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2003 Waters Drive Raleigh, NC 27610

4 Beds 2 Baths 1,671 sqft Built 1964

$220,000

List Price

$1,230

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 04, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1964
  • Price/Sqft : $131.66
  • 5 Days on Market
  • MLS # : 2369995
  • Updated Date : 03/04/2021 at 22:06
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,671 sqft
  • Baths : 1 full , 1 half
Listing Agent

Movil Realty

Listing Agent's Description

Gorgeous home minutes away from downtown Raleigh :) Split level plan with lots of charm! 4 bedrooms, 1.5 bath... and hardwoods through most areas! Huge Bonus Room downstairs perfect for entertaining, and storage. Downstairs also features the 4th bedroom, next to half bath. Large fenced in lot. This is a great investment, and perfect buying opportunity for anyone looking in Raleigh ;)

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: Biltmore Hills

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260kPrice in $78k277k

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

Neighborhood: Biltmore Hills

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q26007008009001000110012001300140015001600Rent in $5431630

* 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
Fuller Elementary School Primary Magnet 554 44 4
Lufkin Road Middle School Middle Regular 1,000 57 8
Southeast Raleigh High School High Magnet 1,538 110 4

Fuller Elementary School

  • Education Level: Primary
  • # of students: 554
  • # of teachers: 44
4
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
 

$198,000$242,000$220,000

PURCHASE PRICE

$1,107$1,353$1,230

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,230
EXPENSES Loan Payment -$764
Property Tax -$162
Property Insurance -$60
Property Management Fees -$119
CASH FLOW
$125

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.

$220,000

PROJECTED PRICE

$1,230

PROJECTED RENT

0.56%

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$800k

PROJECTED ANNUAL CASH FLOW

11530$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$64,050

INVESTMENT

$64,050

Down Payment
$55,000
Rehab Estimate
$5,750
Closing Costs
$3,300

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$764

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $55,000
Loan Amount $165,000
See What Happens When You Reinvest Cash Flow

8.58

YEARS SAVED

$25,325

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,230

    LIST RENT
  • $0.74

    LIST RENT PER SQFT
  • $1,282

    COMP ESTIMATED VALUE
  • $0.77

    COMP AVG. RENT PER SQFT
Comps Range
$1,050
1$1,0502$1,0953$1,1754$1,2005$1,230
$1,230
RENT COMPS ANALYSIS
  • 2003 Waters Drive Raleigh, NC 5
    • 4 beds 2 baths ∙ 1,671 Sqft ∙ Built 1964 4 beds 2 baths ∙ 1,671 Sqft ∙ Built 1964
    • Rent
    • Rent Per SQFT
    •  
    • $1,230
    • $0.74
    •  
  • 713 Quarry Street Raleigh, NC 1
    • 4 beds 2 baths ∙ 1,400 Sqft ∙ Built 1955 4 beds 2 baths ∙ 1,400 Sqft ∙ Built 1955
    LEASED 03/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,050
    • $0.75
    •  
  • 1225 Robinson Avenue Raleigh, NC 2
    • 3 beds 2 baths ∙ 1,450 Sqft ∙ Built 1968 3 beds 2 baths ∙ 1,450 Sqft ∙ Built 1968
    LEASED 11/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,095
    • $0.76
    •  
  • 1124 Savannah Drive Raleigh, NC 3
    • 3 beds 2 baths ∙ 1,536 Sqft ∙ Built 1969 3 beds 2 baths ∙ 1,536 Sqft ∙ Built 1969
    LEASED 12/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,175
    • $0.76
    •  
  • 2115 Gilliam Lane Raleigh, NC 4
    • 4 beds 2 baths ∙ 1,506 Sqft ∙ Built 1963 4 beds 2 baths ∙ 1,506 Sqft ∙ Built 1963
    LEASED 01/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.80
    •  
PROPERTY LISTING DETAILS
Michelle Vega
1.919.519.4663
Movil Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2369995
Last Updated: 03/04/2021
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