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321 Black Forest Drive Clayton, NC 27527

3 Beds 3 Baths 1,700 sqft Built 2003

$229,900

List Price

$1,320

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

February 09, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $135.24
  • 6 Days on Market
  • MLS # : 2365882
  • Updated Date : 02/12/2021 at 16:03
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,700 sqft
  • Baths : 2 full , 1 half
Listing Agent

Carolina Realty Co.

Listing Agent's Description

COMING SOON~Immaculate, Updates Galore, Pristine and ready to Move Right in~Front porch Wraps to one side, Screened Porch, Decking around Pool~Detached Storage Building~Rare to Find...Over .8 of an acre~Welcome Home

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Forest Glen

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $131k359k

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

Neighborhood: Forest Glen

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
 

$206,910$252,890$229,900

PURCHASE PRICE

$1,188$1,452$1,320

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,320
EXPENSES Loan Payment -$799
Property Tax -$236
Property Insurance -$60
HOA -$57
Property Management Fees -$119
CASH FLOW
$50

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.

$229,900

PROJECTED PRICE

$1,320

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.33%
Appreciation Year (1-5) 3.6%
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

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$66,674

INVESTMENT

$66,674

Down Payment
$57,475
Rehab Estimate
$5,750
Closing Costs
$3,449

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$799

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $57,475
Loan Amount $172,425
See What Happens When You Reinvest Cash Flow

7.17

YEARS SAVED

$19,670

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,320

    LIST RENT
  • $0.78

    LIST RENT PER SQFT
  • $1,343

    COMP ESTIMATED VALUE
  • $0.79

    COMP AVG. RENT PER SQFT
Comps Range
$1,320
1$1,3202$1,4453$1,5904$1,6005$1,600
$1,600
RENT COMPS ANALYSIS
  • 321 Black Forest Drive Clayton, NC 1
    • 3 beds 3 baths ∙ 1,700 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,700 Sqft ∙ Built 2003
    • Rent
    • Rent Per SQFT
    •  
    • $1,320
    • $0.78
    •  
  • 84 Hemlock Green Lane Clayton, NC 2
    • 3 beds 3 baths ∙ 1,913 Sqft ∙ Built 2014 3 beds 3 baths ∙ 1,913 Sqft ∙ Built 2014
    LEASED 01/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,445
    • $0.76
    •  
  • 385 Wrenwood Drive Clayton, NC 3
    • 3 beds 3 baths ∙ 1,985 Sqft ∙ Built 2019 3 beds 3 baths ∙ 1,985 Sqft ∙ Built 2019
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,590
    • $0.80
    •  
  • 221 Wrenwood Drive Clayton, NC 4
    • 4 beds 3 baths ∙ 2,000 Sqft ∙ Built 2019 4 beds 3 baths ∙ 2,000 Sqft ∙ Built 2019
    LEASED 09/16/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.80
    •  
  • 355 Wrenwood Drive Clayton, NC 5
    • 4 beds 3 baths ∙ 2,000 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,000 Sqft ∙ Built 2020
    LEASED 05/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.80
    •  
PROPERTY LISTING DETAILS
Joey Millard-edwards
1.919.291.1491
Carolina Realty Co.
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2365882
Last Updated: 02/12/2021
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