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6349 Winter Spring Drive Wake Forest, NC 27587

5 Beds 3 Baths 2,363 sqft Built 2001

$300,000

List Price

$1,800

$1.6K - $2K

Rent Est.

PROPERTY INFO

October 30, 2020 RECENTLY ADDED
FACTS
  • Built In 2001
  • Price/Sqft : $126.96
  • 5 Days on Market
  • MLS # : 2351216
  • Updated Date : 11/01/2020 at 16:18
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,363 sqft
  • Baths : 3 full
Listing Agent

Coldwell Banker Advantage

Listing Agent's Description

Spacious 4/5 bedroom, 3 full bath with huge bonus room on level, private lot in highly sought after Jones Dairy Farm. Awesome Wake Forest location that is convenient to most everywhere. Brand new roof & large new deck overlooking spacious private yard. Newer shed/shop wired and perfect for storage and/or work space. 1st floor features large master & (2) additional bedrooms, open kitchen, dining & living room w/fireplace. 2nd floor has 4th bedroom, full bath and large bonus/5th bedroom. Lots for the money!

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: Jones Dairy Farm

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $127k359k

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

Neighborhood: Jones Dairy Farm

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q29001000110012001300140015001600170018001900Rent in $8421937

* 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
Jones Dairy Elementary School Primary Regular 793 49 7
Wake Forest Middle School Middle Regular 1,021 60 4
Wake Forest High School High Regular 1,953 106 7

Jones Dairy Elementary School

  • Education Level: Primary
  • # of students: 793
  • # of teachers: 49
7
GreatSchools Rating

Wake Forest Middle School

  • Education Level: Middle
  • # of students: 1,021
  • # of teachers: 60
4
GreatSchools Rating

Wake Forest High School

  • Education Level: High
  • # of students: 1,953
  • # of teachers: 106
7
GreatSchools Rating
 

$270,000$330,000$300,000

PURCHASE PRICE

$1,620$1,980$1,800

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,800
EXPENSES Loan Payment -$1,107
Property Tax -$263
Property Insurance -$73
Property Management Fees -$162
CASH FLOW
$195

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.

$300,000

PROJECTED PRICE

$1,800

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.33%
Appreciation Year (1-5) 6.7%
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$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$85,250

INVESTMENT

$85,250

Down Payment
$75,000
Rehab Estimate
$5,750
Closing Costs
$4,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,107

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $75,000
Loan Amount $225,000
See What Happens When You Reinvest Cash Flow

8.58

YEARS SAVED

$41,449

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,800

    LIST RENT
  • $0.76

    LIST RENT PER SQFT
  • $1,851

    COMP ESTIMATED VALUE
  • $0.78

    COMP AVG. RENT PER SQFT
Comps Range
$1,650
1$1,6502$1,8003$1,8504$1,995
$1,995
RENT COMPS ANALYSIS
  • 6349 Winter Spring Drive Wake Forest, NC 2
    • 5 beds 3 baths ∙ 2,363 Sqft ∙ Built 2001 5 beds 3 baths ∙ 2,363 Sqft ∙ Built 2001
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.76
    •  
  • 418 Shady Willow Lane Rolesville, NC 1
    • 4 beds 3 baths ∙ 2,141 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,141 Sqft ∙ Built 2006
    property image
    LEASED 07/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.77
    •  
  • 1308 Old Pond Court Wake Forest, NC 3
    • 5 beds 3 baths ∙ 2,356 Sqft ∙ Built 1997 5 beds 3 baths ∙ 2,356 Sqft ∙ Built 1997
    property image
    LEASED 10/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.79
    •  
  • 6412 Canning Place Wake Forest, NC 4
    • 4 beds 3 baths ∙ 2,524 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,524 Sqft ∙ Built 2003
    property image
    LEASED 01/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.79
    •  
PROPERTY LISTING DETAILS
Dave Harney
1.919.723.8370
Coldwell Banker Advantage
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2351216
Last Updated: 11/01/2020
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