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3016 Landing Falls Lane Raleigh, NC 27616

4 Beds 3 Baths 2,375 sqft Built 2007

$305,000

List Price

$1,630

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 2007
  • Price/Sqft : $128.42
  • 19 Days on Market
  • MLS # : 2354226
  • Updated Date : 12/03/2020 at 18:06
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,375 sqft
  • Baths : 2 full , 1 half
Listing Agent

Fonville Morisey/stonehenge Sales Office

Listing Agent's Description

Welcome HOME! Lovely front porch with plenty of room for a couple of rocking chairs. Your new home is move in ready with NEW carpet! MASTER BEDROOM ON FIRST FLOOR. 3 Bedrooms plus loft upstairs. 2-car garage, screened in porch, stamped patio & fenced-in backyard. Family room has vaulted ceiling & gas-log fireplace & wood floors. Eat-in kitchen has plenty of cabinets and a pantry. Dining room. Master bedroom suite with walk-in closet, garden tub & separate shower. Convenient to 540.

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
  • Major employers in Raleigh area: IBM, Cisco systems, Fidelity Investments, GlaxoSmithKline, RTI International
  • One of Top 10 cities for Small Business Friendliness (Thumbtack, 2018)
  • #7 Best Big City for Jobs 2018 (Forbes, 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: Landing at Neuse Crossing

NeighborhoodNIR Market*CityMarket2010Year20002019160k180k200k220k240k260k280k300k320k340kPrice in $153k359k

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

Neighborhood: Landing at Neuse Crossing

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q211001200130014001500160017001800Rent in $10181873

* 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
Harris Creek Elementary School Primary Regular 1,025 67 4
Rolesville Middle School Middle Unknown 1,263 75 NA
Rolesville High School High Regular 1,200 69 NA

Harris Creek Elementary School

  • Education Level: Primary
  • # of students: 1,025
  • # of teachers: 67
4
GreatSchools Rating

Rolesville Middle School

  • Education Level: Middle
  • # of students: 1,263
  • # of teachers: 75
NA
GreatSchools Rating

Rolesville High School

  • Education Level: High
  • # of students: 1,200
  • # of teachers: 69
NA
GreatSchools Rating
 

$274,500$335,500$305,000

PURCHASE PRICE

$1,467$1,793$1,630

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,630
EXPENSES Loan Payment -$1,125
Property Tax -$254
Property Insurance -$74
HOA -$18
Property Management Fees -$119
CASH FLOW
$39

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 16% of earned rent to cover both maintenance and periods of vacancy.

$305,000

PROJECTED PRICE

$1,630

PROJECTED RENT

0.53%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.33%
Appreciation Year (1-5) 5.7%
Maintenance Year (1-5) 8.00%
Vacancy 7.51%
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$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$86,575

INVESTMENT

$86,575

Down Payment
$76,250
Rehab Estimate
$5,750
Closing Costs
$4,575

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,125

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $76,250
Loan Amount $228,750
See What Happens When You Reinvest Cash Flow

7.08

YEARS SAVED

$30,095

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,630

    LIST RENT
  • $0.68

    LIST RENT PER SQFT
  • $1,758

    COMP ESTIMATED VALUE
  • $0.73

    COMP AVG. RENT PER SQFT
Comps Range
$1,630
1$1,6302$1,6503$1,6504$1,6755$1,800
$1,800
RENT COMPS ANALYSIS
  • 3016 Landing Falls Lane Raleigh, NC 1
    • 4 beds 3 baths ∙ 2,400 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,400 Sqft ∙ Built 2007
    • Rent
    • Rent Per SQFT
    •  
    • $1,630
    • $0.68
    •  
  • 3932 Massey Pointe Court Raleigh, NC 2
    • 4 beds 3 baths ∙ 2,400 Sqft ∙ Built 2017 4 beds 3 baths ∙ 2,400 Sqft ∙ Built 2017
    LEASED 05/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.69
    •  
  • 3242 Landing Falls Lane Raleigh, NC 3
    • 3 beds 3 baths ∙ 2,290 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,290 Sqft ∙ Built 2006
    LEASED 09/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.72
    •  
  • 4106 White Kestrel Drive Raleigh, NC 4
    • 3 beds 3 baths ∙ 2,208 Sqft ∙ Built 2014 3 beds 3 baths ∙ 2,208 Sqft ∙ Built 2014
    LEASED 08/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $0.76
    •  
  • 3928 White Kestrel Drive Raleigh, NC 5
    • 4 beds 3 baths ∙ 2,382 Sqft ∙ Built 2017 4 beds 3 baths ∙ 2,382 Sqft ∙ Built 2017
    LEASED 09/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.76
    •  
PROPERTY LISTING DETAILS
Vicki Robinson
1.919.274.3990
Fonville Morisey/stonehenge Sales Office
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2354226
Last Updated: 12/03/2020
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