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305 Neuse River Drive Clayton, NC 27527

3 Beds 3 Baths 2,253 sqft Built 1996

$259,900

List Price

$1,500

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

YES TENANTED
November 16, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1996
  • Price/Sqft : $115.36
  • 7 Days on Market
  • MLS # : 2353893
  • Updated Date : 11/18/2020 at 15:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,253 sqft
  • Baths : 2 full , 1 half
Listing Agent

Hometowne Realty Garner

Listing Agent's Description

Check out this home in a desirable golf course community with a recreational park including ball fields, walking trails, playgrounds and a dog park minutes away. This home is 3 beds, 2 1/2 baths and massive bonus room. There is a large screened-in porch with a separate deck that is perfect for entertaining. Hardwood floors in living room and dining room. All bedrooms are on the second floor. Newly painted interior and exterior. Don't miss this opportunity!!!

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
  • 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)

PRICE & RENT TRENDS

Neighborhood: Glen Laurel

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $131k359k

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

Neighborhood: Glen Laurel

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2100011001200130014001500160017001800Rent in $9911873

* 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
Powhatan Elementary School Primary Regular 565 35 6
Riverwood Middle School Middle Regular 1,149 64 7
Clayton High School High Regular 1,512 85 5

Powhatan Elementary School

  • Education Level: Primary
  • # of students: 565
  • # of teachers: 35
6
GreatSchools Rating

Riverwood Middle School

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

Clayton High School

  • Education Level: High
  • # of students: 1,512
  • # of teachers: 85
5
GreatSchools Rating
 

$233,910$285,890$259,900

PURCHASE PRICE

$1,350$1,650$1,500

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,500
EXPENSES Loan Payment -$959
Property Tax -$175
Property Insurance -$70
HOA -$14
Property Management Fees -$135
CASH FLOW
$147

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.

$259,900

PROJECTED PRICE

$1,500

PROJECTED RENT

0.58%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.33%
Appreciation Year (1-5) 2.7%
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$100k$200k$300k$400k$500k$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

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$74,624

INVESTMENT

$74,624

Down Payment
$64,975
Rehab Estimate
$5,750
Closing Costs
$3,899

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$959

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $64,975
Loan Amount $194,925
See What Happens When You Reinvest Cash Flow

8.33

YEARS SAVED

$33,758

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,500

    LIST RENT
  • $0.68

    LIST RENT PER SQFT
  • $1,542

    COMP ESTIMATED VALUE
  • $0.7

    COMP AVG. RENT PER SQFT
Comps Range
$1,395
1$1,3952$1,4753$1,4904$1,5005$1,550
$1,550
RENT COMPS ANALYSIS
  • 305 Neuse River Drive Clayton, NC 4
    • 3 beds 3 baths ∙ 2,195 Sqft ∙ Built 1996 3 beds 3 baths ∙ 2,195 Sqft ∙ Built 1996
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.68
    •  
  • 175 River Hills Drive Clayton, NC 1
    • 4 beds 3 baths ∙ 2,090 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,090 Sqft ∙ Built 2005
    LEASED 11/18/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.67
    •  
  • 14 Streamwood Way Clayton, NC 2
    • 4 beds 3 baths ∙ 2,100 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,100 Sqft ∙ Built 2006
    LEASED 03/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $0.70
    •  
  • 131 Brookhaven Drive Clayton, NC 3
    • 4 beds 3 baths ∙ 2,043 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,043 Sqft ∙ Built 2006
    LEASED 12/18/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,490
    • $0.73
    •  
  • 305 Neuse Ridge Drive Clayton, NC 5
    • 3 beds 3 baths ∙ 2,195 Sqft ∙ Built 1996 3 beds 3 baths ∙ 2,195 Sqft ∙ Built 1996
    LEASED 11/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.71
    •  
PROPERTY LISTING DETAILS
Deward Tarlton
1.919.987.0910
Hometowne Realty Garner
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2353893
Last Updated: 11/18/2020
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