Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

675 E Garner Road Garner, NC 27529

4 Beds 2 Baths 1,780 sqft Built 1970

INVESTimate

$220,000

List Price

$1,600

$1,440 - $1,760

Rent Est.

$230,780  ( +4.90%)   1 YR EST. FORECAST

PROPERTY INFO

August 24, 2020 RECENTLY ADDED
FACTS
  • Built In 1970
  • Price/Sqft : $123.60
  • 6 Days on Market
  • MLS # : 2338809
  • Updated Date : 08/26/2020 at 04:08
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,780 sqft
  • Baths : 2 full
Listing Agent

Howard Perry & Walston Realtor

Listing Agent's Description

A very convenient Garner location right down the street from historic downtown Garner & White Oak Shopping Center, minutes away from I-40, Hwy 70, and the new Amazon Fulfillment Center. Now for the home. It's a lovely split level with a separate dining room, large eat-in kitchen, four bedrooms, oversize 2 car garage and a huge, clear, flat, lot. The lot's .65 acre but feels even larger. The roof is five years old and the HVAC is a year old. With a few tweaks you can make this home your new home.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: White Oak

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $107k265k

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

Neighborhood: White Oak

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2900100011001200130014001500Rent in $8231595

* 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
Creech Road Elementary School Primary Regular 613 42 2
North Garner Middle School Middle Regular 948 59 3
Garner High School High Magnet 2,650 145 3

Creech Road Elementary School

  • Education Level: Primary
  • # of students: 613
  • # of teachers: 42
2
GreatSchools Rating

North Garner Middle School

  • Education Level: Middle
  • # of students: 948
  • # of teachers: 59
3
GreatSchools Rating

Garner High School

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

$198,000$242,000$220,000

PURCHASE PRICE

$1,440$1,760$1,600

RENT

DOWN PAYMENT
FINANCING

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$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,600
EXPENSES Loan Payment -$812
Property Tax -$205
Property Insurance -$62
Property Management Fees -$144
CASH FLOW
$378

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.

$220,000

PROJECTED PRICE

$1,600

PROJECTED RENT

0.73%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 4.90%
Maintenance Year (1-5) 8.00%
Vacancy 7.47%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$64,050

INVESTMENT

$64,050

Down Payment
$55,000
Rehab Estimate
$5,750
Closing Costs
$3,300

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 25% down payment or higher enables the proceeds from the asset to cover all costs.

$812

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $55,000
Loan Amount $165,000
See What Happens When You Reinvest Cash Flow

12.92

YEARS SAVED

$53,016

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,600

    LIST RENT
  • $0.9

    LIST RENT PER SQFT
  • $1,606

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$1,300
1$1,3002$1,3253$1,4004$1,6005$1,600
$1,600
RENT COMPS ANALYSIS
  • 675 E Garner Road Garner, 5
    • 4 beds 2 baths ∙ 1,780 Sqft ∙ Built 1970 4 beds 2 baths ∙ 1,780 Sqft ∙ Built 1970
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.90
    •  
  • 601 November Street Garner, 1
    • 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1982 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1982
    LEASED 04/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.87
    •  
  • 104 Stefi Court Garner, 2
    • 3 beds 2 baths ∙ 1,435 Sqft ∙ Built 1989 3 beds 2 baths ∙ 1,435 Sqft ∙ Built 1989
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,325
    • $0.92
    •  
  • 726 Hillandale Lane Garner, 3
    • 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1977
    LEASED 05/24/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.93
    •  
  • 1207 Silverhill Court Garner, 4
    • 3 beds 3 baths ∙ 1,800 Sqft ∙ Built 1988 3 beds 3 baths ∙ 1,800 Sqft ∙ Built 1988
    LEASED 08/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.89
    •  
PROPERTY LISTING DETAILS
Jessica Duren
1.919.803.9935
Howard Perry & Walston Realtor
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2338809
Last Updated: 08/26/2020
BESbswy