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110 Edgewater Drive Clayton, NC 27520

4 Beds 3 Baths 2,654 sqft Built 1968

$284,900

List Price

$1,630

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 19, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1968
  • Price/Sqft : $107.35
  • 4 Days on Market
  • MLS # : 2367629
  • Updated Date : 02/19/2021 at 16:30
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,654 sqft
  • Baths : 3 full
Listing Agent

Carolina Realty Solutions

Listing Agent's Description

Move-in ready spacious home with low price per sq./ft. located close to thriving downtown Clayton. Large rooms; tons of light; 4 bedrooms, inc. basement with bedroom, bath, laundry room & exterior door. Completely updated throughout inc. granite counters, refinished hardwood floors, new carpet, & much more. This house offers attached 2-car garage. Stainless steel appliances convey. .74 acres. Great nearby restaurants & shopping. No HOA. Neighborhood connects to Neuse River Trail Greenway & Legend Park.

SEE MORE

MARKET HIGHLIGHTS

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

PRICE & RENT TRENDS

Neighborhood: Legend park

NeighborhoodNIR Market*CityMarket2010Year20002019140k150k160k170k180k190k200k210k220k230k240k250k260kPrice in $131k265k

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

Neighborhood: Legend park

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2800900100011001200130014001500Rent in $7511595

* 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
 

$256,410$313,390$284,900

PURCHASE PRICE

$1,467$1,793$1,630

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,630
EXPENSES Loan Payment -$990
Property Tax -$292
Property Insurance -$79
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.

$284,900

PROJECTED PRICE

$1,630

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 5.4%
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$1.0M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$81,249

INVESTMENT

$81,249

Down Payment
$71,225
Rehab Estimate
$5,750
Closing Costs
$4,274

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$990

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $71,225
Loan Amount $213,675
See What Happens When You Reinvest Cash Flow

8.17

YEARS SAVED

$30,369

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,630

    LIST RENT
  • $0.61

    LIST RENT PER SQFT
  • $1,699

    COMP ESTIMATED VALUE
  • $0.64

    COMP AVG. RENT PER SQFT
Comps Range
$1,630
1$1,6302$1,795
$1,795
RENT COMPS ANALYSIS
  • 110 Edgewater Drive Clayton, NC 1
    • 4 beds 3 baths ∙ 2,654 Sqft ∙ Built 1968 4 beds 3 baths ∙ 2,654 Sqft ∙ Built 1968
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,630
    • $0.61
    •  
  • 2121 Powell Drive Clayton, NC 2
    • 4 beds 4 baths ∙ 2,800 Sqft ∙ Built 1973 4 beds 4 baths ∙ 2,800 Sqft ∙ Built 1973
    property image
    LEASED 01/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.64
    •  
PROPERTY LISTING DETAILS
Clay Eaton
1.919.901.8700
Carolina Realty Solutions
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2367629
Last Updated: 02/19/2021
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