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130 Florence Drive Clayton, NC 27527

3 Beds 3 Baths 2,066 sqft Built 2013

$290,000

List Price

$1,490

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

February 10, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2013
  • Price/Sqft : $140.37
  • 5 Days on Market
  • MLS # : 2365983
  • Updated Date : 02/12/2021 at 21:41
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,066 sqft
  • Baths : 2 full , 1 half
Listing Agent

Opendoor Brokerage Llc

Listing Agent's Description

Built in 2013, this Clayton two-story home offers a patio, granite countertops, and a two-car garage. This home is vacant and cleaned regularly. This home has been virtually staged to illustrate its potential.

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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
  • #7 Best Big City for Jobs 2018 (Forbes, 2018)
  • 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: The Meadows at Tuscany

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $107k265k

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

Neighborhood: The Meadows at Tuscany

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q290010001100120013001400150016001700Rent in $8231707

* 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
East Clayton Elementary School Primary Regular 563 39 5
Riverwood Middle School Middle Regular 1,149 64 7
Clayton High School High Regular 1,512 85 5

East Clayton Elementary School

  • Education Level: Primary
  • # of students: 563
  • # of teachers: 39
5
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
 

$261,000$319,000$290,000

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 -$1,007
Property Tax -$190
Property Insurance -$68
HOA -$60
Property Management Fees -$119
CASH FLOW
$46

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.

$290,000

PROJECTED PRICE

$1,490

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 4.8%
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$200k$400k$600k$800k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$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$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$82,600

INVESTMENT

$82,600

Down Payment
$72,500
Rehab Estimate
$5,750
Closing Costs
$4,350

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,007

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $72,500
Loan Amount $217,500
See What Happens When You Reinvest Cash Flow

6.42

YEARS SAVED

$21,475

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
  • $0.71

    LIST RENT PER SQFT
  • $1,678

    COMP ESTIMATED VALUE
  • $0.8

    COMP AVG. RENT PER SQFT
Comps Range
$1,490
1$1,4902$1,6003$1,6004$1,7005$1,750
$1,750
RENT COMPS ANALYSIS
  • 130 Florence Drive Clayton, NC 1
    • 3 beds 3 baths ∙ 2,085 Sqft ∙ Built 2013 3 beds 3 baths ∙ 2,085 Sqft ∙ Built 2013
    • Rent
    • Rent Per SQFT
    •  
    • $1,490
    • $0.71
    •  
  • 29 Stornoway Lane Clayton, NC 2
    • 4 beds 3 baths ∙ 1,929 Sqft ∙ Built 2019 4 beds 3 baths ∙ 1,929 Sqft ∙ Built 2019
    LEASED 04/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.83
    •  
  • 220 Rothes Court Clayton, NC 3
    • 3 beds 2 baths ∙ 2,146 Sqft ∙ Built 2019 3 beds 2 baths ∙ 2,146 Sqft ∙ Built 2019
    LEASED 10/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.75
    •  
  • 286 W Copenhaver Drive Clayton, NC 4
    • 4 beds 3 baths ∙ 2,016 Sqft ∙ Built 2018 4 beds 3 baths ∙ 2,016 Sqft ∙ Built 2018
    LEASED 08/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.84
    •  
  • 29 Montalto Court Clayton, NC 5
    • 4 beds 3 baths ∙ 2,180 Sqft ∙ Built 2019 4 beds 3 baths ∙ 2,180 Sqft ∙ Built 2019
    LEASED 01/31/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.80
    •  
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 #: 2365983
Last Updated: 02/12/2021
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