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2909 Sap Lane Raleigh, NC 27603

3 Beds 3 Baths 1,803 sqft Built 2000

INVESTimate

$288,000

List Price

$1,610

$1,449 - $1,771

Rent Est.

$303,840  ( +5.50%)   1 YR EST. FORECAST

PROPERTY INFO

August 19, 2020 RECENTLY ADDED
FACTS
  • Built In 2000
  • Price/Sqft : $159.73
  • 8 Days on Market
  • MLS # : 2337912
  • Updated Date : 08/24/2020 at 17:11
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,803 sqft
  • Baths : 2 full , 1 half
Listing Agent

Team Joel Sullivan Realty

Listing Agent's Description

BEAUTIFUL FAMILY HOME IN IDEAL RALEIGH LOCATION! Open plan featuring huge living room, hardwood floor throughout main floor. Kitchen features granite countertops, tile backsplash, SS appliances and freshly painted cabinets. Master features tub/separate shower and nice sized closet. Rocking chair front porch, large deck, back yard privacy. House freshly painted inside and out, refinished deck, new LVP floor in laundry/powder room. Convenient to I-40, downtown, and NCSU. Come see your new home!

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
  • #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)
  • 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: Tryon Pines

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280kPrice in $107k284k

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

Neighborhood: Tryon Pines

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q28009001000110012001300140015001600Rent in $7921630

* 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
Penny Road Elementary School Primary Regular 716 45 6
Apex Middle School Middle Regular 1,201 63 7
Apex High School High Regular 2,549 132 6

Penny Road Elementary School

  • Education Level: Primary
  • # of students: 716
  • # of teachers: 45
6
GreatSchools Rating

Apex Middle School

  • Education Level: Middle
  • # of students: 1,201
  • # of teachers: 63
7
GreatSchools Rating

Apex High School

  • Education Level: High
  • # of students: 2,549
  • # of teachers: 132
6
GreatSchools Rating
 

$259,200$316,800$288,000

PURCHASE PRICE

$1,449$1,771$1,610

RENT

DOWN PAYMENT
FINANCING

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,610
EXPENSES Loan Payment -$1,063
Property Tax -$246
Property Insurance -$62
Property Management Fees -$145
CASH FLOW
$94

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.

$288,000

PROJECTED PRICE

$1,610

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 5.50%
Maintenance Year (1-5) 8.00%
Vacancy 7.47%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$82,070

INVESTMENT

$82,070

Down Payment
$72,000
Rehab Estimate
$5,750
Closing Costs
$4,320

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,063

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $72,000
Loan Amount $216,000
See What Happens When You Reinvest Cash Flow

6.42

YEARS SAVED

$25,903

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,610

    LIST RENT
  • $0.89

    LIST RENT PER SQFT
  • $1,629

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$1,500
1$1,5002$1,5503$1,6104$1,6505$1,725
$1,725
RENT COMPS ANALYSIS
  • 2909 Sap Lane Raleigh, 3
    • 3 beds 3 baths ∙ 1,800 Sqft ∙ Built 2000 3 beds 3 baths ∙ 1,800 Sqft ∙ Built 2000
    • Rent
    • Rent Per SQFT
    •  
    • $1,610
    • $0.89
    •  
  • 2021 Betry Place Raleigh, 1
    • 3 beds 3 baths ∙ 1,725 Sqft ∙ Built 2000 3 beds 3 baths ∙ 1,725 Sqft ∙ Built 2000
    LEASED 09/25/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.87
    •  
  • 3005 Rennit Court Raleigh, 2
    • 4 beds 3 baths ∙ 1,804 Sqft ∙ Built 2000 4 beds 3 baths ∙ 1,804 Sqft ∙ Built 2000
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.86
    •  
  • 2820 Beehnon Way Raleigh, 4
    • 4 beds 3 baths ∙ 1,900 Sqft ∙ Built 2000 4 beds 3 baths ∙ 1,900 Sqft ∙ Built 2000
    LEASED 07/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.87
    •  
  • 2812 Beehnon Way Raleigh, 5
    • 3 beds 3 baths ∙ 1,684 Sqft ∙ Built 1997 3 beds 3 baths ∙ 1,684 Sqft ∙ Built 1997
    LEASED 08/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,725
    • $1.02
    •  
PROPERTY LISTING DETAILS
Steven Spencer
1.919.302.9435
Team Joel Sullivan Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2337912
Last Updated: 08/24/2020
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