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1064 Avondale Drive Clayton, NC 27520

3 Beds 3 Baths 1,977 sqft Built 2017

$240,000

List Price

$1,490

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

December 03, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2017
  • Price/Sqft : $121.40
  • 4 Days on Market
  • MLS # : 2356045
  • Updated Date : 12/05/2020 at 18:19
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,977 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Southland Realty Ii

Listing Agent's Description

Mulitiple Offers Received. This lovely home is move in ready! Walk into spacious open concept living. The kitchen has lots of counter & cabinet space, as well as a pantry. Smooth ceilings, recessed lighting, programmable thermostat and security system are installed. The upstairs loft is perfect for office space or play area. The large master suite is complete with dual vanities and a huge walk in closet. Great location only minutes to downtown Clayton, Smithfield, Bus 70, and Hwy 42. A must see!!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • #7 Best Big City for Jobs 2018 (Forbes, 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: Little Creek

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $101k265k

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

Neighborhood: Little Creek

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2800900100011001200130014001500Rent in $7711595

* 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
Cooper Academy Primary Regular 593 45 2
Riverwood Middle School Middle Regular 1,149 64 7
Clayton High School High Regular 1,512 85 5

Cooper Academy

  • Education Level: Primary
  • # of students: 593
  • # of teachers: 45
2
GreatSchools Rating

Riverwood Middle School

  • Education Level: Middle
  • # of students: 1,149
  • # of teachers: 64
7
GreatSchools Rating

Clayton High School

  • Education Level: High
  • # of students: 1,512
  • # of teachers: 85
5
GreatSchools Rating
 

$216,000$264,000$240,000

PURCHASE PRICE

$1,341$1,639$1,490

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,490
EXPENSES Loan Payment -$886
Property Tax -$246
Property Insurance -$66
HOA -$23
Property Management Fees -$119
CASH FLOW
$150

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.

$240,000

PROJECTED PRICE

$1,490

PROJECTED RENT

0.62%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 5.4%
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$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$69,350

INVESTMENT

$69,350

Down Payment
$60,000
Rehab Estimate
$5,750
Closing Costs
$3,600

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$886

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $60,000
Loan Amount $180,000
See What Happens When You Reinvest Cash Flow

8.67

YEARS SAVED

$32,747

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,490

    LIST RENT
  • $0.75

    LIST RENT PER SQFT
  • $1,517

    COMP ESTIMATED VALUE
  • $0.77

    COMP AVG. RENT PER SQFT
Comps Range
$1,345
1$1,3452$1,4903$1,5004$1,5505$1,695
$1,695
RENT COMPS ANALYSIS
  • 1064 Avondale Drive Clayton, NC 2
    • 3 beds 3 baths ∙ 1,977 Sqft ∙ Built 2017 3 beds 3 baths ∙ 1,977 Sqft ∙ Built 2017
    • Rent
    • Rent Per SQFT
    •  
    • $1,490
    • $0.75
    •  
  • 88 Averasboro Drive Clayton, NC 1
    • 3 beds 2 baths ∙ 1,910 Sqft ∙ Built 2007 3 beds 2 baths ∙ 1,910 Sqft ∙ Built 2007
    LEASED 10/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,345
    • $0.70
    •  
  • 171 Averasboro Drive Clayton, NC 3
    • 3 beds 3 baths ∙ 1,947 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,947 Sqft ∙ Built 2007
    LEASED 11/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.77
    •  
  • 1088 Lakemont Drive Clayton, NC 4
    • 4 beds 3 baths ∙ 1,896 Sqft ∙ Built 2017 4 beds 3 baths ∙ 1,896 Sqft ∙ Built 2017
    LEASED 01/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.82
    •  
  • 76 Saddle Oaks Lane Clayton, NC 5
    • 4 beds 3 baths ∙ 2,175 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,175 Sqft ∙ Built 2020
    LEASED 11/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.78
    •  
PROPERTY LISTING DETAILS
Sue Clark
1.919.500.1636
Re/max Southland Realty Ii
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2356045
Last Updated: 12/05/2020
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