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1951 Somerset Hills Court Raleigh, NC 27604

3 Beds 3 Baths 2,165 sqft Built 1995

$299,900

List Price

$1,530

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

December 30, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1995
  • Price/Sqft : $138.52
  • 8 Days on Market
  • MLS # : 2359463
  • Updated Date : 12/30/2020 at 18:30
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,165 sqft
  • Baths : 2 full , 1 half
Listing Agent

Dash Carolina

Listing Agent's Description

Gorgeous 3 bedroom, 2.5 bathroom home in Hedingham! Enter from the rocking chair front porch to a spacious living room, offering gas fireplace and seamless flow into the kitchen and dining room. The kitchen, with pantry, has direct access to the breakfast nook for convenient transition of food to table. Move off the breakfast nook to the deck for views of the spacious fenced-in yard. Head upstairs to 3 bedrooms including the spacious primary suite with an attached bonus room. Convenient access to I-540!

SEE MORE

MARKET HIGHLIGHTS

  • #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)
  • 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: Hedingham

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $114k277k

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

Neighborhood: Hedingham

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q29001000110012001300140015001600Rent in $8401630

* 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
Beaverdam Elementary School Primary Regular NA
River Bend Middle School Middle Regular NA
Knightdale High School High Regular 1,672 99 2

Beaverdam Elementary School

  • Education Level: Primary
  • # of students:
  • # of teachers:
NA
GreatSchools Rating

River Bend Middle School

  • Education Level: Middle
  • # of students:
  • # of teachers:
NA
GreatSchools Rating

Knightdale High School

  • Education Level: High
  • # of students: 1,672
  • # of teachers: 99
2
GreatSchools Rating
 

$269,910$329,890$299,900

PURCHASE PRICE

$1,377$1,683$1,530

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,530
EXPENSES Loan Payment -$1,107
Property Tax -$228
Property Insurance -$69
HOA -$55
Property Management Fees -$119
CASH FLOW
-$48

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.

$299,900

PROJECTED PRICE

$1,530

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 5.8%
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-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$85,224

INVESTMENT

$85,224

Down Payment
$74,975
Rehab Estimate
$5,750
Closing Costs
$4,499

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,107

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $74,975
Loan Amount $224,925
See What Happens When You Reinvest Cash Flow

4.92

YEARS SAVED

$17,602

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,530

    LIST RENT
  • $0.71

    LIST RENT PER SQFT
  • $1,618

    COMP ESTIMATED VALUE
  • $0.75

    COMP AVG. RENT PER SQFT
Comps Range
$1,530
1$1,5302$1,5503$1,5954$1,6505$1,700
$1,700
RENT COMPS ANALYSIS
  • 1951 Somerset Hills Court Raleigh, NC 1
    • 3 beds 3 baths ∙ 2,165 Sqft ∙ Built 1995 3 beds 3 baths ∙ 2,165 Sqft ∙ Built 1995
    • Rent
    • Rent Per SQFT
    •  
    • $1,530
    • $0.71
    •  
  • 3108 Carriage Light Court Raleigh, NC 2
    • 4 beds 3 baths ∙ 2,250 Sqft ∙ Built 1999 4 beds 3 baths ∙ 2,250 Sqft ∙ Built 1999
    LEASED 02/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.69
    •  
  • 1924 Spanish Bay Court Raleigh, NC 3
    • 4 beds 3 baths ∙ 2,168 Sqft ∙ Built 1996 4 beds 3 baths ∙ 2,168 Sqft ∙ Built 1996
    LEASED 06/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.74
    •  
  • 4913 Liverpool Lane Raleigh, NC 4
    • 3 beds 3 baths ∙ 2,000 Sqft ∙ Built 1988 3 beds 3 baths ∙ 2,000 Sqft ∙ Built 1988
    LEASED 06/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.83
    •  
  • 3209 Bellenden Place Raleigh, NC 5
    • 4 beds 3 baths ∙ 2,303 Sqft ∙ Built 2000 4 beds 3 baths ∙ 2,303 Sqft ∙ Built 2000
    LEASED 07/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.74
    •  
PROPERTY LISTING DETAILS
Quentin Dane
Dash Carolina
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2359463
Last Updated: 12/30/2020
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