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302 Glascock Street Raleigh, NC 27604

6 Beds 2 Baths 2,684 sqft Built 1930 2 Units

$499,000

List Price

$2,600

$2.4K - $2.9K

Rent Est.

PROPERTY INFO

2 Units MULTIFAMILY
FACTS
  • Multi Family Home
  • Built In 1930
  • Price/Sqft : $185.92
  • 69 Days on Market
  • MLS # : 2361157
  • Updated Date : 03/10/2021 at 16:28
CONSTRUCTION
  • Beds : 6
  • Floor Size : 2,684 sqft
  • Baths : 2 full
Listing Agent

Chappell

Listing Agent's Description

This downtown duplex comes with double the value. Surrounded by signature mature oaks, 302 Glascock Street epitomizes classic Raleigh living in a locale that’s beyond convenient. This charming duplex, boasting two units, is one of the most commuter-friendly listings of its size Downtown. Dark hardwoods + dual fireplaces define both spaces, enveloping them in a warm, welcoming glow. Add in a large front porch, balcony and two exterior entrances on each unit, and you’ve got a duplex designed to work for you

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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: Oakdale

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360k380kPrice in $124k384k

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

Neighborhood: Oakdale

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2900100011001200130014001500160017001800Rent in $8521873

* 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
Conn Elementary School Primary Magnet 624 46 3
Daniels Middle School Middle Magnet 1,158 67 6
Broughton High School High Magnet 2,112 126 6

Conn Elementary School

  • Education Level: Primary
  • # of students: 624
  • # of teachers: 46
3
GreatSchools Rating

Daniels Middle School

  • Education Level: Middle
  • # of students: 1,158
  • # of teachers: 67
6
GreatSchools Rating

Broughton High School

  • Education Level: High
  • # of students: 2,112
  • # of teachers: 126
6
GreatSchools Rating
 

$449,100$548,900$499,000

PURCHASE PRICE

$2,340$2,860$2,600

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,600
EXPENSES Loan Payment -$1,733
Property Tax -$362
Property Insurance -$80
Property Management Fees -$238
CASH FLOW
$187

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.

$499,000

PROJECTED PRICE

$2,600

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.33%
Appreciation Year (1-5) 5.4%
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$1.2M$1.4M$1.6M$1.8M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k$25k$30k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$143,735

INVESTMENT

$143,735

Down Payment
$124,750
Rehab Estimate
$11,500
Closing Costs
$7,485

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,733

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $124,750
Loan Amount $374,250
See What Happens When You Reinvest Cash Flow

8.42

YEARS SAVED

$55,068

INTEREST SAVED

CASH FLOW REINVESTMENT

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

Solutions Manager

YOUR SOLUTIONS MANAGER

Please Contact Your Solutions Manager

To review the detailed price and rent comps for this property and answer any questions you may have.

PROPERTY LISTING DETAILS
Johnny Chappell
1.919.909.0004
Chappell
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2361157
Last Updated: 03/10/2021
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