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608 Beech Hanger Drive Morrisville, NC 27560

3 Beds 3 Baths 2,333 sqft Built 2006

$329,990

List Price

$1,850

$1.7K - $2K

Rent Est.

PROPERTY INFO

November 06, 2020 RECENTLY ADDED
FACTS
  • Built In 2006
  • Price/Sqft : $141.44
  • 3 Days on Market
  • MLS # : No MLS Number
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,333 sqft
  • Baths : 3 full
Listing Agent

Tobin

Listing Agent's Description

mmaculate 3 bedroom 3 bath end unit in sought after Downing Village. Light and bright open plan kitchen/family room with stainless steel appliances and granite countertops. First floor master bedroom with garden tub and separate shower. Upstairs includes a large bonus room and office nook, and unfinished attic storage. Conveniently located close to the new Wegmans, RDU, and RTP.

SEE MORE

MARKET HIGHLIGHTS

  • #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)
  • 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: Downing Village

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $138k359k

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

Neighborhood: Downing Village

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2110012001300140015001600170018001900200021002200Rent in $10272272

* 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
Cedar Fork Elementary School Primary Regular 951 58 8
West Cary Middle School Middle Regular 871 48 5
Panther Creek High School High Regular 2,893 140 9

Cedar Fork Elementary School

  • Education Level: Primary
  • # of students: 951
  • # of teachers: 58
8
GreatSchools Rating

West Cary Middle School

  • Education Level: Middle
  • # of students: 871
  • # of teachers: 48
5
GreatSchools Rating

Panther Creek High School

  • Education Level: High
  • # of students: 2,893
  • # of teachers: 140
9
GreatSchools Rating
 

$296,991$362,989$329,990

PURCHASE PRICE

$1,665$2,035$1,850

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,850
EXPENSES Loan Payment -$1,218
Property Tax -$246
Property Insurance -$73
HOA -$180
Property Management Fees -$167
CASH FLOW
-$33

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 16% of earned rent to cover both maintenance and periods of vacancy.

$329,990

PROJECTED PRICE

$1,850

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.33%
Appreciation Year (1-5) 7.2%
Maintenance Year (1-5) 8.00%
Vacancy 7.51%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$92,447

INVESTMENT

$92,447

Down Payment
$82,498
Rehab Estimate
$5,000
Closing Costs
$4,950

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,218

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $82,498
Loan Amount $247,493
See What Happens When You Reinvest Cash Flow

4.42

YEARS SAVED

$17,311

INTEREST SAVED

CASH FLOW REINVESTMENT

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

Solutions Manager

YOUR SOLUTIONS MANAGER

Please Contact Your Solutions Manager

To review the detailed price and rent comps for this property and answer any questions you may have.

PROPERTY LISTING DETAILS
Mynd
Tobin
BESbswy