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104 Sweet Olive Street Clayton, NC 27527

3 Beds 3 Baths 1,658 sqft Built 2021

$270,590

List Price

$1,450

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
January 11, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $163.20
  • 7 Days on Market
  • MLS # : 2361014
  • Updated Date : 01/16/2021 at 14:32
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,658 sqft
  • Baths : 2 full , 1 half
Listing Agent

Meritage Homes Of The Carolina

Listing Agent's Description

Brand NEW energy-efficient home ready March 2021! Upstairs, primary suite, secondary bedrooms and a loft complete this Decatur home. Linen cabinets, white/black granite countertops, reddish-brown EVP flooring and multi-tone carpet in our Tranquil package. Be close to all the action including trails, playgrounds and Flowers Crossroads retail village. Known for their energy-efficient features, our homes help you live a healthier and quieter lifestyle while saving thousands of dollars on utility bills.

SEE MORE

MARKET HIGHLIGHTS

  • Major employers in Raleigh area: IBM, Cisco systems, Fidelity Investments, GlaxoSmithKline, RTI International
  • #7 Best Big City for Jobs 2018 (Forbes, 2018)
  • 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: Magnolia

NeighborhoodNIR Market*CityMarket2010Year20002019140k150k160k170k180k190k200k210k220k230k240k250k260kPrice in $131k265k

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

Neighborhood: Magnolia

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q210001100120013001400150016001700Rent in $9461701

* 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
East Clayton Elementary School Primary Regular 563 39 5
Archer Lodge Middle School Middle Regular 1,058 62 4
Corinth Holders High School High Regular 1,679 91 5

East Clayton Elementary School

  • Education Level: Primary
  • # of students: 563
  • # of teachers: 39
5
GreatSchools Rating

Archer Lodge Middle School

  • Education Level: Middle
  • # of students: 1,058
  • # of teachers: 62
4
GreatSchools Rating

Corinth Holders High School

  • Education Level: High
  • # of students: 1,679
  • # of teachers: 91
5
GreatSchools Rating
 

$243,531$297,649$270,590

PURCHASE PRICE

$1,305$1,595$1,450

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,450
EXPENSES Loan Payment -$940
Property Tax -$181
Property Insurance -$60
HOA -$16
Property Management Fees -$119
CASH FLOW
$135

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$270,590

PROJECTED PRICE

$1,450

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 3.6%
Maintenance Year (1-5) 3.00%
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$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$73,706

INVESTMENT

$73,706

Down Payment
$67,648
Rehab Estimate
$2,000
Closing Costs
$4,059

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$940

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $67,648
Loan Amount $202,943
See What Happens When You Reinvest Cash Flow

8.5

YEARS SAVED

$31,937

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,450

    LIST RENT
  • $0.87

    LIST RENT PER SQFT
  • $1,447

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$1,395
1$1,3952$1,4503$1,4954$1,5255$1,595
$1,595
RENT COMPS ANALYSIS
  • 104 Sweet Olive Street Clayton, NC 2
    • 3 beds 3 baths ∙ 1,658 Sqft ∙ Built 2021 3 beds 3 baths ∙ 1,658 Sqft ∙ Built 2021
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.87
    •  
  • 190 Wrenwood Drive Clayton, NC 1
    • 3 beds 3 baths ∙ 1,577 Sqft ∙ Built 2019 3 beds 3 baths ∙ 1,577 Sqft ∙ Built 2019
    LEASED 01/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.88
    •  
  • 64 Sundew Court Clayton, NC 3
    • 3 beds 3 baths ∙ 1,800 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,800 Sqft ∙ Built 2004
    LEASED 03/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.83
    •  
  • 5 Valleyfield Drive Clayton, NC 4
    • 3 beds 3 baths ∙ 1,760 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,760 Sqft ∙ Built 2007
    LEASED 07/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,525
    • $0.87
    •  
  • 205 Wrenwood Drive Clayton, NC 5
    • 3 beds 3 baths ∙ 1,760 Sqft ∙ Built 2019 3 beds 3 baths ∙ 1,760 Sqft ∙ Built 2019
    LEASED 07/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.91
    •  
PROPERTY LISTING DETAILS
Annita Bowden
1.919.818.1747
Meritage Homes Of The Carolina
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2361014
Last Updated: 01/16/2021
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