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724 Hay River Street Garner, NC 27529

3 Beds 3 Baths 2,250 sqft Built 2007

$270,000

List Price

$1,670

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

January 15, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2007
  • Price/Sqft : $120.00
  • 3 Days on Market
  • MLS # : 2361754
  • Updated Date : 01/15/2021 at 18:22
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,250 sqft
  • Baths : 2 full , 1 half
Listing Agent

Mark Spain Real Estate

Listing Agent's Description

Desirable 3 Bedrooms 2 1/2 Baths Home Convenient to Amazon Distribution Center and Minutes from Downtown Raleigh. Front Porch w/rails 2 car garage separate formal dining room, family room with gas logs, bonus room, deck, maintenance free vinyl siding, backyard is private, backs up to wooded area.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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

PRICE & RENT TRENDS

Neighborhood: Hunters Mark

NeighborhoodNIR Market*CityMarket2010Year20002019140k150k160k170k180k190k200k210k220k230k240k250k260kPrice in $132k265k

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

Neighborhood: Hunters Mark

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2950100010501100115012001250130013501400145015001550Rent in $9461595

* 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
 

$243,000$297,000$270,000

PURCHASE PRICE

$1,503$1,837$1,670

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,670
EXPENSES Loan Payment -$938
Property Tax -$231
Property Insurance -$71
HOA -$35
Property Management Fees -$119
CASH FLOW
$276

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.

$270,000

PROJECTED PRICE

$1,670

PROJECTED RENT

0.62%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 5.3%
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$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$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$77,300

INVESTMENT

$77,300

Down Payment
$67,500
Rehab Estimate
$5,750
Closing Costs
$4,050

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$938

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $67,500
Loan Amount $202,500
See What Happens When You Reinvest Cash Flow

10.67

YEARS SAVED

$42,958

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,670

    LIST RENT
  • $0.74

    LIST RENT PER SQFT
  • $1,654

    COMP ESTIMATED VALUE
  • $0.73

    COMP AVG. RENT PER SQFT
Comps Range
$1,450
1$1,4502$1,5953$1,6504$1,6705$1,725
$1,725
RENT COMPS ANALYSIS
  • 724 Hay River Street Garner, NC 4
    • 4 beds 3 baths ∙ 2,250 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,250 Sqft ∙ Built 2007
    • Rent
    • Rent Per SQFT
    •  
    • $1,670
    • $0.74
    •  
  • 3004 Maidenhair Drive Raleigh, NC 1
    • 4 beds 3 baths ∙ 2,007 Sqft ∙ Built 2016 4 beds 3 baths ∙ 2,007 Sqft ∙ Built 2016
    LEASED 10/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.72
    •  
  • 516 Hay River Street Garner, NC 2
    • 3 beds 3 baths ∙ 2,267 Sqft ∙ Built 2003 3 beds 3 baths ∙ 2,267 Sqft ∙ Built 2003
    LEASED 07/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.70
    •  
  • 780 Hay River Street Garner, NC 3
    • 4 beds 3 baths ∙ 2,266 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,266 Sqft ∙ Built 2007
    LEASED 08/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.73
    •  
  • 169 Longbay Street Garner, NC 5
    • 4 beds 3 baths ∙ 2,192 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,192 Sqft ∙ Built 2007
    LEASED 01/08/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,725
    • $0.79
    •  
PROPERTY LISTING DETAILS
Amy Hiott
1.919.395.0220
Mark Spain Real Estate
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2361754
Last Updated: 01/15/2021
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