Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

106 Spinel Lane Knightdale, NC 27545

3 Beds 3 Baths 1,336 sqft Built 1998

$225,000

List Price

$1,240

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

November 19, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1998
  • Price/Sqft : $168.41
  • 4 Days on Market
  • MLS # : 2354481
  • Updated Date : 11/21/2020 at 08:03
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,336 sqft
  • Baths : 2 full , 1 half
Listing Agent

Linda Craft & Team, Realtors

Listing Agent's Description

Lovely well maintained home. Open floor plan offers fresh int paint, updated kitchen w/SS appliances, new granite counters w/breakfast bar, undermount sink & faucet. Living room features a gas log fireplace & built-in entertainment niche. Spacious master has walk-in closet & private updated bath w/new tile shower & flrs, new toilet, vanity & light fixtures. Relax on the oversized deck. Convenient to shopping, dining & 540 (Bedroom 3 WIC-turned into 1/2 bath, permits can not be verified)

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
  • 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)

PRICE & RENT TRENDS

Neighborhood: Emerald Pointe

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $107k265k

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

Neighborhood: Emerald Pointe

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2900100011001200130014001500Rent in $8231595

* 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
Forestville Road Elementary School Primary Regular 730 53 3
East Wake Middle School Middle Regular 884 56 2
Knightdale High School High Regular 1,672 99 2

Forestville Road Elementary School

  • Education Level: Primary
  • # of students: 730
  • # of teachers: 53
3
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
 

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

PURCHASE PRICE

$1,116$1,364$1,240

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,240
EXPENSES Loan Payment -$830
Property Tax -$164
Property Insurance -$53
HOA -$7
Property Management Fees -$112
CASH FLOW
$73

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

$1,240

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 3.9%
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$700k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

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 45% down payment or higher enables the proceeds from the asset to cover all costs.

$830

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $56,250
Loan Amount $168,750
See What Happens When You Reinvest Cash Flow

6.42

YEARS SAVED

$20,187

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,240

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $1,305

    COMP ESTIMATED VALUE
  • $0.98

    COMP AVG. RENT PER SQFT
Comps Range
$1,200
1$1,2002$1,2403$1,2954$1,400
$1,400
RENT COMPS ANALYSIS
  • 106 Spinel Lane Knightdale, NC 2
    • 3 beds 3 baths ∙ 1,336 Sqft ∙ Built 1998 3 beds 3 baths ∙ 1,336 Sqft ∙ Built 1998
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,240
    • $0.93
    •  
  • 402 Kelley Meadows Road Knightdale, NC 1
    • 3 beds 2 baths ∙ 1,285 Sqft ∙ Built 1991 3 beds 2 baths ∙ 1,285 Sqft ∙ Built 1991
    property image
    LEASED 12/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.93
    •  
  • 208 Aqua Marine Lane Knightdale, NC 3
    • 3 beds 2 baths ∙ 1,296 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,296 Sqft ∙ Built 1999
    property image
    LEASED 07/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $1.00
    •  
  • 104 Gem Drive Knightdale, NC 4
    • 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1999
    property image
    LEASED 10/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $1.00
    •  
PROPERTY LISTING DETAILS
Linda Craft
1.919.235.0007
Linda Craft & Team, Realtors
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2354481
Last Updated: 11/21/2020
BESbswy