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1304 Armstrong Circle Raleigh, NC 27610

4 Beds 2 Baths 1,321 sqft Built 1971

$145,000

List Price

$1,270

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

January 16, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1971
  • Price/Sqft : $109.77
  • 4 Days on Market
  • MLS # : 2361978
  • Updated Date : 01/16/2021 at 13:32
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,321 sqft
  • Baths : 1 full , 1 half
Listing Agent

Agent Group Realty

Listing Agent's Description

Great ranch home in prime location close to everything. The home is being sold in AS IS condition-no repairs! This home is the perfect home for a FLIP or investor who would not mind doing some minor cosmetic work. 10 mins from planned Amazon Distribution Ctr, Convenient to Downtown Raleigh, I-40, 401. This great property will not last long, call your investors and get them in today!!

SEE MORE

MARKET HIGHLIGHTS

  • 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
  • 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)

PRICE & RENT TRENDS

Neighborhood: Kingwood Forest

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $82k277k

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

Neighborhood: Kingwood Forest

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q27008009001000110012001300140015001600Rent in $6721630

* 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
Timber Drive Elementary School Primary Regular 669 46 2
Lufkin Road Middle School Middle Regular 1,000 57 8
Southeast Raleigh High School High Magnet 1,538 110 4

Timber Drive Elementary School

  • Education Level: Primary
  • # of students: 669
  • # of teachers: 46
2
GreatSchools Rating

Lufkin Road Middle School

  • Education Level: Middle
  • # of students: 1,000
  • # of teachers: 57
8
GreatSchools Rating

Southeast Raleigh High School

  • Education Level: High
  • # of students: 1,538
  • # of teachers: 110
4
GreatSchools Rating
 

$130,500$159,500$145,000

PURCHASE PRICE

$1,143$1,397$1,270

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,270
EXPENSES Loan Payment -$504
Property Tax -$140
Property Insurance -$53
Property Management Fees -$119
CASH FLOW
$454

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.

$145,000

PROJECTED PRICE

$1,270

PROJECTED RENT

0.88%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 7.0%
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$600k$700k

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$44,175

INVESTMENT

$44,175

Down Payment
$36,250
Rehab Estimate
$5,750
Closing Costs
$2,175

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$504

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $36,250
Loan Amount $108,750
See What Happens When You Reinvest Cash Flow

17.33

YEARS SAVED

$42,049

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,270

    LIST RENT
  • $0.96

    LIST RENT PER SQFT
  • $1,242

    COMP ESTIMATED VALUE
  • $0.94

    COMP AVG. RENT PER SQFT
Comps Range
$1,125
1$1,1252$1,1953$1,2254$1,2255$1,270
$1,270
RENT COMPS ANALYSIS
  • 1304 Armstrong Circle Raleigh, NC 5
    • 4 beds 2 baths ∙ 1,321 Sqft ∙ Built 1971 4 beds 2 baths ∙ 1,321 Sqft ∙ Built 1971
    • Rent
    • Rent Per SQFT
    •  
    • $1,270
    • $0.96
    •  
  • 2001 Southgate Drive Raleigh, NC 1
    • 3 beds 1 baths ∙ 1,175 Sqft ∙ Built 1968 3 beds 1 baths ∙ 1,175 Sqft ∙ Built 1968
    LEASED 06/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,125
    • $0.96
    •  
  • 2708 Adcox Place Raleigh, NC 2
    • 3 beds 2 baths ∙ 1,280 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,280 Sqft ∙ Built 1979
    LEASED 11/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,195
    • $0.93
    •  
  • 2412 Evers Drive Raleigh, NC 3
    • 4 beds 2 baths ∙ 1,320 Sqft ∙ Built 1972 4 beds 2 baths ∙ 1,320 Sqft ∙ Built 1972
    LEASED 10/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,225
    • $0.93
    •  
  • 2704 Plainsfield Circle Raleigh, NC 4
    • 4 beds 2 baths ∙ 1,300 Sqft ∙ Built 1971 4 beds 2 baths ∙ 1,300 Sqft ∙ Built 1971
    LEASED 04/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,225
    • $0.94
    •  
PROPERTY LISTING DETAILS
Furney Pretty
1.844.553.5557
Agent Group Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2361978
Last Updated: 01/16/2021
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