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3113 Comstock Road Raleigh, NC 27604

4 Beds 3 Baths 1,780 sqft Built 1973

$250,000

List Price

$1,410

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
YES TENANTED
March 04, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1973
  • Price/Sqft : $140.45
  • 4 Days on Market
  • MLS # : 2370091
  • Updated Date : 03/05/2021 at 20:19
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,780 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Realty

Listing Agent's Description

Beautifully updated home on 3/4 acre homsite close to everything! Family room w/fireplace & built-ins. New roof 2020 & new windows 2017. Large living room w/luxury vinyl plank floors is open to dining room. Kitchen w/granite countertops, tile backsplash & newer stainless steel appliances. Master suite w/2 closets & updated ensuite bathroom. Large secondary bedrooms. Update hall bath w/tile floor & surround. Huge flat backyard w/deck is private, partially fenced. Carport & parking pad accomodates 5 cars.

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: Northshore

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $107k277k

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

Neighborhood: Northshore

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q29001000110012001300140015001600Rent in $8231630

* 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
Brassfield Elementary School Primary Regular 780 47 5
Durant Road Middle School Middle Regular 1,245 78 5
Heritage High School High Regular 1,910 107 7

Brassfield Elementary School

  • Education Level: Primary
  • # of students: 780
  • # of teachers: 47
5
GreatSchools Rating

Durant Road Middle School

  • Education Level: Middle
  • # of students: 1,245
  • # of teachers: 78
5
GreatSchools Rating

Heritage High School

  • Education Level: High
  • # of students: 1,910
  • # of teachers: 107
7
GreatSchools Rating
 

$225,000$275,000$250,000

PURCHASE PRICE

$1,269$1,551$1,410

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,410
EXPENSES Loan Payment -$868
Property Tax -$184
Property Insurance -$62
Property Management Fees -$119
CASH FLOW
$177

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.

$250,000

PROJECTED PRICE

$1,410

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 5.4%
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$800k$900k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k$18k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$72,000

INVESTMENT

$72,000

Down Payment
$62,500
Rehab Estimate
$5,750
Closing Costs
$3,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$868

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $62,500
Loan Amount $187,500
See What Happens When You Reinvest Cash Flow

9.33

YEARS SAVED

$32,297

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,410

    LIST RENT
  • $0.79

    LIST RENT PER SQFT
  • $1,558

    COMP ESTIMATED VALUE
  • $0.88

    COMP AVG. RENT PER SQFT
Comps Range
$1,350
1$1,3502$1,3953$1,4104$1,5005$1,500
$1,500
RENT COMPS ANALYSIS
  • 3113 Comstock Road Raleigh, NC 3
    • 4 beds 3 baths ∙ 1,780 Sqft ∙ Built 1973 4 beds 3 baths ∙ 1,780 Sqft ∙ Built 1973
    • Rent
    • Rent Per SQFT
    •  
    • $1,410
    • $0.79
    •  
  • 3604 Constellation Drive Raleigh, NC 1
    • 4 beds 2 baths ∙ 1,484 Sqft ∙ Built 1985 4 beds 2 baths ∙ 1,484 Sqft ∙ Built 1985
    LEASED 02/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.91
    •  
  • 3920 Saratoga Drive Raleigh, NC 2
    • 3 beds 2 baths ∙ 1,526 Sqft ∙ Built 1975 3 beds 2 baths ∙ 1,526 Sqft ∙ Built 1975
    LEASED 02/08/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.91
    •  
  • 3318 Scott Drive Raleigh, NC 4
    • 3 beds 2 baths ∙ 1,740 Sqft ∙ Built 1960 3 beds 2 baths ∙ 1,740 Sqft ∙ Built 1960
    LEASED 10/22/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.86
    •  
  • 3418 Huntleigh Drive Raleigh, NC 5
    • 3 beds 3 baths ∙ 1,825 Sqft ∙ Built 1966 3 beds 3 baths ∙ 1,825 Sqft ∙ Built 1966
    LEASED 10/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.82
    •  
PROPERTY LISTING DETAILS
Scott Hensley
1.828.817.7338
Keller Williams Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2370091
Last Updated: 03/05/2021
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