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605 Kimberwood Court Garner, NC 27529

3 Beds 2 Baths 1,478 sqft Built 1992

$230,000

List Price

$1,350

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

January 09, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1992
  • Price/Sqft : $155.62
  • 2 Days on Market
  • MLS # : 2360868
  • Updated Date : 01/09/2021 at 23:57
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,478 sqft
  • Baths : 2 full
Listing Agent

Fonville Morisey/lochmere Sales Office

Listing Agent's Description

Rocking Chair Porch welcomes you to this Ranch Style 3 BR home located in a Cul-de-sac. Vaulted Ceiling in Family Room has a Stone fireplace w/gas logs. A Bright Kitchen w/Open Shelving. Large Owner's Suite w/extra touches that include Built-ins, a Window Seat & a Barn Door. Both Baths updated w/new Tile,Vanities,Flooring & Fixtures. Decking above & below in a fenced Yard. Storage includes 12x8 Shed w/power & Walk in Crawl Space. This home has all the Charm! Easy access to Raleigh, I-40 & Shopping.NO HOA

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • #7 Best Big City for Jobs 2018 (Forbes, 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

PRICE & RENT TRENDS

Neighborhood: Kimber Woods

NeighborhoodNIR Market*CityMarket2010Year20002019140k150k160k170k180k190k200k210k220k230k240k250k260kPrice in $132k265k

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

Neighborhood: Kimber Woods

NeighborhoodNIR 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
East Garner Middle School Middle Magnet 1,361 83 4
Garner High School High Magnet 2,650 145 3

East Garner Middle School

  • Education Level: Middle
  • # of students: 1,361
  • # of teachers: 83
4
GreatSchools Rating

Garner High School

  • Education Level: High
  • # of students: 2,650
  • # of teachers: 145
3
GreatSchools Rating
 

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

PURCHASE PRICE

$1,215$1,485$1,350

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,350
EXPENSES Loan Payment -$799
Property Tax -$187
Property Insurance -$56
Property Management Fees -$119
CASH FLOW
$189

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

$1,350

PROJECTED RENT

0.59%

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$100k$200k$300k$400k$500k$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

11530$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

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 35% 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

9.67

YEARS SAVED

$32,114

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,350

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $1,345

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$1,050
1$1,0502$1,3253$1,3504$1,4255$1,450
$1,450
RENT COMPS ANALYSIS
  • 605 Kimberwood Court Garner, NC 3
    • 3 beds 2 baths ∙ 1,478 Sqft ∙ Built 1992 3 beds 2 baths ∙ 1,478 Sqft ∙ Built 1992
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.91
    •  
  • 102 Madrid Court Garner, NC 1
    • 3 beds 2 baths ∙ 1,190 Sqft ∙ Built 1981 3 beds 2 baths ∙ 1,190 Sqft ∙ Built 1981
    property image
    LEASED 11/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,050
    • $0.88
    •  
  • 104 Stefi Court Garner, NC 2
    • 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
    •  
  • 1306 Timber Drive Garner, NC 4
    • 3 beds 2 baths ∙ 1,550 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,550 Sqft ∙ Built 1977
    property image
    LEASED 02/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,425
    • $0.92
    •  
  • 1303 Timber Drive Garner, NC 5
    • 3 beds 2 baths ∙ 1,580 Sqft ∙ Built 1975 3 beds 2 baths ∙ 1,580 Sqft ∙ Built 1975
    property image
    LEASED 09/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.92
    •  
PROPERTY LISTING DETAILS
Liz Radman
1.919.801.3908
Fonville Morisey/lochmere Sales Office
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2360868
Last Updated: 01/09/2021
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