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2040 Winston Diamond Court Raleigh, NC 27610

3 Beds 3 Baths 1,532 sqft Built 2001

$199,900

List Price

$1,370

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

YES TENANTED
October 31, 2020 RECENTLY ADDED
FACTS
  • Built In 2001
  • Price/Sqft : $130.48
  • 5 Days on Market
  • MLS # : 2351420
  • Updated Date : 11/01/2020 at 22:20
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,532 sqft
  • Baths : 2 full , 1 half
Listing Agent

Allen Tate/raleigh-glenwood

Listing Agent's Description

This 1.5 story home is located less than 15 minutes from downtown Raleigh. Near I-40/440 and Southeast Raleigh High School. Near the S.E. Raleigh YMCA and Elementary School. Is in need of some TLC, and will make a great starter home for the right buyer. Home has owner's suite with double vanity sinks. Lots of closet space and open living and dining room. Fireplace in living room and has a bonus room over the garage. Home sold "AS IS" as seller will do no repairs. Seller is listing agent.

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MARKET HIGHLIGHTS

  • 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)
  • #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

PRICE & RENT TRENDS

Neighborhood: Granite Ridge

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $107k277k

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

Neighborhood: Granite Ridge

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q29001000110012001300140015001600Rent in $8231630

* 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
Walnut Creek Elementary School Primary Regular 818 49 NA
West Lake Middle School Middle Regular 1,344 77 6
Southeast Raleigh High School High Magnet 1,538 110 4

Walnut Creek Elementary School

  • Education Level: Primary
  • # of students: 818
  • # of teachers: 49
NA
GreatSchools Rating

West Lake Middle School

  • Education Level: Middle
  • # of students: 1,344
  • # of teachers: 77
6
GreatSchools Rating

Southeast Raleigh High School

  • Education Level: High
  • # of students: 1,538
  • # of teachers: 110
4
GreatSchools Rating
 

$179,910$219,890$199,900

PURCHASE PRICE

$1,233$1,507$1,370

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,370
EXPENSES Loan Payment -$738
Property Tax -$176
Property Insurance -$57
HOA -$17
Property Management Fees -$123
CASH FLOW
$259

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.

$199,900

PROJECTED PRICE

$1,370

PROJECTED RENT

0.69%

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$16k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$58,724

INVESTMENT

$58,724

Down Payment
$49,975
Rehab Estimate
$5,750
Closing Costs
$2,999

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$738

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $49,975
Loan Amount $149,925
See What Happens When You Reinvest Cash Flow

11.17

YEARS SAVED

$39,423

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,370

    LIST RENT
  • $0.89

    LIST RENT PER SQFT
  • $1,363

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$1,325
1$1,3252$1,3703$1,3754$1,3955$1,450
$1,450
RENT COMPS ANALYSIS
  • 2040 Winston Diamond Court Raleigh, NC 2
    • 3 beds 3 baths ∙ 1,532 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,532 Sqft ∙ Built 2001
    • Rent
    • Rent Per SQFT
    •  
    • $1,370
    • $0.89
    •  
  • 1439 Tamarino Drive Raleigh, NC 1
    • 3 beds 3 baths ∙ 1,500 Sqft ∙ Built 2018 3 beds 3 baths ∙ 1,500 Sqft ∙ Built 2018
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,325
    • $0.88
    •  
  • 1408 Tamarino Drive Raleigh, NC 3
    • 3 beds 3 baths ∙ 1,507 Sqft ∙ Built 2018 3 beds 3 baths ∙ 1,507 Sqft ∙ Built 2018
    LEASED 10/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $0.91
    •  
  • 1912 Red Quartz Drive Raleigh, NC 4
    • 3 beds 3 baths ∙ 1,682 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,682 Sqft ∙ Built 2005
    LEASED 09/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.83
    •  
  • 1009 Southgate Drive Raleigh, NC 5
    • 3 beds 3 baths ∙ 1,535 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,535 Sqft ∙ Built 2002
    LEASED 08/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.94
    •  
PROPERTY LISTING DETAILS
Asa Fleming
1.919.454.6480
Allen Tate/raleigh-glenwood
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2351420
Last Updated: 11/01/2020
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