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8200 Lakeshore Drive Garner, NC 27529

3 Beds 2 Baths 1,750 sqft Built 1978

$225,000

List Price

$1,360

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

November 13, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1978
  • Price/Sqft : $128.57
  • 3 Days on Market
  • MLS # : 2353613
  • Updated Date : 11/13/2020 at 20:47
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,750 sqft
  • Baths : 2 full
Listing Agent

Howard Perry & Walston Realtor

Listing Agent's Description

Showings Start on 11/19! Walking Distance to Lake Benson! Kit w/Large Island w/Granite Ctop, White Cabs, Smooth Top Range, Microwave, Cased Opening over Sink looking onto SunRm! DinRm Area w/Chair-Rail & Wainscoting! Master Bdrm w/Large Walk-in Closet! Master Bth w/White Vanity & Make-up Counter, Painted Wood Framed Mirror w/Fluted Trim, 4-Bulb Brushed Nickel Vanity Light & Tub/Shower Combo! Vaulted Sun Room w/Ceiling Fan & Light! Family Rm w/Lots of Windows & Ceiling Fan w/Light!

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
  • #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)

PRICE & RENT TRENDS

Neighborhood: Edgewater Park

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $132k359k

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

Neighborhood: Edgewater Park

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2100011001200130014001500160017001800Rent in $9551873

* 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
Rand Road Elementary School Primary Regular 558 36 5
North Garner Middle School Middle Regular 948 59 3
South Garner High School High Regular NA

Rand Road Elementary School

  • Education Level: Primary
  • # of students: 558
  • # of teachers: 36
5
GreatSchools Rating

North Garner Middle School

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

South Garner High School

  • Education Level: High
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$202,500$247,500$225,000

PURCHASE PRICE

$1,224$1,496$1,360

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,360
EXPENSES Loan Payment -$830
Property Tax -$180
Property Insurance -$61
Property Management Fees -$122
CASH FLOW
$166

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.

$225,000

PROJECTED PRICE

$1,360

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.33%
Appreciation Year (1-5) 4.9%
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$100k$200k$300k$400k$500k$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

11530$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$65,375

INVESTMENT

$65,375

Down Payment
$56,250
Rehab Estimate
$5,750
Closing Costs
$3,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$830

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $56,250
Loan Amount $168,750
See What Happens When You Reinvest Cash Flow

9.17

YEARS SAVED

$33,234

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,360

    LIST RENT
  • $0.78

    LIST RENT PER SQFT
  • $1,476

    COMP ESTIMATED VALUE
  • $0.84

    COMP AVG. RENT PER SQFT
Comps Range
$1,195
1$1,1952$1,3603$1,5454$1,650
$1,650
RENT COMPS ANALYSIS
  • 8200 Lakeshore Drive Garner, NC 2
    • 3 beds 2 baths ∙ 1,750 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,750 Sqft ∙ Built 1978
    • Rent
    • Rent Per SQFT
    •  
    • $1,360
    • $0.78
    •  
  • 629 Rand Road Garner, NC 1
    • 3 beds 2 baths ∙ 1,556 Sqft ∙ Built 1961 3 beds 2 baths ∙ 1,556 Sqft ∙ Built 1961
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,195
    • $0.77
    •  
  • 1108 Cane Creek Drive Garner, NC 3
    • 3 beds 3 baths ∙ 1,752 Sqft ∙ Built 1996 3 beds 3 baths ∙ 1,752 Sqft ∙ Built 1996
    LEASED 07/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,545
    • $0.88
    •  
  • 2308 Water Lilly Way Garner, NC 4
    • 3 beds 3 baths ∙ 1,875 Sqft ∙ Built 1997 3 beds 3 baths ∙ 1,875 Sqft ∙ Built 1997
    LEASED 06/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.88
    •  
PROPERTY LISTING DETAILS
Jim Allen
1.919.645.2114
Howard Perry & Walston Realtor
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2353613
Last Updated: 11/13/2020
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