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1101 Terrace Court Raleigh, NC 27615

3 Beds 3 Baths 1,531 sqft Built 1975

$275,000

List Price

$1,470

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 19, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1975
  • Price/Sqft : $179.62
  • 3 Days on Market
  • MLS # : 2373067
  • Updated Date : 03/21/2021 at 01:14
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,531 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Preferred Realty

Listing Agent's Description

Location Location Location! Don't miss out on this amazing split level home conveniently located off Six Forks Rd. Living room with fireplace, upper level features 3 bedrooms, lower level feautes family room, full bathroom and flex room. This one will not last long!

SEE MORE

MARKET HIGHLIGHTS

  • #7 Best Big City for Jobs 2018 (Forbes, 2018)
  • 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)
  • 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: Six Forks North

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $99k277k

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

Neighborhood: Six Forks North

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q28009001000110012001300140015001600Rent in $7601630

* 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
Lynn Road Elementary School Primary Regular 522 38 3
Carroll Middle School Middle Regular 902 63 2
Sanderson High School High Regular 2,002 111 4

Lynn Road Elementary School

  • Education Level: Primary
  • # of students: 522
  • # of teachers: 38
3
GreatSchools Rating

Carroll Middle School

  • Education Level: Middle
  • # of students: 902
  • # of teachers: 63
2
GreatSchools Rating

Sanderson High School

  • Education Level: High
  • # of students: 2,002
  • # of teachers: 111
4
GreatSchools Rating
 

$247,500$302,500$275,000

PURCHASE PRICE

$1,323$1,617$1,470

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,470
EXPENSES Loan Payment -$955
Property Tax -$202
Property Insurance -$57
Property Management Fees -$119
CASH FLOW
$137

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.

$275,000

PROJECTED PRICE

$1,470

PROJECTED RENT

0.53%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 5.5%
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

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$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$78,625

INVESTMENT

$78,625

Down Payment
$68,750
Rehab Estimate
$5,750
Closing Costs
$4,125

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$955

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $68,750
Loan Amount $206,250
See What Happens When You Reinvest Cash Flow

8.33

YEARS SAVED

$30,040

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,470

    LIST RENT
  • $0.96

    LIST RENT PER SQFT
  • $1,481

    COMP ESTIMATED VALUE
  • $0.97

    COMP AVG. RENT PER SQFT
Comps Range
$1,450
1$1,4502$1,4703$1,5504$1,5955$1,600
$1,600
RENT COMPS ANALYSIS
  • 1101 Terrace Court Raleigh, NC 2
    • 3 beds 3 baths ∙ 1,531 Sqft ∙ Built 1975 3 beds 3 baths ∙ 1,531 Sqft ∙ Built 1975
    • Rent
    • Rent Per SQFT
    •  
    • $1,470
    • $0.96
    •  
  • 7620 Prospector Place Raleigh, NC 1
    • 3 beds 3 baths ∙ 1,522 Sqft ∙ Built 1979 3 beds 3 baths ∙ 1,522 Sqft ∙ Built 1979
    LEASED 08/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.95
    •  
  • 7913 Brandyapple Drive Raleigh, NC 3
    • 3 beds 2 baths ∙ 1,618 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,618 Sqft ∙ Built 1979
    LEASED 05/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.96
    •  
  • 7801 Fairmont Court Raleigh, NC 4
    • 4 beds 2 baths ∙ 1,665 Sqft ∙ Built 1982 4 beds 2 baths ∙ 1,665 Sqft ∙ Built 1982
    LEASED 11/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.96
    •  
  • 7404 Mine Valley Road Raleigh, NC 5
    • 3 beds 3 baths ∙ 1,598 Sqft ∙ Built 1978 3 beds 3 baths ∙ 1,598 Sqft ∙ Built 1978
    LEASED 05/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.00
    •  
PROPERTY LISTING DETAILS
Brooke Young
1.919.602.8293
Keller Williams Preferred Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2373067
Last Updated: 03/21/2021
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