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301 Houston Lane Clayton, NC 27527

3 Beds 2 Baths 1,337 sqft Built 2006

$235,000

List Price

$1,400

$1.3K - $1.5K

Rent Est.

PROPERTY INFO

January 15, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $175.77
  • 4 Days on Market
  • MLS # : 2361701
  • Updated Date : 01/15/2021 at 18:14
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,337 sqft
  • Baths : 2 full
Listing Agent

Hometowne Realty

Listing Agent's Description

Adorable Ranch plan in Riverwood Athletic Club! Great layout w/hardwoods throughout! Interior has fresh paint,large living area w/beautiful 2 sided fireplace & lots of natural light. Open floorpan-perfect for family & friends! Large master bedroom w/walk in closet & custom shelving. Corner lot w/great backyard gathering area & huge patio. All appliances included. Enjoy Riverwood Amenities-award winning onsite schools,indoor/oudoor pools,fitness center,miles of walking trails connecting to the parks system

SEE MORE

MARKET HIGHLIGHTS

  • Major employers in Raleigh area: IBM, Cisco systems, Fidelity Investments, GlaxoSmithKline, RTI International
  • #7 Best Big City for Jobs 2018 (Forbes, 2018)
  • 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: Riverwood Athletic Club

NeighborhoodNIR Market*CityMarket2010Year20002019130k140k150k160k170k180k190k200k210k220k230k240k250k260kPrice in $123k265k

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

Neighborhood: Riverwood Athletic Club

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2950100010501100115012001250130013501400145015001550Rent in $9461595

* 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
Riverwood Elementary School Primary Regular 837 49 6
Riverwood Middle School Middle Regular 1,149 64 7
Corinth Holders High School High Regular 1,679 91 5

Riverwood Elementary School

  • Education Level: Primary
  • # of students: 837
  • # of teachers: 49
6
GreatSchools Rating

Riverwood Middle School

  • Education Level: Middle
  • # of students: 1,149
  • # of teachers: 64
7
GreatSchools Rating

Corinth Holders High School

  • Education Level: High
  • # of students: 1,679
  • # of teachers: 91
5
GreatSchools Rating
 

$211,500$258,500$235,000

PURCHASE PRICE

$1,260$1,540$1,400

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,400
EXPENSES Loan Payment -$816
Property Tax -$241
Property Insurance -$53
HOA -$72
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.

$235,000

PROJECTED PRICE

$1,400

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 4.3%
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$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$68,025

INVESTMENT

$68,025

Down Payment
$58,750
Rehab Estimate
$5,750
Closing Costs
$3,525

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$816

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $58,750
Loan Amount $176,250
See What Happens When You Reinvest Cash Flow

7.5

YEARS SAVED

$21,792

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,400

    LIST RENT
  • $1.05

    LIST RENT PER SQFT
  • $1,223

    COMP ESTIMATED VALUE
  • $0.92

    COMP AVG. RENT PER SQFT
Comps Range
$1,300
1$1,3002$1,4003$1,515
$1,515
RENT COMPS ANALYSIS
  • 301 Houston Lane Clayton, NC 2
    • 3 beds 2 baths ∙ 1,337 Sqft ∙ Built 2006 3 beds 2 baths ∙ 1,337 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $1.05
    •  
  • 205 Chamberlain Drive Clayton, NC 1
    • 3 beds 3 baths ∙ 1,415 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,415 Sqft ∙ Built 2003
    LEASED 06/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.92
    •  
  • 236 E Webber Lane Clayton, NC 3
    • 3 beds 2 baths ∙ 1,660 Sqft ∙ Built 2016 3 beds 2 baths ∙ 1,660 Sqft ∙ Built 2016
    LEASED 10/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,515
    • $0.91
    •  
PROPERTY LISTING DETAILS
Nicole Orringer
1.919.464.4145
Hometowne Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2361701
Last Updated: 01/15/2021
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