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2400 Clerestory Place Raleigh, NC 27615

3 Beds 3 Baths 1,737 sqft Built 1995

$280,000

List Price

$1,580

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

November 29, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1995
  • Price/Sqft : $161.20
  • 8 Days on Market
  • MLS # : 2355519
  • Updated Date : 12/02/2020 at 17:08
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,737 sqft
  • Baths : 2 full , 1 half
Listing Agent

Berkshire Hathaway Homeservices Ysu

Listing Agent's Description

Sellers will accept offers until 10 AM, Sunday, 12/6/2020 Showings begin 12/1/2020 Charming home close to great schools, I-540, shopping and services. Cul-de-sac location with spacious fenced in back yard. Kitchen has convenient center island and located between dining room and family room. Master bedroom features two closets and a tray ceiling. A secondary bedroom has an additional room that makes a great study, library or craft room. The laundry room is located on the main level.

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: The Point at Lemuel

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300kPrice in $132k307k

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

Neighborhood: The Point at Lemuel

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2100011001200130014001500160017001800Rent in $9461832

* 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
North Ridge Elementary School Primary Regular 765 50 6
West Millbrook Middle School Middle Regular 961 55 4
Millbrook High School High Magnet 2,571 145 5

North Ridge Elementary School

  • Education Level: Primary
  • # of students: 765
  • # of teachers: 50
6
GreatSchools Rating

West Millbrook Middle School

  • Education Level: Middle
  • # of students: 961
  • # of teachers: 55
4
GreatSchools Rating

Millbrook High School

  • Education Level: High
  • # of students: 2,571
  • # of teachers: 145
5
GreatSchools Rating
 

$252,000$308,000$280,000

PURCHASE PRICE

$1,422$1,738$1,580

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,580
EXPENSES Loan Payment -$1,033
Property Tax -$240
Property Insurance -$61
HOA -$11
Property Management Fees -$119
CASH FLOW
$116

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.

$280,000

PROJECTED PRICE

$1,580

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 4.6%
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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$79,950

INVESTMENT

$79,950

Down Payment
$70,000
Rehab Estimate
$5,750
Closing Costs
$4,200

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,033

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $70,000
Loan Amount $210,000
See What Happens When You Reinvest Cash Flow

7.67

YEARS SAVED

$32,938

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,580

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $1,586

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$1,550
1$1,5502$1,5803$1,6004$1,900
$1,900
RENT COMPS ANALYSIS
  • 2400 Clerestory Place Raleigh, NC 2
    • 3 beds 3 baths ∙ 1,737 Sqft ∙ Built 1995 3 beds 3 baths ∙ 1,737 Sqft ∙ Built 1995
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,580
    • $0.91
    •  
  • 1316 Greenside Drive Raleigh, NC 1
    • 3 beds 3 baths ∙ 1,758 Sqft ∙ Built 1986 3 beds 3 baths ∙ 1,758 Sqft ∙ Built 1986
    property image
    LEASED 06/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.88
    •  
  • 8613 Clivedon Drive Raleigh, NC 3
    • 4 beds 3 baths ∙ 1,842 Sqft ∙ Built 1999 4 beds 3 baths ∙ 1,842 Sqft ∙ Built 1999
    property image
    LEASED 06/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.87
    •  
  • 7400 Dorrington Trail Raleigh, NC 4
    • 3 beds 3 baths ∙ 1,920 Sqft ∙ Built 1996 3 beds 3 baths ∙ 1,920 Sqft ∙ Built 1996
    property image
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.99
    •  
PROPERTY LISTING DETAILS
Joanne Crumpler
1.919.971.5164
Berkshire Hathaway Homeservices Ysu
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2355519
Last Updated: 12/02/2020
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