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31 E Piston Point Clayton, NC 27520

3 Beds 2 Baths 1,909 sqft Built 2019

$295,000

List Price

$1,650

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

Built 2019 NEW CONSTRUCTION
October 30, 2020 RECENTLY ADDED
FACTS
  • Built In 2019
  • Price/Sqft : $154.53
  • 5 Days on Market
  • MLS # : 2351279
  • Updated Date : 10/31/2020 at 20:55
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,909 sqft
  • Baths : 2 full
Listing Agent

Exp Realty

Listing Agent's Description

UPGRADES GALORE! This beautiful ranch home features three bedrooms, two bathrooms, 2 inch faux wood blinds, a screened porch, a private patio and oversized two-car garage. The spacious owner's suite has a large walk in closet with wood shelving and spa like bathroom. The gourmet kitchen boasts a gas range, granite countertops, designer cabinets and stainless-steel appliances. Located in Highgate close to shopping & restaurants.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • #7 Best Big City for Jobs 2018 (Forbes, 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: Municipal Park

NeighborhoodNIR Market*CityMarket2010Year20002019140k150k160k170k180k190k200k210k220k230k240k250k260kPrice in $131k265k

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

Neighborhood: Municipal Park

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
Cooper Academy Primary Regular 593 45 2
Riverwood Middle School Middle Regular 1,149 64 7
Clayton High School High Regular 1,512 85 5

Cooper Academy

  • Education Level: Primary
  • # of students: 593
  • # of teachers: 45
2
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
 

$265,500$324,500$295,000

PURCHASE PRICE

$1,485$1,815$1,650

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,650
EXPENSES Loan Payment -$1,088
Property Tax -$303
Property Insurance -$64
HOA -$67
Property Management Fees -$149
CASH FLOW
-$21

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$295,000

PROJECTED PRICE

$1,650

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 5.4%
Maintenance Year (1-5) 3.00%
Vacancy 7.49%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$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$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$83,925

INVESTMENT

$83,925

Down Payment
$73,750
Rehab Estimate
$5,750
Closing Costs
$4,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,088

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $73,750
Loan Amount $221,250
See What Happens When You Reinvest Cash Flow

4

YEARS SAVED

$13,557

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,650

    LIST RENT
  • $0.86

    LIST RENT PER SQFT
  • $1,775

    COMP ESTIMATED VALUE
  • $0.93

    COMP AVG. RENT PER SQFT
Comps Range
$1,575
1$1,5752$1,6253$1,6504$1,700
$1,700
RENT COMPS ANALYSIS
  • 31 E Piston Point Clayton, NC 3
    • 3 beds 2 baths ∙ 1,909 Sqft ∙ Built 2018 3 beds 2 baths ∙ 1,909 Sqft ∙ Built 2018
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.86
    •  
  • 66 Sleepy Creek Drive Clayton, NC 1
    • 3 beds 3 baths ∙ 1,809 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,809 Sqft ∙ Built 2002
    property image
    LEASED 05/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $0.87
    •  
  • 236 Verrazano Place Clayton, NC 2
    • 3 beds 3 baths ∙ 1,750 Sqft ∙ Built 2014 3 beds 3 baths ∙ 1,750 Sqft ∙ Built 2014
    property image
    LEASED 05/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,625
    • $0.93
    •  
  • 104 Parkview Drive Clayton, NC 4
    • 3 beds 3 baths ∙ 1,711 Sqft ∙ Built 2016 3 beds 3 baths ∙ 1,711 Sqft ∙ Built 2016
    property image
    LEASED 03/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.99
    •  
PROPERTY LISTING DETAILS
Karla Jackson
1.919.412.6466
Exp Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2351279
Last Updated: 10/31/2020
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