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57 Lake Forest Court Four Oaks, NC 27524

3 Beds 3 Baths 2,300 sqft Built 2008

INVESTimate

$272,500

List Price

$1,470

$1,323 - $1,617

Rent Est.

$282,092  ( +3.52%)   1 YR EST. FORECAST

PROPERTY INFO

August 20, 2020 RECENTLY ADDED
FACTS
  • Built In 2008
  • Price/Sqft : $118.48
  • 7 Days on Market
  • MLS # : 2338320
  • Updated Date : 08/21/2020 at 15:16
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,300 sqft
  • Baths : 2 full , 1 half
Listing Agent

Exp Realty, Llc

Listing Agent's Description

Beautiful cul-de-sac lot on over 1/2 an acre. Rocking chair front porch invites you to sit for a spell. Breakfast bar in kitchen. Large backyard. New carpet, fresh paint.

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

Neighborhood: Lakewood Estates

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $96k265k

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

Neighborhood: Lakewood Estates

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q28009001000110012001300140015001600Rent in $7021618

* 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
Four Oaks Elementary School Primary Regular 1,078 77 5
Four Oaks Middle School Middle Regular 523 33 4
West Johnston High School High Regular 1,359 83 5

Four Oaks Elementary School

  • Education Level: Primary
  • # of students: 1,078
  • # of teachers: 77
5
GreatSchools Rating

Four Oaks Middle School

  • Education Level: Middle
  • # of students: 523
  • # of teachers: 33
4
GreatSchools Rating

West Johnston High School

  • Education Level: High
  • # of students: 1,359
  • # of teachers: 83
5
GreatSchools Rating
 

$245,250$299,750$272,500

PURCHASE PRICE

$1,323$1,617$1,470

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

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 $1,470
EXPENSES Loan Payment -$1,005
Property Tax -$177
Property Insurance -$72
Property Management Fees -$132
CASH FLOW
$84

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.

$272,500

PROJECTED PRICE

$1,470

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 3.52%
Maintenance Year (1-5) 8.00%
Vacancy 7.47%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$77,963

INVESTMENT

$77,963

Down Payment
$68,125
Rehab Estimate
$5,750
Closing Costs
$4,088

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,005

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $68,125
Loan Amount $204,375
See What Happens When You Reinvest Cash Flow

6.42

YEARS SAVED

$24,623

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,470

    LIST RENT
  • $0.64

    LIST RENT PER SQFT
  • $1,472

    COMP ESTIMATED VALUE
  • $0.64

    COMP AVG. RENT PER SQFT
Comps Range
$1,470
1$1,4702$1,600
$1,600
RENT COMPS ANALYSIS
  • 57 Lake Forest Court Four Oaks, 1
    • 3 beds 3 baths ∙ 2,300 Sqft ∙ Built 2008 3 beds 3 baths ∙ 2,300 Sqft ∙ Built 2008
    • Rent
    • Rent Per SQFT
    •  
    • $1,470
    • $0.64
    •  
  • 381 Carolina Oaks Avenue Smithfield, 2
    • 3 beds 3 baths ∙ 2,481 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,481 Sqft ∙ Built 2006
    LEASED 05/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.64
    •  
PROPERTY LISTING DETAILS
Douglas Baer
1.240.422.6484
Exp Realty, Llc
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2338320
Last Updated: 08/21/2020
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