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236 Sommerset Drive Clayton, NC 27520

3 Beds 2 Baths 1,235 sqft Built 2002

$230,000

List Price

$1,330

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

December 14, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $186.23
  • 7 Days on Market
  • MLS # : 2357802
  • Updated Date : 12/15/2020 at 16:35
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,235 sqft
  • Baths : 2 full
Listing Agent

Opendoor Brokerage Llc

Listing Agent's Description

This Clayton 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: South Plantation

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $93k265k

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

Neighborhood: South Plantation

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2800900100011001200130014001500Rent in $7621595

* 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
Polenta Elementary School Primary Regular 1,011 66 6
Swift Creek Middle School Middle Regular NA
Cleveland High School High Regular 1,468 80 6

Polenta Elementary School

  • Education Level: Primary
  • # of students: 1,011
  • # of teachers: 66
6
GreatSchools Rating

Swift Creek Middle School

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

Cleveland High School

  • Education Level: High
  • # of students: 1,468
  • # of teachers: 80
6
GreatSchools Rating
 

$207,000$253,000$230,000

PURCHASE PRICE

$1,197$1,463$1,330

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,330
EXPENSES Loan Payment -$849
Property Tax -$148
Property Insurance -$51
Property Management Fees -$119
CASH FLOW
$163

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.

$230,000

PROJECTED PRICE

$1,330

PROJECTED RENT

0.58%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 6.3%
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$800k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$66,700

INVESTMENT

$66,700

Down Payment
$57,500
Rehab Estimate
$5,750
Closing Costs
$3,450

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$849

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $57,500
Loan Amount $172,500
See What Happens When You Reinvest Cash Flow

9.5

YEARS SAVED

$35,603

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,330

    LIST RENT
  • $1.08

    LIST RENT PER SQFT
  • $1,179

    COMP ESTIMATED VALUE
  • $0.96

    COMP AVG. RENT PER SQFT
Comps Range
$1,200
1$1,2002$1,2003$1,330
$1,330
RENT COMPS ANALYSIS
  • 236 Sommerset Drive Clayton, NC 3
    • 3 beds 2 baths ∙ 1,235 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,235 Sqft ∙ Built 2002
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,330
    • $1.08
    •  
  • 228 Duck Pond Lane Clayton, NC 1
    • 3 beds 2 baths ∙ 1,230 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,230 Sqft ∙ Built 2003
    property image
    LEASED 02/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.98
    •  
  • 171 Sanders Road Benson, NC 2
    • 3 beds 2 baths ∙ 1,289 Sqft ∙ Built 1987 3 beds 2 baths ∙ 1,289 Sqft ∙ Built 1987
    property image
    LEASED 09/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.93
    •  
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 #: 2357802
Last Updated: 12/15/2020
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