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2929 Henslowe Drive Raleigh, NC 27603

4 Beds 2 Baths 1,483 sqft Built 1990

$278,000

List Price

$1,520

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

December 18, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1990
  • Price/Sqft : $187.46
  • 4 Days on Market
  • MLS # : 2358498
  • Updated Date : 12/20/2020 at 03:53
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,483 sqft
  • Baths : 2 full
Listing Agent

Rodriguez Realty, Llc

Listing Agent's Description

Location, location, location! Minutes from NCSU, Farmer's Market, 440, downtown, and dog park. 4 bedroom/2bath, lower level can be used as master suite or a bonus room, kitchen perfect for entertaining, double deck, fenced in backyard. New roof, new upper kitchen cabinets, laminate floors throughout, updated bathrooms; seller providing 1 yr home warranty.

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: Wheeler Place

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $115k277k

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

Neighborhood: Wheeler Place

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q27008009001000110012001300140015001600Rent in $6481630

* 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
Yates Mill Elementary School Primary Regular 635 45 5
Dillard Drive Middle School Middle Regular 1,118 67 5
Athens Drive High School High Regular 1,884 119 6

Yates Mill Elementary School

  • Education Level: Primary
  • # of students: 635
  • # of teachers: 45
5
GreatSchools Rating

Dillard Drive Middle School

  • Education Level: Middle
  • # of students: 1,118
  • # of teachers: 67
5
GreatSchools Rating

Athens Drive High School

  • Education Level: High
  • # of students: 1,884
  • # of teachers: 119
6
GreatSchools Rating
 

$250,200$305,800$278,000

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 -$1,026
Property Tax -$205
Property Insurance -$56
Property Management Fees -$119
CASH FLOW
$114

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.

$278,000

PROJECTED PRICE

$1,520

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 5.7%
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$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$79,420

INVESTMENT

$79,420

Down Payment
$69,500
Rehab Estimate
$5,750
Closing Costs
$4,170

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,026

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $69,500
Loan Amount $208,500
See What Happens When You Reinvest Cash Flow

7.92

YEARS SAVED

$33,429

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
  • $1.02

    LIST RENT PER SQFT
  • $1,524

    COMP ESTIMATED VALUE
  • $1.03

    COMP AVG. RENT PER SQFT
Comps Range
$1,520
1$1,5202$1,6453$1,6504$1,6505$1,650
$1,650
RENT COMPS ANALYSIS
  • 2929 Henslowe Drive Raleigh, NC 1
    • 4 beds 2 baths ∙ 1,483 Sqft ∙ Built 1990 4 beds 2 baths ∙ 1,483 Sqft ∙ Built 1990
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,520
    • $1.02
    •  
  • 2628 Farlow Gap Lane Raleigh, NC 2
    • 3 beds 3 baths ∙ 1,600 Sqft ∙ Built 1999 3 beds 3 baths ∙ 1,600 Sqft ∙ Built 1999
    property image
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,645
    • $1.03
    •  
  • 2708 Upper Dry Falls Court Raleigh, NC 3
    • 4 beds 3 baths ∙ 1,624 Sqft ∙ Built 2002 4 beds 3 baths ∙ 1,624 Sqft ∙ Built 2002
    property image
    LEASED 08/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.02
    •  
  • 1917 Sierra Drive Raleigh, NC 4
    • 3 beds 3 baths ∙ 1,588 Sqft ∙ Built 1987 3 beds 3 baths ∙ 1,588 Sqft ∙ Built 1987
    property image
    LEASED 06/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.04
    •  
  • 2408 Horizon Hike Court Raleigh, NC 5
    • 3 beds 3 baths ∙ 1,620 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,620 Sqft ∙ Built 2003
    property image
    LEASED 07/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.02
    •  
PROPERTY LISTING DETAILS
Alfredo Rodriguez
1.919.625.9452
Rodriguez Realty, Llc
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2358498
Last Updated: 12/20/2020
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