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2857 Horsemans Ridge Drive Clayton, NC 27520

3 Beds 3 Baths 2,125 sqft Built 1997

$297,500

List Price

$1,520

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 05, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1997
  • Price/Sqft : $140.00
  • 3 Days on Market
  • MLS # : 2370283
  • Updated Date : 03/05/2021 at 09:35
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,125 sqft
  • Baths : 2 full , 1 half
Listing Agent

Southern Dreams Realty Llc

Listing Agent's Description

MUST SEE! Lovely ranch home in quiet neighborhood. Well maintained & move in ready. M.Bed has 2 walk in closets w/ door that opens onto large back deck. Fenced backyard. Oversized garage w/ pull down attic. Tucked away office w/ desk. Large mud room/laundry room. Family room w/ cathedral ceiling, bookcases & wired for sound. Kitchen features granite, gas stove, backsplash & tile floor. Huge sealed walk in crawl space maintains same temp as inside. Great potential for workshop, exercise area or storage.

SEE MORE

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: 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
 

$267,750$327,250$297,500

PURCHASE PRICE

$1,368$1,672$1,520

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,520
EXPENSES Loan Payment -$1,033
Property Tax -$201
Property Insurance -$69
Property Management Fees -$119
CASH FLOW
$98

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.

$297,500

PROJECTED PRICE

$1,520

PROJECTED RENT

0.51%

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$200k$400k$600k$800k$1.0M

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$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$84,588

INVESTMENT

$84,588

Down Payment
$74,375
Rehab Estimate
$5,750
Closing Costs
$4,463

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,033

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $74,375
Loan Amount $223,125
See What Happens When You Reinvest Cash Flow

7.42

YEARS SAVED

$27,637

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,520

    LIST RENT
  • $0.72

    LIST RENT PER SQFT
  • $1,541

    COMP ESTIMATED VALUE
  • $0.73

    COMP AVG. RENT PER SQFT
Comps Range
$1,450
1$1,4502$1,5003$1,5204$1,5255$1,675
$1,675
RENT COMPS ANALYSIS
  • 2857 Horsemans Ridge Drive Clayton, NC 3
    • 3 beds 3 baths ∙ 2,125 Sqft ∙ Built 1997 3 beds 3 baths ∙ 2,125 Sqft ∙ Built 1997
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,520
    • $0.72
    •  
  • 103 Locket Drive Clayton, NC 1
    • 4 beds 3 baths ∙ 2,002 Sqft ∙ Built 2009 4 beds 3 baths ∙ 2,002 Sqft ∙ Built 2009
    property image
    LEASED 04/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.72
    •  
  • 171 Averasboro Drive Clayton, NC 2
    • 3 beds 3 baths ∙ 1,947 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,947 Sqft ∙ Built 2007
    property image
    LEASED 01/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.77
    •  
  • 146 Plymouth Drive Clayton, NC 4
    • 4 beds 3 baths ∙ 2,300 Sqft ∙ Built 2013 4 beds 3 baths ∙ 2,300 Sqft ∙ Built 2013
    property image
    LEASED 06/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,525
    • $0.66
    •  
  • 265 Norwich Drive Clayton, NC 5
    • 3 beds 3 baths ∙ 2,230 Sqft ∙ Built 2009 3 beds 3 baths ∙ 2,230 Sqft ∙ Built 2009
    property image
    LEASED 06/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $0.75
    •  
PROPERTY LISTING DETAILS
Gayle Carter
1.919.291.1753
Southern Dreams Realty Llc
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2370283
Last Updated: 03/05/2021
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