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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.

$64,050

Investment Est.

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

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AVAILABLE

1 YEAR
Gross Yield	8.73%
NOI	$11,539

15 YEAR
Yield	12.18%
Appreciation	3.29%
TOTAL RETURN	25.09%

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.

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983 State Rd 1004

Garner, North Carolina

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MARKET HIGHLIGHTS

Raleigh Market Report

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)

Neighborhood: White Oak

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

Neighborhood: White Oak

* 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

GreatSchools Rating

North Garner Middle School

Education Level: Middle
# of students: 948
# of teachers: 59

GreatSchools Rating

Garner High School

Education Level: High
# of students: 2,650
# of teachers: 145

GreatSchools Rating

FINANCIALS

Learn how to read this

$198,000$242,00000$220,000

PURCHASE PRICE

$1,440$1,76000$1,600

RENT

DOWN PAYMENT

FINANCING

OFF ON

Acquisition Concierge

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PROPERTY

Expense Inflation	%
Vacancy	%
Length of Stay
Expense Inflation	%
Vacancy	%
Length of Stay

YEAR (1-5)

Appreciation	%
Rental Growth	%
Maintenance	%

YEAR (1-5)

Appreciation	%
Rental Growth	%
Maintenance	%

YEAR (6+)

Appreciation	%
Rental Growth	%
Maintenance	%

INVESTMENT

Rehab Costs
Reinvest Cash Flow	Yes No
Interest Rate	%

INVESTMENT

Rehab Costs
Reinvest Cash Flow	Yes No
Interest Rate	%

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PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

Cash Flow
Appreciation
Principal

PROJECTED ANNUAL CASH FLOW

Tenant Turnover

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

Appreciation
Principal
Loan Balance

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

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

4.25%

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

1,780
PROPERTY SQFT
$0.9
AVG RENT PER SQFT
$1,606
ESTIMATED VALUE
$1,600
LIST RENT

675 E Garner Road Garner, 3

4 beds 2 baths ∙ 1,780 Sqft ∙ Built 1970 4 beds 2 baths ∙ 1,780 Sqft ∙ Built 1970
Price

Price Per SQFT

$220,000

$123.60
510 Lawndale Street Garner, 1

3 beds 2 baths ∙ 1,519 Sqft ∙ Built 1960 3 beds 2 baths ∙ 1,519 Sqft ∙ Built 1960
SOLD 07/22/20
Price

Price Per SQFT

$159,000

$104.67
715 Wakeland Drive Garner, 2

3 beds 2 baths ∙ 1,616 Sqft ∙ Built 1965 3 beds 2 baths ∙ 1,616 Sqft ∙ Built 1965
SOLD 09/03/19
Price

Price Per SQFT

$165,000

$102.10
608 Chapwith Road Garner, 4

4 beds 3 baths ∙ 1,851 Sqft ∙ Built 1988 4 beds 3 baths ∙ 1,851 Sqft ∙ Built 1988
SOLD 04/20/20
Price

Price Per SQFT

$239,900

$129.61
1212 Stapleton Drive Garner, 5

4 beds 3 baths ∙ 2,068 Sqft ∙ Built 1995 4 beds 3 baths ∙ 2,068 Sqft ∙ Built 1995
SOLD 06/08/20
Price

Price Per SQFT

$255,000

$123.31

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

675 E Garner Road Garner, NC 27529

INVESTimate

$220,000

$1,600

$64,050

REQUEST INFO

PROPERTY INFO

FACTS

CONSTRUCTION

Listing Agent

Listing Agent's Description

MARKET HIGHLIGHTS

PRICE & RENT TRENDS

SCHOOLS

Creech Road Elementary School

North Garner Middle School

Garner High School

FINANCIALS

$198,000$242,00000$220,000

$1,440$1,76000$1,600

Acquisition Concierge

PROJECTED ACCUMULATED WEALTH

PROJECTED ANNUAL CASH FLOW

PROJECTED PROPERTY VALUE

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

$220,000

$1,600

0.73%

TOTAL CASH OUT OF POCKET

INVESTMENT

LOAN DETAILS

25%

$812

12.92

$53,016

$220,000

$123.6

$204,562

$114.92

COMPS RANGE

PRICE COMPS ANALYSIS

$1,600

$0.9

$1,606

$0.9

Comps Range

RENT COMPS ANALYSIS

PROPERTY LISTING DETAILS