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205 Killington Drive Raleigh, NC 27609

3 Beds 2 Baths 1,351 sqft Built 1968

$299,000

List Price

$1,340

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1968
  • Price/Sqft : $221.32
  • 41 Days on Market
  • MLS # : 2357980
  • Updated Date : 01/23/2021 at 19:53
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,351 sqft
  • Baths : 2 full
Listing Agent

Ammons Pittman Property Manage

Listing Agent's Description

Ranch style home with 3 bedrooms, 2 baths. Freshly painted, new carpet, new light fixtures. Convenient location right off Six Forks Rd. Close to schools, shopping and highways.

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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: Northclift

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280kPrice in $132k283k

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

Neighborhood: Northclift

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q28009001000110012001300140015001600Rent in $7781630

* 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
Green Leadship And World Languages Magnet Elementary School Primary Regular 563 44 2
Carroll Middle School Middle Regular 902 63 2
Sanderson High School High Regular 2,002 111 4

Green Leadship And World Languages Magnet Elementary School

  • Education Level: Primary
  • # of students: 563
  • # of teachers: 44
2
GreatSchools Rating

Carroll Middle School

  • Education Level: Middle
  • # of students: 902
  • # of teachers: 63
2
GreatSchools Rating

Sanderson High School

  • Education Level: High
  • # of students: 2,002
  • # of teachers: 111
4
GreatSchools Rating
 

$269,100$328,900$299,000

PURCHASE PRICE

$1,206$1,474$1,340

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,340
EXPENSES Loan Payment -$1,039
Property Tax -$221
Property Insurance -$54
Property Management Fees -$119
CASH FLOW
-$92

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.

$299,000

PROJECTED PRICE

$1,340

PROJECTED RENT

0.45%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$84,985

INVESTMENT

$84,985

Down Payment
$74,750
Rehab Estimate
$5,750
Closing Costs
$4,485

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,039

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $74,750
Loan Amount $224,250
See What Happens When You Reinvest Cash Flow

4.17

YEARS SAVED

$11,611

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,340

    LIST RENT
  • $0.99

    LIST RENT PER SQFT
  • $1,446

    COMP ESTIMATED VALUE
  • $1.07

    COMP AVG. RENT PER SQFT
Comps Range
$1,250
1$1,2502$1,3403$1,3954$1,4505$1,576
$1,576
RENT COMPS ANALYSIS
  • 205 Killington Drive Raleigh, NC 2
    • 3 beds 2 baths ∙ 1,351 Sqft ∙ Built 1968 3 beds 2 baths ∙ 1,351 Sqft ∙ Built 1968
    • Rent
    • Rent Per SQFT
    •  
    • $1,340
    • $0.99
    •  
  • 7625 Stuart Drive Raleigh, NC 1
    • 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 1973
    LEASED 01/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $1.04
    •  
  • 405 Killington Drive Raleigh, NC 3
    • 3 beds 2 baths ∙ 1,271 Sqft ∙ Built 1968 3 beds 2 baths ∙ 1,271 Sqft ∙ Built 1968
    LEASED 10/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $1.10
    •  
  • 5904 Rangeley Drive Raleigh, NC 4
    • 3 beds 2 baths ∙ 1,300 Sqft ∙ Built 1969 3 beds 2 baths ∙ 1,300 Sqft ∙ Built 1969
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $1.12
    •  
  • 5809 Wintergreen Drive Raleigh, NC 5
    • 3 beds 2 baths ∙ 1,550 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,550 Sqft ∙ Built 1973
    LEASED 02/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,576
    • $1.02
    •  
PROPERTY LISTING DETAILS
Jason Pittman
1.919.790.5455
Ammons Pittman Property Manage
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2357980
Last Updated: 01/23/2021
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