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2237 Ballston Place Knightdale, NC 27545

4 Beds 3 Baths 2,517 sqft Built 2007

INVESTimate

$249,900

List Price

$1,750

$1,575 - $1,925

Rent Est.

$273,041  ( +9.26%)   1 YR EST. FORECAST

PROPERTY INFO

August 22, 2020 RECENTLY ADDED
FACTS
  • Built In 2007
  • Price/Sqft : $99.28
  • 5 Days on Market
  • MLS # : 2338655
  • Updated Date : 08/24/2020 at 23:40
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,517 sqft
  • Baths : 2 full , 1 half
Listing Agent

Howard Perry & Walston Realtor

Listing Agent's Description

Open flowing floor plan with arch doorways on first floor. 4 bedrooms plus large bonus room loft on second floor. Many possible rooms for in home office space. Large utility room. Private fenced backyard with storage building.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Amber Ridge

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $107k265k

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

Neighborhood: Amber Ridge

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2900100011001200130014001500Rent in $8231595

* 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
Knightdale Elementary School Primary Regular 750 54 NA
East Wake Middle School Middle Regular 884 56 2
Knightdale High School High Regular 1,672 99 2

Knightdale Elementary School

  • Education Level: Primary
  • # of students: 750
  • # of teachers: 54
NA
GreatSchools Rating

East Wake Middle School

  • Education Level: Middle
  • # of students: 884
  • # of teachers: 56
2
GreatSchools Rating

Knightdale High School

  • Education Level: High
  • # of students: 1,672
  • # of teachers: 99
2
GreatSchools Rating
 

$224,910$274,890$249,900

PURCHASE PRICE

$1,575$1,925$1,750

RENT

DOWN PAYMENT
FINANCING

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,750
EXPENSES Loan Payment -$922
Property Tax -$167
Property Insurance -$76
HOA -$12
Property Management Fees -$158
CASH FLOW
$415

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.

$249,900

PROJECTED PRICE

$1,750

PROJECTED RENT

0.70%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 9.26%
Maintenance Year (1-5) 8.00%
Vacancy 7.47%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$71,974

INVESTMENT

$71,974

Down Payment
$62,475
Rehab Estimate
$5,750
Closing Costs
$3,749

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 25% down payment or higher enables the proceeds from the asset to cover all costs.

$922

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $62,475
Loan Amount $187,425
See What Happens When You Reinvest Cash Flow

12.83

YEARS SAVED

$59,853

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,750

    LIST RENT
  • $0.7

    LIST RENT PER SQFT
  • $1,846

    COMP ESTIMATED VALUE
  • $0.73

    COMP AVG. RENT PER SQFT
Comps Range
$1,750
1$1,7502$1,7953$1,8754$1,995
$1,995
RENT COMPS ANALYSIS
  • 2237 Ballston Place Knightdale, 1
    • 4 beds 3 baths ∙ 2,517 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,517 Sqft ∙ Built 2007
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.70
    •  
  • 2012 Cotton Barn Court Wendell, 2
    • 3 beds 3 baths ∙ 2,312 Sqft ∙ Built 2017 3 beds 3 baths ∙ 2,312 Sqft ∙ Built 2017
    property image
    LEASED 09/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.78
    •  
  • 757 Groveview Wynd Wendell, 3
    • 4 beds 3 baths ∙ 2,725 Sqft ∙ Built 2017 4 beds 3 baths ∙ 2,725 Sqft ∙ Built 2017
    property image
    LEASED 09/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,875
    • $0.69
    •  
  • 1824 Iron Mill Drive Wendell, 4
    • 3 beds 3 baths ∙ 2,745 Sqft ∙ Built 2015 3 beds 3 baths ∙ 2,745 Sqft ∙ Built 2015
    property image
    LEASED 05/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.73
    •  
PROPERTY LISTING DETAILS
Wes Snead
1.919.272.8777
Howard Perry & Walston Realtor
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2338655
Last Updated: 08/24/2020
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