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2116 Castle Pines Drive Raleigh, NC 27604

4 Beds 3 Baths 1,752 sqft Built 1999

$275,000

List Price

$1,670

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
July 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1999
  • Price/Sqft : $156.96
  • 2 Days on Market
  • MLS # : 2395112
  • Updated Date : 07/12/2021 at 18:23
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,752 sqft
  • Baths : 3 full
Listing Agent

Dash Carolina

Listing Agent's Description

Adorable 4 bedroom, 3 bathroom home in Raleigh! Spacious 2 car garage! The Hedingham community features amazing amenities such as swimming pools, gym, playground, walking trails, tennis courts and driving range! Screened in back porch that over looks the golf course. Large living area with gas fireplace. Plenty of opportunities to personalize the home to your exact style.

SEE MORE

MARKET HIGHLIGHTS

  • #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)
  • 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

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 Unknown NA
River Bend Middle School Middle Unknown 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
 

$247,500$302,500$275,000

PURCHASE PRICE

$1,503$1,837$1,670

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,670
EXPENSES Loan Payment -$955
Property Tax -$220
Property Insurance -$61
HOA -$52
Property Management Fees -$119
CASH FLOW
$262

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.

$275,000

PROJECTED PRICE

$1,670

PROJECTED RENT

0.61%

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$1.0M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$78,625

INVESTMENT

$78,625

Down Payment
$68,750
Rehab Estimate
$5,750
Closing Costs
$4,125

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$955

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $68,750
Loan Amount $206,250
See What Happens When You Reinvest Cash Flow

10.42

YEARS SAVED

$41,853

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,670

    LIST RENT
  • $0.95

    LIST RENT PER SQFT
  • $1,616

    COMP ESTIMATED VALUE
  • $0.92

    COMP AVG. RENT PER SQFT
Comps Range
$1,400
1$1,4002$1,4003$1,4504$1,6455$1,670
$1,670
RENT COMPS ANALYSIS
  • 2116 Castle Pines Drive Raleigh, NC 5
    • 4 beds 3 baths ∙ 1,752 Sqft ∙ Built 1999 4 beds 3 baths ∙ 1,752 Sqft ∙ Built 1999
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,670
    • $0.95
    •  
  • 1940 Crag Burn Lane Raleigh, NC 1
    • 3 beds 3 baths ∙ 1,527 Sqft ∙ Built 1997 3 beds 3 baths ∙ 1,527 Sqft ∙ Built 1997
    property image
    LEASED 02/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.92
    •  
  • 5017 Royal Dornoch Drive Raleigh, NC 2
    • 3 beds 3 baths ∙ 1,655 Sqft ∙ Built 1993 3 beds 3 baths ∙ 1,655 Sqft ∙ Built 1993
    property image
    LEASED 07/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.85
    •  
  • 5124 Royal Dornoch Drive Raleigh, NC 3
    • 3 beds 3 baths ∙ 1,584 Sqft ∙ Built 1994 3 beds 3 baths ∙ 1,584 Sqft ∙ Built 1994
    property image
    LEASED 11/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.92
    •  
  • 1812 Crag Burn Lane Raleigh, NC 4
    • 3 beds 3 baths ∙ 1,650 Sqft ∙ Built 1998 3 beds 3 baths ∙ 1,650 Sqft ∙ Built 1998
    property image
    LEASED 01/30/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,645
    • $1.00
    •  
PROPERTY LISTING DETAILS
Terry Anastasi
1.919.413.6431
Dash Carolina
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2395112
Last Updated: 07/12/2021
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