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1101 Suffolk Boulevard Raleigh, NC 27603

3 Beds 2 Baths 1,208 sqft Built 1980

$267,000

List Price

$1,400

$1.3K - $1.5K

Rent Est.

PROPERTY INFO

January 27, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1980
  • Price/Sqft : $221.03
  • 7 Days on Market
  • MLS # : 2363280
  • Updated Date : 01/27/2021 at 04:10
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,208 sqft
  • Baths : 2 full
Listing Agent

Opendoor Brokerage Llc

Listing Agent's Description

This Raleigh one-story home offers granite countertops. This home is vacant and cleaned regularly.

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: Carolina Pines

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260kPrice in $77k277k

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

Neighborhood: Carolina Pines

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q25006007008009001000110012001300140015001600Rent in $4931630

* 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
Penny Road Elementary School Primary Regular 716 45 6
Apex Middle School Middle Regular 1,201 63 7
Apex High School High Regular 2,549 132 6

Penny Road Elementary School

  • Education Level: Primary
  • # of students: 716
  • # of teachers: 45
6
GreatSchools Rating

Apex Middle School

  • Education Level: Middle
  • # of students: 1,201
  • # of teachers: 63
7
GreatSchools Rating

Apex High School

  • Education Level: High
  • # of students: 2,549
  • # of teachers: 132
6
GreatSchools Rating
 

$240,300$293,700$267,000

PURCHASE PRICE

$1,260$1,540$1,400

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,400
EXPENSES Loan Payment -$927
Property Tax -$197
Property Insurance -$51
Property Management Fees -$119
CASH FLOW
$106

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.

$267,000

PROJECTED PRICE

$1,400

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) -8.0%
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

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$50k$100k$150k$200k$250k$300k$350k$400k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$76,505

INVESTMENT

$76,505

Down Payment
$66,750
Rehab Estimate
$5,750
Closing Costs
$4,005

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$927

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $66,750
Loan Amount $200,250
See What Happens When You Reinvest Cash Flow

7.67

YEARS SAVED

$26,473

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,400

    LIST RENT
  • $1.16

    LIST RENT PER SQFT
  • $1,398

    COMP ESTIMATED VALUE
  • $1.16

    COMP AVG. RENT PER SQFT
Comps Range
$1,200
1$1,2002$1,2503$1,3004$1,4005$1,500
$1,500
RENT COMPS ANALYSIS
  • 1101 Suffolk Boulevard Raleigh, NC 4
    • 3 beds 2 baths ∙ 1,208 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,208 Sqft ∙ Built 1980
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $1.16
    •  
  • 2101 Balboa Road Raleigh, NC 1
    • 3 beds 2 baths ∙ 1,066 Sqft ∙ Built 1965 3 beds 2 baths ∙ 1,066 Sqft ∙ Built 1965
    LEASED 08/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $1.13
    •  
  • 2204 Springhill Avenue Raleigh, NC 2
    • 3 beds 2 baths ∙ 1,104 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,104 Sqft ∙ Built 1999
    LEASED 11/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $1.13
    •  
  • 1033 Suffolk Boulevard Raleigh, NC 3
    • 3 beds 2 baths ∙ 1,000 Sqft ∙ Built 1968 3 beds 2 baths ∙ 1,000 Sqft ∙ Built 1968
    LEASED 09/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $1.30
    •  
  • 2113 Lawrence Drive Raleigh, NC 5
    • 3 beds 2 baths ∙ 1,405 Sqft ∙ Built 1965 3 beds 2 baths ∙ 1,405 Sqft ∙ Built 1965
    LEASED 11/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $1.07
    •  
PROPERTY LISTING DETAILS
Verria Hairston
1.919.679.9883
Opendoor Brokerage Llc
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2363280
Last Updated: 01/27/2021
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