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177 Oak Creek Drive Clayton, NC 27520

3 Beds 3 Baths 2,274 sqft Built 2004

$280,000

List Price

$1,600

$1.4K - $1.8K

Rent Est.

PROPERTY INFO

January 19, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2004
  • Price/Sqft : $123.13
  • 7 Days on Market
  • MLS # : 2362403
  • Updated Date : 01/19/2021 at 22:46
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,274 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Legacy

Listing Agent's Description

Well kept, move in ready, and clean home awaiting it's new owners. New roof, in Cul de sac, and Backs up to privacy. Very peaceful setting. Kitchen w/tons of cabinet space, breakfast area, formal dining room, open and bright living room w/gas fireplace. Owner's suite offers garden tub w/separate shower, large walk in closets. Spacious secondary bedrooms, a HUGE bonus room and 2 car garage.

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)
  • #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)

PRICE & RENT TRENDS

Neighborhood: Oak Creek

NeighborhoodNIR Market*CityMarket2010Year20002019140k150k160k170k180k190k200k210k220k230k240k250k260kPrice in $131k265k

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

Neighborhood: Oak Creek

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2950100010501100115012001250130013501400145015001550Rent in $9461595

* 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
Cleveland Elementary School Primary Regular 835 49 6
Clayton Middle School Middle Regular 793 49 4
Cleveland High School High Regular 1,468 80 6

Cleveland Elementary School

  • Education Level: Primary
  • # of students: 835
  • # of teachers: 49
6
GreatSchools Rating

Clayton Middle School

  • Education Level: Middle
  • # of students: 793
  • # of teachers: 49
4
GreatSchools Rating

Cleveland High School

  • Education Level: High
  • # of students: 1,468
  • # of teachers: 80
6
GreatSchools Rating
 

$252,000$308,000$280,000

PURCHASE PRICE

$1,440$1,760$1,600

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,600
EXPENSES Loan Payment -$973
Property Tax -$180
Property Insurance -$72
Property Management Fees -$119
CASH FLOW
$257

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.

$280,000

PROJECTED PRICE

$1,600

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 5.4%
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$1.0M

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$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$79,950

INVESTMENT

$79,950

Down Payment
$70,000
Rehab Estimate
$5,750
Closing Costs
$4,200

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$973

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $70,000
Loan Amount $210,000
See What Happens When You Reinvest Cash Flow

10.42

YEARS SAVED

$43,073

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,600

    LIST RENT
  • $0.7

    LIST RENT PER SQFT
  • $1,721

    COMP ESTIMATED VALUE
  • $0.76

    COMP AVG. RENT PER SQFT
Comps Range
$1,600
1$1,6002$1,6003$1,6454$1,700
$1,700
RENT COMPS ANALYSIS
  • 177 Oak Creek Drive Clayton, NC 2
    • 3 beds 3 baths ∙ 2,274 Sqft ∙ Built 2004 3 beds 3 baths ∙ 2,274 Sqft ∙ Built 2004
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.70
    •  
  • 187 W Alex Drive Clayton, NC 1
    • 3 beds 3 baths ∙ 2,260 Sqft ∙ Built 2004 3 beds 3 baths ∙ 2,260 Sqft ∙ Built 2004
    LEASED 10/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.71
    •  
  • 197 Great Oak Drive Garner, NC 3
    • 3 beds 3 baths ∙ 1,951 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,951 Sqft ∙ Built 2005
    LEASED 07/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,645
    • $0.84
    •  
  • 57 Callisto Way Garner, NC 4
    • 4 beds 3 baths ∙ 2,363 Sqft ∙ Built 2014 4 beds 3 baths ∙ 2,363 Sqft ∙ Built 2014
    LEASED 03/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.72
    •  
PROPERTY LISTING DETAILS
Almaree Gordon
1.919.345.3630
Keller Williams Legacy
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2362403
Last Updated: 01/19/2021
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