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835 Joyner Court Wake Forest, NC 27587

3 Beds 3 Baths 1,500 sqft Built 1993

$260,000

List Price

$1,400

$1.3K - $1.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1993
  • Price/Sqft : $173.33
  • 7 Days on Market
  • MLS # : 2371100
  • Updated Date : 03/13/2021 at 18:48
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,500 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Preferred Realty

Listing Agent's Description

Seller is not owner of record. Seller has never lived in the house and does not know condition of structural or mechanical systems. Photos coming by 3/15/21. 3BR/2.5BA home that needs TLC. Unusual colors on kitchen counters. Whole interior needs paint. FHA/VA loans likely will not work for this one due to condition. Unknown age of HVAC. Roof is newer but no exact date is known. Great neighborhood less than 3/4 mile walk to historic downtown Wake Forest. Convenient to eat, shop and play.

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: Tyler Run

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $137k359k

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

Neighborhood: Tyler Run

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q29001000110012001300140015001600170018001900Rent in $8911937

* 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
Wake Forest Elementary School Primary Regular 568 37 3
Wake Forest Middle School Middle Regular 1,021 60 4
Wake Forest High School High Regular 1,953 106 7

Wake Forest Elementary School

  • Education Level: Primary
  • # of students: 568
  • # of teachers: 37
3
GreatSchools Rating

Wake Forest Middle School

  • Education Level: Middle
  • # of students: 1,021
  • # of teachers: 60
4
GreatSchools Rating

Wake Forest High School

  • Education Level: High
  • # of students: 1,953
  • # of teachers: 106
7
GreatSchools Rating
 

$234,000$286,000$260,000

PURCHASE PRICE

$1,260$1,540$1,400

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,400
EXPENSES Loan Payment -$903
Property Tax -$205
Property Insurance -$56
Property Management Fees -$119
CASH FLOW
$116

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.

$260,000

PROJECTED PRICE

$1,400

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.33%
Appreciation Year (1-5) 4.1%
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$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$74,650

INVESTMENT

$74,650

Down Payment
$65,000
Rehab Estimate
$5,750
Closing Costs
$3,900

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$903

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $65,000
Loan Amount $195,000
See What Happens When You Reinvest Cash Flow

8.5

YEARS SAVED

$29,742

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,400

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $1,425

    COMP ESTIMATED VALUE
  • $0.95

    COMP AVG. RENT PER SQFT
Comps Range
$1,300
1$1,3002$1,3753$1,4004$1,7005$1,795
$1,795
RENT COMPS ANALYSIS
  • 835 Joyner Court Wake Forest, NC 3
    • 3 beds 3 baths ∙ 1,500 Sqft ∙ Built 1993 3 beds 3 baths ∙ 1,500 Sqft ∙ Built 1993
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.93
    •  
  • 309 Tillamook Drive Wake Forest, NC 1
    • 3 beds 3 baths ∙ 1,470 Sqft ∙ Built 1997 3 beds 3 baths ∙ 1,470 Sqft ∙ Built 1997
    property image
    LEASED 04/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.88
    •  
  • 506 Tyler Run Drive Wake Forest, NC 2
    • 3 beds 2 baths ∙ 1,443 Sqft ∙ Built 1993 3 beds 2 baths ∙ 1,443 Sqft ∙ Built 1993
    property image
    LEASED 03/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $0.95
    •  
  • 502 Tyler Run Drive Wake Forest, NC 4
    • 3 beds 3 baths ∙ 1,725 Sqft ∙ Built 1988 3 beds 3 baths ∙ 1,725 Sqft ∙ Built 1988
    property image
    LEASED 05/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.99
    •  
  • 808 Silver Linden Lane Wake Forest, NC 5
    • 4 beds 3 baths ∙ 1,825 Sqft ∙ Built 1997 4 beds 3 baths ∙ 1,825 Sqft ∙ Built 1997
    property image
    LEASED 04/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.98
    •  
PROPERTY LISTING DETAILS
Brian Pate
1.919.669.4575
Keller Williams Preferred Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2371100
Last Updated: 03/13/2021
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