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1005 Olde Midway Court Knightdale, NC 27545

3 Beds 3 Baths 1,611 sqft Built 1995

$260,000

List Price

$1,420

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

January 28, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1995
  • Price/Sqft : $161.39
  • 4 Days on Market
  • MLS # : 2363801
  • Updated Date : 01/28/2021 at 20:07
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,611 sqft
  • Baths : 2 full , 1 half
Listing Agent

Choice Residential Real Estate

Listing Agent's Description

Rare opportunity in the highly desired Planter's Walk subdivision! This well maintained, 3 bed, 2.5 bath cul-de-sac home features hardwoods throughout the main level, fresh paint, in the kitchen you will find SS appliances, large kitchen island, and breakfast area. The owners suite features a walk in closet, double vanity, garden tub and walk in shower. New roof 2019 and new vinyl windows 2017. Enjoy grilling on your deck this spring and playing corn hole in your fenced in backyard. Welcome home!

SEE MORE

MARKET HIGHLIGHTS

  • #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
  • 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)

PRICE & RENT TRENDS

Neighborhood: Willow Ridge at Planters Walk

NeighborhoodNIR Market*CityMarket2010Year20002019130k140k150k160k170k180k190k200k210k220k230k240k250k260kPrice in $121k265k

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

Neighborhood: Willow Ridge at Planters Walk

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
Lockhart Elementary School Primary Regular 683 49 4
East Wake Middle School Middle Regular 884 56 2
Knightdale High School High Regular 1,672 99 2

Lockhart Elementary School

  • Education Level: Primary
  • # of students: 683
  • # of teachers: 49
4
GreatSchools Rating

East Wake Middle School

  • Education Level: Middle
  • # of students: 884
  • # of teachers: 56
2
GreatSchools Rating

Knightdale High School

  • Education Level: High
  • # of students: 1,672
  • # of teachers: 99
2
GreatSchools Rating
 

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

PURCHASE PRICE

$1,278$1,562$1,420

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,420
EXPENSES Loan Payment -$903
Property Tax -$190
Property Insurance -$59
HOA -$34
Property Management Fees -$119
CASH FLOW
$115

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.

$260,000

PROJECTED PRICE

$1,420

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 6.1%
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$200k$400k$600k$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

7.83

YEARS SAVED

$26,362

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,420

    LIST RENT
  • $0.88

    LIST RENT PER SQFT
  • $1,414

    COMP ESTIMATED VALUE
  • $0.88

    COMP AVG. RENT PER SQFT
Comps Range
$1,420
1$1,4202$1,4953$1,5004$1,5505$1,600
$1,600
RENT COMPS ANALYSIS
  • 1005 Olde Midway Court Knightdale, NC 1
    • 3 beds 3 baths ∙ 1,611 Sqft ∙ Built 1995 3 beds 3 baths ∙ 1,611 Sqft ∙ Built 1995
    • Rent
    • Rent Per SQFT
    •  
    • $1,420
    • $0.88
    •  
  • 714 Beddingfield Drive Knightdale, NC 2
    • 3 beds 3 baths ∙ 1,762 Sqft ∙ Built 1991 3 beds 3 baths ∙ 1,762 Sqft ∙ Built 1991
    LEASED 01/07/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.85
    •  
  • 832 Laurens Way Knightdale, NC 3
    • 3 beds 3 baths ∙ 1,677 Sqft ∙ Built 1990 3 beds 3 baths ∙ 1,677 Sqft ∙ Built 1990
    LEASED 01/28/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.89
    •  
  • 1007 Willow Ridge Drive Knightdale, NC 4
    • 3 beds 3 baths ∙ 1,776 Sqft ∙ Built 1992 3 beds 3 baths ∙ 1,776 Sqft ∙ Built 1992
    LEASED 01/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.87
    •  
  • 904 Pleasant Colony Drive Knightdale, NC 5
    • 3 beds 3 baths ∙ 1,781 Sqft ∙ Built 2011 3 beds 3 baths ∙ 1,781 Sqft ∙ Built 2011
    LEASED 03/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.90
    •  
PROPERTY LISTING DETAILS
Ashley Denny
1.336.918.3216
Choice Residential Real Estate
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2363801
Last Updated: 01/28/2021
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