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917 Wade Avenue Garner, NC 27529

3 Beds 1 Baths 1,092 sqft Built 1956

$135,000

List Price

$1,090

$981 - $1.2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1956
  • Price/Sqft : $123.63
  • 2 Days on Market
  • MLS # : 2370604
  • Updated Date : 03/06/2021 at 17:58
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,092 sqft
  • Baths : 1 full
Listing Agent

Trademark Residential

Listing Agent's Description

Investors portfolio package. No central air. This property is being sold with 1225 Poplar Avenue, 915/0 Willow Vista Road, 908 Powell Drive, 800 Delbridge Street, 111 Weston Road and 306 Penny Street for $1,060,000. All houses have been priced according to the amount of work needed. Vacant.

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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: Forest Hills

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $107k265k

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

Neighborhood: Forest Hills

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2800900100011001200130014001500Rent in $7771595

* 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
Vandora Springs Elementary School Primary Regular 572 43 4
North Garner Middle School Middle Regular 948 59 3
Garner High School High Magnet 2,650 145 3

Vandora Springs Elementary School

  • Education Level: Primary
  • # of students: 572
  • # of teachers: 43
4
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
 

$121,500$148,500$135,000

PURCHASE PRICE

$981$1,199$1,090

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,090
EXPENSES Loan Payment -$469
Property Tax -$130
Property Insurance -$49
Property Management Fees -$119
CASH FLOW
$323

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.

$135,000

PROJECTED PRICE

$1,090

PROJECTED RENT

0.81%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 5.8%
Maintenance Year (1-5) 8.00%
Vacancy 7.47%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k

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$50k$100k$150k$200k$250k$300k$350k$400k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$41,525

INVESTMENT

$41,525

Down Payment
$33,750
Rehab Estimate
$5,750
Closing Costs
$2,025

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$469

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $33,750
Loan Amount $101,250
See What Happens When You Reinvest Cash Flow

15.58

YEARS SAVED

$34,589

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,090

    LIST RENT
  • $1

    LIST RENT PER SQFT
  • COMP ESTIMATED VALUE
  • COMP AVG. RENT PER SQFT
Comps Range
$1,090
1$1,090
$1,090
RENT COMPS ANALYSIS
  • 917 Wade Avenue Garner, NC
    • 3 beds 1 baths ∙ 1,092 Sqft ∙ Built 1956 3 beds 1 baths ∙ 1,092 Sqft ∙ Built 1956
    • Rent
    • Rent Per SQFT
    •  
    • $1,090
    • $1.00
    •  
PROPERTY LISTING DETAILS
Bo Winn
1.919.614.4533
Trademark Residential
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2370604
Last Updated: 03/06/2021
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