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6213 Garrett Road Raleigh, NC 27606

3 Beds 2 Baths 1,308 sqft Built 1975

$299,900

List Price

$1,340

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

January 16, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1975
  • Price/Sqft : $229.28
  • 3 Days on Market
  • MLS # : 2361974
  • Updated Date : 01/16/2021 at 23:56
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,308 sqft
  • Baths : 2 full
Listing Agent

Northside Realty Inc.

Listing Agent's Description

Gorgeous Ranch Home on Half an ACRE with a bright open floor plan and upgrades galore! Features a custom designer kitchen with new shaker cabinets, granite countertops, glass tile backsplash and stainless steel appliances. Exotic 5" handscraped bamboo hardwood floors throughout main living areas; New designer paint and carpet. Awesome Owners Suite with new vanity. New windows, roof and water heater 2020. Convenient to 440, 40, Downtown Cary/Raleigh. Move In and Enjoy!

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
  • 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)

PRICE & RENT TRENDS

Neighborhood: Glosson Estates

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $113k277k

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

Neighborhood: Glosson Estates

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q27008009001000110012001300140015001600Rent in $6581630

* 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
Reedy Creek Elementary School Primary Regular 651 47 6
Reedy Creek Middle School Middle Regular 829 52 3
Athens Drive High School High Regular 1,884 119 6

Reedy Creek Elementary School

  • Education Level: Primary
  • # of students: 651
  • # of teachers: 47
6
GreatSchools Rating

Reedy Creek Middle School

  • Education Level: Middle
  • # of students: 829
  • # of teachers: 52
3
GreatSchools Rating

Athens Drive High School

  • Education Level: High
  • # of students: 1,884
  • # of teachers: 119
6
GreatSchools Rating
 

$269,910$329,890$299,900

PURCHASE PRICE

$1,206$1,474$1,340

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,340
EXPENSES Loan Payment -$1,042
Property Tax -$221
Property Insurance -$53
Property Management Fees -$119
CASH FLOW
-$95

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.

$299,900

PROJECTED PRICE

$1,340

PROJECTED RENT

0.45%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 5.6%
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-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$85,224

INVESTMENT

$85,224

Down Payment
$74,975
Rehab Estimate
$5,750
Closing Costs
$4,499

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,042

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $74,975
Loan Amount $224,925
See What Happens When You Reinvest Cash Flow

4.17

YEARS SAVED

$11,524

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,340

    LIST RENT
  • $1.02

    LIST RENT PER SQFT
  • $1,341

    COMP ESTIMATED VALUE
  • $1.03

    COMP AVG. RENT PER SQFT
Comps Range
$1,295
1$1,2952$1,3403$1,4254$1,4755$1,495
$1,495
RENT COMPS ANALYSIS
  • 6213 Garrett Road Raleigh, NC 2
    • 3 beds 2 baths ∙ 1,308 Sqft ∙ Built 1975 3 beds 2 baths ∙ 1,308 Sqft ∙ Built 1975
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,340
    • $1.02
    •  
  • 507 Glosson Road Raleigh, NC 1
    • 3 beds 2 baths ∙ 1,170 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,170 Sqft ∙ Built 1964
    property image
    LEASED 11/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $1.11
    •  
  • 6019 Hillsborough Street Raleigh, NC 3
    • 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1975 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1975
    property image
    LEASED 04/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,425
    • $0.95
    •  
  • 5126 Lundy Drive Raleigh, NC 4
    • 3 beds 3 baths ∙ 1,350 Sqft ∙ Built 1985 3 beds 3 baths ∙ 1,350 Sqft ∙ Built 1985
    property image
    LEASED 03/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $1.09
    •  
  • 307 Melanie Lane Cary, NC 5
    • 3 beds 2 baths ∙ 1,570 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,570 Sqft ∙ Built 1979
    property image
    LEASED 10/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.95
    •  
PROPERTY LISTING DETAILS
Stephanie Anson
1.919.335.3048
Northside Realty Inc.
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2361974
Last Updated: 01/16/2021
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