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224 Cedar Drive Zebulon, NC 27597

3 Beds 2 Baths 1,312 sqft Built 1984

$218,000

List Price

$1,120

$1K - $1.2K

Rent Est.

PROPERTY INFO

January 21, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1984
  • Price/Sqft : $166.16
  • 4 Days on Market
  • MLS # : 2362831
  • Updated Date : 01/21/2021 at 22:54
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,312 sqft
  • Baths : 2 full
Listing Agent

Opendoor Brokerage Llc

Listing Agent's Description

This Zebulon home has one story. This home is vacant and cleaned regularly. This home has been virtually staged to illustrate its potential! Thanks for viewing!

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)
  • #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: Pineview Estates

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $90k265k

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

Neighborhood: Pineview Estates

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2700800900100011001200130014001500Rent in $6101595

* 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
Wakelon Elementary School Primary Regular 510 38 4
Zebulon Middle School Middle Magnet 556 42 3
East Wake High School High Regular NA

Wakelon Elementary School

  • Education Level: Primary
  • # of students: 510
  • # of teachers: 38
4
GreatSchools Rating

Zebulon Middle School

  • Education Level: Middle
  • # of students: 556
  • # of teachers: 42
3
GreatSchools Rating

East Wake High School

  • Education Level: High
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$196,200$239,800$218,000

PURCHASE PRICE

$1,008$1,232$1,120

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,120
EXPENSES Loan Payment -$757
Property Tax -$184
Property Insurance -$53
Property Management Fees -$119
CASH FLOW
$7

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.

$218,000

PROJECTED PRICE

$1,120

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 4.6%
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

PROJECTED ANNUAL CASH FLOW

11530-$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$100k$200k$300k$400k$500k$600k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$63,520

INVESTMENT

$63,520

Down Payment
$54,500
Rehab Estimate
$5,750
Closing Costs
$3,270

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$757

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $54,500
Loan Amount $163,500
See What Happens When You Reinvest Cash Flow

5.67

YEARS SAVED

$14,027

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,120

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $1,122

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$1,120
1$1,1202$1,1503$1,250
$1,250
RENT COMPS ANALYSIS
  • 224 Cedar Drive Zebulon, NC 1
    • 3 beds 2 baths ∙ 1,312 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,312 Sqft ∙ Built 1984
    • Rent
    • Rent Per SQFT
    •  
    • $1,120
    • $0.85
    •  
  • 113 E Mciver Street Zebulon, NC 2
    • 3 beds 2 baths ∙ 1,351 Sqft ∙ Built 1970 3 beds 2 baths ∙ 1,351 Sqft ∙ Built 1970
    LEASED 04/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,150
    • $0.85
    •  
  • 510 Somerset Drive Zebulon, NC 3
    • 3 beds 3 baths ∙ 1,450 Sqft ∙ Built 1986 3 beds 3 baths ∙ 1,450 Sqft ∙ Built 1986
    LEASED 06/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.86
    •  
PROPERTY LISTING DETAILS
Verria Hairston
1.919.679.9883
Opendoor Brokerage Llc
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2362831
Last Updated: 01/21/2021
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