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2624 Horsemans Ridge Drive Clayton, NC 27520

3 Beds 2 Baths 1,479 sqft Built 1997

$225,000

List Price

$1,370

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

January 02, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1997
  • Price/Sqft : $152.13
  • 4 Days on Market
  • MLS # : 2359715
  • Updated Date : 01/03/2021 at 01:33
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,479 sqft
  • Baths : 2 full
Listing Agent

Powell Realty

Listing Agent's Description

Spacious inside and out, great lot, Home freshly painted all new floor coverings. new stove and 2 new commodes being installed by 1/5/2021

SEE MORE

MARKET HIGHLIGHTS

  • #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
  • 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)

PRICE & RENT TRENDS

Neighborhood: Horsemans Ridge

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $107k265k

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

Neighborhood: Horsemans Ridge

NeighborhoodNIR 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
West Clayton Elementary School Primary Regular 902 58 6
Clayton Middle School Middle Regular 793 49 4
Clayton High School High Regular 1,512 85 5

West Clayton Elementary School

  • Education Level: Primary
  • # of students: 902
  • # of teachers: 58
6
GreatSchools Rating

Clayton Middle School

  • Education Level: Middle
  • # of students: 793
  • # of teachers: 49
4
GreatSchools Rating

Clayton High School

  • Education Level: High
  • # of students: 1,512
  • # of teachers: 85
5
GreatSchools Rating
 

$202,500$247,500$225,000

PURCHASE PRICE

$1,233$1,507$1,370

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,370
EXPENSES Loan Payment -$830
Property Tax -$231
Property Insurance -$56
Property Management Fees -$119
CASH FLOW
$134

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.

$225,000

PROJECTED PRICE

$1,370

PROJECTED RENT

0.61%

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) 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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$65,375

INVESTMENT

$65,375

Down Payment
$56,250
Rehab Estimate
$5,750
Closing Costs
$3,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$830

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $56,250
Loan Amount $168,750
See What Happens When You Reinvest Cash Flow

8.58

YEARS SAVED

$30,382

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,370

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $1,390

    COMP ESTIMATED VALUE
  • $0.94

    COMP AVG. RENT PER SQFT
Comps Range
$1,150
1$1,1502$1,2003$1,3704$1,3955$1,450
$1,450
RENT COMPS ANALYSIS
  • 2624 Horsemans Ridge Drive Clayton, NC 3
    • 3 beds 2 baths ∙ 1,479 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,479 Sqft ∙ Built 1997
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,370
    • $0.93
    •  
  • 1032 Cove Circle Clayton, NC 1
    • 3 beds 2 baths ∙ 1,228 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,228 Sqft ∙ Built 2001
    property image
    LEASED 11/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,150
    • $0.94
    •  
  • 1020 Cove Circle Clayton, NC 2
    • 3 beds 2 baths ∙ 1,262 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,262 Sqft ∙ Built 2001
    property image
    LEASED 06/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.95
    •  
  • 207 W Horne Street Clayton, NC 4
    • 4 beds 3 baths ∙ 1,556 Sqft ∙ Built 2011 4 beds 3 baths ∙ 1,556 Sqft ∙ Built 2011
    property image
    LEASED 07/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.90
    •  
  • 408 Westminster Drive Clayton, NC 5
    • 3 beds 3 baths ∙ 1,490 Sqft ∙ Built 1996 3 beds 3 baths ∙ 1,490 Sqft ∙ Built 1996
    property image
    LEASED 09/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.97
    •  
PROPERTY LISTING DETAILS
Linda Powell
1.919.422.8137
Powell Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2359715
Last Updated: 01/03/2021
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