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8805 Tiffany Creek Drive Garner, NC 27529

3 Beds 3 Baths 1,575 sqft Built 1969

$225,000

List Price

$1,410

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
YES TENANTED
February 24, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1969
  • Price/Sqft : $142.86
  • 6 Days on Market
  • MLS # : 2368432
  • Updated Date : 02/27/2021 at 23:53
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,575 sqft
  • Baths : 3 full
Listing Agent

Grow Local Realty Llc

Listing Agent's Description

Custom built, brick ranch with unfinished basement - 3 bedrooms,3 FULL bathrooms located on half an acre in Wake County. HVAC replaced in 2018. Detached 2 car garage with workshop. Kitchen has French door stainless fridge, tile backsplash, tile floors. Hardwood floors in living and dining. Separate dining room. Primary bedroom with dual vanity & large walk-in closet. No HOA fees. Convenient to US-70, I-40,shopping, restaurants, & entertainment. Garage unheated sq ft =1273.

SEE MORE

MARKET HIGHLIGHTS

  • #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)
  • 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: Community Park

NeighborhoodNIR Market*CityMarket2010Year20002019130k140k150k160k170k180k190k200k210k220k230k240k250k260kPrice in $124k265k

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

Neighborhood: Community Park

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
Bryan Road Elementary Primary Unknown NA
East Garner Middle School Middle Magnet 1,361 83 4
South Garner High School High Unknown NA

Bryan Road Elementary

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

East Garner Middle School

  • Education Level: Middle
  • # of students: 1,361
  • # of teachers: 83
4
GreatSchools Rating

South Garner High School

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

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

PURCHASE PRICE

$1,269$1,551$1,410

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,410
EXPENSES Loan Payment -$782
Property Tax -$180
Property Insurance -$58
Property Management Fees -$119
CASH FLOW
$272

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.

$225,000

PROJECTED PRICE

$1,410

PROJECTED RENT

0.63%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 4.9%
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$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$18k

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

$782

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $56,250
Loan Amount $168,750
See What Happens When You Reinvest Cash Flow

11.67

YEARS SAVED

$40,374

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,410

    LIST RENT
  • $0.9

    LIST RENT PER SQFT
  • $1,512

    COMP ESTIMATED VALUE
  • $0.96

    COMP AVG. RENT PER SQFT
Comps Range
$1,250
1$1,2502$1,3953$1,410
$1,410
RENT COMPS ANALYSIS
  • 8805 Tiffany Creek Drive Garner, NC 3
    • 3 beds 3 baths ∙ 1,575 Sqft ∙ Built 1969 3 beds 3 baths ∙ 1,575 Sqft ∙ Built 1969
    • Rent
    • Rent Per SQFT
    •  
    • $1,410
    • $0.90
    •  
  • 416 Elaine Place Garner, NC 1
    • 3 beds 3 baths ∙ 1,308 Sqft ∙ Built 1970 3 beds 3 baths ∙ 1,308 Sqft ∙ Built 1970
    LEASED 08/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.96
    •  
  • 2329 Hemlock Circle Clayton, NC 2
    • 3 beds 2 baths ∙ 1,450 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,450 Sqft ∙ Built 1986
    LEASED 10/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.96
    •  
PROPERTY LISTING DETAILS
Kim Pendergrass
1.252.432.5691
Grow Local Realty Llc
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2368432
Last Updated: 02/27/2021
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