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707 Springview Trail Garner, NC 27529

3 Beds 3 Baths 1,950 sqft Built 1974

$299,000

List Price

$1,600

$1.4K - $1.8K

Rent Est.

PROPERTY INFO

November 18, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1974
  • Price/Sqft : $153.33
  • 5 Days on Market
  • MLS # : 2354281
  • Updated Date : 11/21/2020 at 17:04
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,950 sqft
  • Baths : 3 full
Listing Agent

8th Day Realty Group Llc

Listing Agent's Description

3br 2 ba ranch style home fully renovated in 2020. At nearly 2,000 square feet with 2 owners suites in a split design it’s truly one of a kind. Improvements= roof, HVAC, Vinyl Siding, Vinyl windows, water heater,kitchen, bathrooms, gutters, light fixtures, plumbing fixtures, electrical fixtures… new just about everything! A walk-in closet the size of a small bedroom and a laundry room to die for are some of the unique features. Screened porch overlooking a private garden helps to make this home special.

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: Woodridge

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $85k265k

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

Neighborhood: Woodridge

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2700800900100011001200130014001500Rent in $6701595

* 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
Vandora Springs Elementary School Primary Regular 572 43 4
North Garner Middle School Middle Regular 948 59 3
Garner High School High Magnet 2,650 145 3

Vandora Springs Elementary School

  • Education Level: Primary
  • # of students: 572
  • # of teachers: 43
4
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
 

$269,100$328,900$299,000

PURCHASE PRICE

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

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,600
EXPENSES Loan Payment -$1,103
Property Tax -$239
Property Insurance -$65
Property Management Fees -$144
CASH FLOW
$48

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.

$299,000

PROJECTED PRICE

$1,600

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 4.9%
Maintenance Year (1-5) 8.00%
Vacancy 7.47%
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-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

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$84,985

INVESTMENT

$84,985

Down Payment
$74,750
Rehab Estimate
$5,750
Closing Costs
$4,485

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,103

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $74,750
Loan Amount $224,250
See What Happens When You Reinvest Cash Flow

5.58

YEARS SAVED

$22,020

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
  • $0.82

    LIST RENT PER SQFT
  • $1,658

    COMP ESTIMATED VALUE
  • $0.85

    COMP AVG. RENT PER SQFT
Comps Range
$1,400
1$1,4002$1,4503$1,4954$1,5955$1,600
$1,600
RENT COMPS ANALYSIS
  • 707 Springview Trail Garner, NC 5
    • 3 beds 3 baths ∙ 1,950 Sqft ∙ Built 1974 3 beds 3 baths ∙ 1,950 Sqft ∙ Built 1974
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.82
    •  
  • 1521 Wiljohn Road Garner, NC 1
    • 3 beds 2 baths ∙ 1,800 Sqft ∙ Built 1961 3 beds 2 baths ∙ 1,800 Sqft ∙ Built 1961
    LEASED 08/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.78
    •  
  • 1305 Timber Drive Garner, NC 2
    • 3 beds 3 baths ∙ 1,714 Sqft ∙ Built 1976 3 beds 3 baths ∙ 1,714 Sqft ∙ Built 1976
    LEASED 06/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.85
    •  
  • 200 Coachman Drive Garner, NC 3
    • 3 beds 2 baths ∙ 1,710 Sqft ∙ Built 1974 3 beds 2 baths ∙ 1,710 Sqft ∙ Built 1974
    LEASED 09/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.87
    •  
  • 524 Woodland Road Raleigh, NC 4
    • 3 beds 2 baths ∙ 1,775 Sqft ∙ Built 1958 3 beds 2 baths ∙ 1,775 Sqft ∙ Built 1958
    LEASED 11/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.90
    •  
PROPERTY LISTING DETAILS
Ricardo Cobos
1.919.670.3298
8th Day Realty Group Llc
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2354281
Last Updated: 11/21/2020
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