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2021 Waters Drive Raleigh, NC 27610

4 Beds 2 Baths 1,642 sqft Built 1964

$235,000

List Price

$1,390

$1.3K - $1.5K

Rent Est.

PROPERTY INFO

November 16, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1964
  • Price/Sqft : $143.12
  • 7 Days on Market
  • MLS # : 2353842
  • Updated Date : 11/16/2020 at 17:49
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,642 sqft
  • Baths : 2 full
Listing Agent

Mark Spain Real Estate

Listing Agent's Description

Minutes from Downtown Raleigh! Entry foyer, 4 Bedrooms 2 Full Baths. 2 bedrooms and 1 bath, plus office, laundry on first floor. Kitchen, family room, 2 bedrooms and 2 baths on second floor. Front porch, ceiling fans, tile floors, hardwoods.

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: 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
 

$211,500$258,500$235,000

PURCHASE PRICE

$1,251$1,529$1,390

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,390
EXPENSES Loan Payment -$867
Property Tax -$173
Property Insurance -$59
Property Management Fees -$125
CASH FLOW
$166

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.

$235,000

PROJECTED PRICE

$1,390

PROJECTED RENT

0.59%

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$900k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

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$68,025

INVESTMENT

$68,025

Down Payment
$58,750
Rehab Estimate
$5,750
Closing Costs
$3,525

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$867

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $58,750
Loan Amount $176,250
See What Happens When You Reinvest Cash Flow

8.42

YEARS SAVED

$31,208

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,390

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $1,408

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$1,175
1$1,1752$1,2003$1,2254$1,3005$1,390
$1,390
RENT COMPS ANALYSIS
  • 2021 Waters Drive Raleigh, NC 5
    • 4 beds 2 baths ∙ 1,642 Sqft ∙ Built 1964 4 beds 2 baths ∙ 1,642 Sqft ∙ Built 1964
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,390
    • $0.85
    •  
  • 745 Grantland Drive Raleigh, NC 1
    • 4 beds 2 baths ∙ 1,323 Sqft ∙ Built 1969 4 beds 2 baths ∙ 1,323 Sqft ∙ Built 1969
    property image
    LEASED 10/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,175
    • $0.89
    •  
  • 2115 Gilliam Lane Raleigh, NC 2
    • 4 beds 2 baths ∙ 1,506 Sqft ∙ Built 1963 4 beds 2 baths ∙ 1,506 Sqft ∙ Built 1963
    property image
    LEASED 01/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.80
    •  
  • 2412 Evers Drive Raleigh, NC 3
    • 4 beds 2 baths ∙ 1,320 Sqft ∙ Built 1972 4 beds 2 baths ∙ 1,320 Sqft ∙ Built 1972
    property image
    LEASED 10/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,225
    • $0.93
    •  
  • 2801 Gladstone Drive Raleigh, NC 4
    • 4 beds 3 baths ∙ 1,613 Sqft ∙ Built 1965 4 beds 3 baths ∙ 1,613 Sqft ∙ Built 1965
    property image
    LEASED 08/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.81
    •  
PROPERTY LISTING DETAILS
Amy Hiott
1.919.395.0220
Mark Spain Real Estate
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2353842
Last Updated: 11/16/2020
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