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2308 Sierra Drive Raleigh, NC 27603

4 Beds 3 Baths 1,911 sqft Built 1967

$269,000

List Price

$1,560

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

December 02, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1967
  • Price/Sqft : $140.76
  • 6 Days on Market
  • MLS # : 2355813
  • Updated Date : 12/04/2020 at 15:31
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,911 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Performance

Listing Agent's Description

Spacious Home in Great West Raleigh Location! 4 BR & 2.5 Bath. HUGE BACK YARD! It features a Large Kitchen with Formal Dining Area and Lots of Counter Space. Updated Lower Level can be used as Master Suite or a Bonus Room - Includes an Adorable Kitchenette. Showings are expected to begin on 12/21/2020.

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
  • Major employers in Raleigh area: IBM, Cisco systems, Fidelity Investments, GlaxoSmithKline, RTI International
  • One of Top 10 cities for Small Business Friendliness (Thumbtack, 2018)
  • #7 Best Big City for Jobs 2018 (Forbes, 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: Pleasant Ridge & Ramesgate

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $111k277k

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

Neighborhood: Pleasant Ridge & Ramesgate

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q27008009001000110012001300140015001600Rent in $6181630

* 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
Dillard Drive Elementary School Primary Regular 737 50 5
Dillard Drive Middle School Middle Regular 1,118 67 5
Athens Drive High School High Regular 1,884 119 6

Dillard Drive Elementary School

  • Education Level: Primary
  • # of students: 737
  • # of teachers: 50
5
GreatSchools Rating

Dillard Drive Middle School

  • Education Level: Middle
  • # of students: 1,118
  • # of teachers: 67
5
GreatSchools Rating

Athens Drive High School

  • Education Level: High
  • # of students: 1,884
  • # of teachers: 119
6
GreatSchools Rating
 

$242,100$295,900$269,000

PURCHASE PRICE

$1,404$1,716$1,560

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,560
EXPENSES Loan Payment -$992
Property Tax -$236
Property Insurance -$64
Property Management Fees -$119
CASH FLOW
$148

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.

$269,000

PROJECTED PRICE

$1,560

PROJECTED RENT

0.58%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 5.7%
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

PROJECTED ANNUAL CASH FLOW

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

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$77,035

INVESTMENT

$77,035

Down Payment
$67,250
Rehab Estimate
$5,750
Closing Costs
$4,035

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$992

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $67,250
Loan Amount $201,750
See What Happens When You Reinvest Cash Flow

8.5

YEARS SAVED

$35,784

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,560

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $1,557

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$1,395
1$1,3952$1,4253$1,5254$1,5605$1,595
$1,595
RENT COMPS ANALYSIS
  • 2308 Sierra Drive Raleigh, NC 4
    • 4 beds 3 baths ∙ 1,911 Sqft ∙ Built 1967 4 beds 3 baths ∙ 1,911 Sqft ∙ Built 1967
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,560
    • $0.82
    •  
  • 2201 Mariner Circle Raleigh, NC 1
    • 5 beds 2 baths ∙ 1,944 Sqft ∙ Built 1984 5 beds 2 baths ∙ 1,944 Sqft ∙ Built 1984
    property image
    LEASED 08/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.72
    •  
  • 3208 Joanne Drive Raleigh, NC 2
    • 3 beds 3 baths ∙ 1,600 Sqft ∙ Built 1986 3 beds 3 baths ∙ 1,600 Sqft ∙ Built 1986
    property image
    LEASED 10/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,425
    • $0.89
    •  
  • 2905 Henslowe Drive Raleigh, NC 3
    • 4 beds 2 baths ∙ 1,755 Sqft ∙ Built 1986 4 beds 2 baths ∙ 1,755 Sqft ∙ Built 1986
    property image
    LEASED 06/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,525
    • $0.87
    •  
  • 3004 Henslowe Drive Raleigh, NC 5
    • 4 beds 3 baths ∙ 2,050 Sqft ∙ Built 1986 4 beds 3 baths ∙ 2,050 Sqft ∙ Built 1986
    property image
    LEASED 09/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.78
    •  
PROPERTY LISTING DETAILS
Alex Rivers
1.919.602.2765
Re/max Performance
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2355813
Last Updated: 12/04/2020
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