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1601 Bruce Circle Raleigh, NC 27603

3 Beds 2 Baths 1,080 sqft Built 1980

$260,000

List Price

$1,150

$1K - $1.3K

Rent Est.

PROPERTY INFO

December 18, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1980
  • Price/Sqft : $240.74
  • 3 Days on Market
  • MLS # : 2358546
  • Updated Date : 12/18/2020 at 21:47
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,080 sqft
  • Baths : 1 full , 1 half
Listing Agent

Braswell Realty

Listing Agent's Description

Ranch home convenient to everything. Tremendous curb appeal in this newly remodeled home. New paint and carpet. The kitchen has new quartz countertops and back splash. New appliances and laminate flooring. Carport for parking and concrete driveway only one hundred yards from golf course. New gutters and so much more...

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
  • #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)

PRICE & RENT TRENDS

Neighborhood: Raleigh View

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300k320k340kPrice in $93k359k

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

Neighborhood: Raleigh View

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2600700800900100011001200130014001500160017001800Rent in $5771873

* 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
 

$234,000$286,000$260,000

PURCHASE PRICE

$1,035$1,265$1,150

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,150
EXPENSES Loan Payment -$959
Property Tax -$192
Property Insurance -$48
Property Management Fees -$119
CASH FLOW
-$168

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 16% of earned rent to cover both maintenance and periods of vacancy.

$260,000

PROJECTED PRICE

$1,150

PROJECTED RENT

0.44%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.33%
Appreciation Year (1-5) 5.7%
Maintenance Year (1-5) 8.00%
Vacancy 7.51%
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$800k

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$74,650

INVESTMENT

$74,650

Down Payment
$65,000
Rehab Estimate
$5,750
Closing Costs
$3,900

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$959

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $65,000
Loan Amount $195,000
See What Happens When You Reinvest Cash Flow

3.33

YEARS SAVED

$8,203

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,150

    LIST RENT
  • $1.06

    LIST RENT PER SQFT
  • $1,250

    COMP ESTIMATED VALUE
  • $1.16

    COMP AVG. RENT PER SQFT
Comps Range
$1,150
1$1,1502$1,2003$1,2504$1,3005$1,500
$1,500
RENT COMPS ANALYSIS
  • 1601 Bruce Circle Raleigh, NC 1
    • 3 beds 2 baths ∙ 1,080 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,080 Sqft ∙ Built 1980
    • Rent
    • Rent Per SQFT
    •  
    • $1,150
    • $1.06
    •  
  • 2101 Balboa Road Raleigh, NC 2
    • 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 3
    • 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 4
    • 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
Ashley Braswell
1.919.345.8828
Braswell Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2358546
Last Updated: 12/18/2020
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