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2401 Lockwood Folly Lane Raleigh, NC 27610

3 Beds 2 Baths 1,280 sqft Built 1997

$196,000

List Price

$1,100

$990 - $1.2K

Rent Est.

PROPERTY INFO

November 29, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1997
  • Price/Sqft : $153.13
  • 8 Days on Market
  • MLS # : 2355544
  • Updated Date : 12/01/2020 at 01:57
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,280 sqft
  • Baths : 2 full
Listing Agent

Howard Perry & Walston Realtor

Listing Agent's Description

This cheerful ranch features an open floorplan with a freshly painted interior, new Luxury Vinyl Plank flooring, new granite counter tops with an undermount sink, gas logs in the corner fireplace, newer roof (2017), newer HVAC (2015), recent water heater (2014), smart doorbell & thermostat, new 2" blinds and other interior improvements. This home has a fully fenced yard with an exterior storage building. Neuse River Trail only 4 minutes away.Quick commute to downtown Raleigh via choice of multiple routes

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: Lands End at Eaglechase

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $107k277k

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

Neighborhood: Lands End at Eaglechase

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q29001000110012001300140015001600Rent in $8021630

* 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
Barwell Road Elementary School Primary Regular 798 57 3
F.j. Carnage Gt/aig Magnet Middle School Middle Magnet 1,156 69 5
South Garner High School High Regular NA

Barwell Road Elementary School

  • Education Level: Primary
  • # of students: 798
  • # of teachers: 57
3
GreatSchools Rating

F.j. Carnage Gt/aig Magnet Middle School

  • Education Level: Middle
  • # of students: 1,156
  • # of teachers: 69
5
GreatSchools Rating

South Garner High School

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

$176,400$215,600$196,000

PURCHASE PRICE

$990$1,210$1,100

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,100
EXPENSES Loan Payment -$723
Property Tax -$144
Property Insurance -$52
Property Management Fees -$119
CASH FLOW
$61

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.

$196,000

PROJECTED PRICE

$1,100

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 7.0%
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$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$57,690

INVESTMENT

$57,690

Down Payment
$49,000
Rehab Estimate
$5,750
Closing Costs
$2,940

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$723

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $49,000
Loan Amount $147,000
See What Happens When You Reinvest Cash Flow

7.5

YEARS SAVED

$21,339

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,100

    LIST RENT
  • $0.86

    LIST RENT PER SQFT
  • $1,213

    COMP ESTIMATED VALUE
  • $0.95

    COMP AVG. RENT PER SQFT
Comps Range
$1,100
1$1,1002$1,1453$1,2954$1,3505$1,350
$1,350
RENT COMPS ANALYSIS
  • 2401 Lockwood Folly Lane Raleigh, NC 1
    • 3 beds 2 baths ∙ 1,280 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,280 Sqft ∙ Built 1997
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,100
    • $0.86
    •  
  • 2020 Ranch Mill Circle Raleigh, NC 2
    • 3 beds 2 baths ∙ 1,222 Sqft ∙ Built 1990 3 beds 2 baths ∙ 1,222 Sqft ∙ Built 1990
    property image
    LEASED 06/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,145
    • $0.94
    •  
  • 4405 Viewmont Drive Raleigh, NC 3
    • 3 beds 3 baths ∙ 1,368 Sqft ∙ Built 1998 3 beds 3 baths ∙ 1,368 Sqft ∙ Built 1998
    property image
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.95
    •  
  • 1811 Rocky Stream Lane Raleigh, NC 4
    • 3 beds 3 baths ∙ 1,459 Sqft ∙ Built 2008 3 beds 3 baths ∙ 1,459 Sqft ∙ Built 2008
    property image
    LEASED 08/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.93
    •  
  • 3025 Bracey Place Raleigh, NC 5
    • 3 beds 3 baths ∙ 1,386 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,386 Sqft ∙ Built 2001
    property image
    LEASED 11/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.97
    •  
PROPERTY LISTING DETAILS
Tom Menges
1.919.274.5645
Howard Perry & Walston Realtor
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2355544
Last Updated: 12/01/2020
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