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2608 Dality Drive Raleigh, NC 27604

3 Beds 3 Baths 1,707 sqft Built 2003

$285,000

List Price

$1,440

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 03, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $166.96
  • 5 Days on Market
  • MLS # : 2369961
  • Updated Date : 03/06/2021 at 21:54
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,707 sqft
  • Baths : 2 full , 1 half
Listing Agent

Opendoor Brokerage Llc

Listing Agent's Description

This Raleigh two-story home offers a two-car garage. This home has been virtually staged to illustrate its potential.

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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: New Hope Crossing

NeighborhoodNIR Market*CityMarket2010Year20002019140k150k160k170k180k190k200k210k220k230k240k250k260k270kPrice in $132k277k

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

Neighborhood: New Hope Crossing

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q29501000105011001150120012501300135014001450150015501600Rent in $9031630

* 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
Durant Road Elementary School Primary Regular 977 63 4
Durant Road Middle School Middle Regular 1,245 78 5
Millbrook High School High Magnet 2,571 145 5

Durant Road Elementary School

  • Education Level: Primary
  • # of students: 977
  • # of teachers: 63
4
GreatSchools Rating

Durant Road Middle School

  • Education Level: Middle
  • # of students: 1,245
  • # of teachers: 78
5
GreatSchools Rating

Millbrook High School

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

$256,500$313,500$285,000

PURCHASE PRICE

$1,296$1,584$1,440

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,440
EXPENSES Loan Payment -$990
Property Tax -$210
Property Insurance -$60
HOA -$17
Property Management Fees -$119
CASH FLOW
$44

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.

$285,000

PROJECTED PRICE

$1,440

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 5.0%
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-$2.0k$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$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$81,275

INVESTMENT

$81,275

Down Payment
$71,250
Rehab Estimate
$5,750
Closing Costs
$4,275

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$990

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $71,250
Loan Amount $213,750
See What Happens When You Reinvest Cash Flow

6.42

YEARS SAVED

$21,445

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,440

    LIST RENT
  • $0.84

    LIST RENT PER SQFT
  • $1,575

    COMP ESTIMATED VALUE
  • $0.92

    COMP AVG. RENT PER SQFT
Comps Range
$1,295
1$1,2952$1,3953$1,3954$1,4255$1,440
$1,440
RENT COMPS ANALYSIS
  • 2608 Dality Drive Raleigh, NC 5
    • 3 beds 3 baths ∙ 1,707 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,707 Sqft ∙ Built 2003
    • Rent
    • Rent Per SQFT
    •  
    • $1,440
    • $0.84
    •  
  • 4413 Bartholomew Circle Raleigh, NC 1
    • 3 beds 2 baths ∙ 1,368 Sqft ∙ Built 1996 3 beds 2 baths ∙ 1,368 Sqft ∙ Built 1996
    LEASED 02/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.95
    •  
  • 2204 Tucca Way Raleigh, NC 2
    • 3 beds 3 baths ∙ 1,565 Sqft ∙ Built 1999 3 beds 3 baths ∙ 1,565 Sqft ∙ Built 1999
    LEASED 10/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.89
    •  
  • 3712 E Jameson Road Raleigh, NC 3
    • 3 beds 3 baths ∙ 1,547 Sqft ∙ Built 1988 3 beds 3 baths ∙ 1,547 Sqft ∙ Built 1988
    LEASED 12/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.90
    •  
  • 4205 Toccopola Street Raleigh, NC 4
    • 3 beds 3 baths ∙ 1,500 Sqft ∙ Built 1999 3 beds 3 baths ∙ 1,500 Sqft ∙ Built 1999
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,425
    • $0.95
    •  
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 #: 2369961
Last Updated: 03/06/2021
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