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5408 Gunnette Drive Raleigh, NC 27610

4 Beds 3 Baths 1,611 sqft Built 2003

$230,000

List Price

$1,480

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
February 11, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $142.77
  • 4 Days on Market
  • MLS # : 2366224
  • Updated Date : 02/11/2021 at 20:05
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,611 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Preferred Realty

Listing Agent's Description

This move-in ready 4 bedroom home is fully loaded w/ upgrades & more. Fully remodeled w/ granite countertops throughout, LVP Flooring on 1st floor w/ brand new carpet upstairs. New roof, new HVAC, new stainless steel appliances, new hot water heater, new garage door w/ new coating for garage floor, new gutters, updated electrical w/ USB port in Living Room & the list goes on. This home has is one's dream w/ great frontage and back yard space. Convenient to downtown, major highways, shopping & restaurants.

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
  • Major employers in Raleigh area: IBM, Cisco systems, Fidelity Investments, GlaxoSmithKline, RTI International
  • #7 Best Big City for Jobs 2018 (Forbes, 2018)
  • 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

Neighborhood: Pearl Ridge

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $106k277k

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

Neighborhood: Pearl Ridge

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q28009001000110012001300140015001600Rent in $7911630

* 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
East Garner Elementary School Primary Regular 637 41 4
West Lake Middle School Middle Regular 1,344 77 6
South Garner High School High Unknown NA

East Garner Elementary School

  • Education Level: Primary
  • # of students: 637
  • # of teachers: 41
4
GreatSchools Rating

West Lake Middle School

  • Education Level: Middle
  • # of students: 1,344
  • # of teachers: 77
6
GreatSchools Rating

South Garner High School

  • Education Level: High
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$207,000$253,000$230,000

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 -$799
Property Tax -$172
Property Insurance -$59
HOA -$12
Property Management Fees -$119
CASH FLOW
$320

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.

$230,000

PROJECTED PRICE

$1,480

PROJECTED RENT

0.64%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 7.0%
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$5.0k$10k$15k$20k

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$66,700

INVESTMENT

$66,700

Down Payment
$57,500
Rehab Estimate
$5,750
Closing Costs
$3,450

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 25% down payment or higher enables the proceeds from the asset to cover all costs.

$799

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $57,500
Loan Amount $172,500
See What Happens When You Reinvest Cash Flow

12.5

YEARS SAVED

$45,024

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
  • $0.92

    LIST RENT PER SQFT
  • $1,426

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$1,200
1$1,2002$1,3753$1,3954$1,4455$1,480
$1,480
RENT COMPS ANALYSIS
  • 5408 Gunnette Drive Raleigh, NC 5
    • 4 beds 3 baths ∙ 1,611 Sqft ∙ Built 2003 4 beds 3 baths ∙ 1,611 Sqft ∙ Built 2003
    • Rent
    • Rent Per SQFT
    •  
    • $1,480
    • $0.92
    •  
  • 4325 Haverty Drive Raleigh, NC 1
    • 3 beds 3 baths ∙ 1,350 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,350 Sqft ∙ Built 2005
    LEASED 06/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.89
    •  
  • 4632 Queen Pierrette Street Raleigh, NC 2
    • 3 beds 2 baths ∙ 1,513 Sqft ∙ Built 2016 3 beds 2 baths ∙ 1,513 Sqft ∙ Built 2016
    LEASED 12/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $0.91
    •  
  • 5612 Advantis Drive Raleigh, NC 3
    • 3 beds 2 baths ∙ 1,589 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,589 Sqft ∙ Built 2001
    LEASED 03/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.88
    •  
  • 4016 Bearmont Place Raleigh, NC 4
    • 3 beds 3 baths ∙ 1,686 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,686 Sqft ∙ Built 2002
    LEASED 07/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,445
    • $0.86
    •  
PROPERTY LISTING DETAILS
Koren Bowman
1.919.880.1914
Keller Williams Preferred Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2366224
Last Updated: 02/11/2021
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