217,000

PURCHASE PRICE

$1,107$1,353$1,230

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,230
EXPENSES Loan Payment -$801
Property Tax -$174
Property Insurance -$53
Property Management Fees -$111
CASH FLOW
$92

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.

$217,000

PROJECTED PRICE

$1,230

PROJECTED RENT

0.57%

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$700k

PROJECTED ANNUAL CASH FLOW

11530$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$63,255

INVESTMENT

$63,255

Down Payment
$54,250
Rehab Estimate
$5,750
Closing Costs
$3,255

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$801

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $54,250
Loan Amount $162,750
See What Happens When You Reinvest Cash Flow

7

YEARS SAVED

$21,649

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,230

    LIST RENT
  • $0.94

    LIST RENT PER SQFT
  • $1,229

    COMP ESTIMATED VALUE
  • $0.94

    COMP AVG. RENT PER SQFT
Comps Range
$1,050
1$1,0502$1,2303$1,2954$1,4255$1,450
$1,450
RENT COMPS ANALYSIS
  • 506 Forest Ridge Road Garner, NC 2
    • 3 beds 2 baths ∙ 1,307 Sqft ∙ Built 1970 3 beds 2 baths ∙ 1,307 Sqft ∙ Built 1970
    • Rent
    • Rent Per SQFT
    •  
    • $1,230
    • $0.94
    •  
  • 103 Val Del Court Garner, NC 1
    • 3 beds 2 baths ∙ 1,160 Sqft ∙ Built 1976 3 beds 2 baths ∙ 1,160 Sqft ∙ Built 1976
    LEASED 06/18/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,050
    • $0.91
    •  
  • 4814 Greenbrier Road Raleigh, NC 3
    • 3 beds 2 baths ∙ 1,350 Sqft ∙ Built 1963 3 beds 2 baths ∙ 1,350 Sqft ∙ Built 1963
    LEASED 09/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.96
    •  
  • 1306 Timber Drive Garner, NC 4
    • 3 beds 2 baths ∙ 1,550 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,550 Sqft ∙ Built 1977
    LEASED 02/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,425
    • $0.92
    •  
  • 1403 Buckhorn Road Garner, NC 5
    • 3 beds 2 baths ∙ 1,490 Sqft ∙ Built 1990 3 beds 2 baths ∙ 1,490 Sqft ∙ Built 1990
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.97
    •  
PROPERTY LISTING DETAILS
Laura Burlage
1.919.696.1754
Movil Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2353366
Last Updated: 11/13/2020
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