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239 Mornington Place Clayton, NC 27520

3 Beds 3 Baths 2,262 sqft Built 2020

$292,304

List Price

$1,660

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
November 02, 2020 RECENTLY ADDED
FACTS
  • Built In 2020
  • Price/Sqft : $129.22
  • 2 Days on Market
  • MLS # : 2351591
  • Updated Date : 11/02/2020 at 12:24
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,262 sqft
  • Baths : 2 full , 1 half
Listing Agent

Hometowne Realty

Listing Agent's Description

Final Opportunities for our Magnolia Collection at Wellesley! Our beloved Henderson. Main floor living space designed for entertaining. Flowing open concept. Designer finishes. Timeless Kitchen with white cabinets, white quartz counters, carrarra tile backsplash, gas range w/double oven, spacious walk-in pantry. Flex space on main perfect for Home Office. Primary enSuite with desirable five ft. tiled walk-in shower. Bonus Room. Rear covered patio overlooks perpetually protected open space. Welcome Home.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • #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

PRICE & RENT TRENDS

Zip Code: 27520

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $107k265k

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

Zip Code: 27520

ZipNIR 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
Cleveland Elementary School Primary Regular 835 49 6
Cleveland Middle School Middle Regular 1,163 64 7
Cleveland High School High Regular 1,468 80 6

Cleveland Elementary School

  • Education Level: Primary
  • # of students: 835
  • # of teachers: 49
6
GreatSchools Rating

Cleveland Middle School

  • Education Level: Middle
  • # of students: 1,163
  • # of teachers: 64
7
GreatSchools Rating

Cleveland High School

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

$263,074$321,534$292,304

PURCHASE PRICE

$1,494$1,826$1,660

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,660
EXPENSES Loan Payment -$1,078
Property Tax -$300
Property Insurance -$71
HOA -$33
Property Management Fees -$149
CASH FLOW
$28

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$292,304

PROJECTED PRICE

$1,660

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 5.4%
Maintenance Year (1-5) 3.00%
Vacancy 7.47%
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-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

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$79,461

INVESTMENT

$79,461

Down Payment
$73,076
Rehab Estimate
$2,000
Closing Costs
$4,385

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,078

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $73,076
Loan Amount $219,228
See What Happens When You Reinvest Cash Flow

5

YEARS SAVED

$17,878

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,660

    LIST RENT
  • $0.73

    LIST RENT PER SQFT
  • $1,719

    COMP ESTIMATED VALUE
  • $0.76

    COMP AVG. RENT PER SQFT
Comps Range
$1,645
1$1,6452$1,6603$1,6954$1,700
$1,700
RENT COMPS ANALYSIS
  • 239 Mornington Place Clayton, NC 2
    • 3 beds 3 baths ∙ 2,262 Sqft ∙ Built 2020 3 beds 3 baths ∙ 2,262 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $1,660
    • $0.73
    •  
  • 62 Moonlight Drive Garner, NC 1
    • 4 beds 3 baths ∙ 2,293 Sqft ∙ Built 2016 4 beds 3 baths ∙ 2,293 Sqft ∙ Built 2016
    LEASED 05/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,645
    • $0.72
    •  
  • 146 Winding Oak Way Clayton, NC 3
    • 4 beds 3 baths ∙ 2,026 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,026 Sqft ∙ Built 2015
    LEASED 03/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.84
    •  
  • 57 Callisto Way Garner, NC 4
    • 4 beds 3 baths ∙ 2,363 Sqft ∙ Built 2014 4 beds 3 baths ∙ 2,363 Sqft ∙ Built 2014
    LEASED 03/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.72
    •  
PROPERTY LISTING DETAILS
Marlo Wells
1.919.763.7887
Hometowne Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2351591
Last Updated: 11/02/2020
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