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306 Ellen Drive Knightdale, NC 27545

3 Beds 2 Baths 992 sqft Built 1965

$200,000

List Price

$1,090

$981 - $1.2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 05, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1965
  • Price/Sqft : $201.61
  • 4 Days on Market
  • MLS # : 2370272
  • Updated Date : 03/06/2021 at 16:33
CONSTRUCTION
  • Beds : 3
  • Floor Size : 992 sqft
  • Baths : 1 full , 1 half
Listing Agent

Northside Realty Inc.

Listing Agent's Description

Seller accepting Offers until March 8, 8am GORGEOUS One Story Home with a bright open floor plan and upgrades galore! Features a custom designer kitchen with new shaker cabinets, granite countertops, tile backsplash and stainless steel appliances. EXOTIC 5" Bamboo hand scraped hardwood flooring throughout main living areas; designer interior/exterior paint and carpet. HUGE flat backyard. Move in and enjoy!

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
  • #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)

PRICE & RENT TRENDS

Neighborhood: Ellendale

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $87k265k

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

Neighborhood: Ellendale

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
Hodge Road Elementary School Primary Regular 606 48 4
East Wake Middle School Middle Regular 884 56 2
Knightdale High School High Regular 1,672 99 2

Hodge Road Elementary School

  • Education Level: Primary
  • # of students: 606
  • # of teachers: 48
4
GreatSchools Rating

East Wake Middle School

  • Education Level: Middle
  • # of students: 884
  • # of teachers: 56
2
GreatSchools Rating

Knightdale High School

  • Education Level: High
  • # of students: 1,672
  • # of teachers: 99
2
GreatSchools Rating
 

$180,000$220,000$200,000

PURCHASE PRICE

$981$1,199$1,090

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,090
EXPENSES Loan Payment -$695
Property Tax -$103
Property Insurance -$47
Property Management Fees -$119
CASH FLOW
$127

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.

$200,000

PROJECTED PRICE

$1,090

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 6.1%
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$58,750

INVESTMENT

$58,750

Down Payment
$50,000
Rehab Estimate
$5,750
Closing Costs
$3,000

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$695

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $50,000
Loan Amount $150,000
See What Happens When You Reinvest Cash Flow

9.25

YEARS SAVED

$25,073

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,090

    LIST RENT
  • $1.1

    LIST RENT PER SQFT
  • $1,131

    COMP ESTIMATED VALUE
  • $1.14

    COMP AVG. RENT PER SQFT
Comps Range
$1,090
1$1,0902$1,500
$1,500
RENT COMPS ANALYSIS
  • 306 Ellen Drive Knightdale, NC 1
    • 3 beds 2 baths ∙ 992 Sqft ∙ Built 1965 3 beds 2 baths ∙ 992 Sqft ∙ Built 1965
    • Rent
    • Rent Per SQFT
    •  
    • $1,090
    • $1.10
    •  
  • 214 Lynnwood Estates Drive Knightdale, NC 2
    • 3 beds 2 baths ∙ 1,315 Sqft ∙ Built 1971 3 beds 2 baths ∙ 1,315 Sqft ∙ Built 1971
    LEASED 10/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $1.14
    •  
PROPERTY LISTING DETAILS
Stephanie Anson
1.919.335.3048
Northside Realty Inc.
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2370272
Last Updated: 03/06/2021
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