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6112 Walnut Glen Drive Willow Spring(s), NC 27592

3 Beds 2 Baths 1,602 sqft Built 1998

$242,500

List Price

$1,400

$1.3K - $1.5K

Rent Est.

PROPERTY INFO

November 14, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1998
  • Price/Sqft : $151.37
  • 3 Days on Market
  • MLS # : 2353714
  • Updated Date : 11/15/2020 at 02:24
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,602 sqft
  • Baths : 2 full
Listing Agent

Howard Perry & Walston Realtor

Listing Agent's Description

RANCH--one flr living in Wake County under 250K! .70 acre cul-de-sac lot in WillowSprings. This lovely home has brand new carpet & paint thru-out. Great layout w/light & airy colors. Cathedral ceiling in FamRm w/ wood burning FP. Hardwds foyer & Dining Rm. Roof new 2017, New Leaf Guard Gutters 2017, H2O heater new 2020, HVAC/Heatpump motor replaced 2019. Out building wired for generator. Walk-In crawl partially finished & conditioned for storage or work space. Nice deck in back to enjoy your large bckyard

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: Willow Bluffs

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $123k359k

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

Neighborhood: Willow Bluffs

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2700800900100011001200130014001500160017001800Rent in $6811873

* 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
Banks Road Elementary School Primary Regular 699 48 6
Fuquay-varina Middle School Middle Regular 819 55 4
Fuquay-varina High School High Regular 2,117 114 7

Banks Road Elementary School

  • Education Level: Primary
  • # of students: 699
  • # of teachers: 48
6
GreatSchools Rating

Fuquay-varina Middle School

  • Education Level: Middle
  • # of students: 819
  • # of teachers: 55
4
GreatSchools Rating

Fuquay-varina High School

  • Education Level: High
  • # of students: 2,117
  • # of teachers: 114
7
GreatSchools Rating
 

$218,250$266,750$242,500

PURCHASE PRICE

$1,260$1,540$1,400

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,400
EXPENSES Loan Payment -$895
Property Tax -$123
Property Insurance -$58
HOA -$7
Property Management Fees -$126
CASH FLOW
$191

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.

$242,500

PROJECTED PRICE

$1,400

PROJECTED RENT

0.58%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.33%
Appreciation Year (1-5) 7.3%
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

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k$18k

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$70,013

INVESTMENT

$70,013

Down Payment
$60,625
Rehab Estimate
$5,750
Closing Costs
$3,638

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$895

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $60,625
Loan Amount $181,875
See What Happens When You Reinvest Cash Flow

9.5

YEARS SAVED

$38,490

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,400

    LIST RENT
  • $0.87

    LIST RENT PER SQFT
  • $1,458

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$1,295
1$1,2952$1,4003$1,4504$1,500
$1,500
RENT COMPS ANALYSIS
  • 6112 Walnut Glen Drive Willow Spring(s), NC 2
    • 3 beds 2 baths ∙ 1,602 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,602 Sqft ∙ Built 1998
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.87
    •  
  • 5520 Moorhaven Drive Raleigh, NC 1
    • 3 beds 2 baths ∙ 1,450 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,450 Sqft ∙ Built 1997
    LEASED 06/09/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.89
    •  
  • 2809 Buckboard Lane Raleigh, NC 3
    • 3 beds 2 baths ∙ 1,575 Sqft ∙ Built 1995 3 beds 2 baths ∙ 1,575 Sqft ∙ Built 1995
    LEASED 07/18/22
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.92
    •  
  • 7309 Blannie Farms Lane Willow Spring(s), NC 4
    • 3 beds 2 baths ∙ 1,630 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,630 Sqft ∙ Built 2003
    LEASED 07/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.92
    •  
PROPERTY LISTING DETAILS
Heather Dunn
1.919.219.1941
Howard Perry & Walston Realtor
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2353714
Last Updated: 11/15/2020
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