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

748 Young Forest Drive Wake Forest, NC 27587

3 Beds 3 Baths 1,926 sqft Built 1994

$249,000

List Price

$1,520

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

February 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1994
  • Price/Sqft : $129.28
  • 2 Days on Market
  • MLS # : 2365425
  • Updated Date : 02/06/2021 at 12:50
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,926 sqft
  • Baths : 2 full , 1 half
Listing Agent

Fonville Morisey/premier Agents Network

Listing Agent's Description

RANCH plus finished bonus. This home is waiting for your cosmetic TLC. Location between Youngsville and Wake Forest! Open concept for kitchen/breakfast room/family room with wood burning fireplace and vaulted ceiling. HUGE, fenced backyard with storage building added in 2018.

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: Wake Forest

ZipNIR Market*CityMarket2010Year20002019160k180k200k220k240k260k280k300k320k340kPrice in $153k359k

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

Neighborhood: Wake Forest

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q21100120013001400150016001700180019002000Rent in $10272062

* 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
Youngsville Elementary School Primary Regular 449 30 5
Cedar Creek Middle School Middle Regular 610 37 7
Franklinton High School High Regular 1,008 56 6

Youngsville Elementary School

  • Education Level: Primary
  • # of students: 449
  • # of teachers: 30
5
GreatSchools Rating

Cedar Creek Middle School

  • Education Level: Middle
  • # of students: 610
  • # of teachers: 37
7
GreatSchools Rating

Franklinton High School

  • Education Level: High
  • # of students: 1,008
  • # of teachers: 56
6
GreatSchools Rating
 

$224,100$273,900$249,000

PURCHASE PRICE

$1,368$1,672$1,520

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,520
EXPENSES Loan Payment -$865
Property Tax -$172
Property Insurance -$65
Property Management Fees -$119
CASH FLOW
$300

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.

$249,000

PROJECTED PRICE

$1,520

PROJECTED RENT

0.61%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.33%
Appreciation Year (1-5) 4.5%
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

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$71,735

INVESTMENT

$71,735

Down Payment
$62,250
Rehab Estimate
$5,750
Closing Costs
$3,735

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$865

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $62,250
Loan Amount $186,750
See What Happens When You Reinvest Cash Flow

12.25

YEARS SAVED

$47,237

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,520

    LIST RENT
  • $0.79

    LIST RENT PER SQFT
  • $1,425

    COMP ESTIMATED VALUE
  • $0.74

    COMP AVG. RENT PER SQFT
Comps Range
$1,475
1$1,4752$1,5203$1,575
$1,575
RENT COMPS ANALYSIS
  • 748 Young Forest Drive Wake Forest, NC 2
    • 3 beds 3 baths ∙ 1,926 Sqft ∙ Built 1994 3 beds 3 baths ∙ 1,926 Sqft ∙ Built 1994
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,520
    • $0.79
    •  
  • 821 Stackhurst Way Wake Forest, NC 1
    • 3 beds 3 baths ∙ 2,027 Sqft ∙ Built 2003 3 beds 3 baths ∙ 2,027 Sqft ∙ Built 2003
    property image
    LEASED 03/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $0.73
    •  
  • 716 Stackhurst Way Wake Forest, NC 3
    • 4 beds 3 baths ∙ 2,100 Sqft ∙ Built 2008 4 beds 3 baths ∙ 2,100 Sqft ∙ Built 2008
    property image
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $0.75
    •  
PROPERTY LISTING DETAILS
Robin Mcconnell
1.919.524.7451
Fonville Morisey/premier Agents Network
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2365425
Last Updated: 02/06/2021
BESbswy