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297 Opal Lane Clayton, NC 27520

3 Beds 2 Baths 1,287 sqft Built 2005

$215,000

List Price

$1,220

$1.1K - $1.3K

Rent Est.

PROPERTY INFO

YES TENANTED
November 04, 2020 RECENTLY ADDED
FACTS
  • Built In 2005
  • Price/Sqft : $167.06
  • 5 Days on Market
  • MLS # : 2352021
  • Updated Date : 11/06/2020 at 18:13
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,287 sqft
  • Baths : 2 full
Listing Agent

Powell Realty

Listing Agent's Description

Absolutely adorable, large master with vaulted ceilings, corner fireplace in living room 2 car garage with kitchen entry. nice back yard, county water.

SEE MORE

MARKET HIGHLIGHTS

  • #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)
  • 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

PRICE & RENT TRENDS

Neighborhood: Coventry

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $107k265k

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

Neighborhood: Coventry

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
Polenta Elementary School Primary Regular 1,011 66 6
Swift Creek Middle School Middle Regular NA
Cleveland High School High Regular 1,468 80 6

Polenta Elementary School

  • Education Level: Primary
  • # of students: 1,011
  • # of teachers: 66
6
GreatSchools Rating

Swift Creek Middle School

  • Education Level: Middle
  • # of students:
  • # of teachers:
NA
GreatSchools Rating

Cleveland High School

  • Education Level: High
  • # of students: 1,468
  • # of teachers: 80
6
GreatSchools Rating
 

$193,500$236,500$215,000

PURCHASE PRICE

$1,098$1,342$1,220

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,220
EXPENSES Loan Payment -$793
Property Tax -$138
Property Insurance -$52
Property Management Fees -$110
CASH FLOW
$126

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.

$215,000

PROJECTED PRICE

$1,220

PROJECTED RENT

0.57%

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

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

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$62,725

INVESTMENT

$62,725

Down Payment
$53,750
Rehab Estimate
$5,750
Closing Costs
$3,225

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$793

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $53,750
Loan Amount $161,250
See What Happens When You Reinvest Cash Flow

7.75

YEARS SAVED

$26,004

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,220

    LIST RENT
  • $0.95

    LIST RENT PER SQFT
  • $1,244

    COMP ESTIMATED VALUE
  • $0.97

    COMP AVG. RENT PER SQFT
Comps Range
$1,100
1$1,1002$1,2203$1,2954$1,400
$1,400
RENT COMPS ANALYSIS
  • 297 Opal Lane Clayton, NC 2
    • 3 beds 2 baths ∙ 1,287 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,287 Sqft ∙ Built 2005
    • Rent
    • Rent Per SQFT
    •  
    • $1,220
    • $0.95
    •  
  • 1005 Charlie Lane Clayton, NC 1
    • 3 beds 2 baths ∙ 1,320 Sqft ∙ Built 1992 3 beds 2 baths ∙ 1,320 Sqft ∙ Built 1992
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,100
    • $0.83
    •  
  • 1132 Deep Canyon Drive Clayton, NC 3
    • 3 beds 2 baths ∙ 1,256 Sqft ∙ Built 1994 3 beds 2 baths ∙ 1,256 Sqft ∙ Built 1994
    LEASED 07/19/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $1.03
    •  
  • 1907 Ranch Road Clayton, NC 4
    • 3 beds 2 baths ∙ 1,344 Sqft ∙ Built 1996 3 beds 2 baths ∙ 1,344 Sqft ∙ Built 1996
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $1.04
    •  
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 #: 2352021
Last Updated: 11/06/2020
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