Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

3233 Ward Road Raleigh, NC 27604

3 Beds 2 Baths 1,193 sqft Built 1961

$208,500

List Price

$1,380

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

November 03, 2020 RECENTLY ADDED
FACTS
  • Built In 1961
  • Price/Sqft : $174.77
  • 2 Days on Market
  • MLS # : 2351718
  • Updated Date : 11/02/2020 at 20:22
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,193 sqft
  • Baths : 1 full , 1 half
Listing Agent

Raleigh Investment Real Estate

Listing Agent's Description

Charming Brick Ranch home nestled in the quiet Brentwood neighborhood near Highwoods Blvd! Bright open floorplan with hardwood flooring throughout. Updated kitchen, freshly painted, and newer vinyl windows. Spacious deck with huge fenced backyard. Large storage unit that is wired for electricity. Minutes to downtown Raleigh, I-440 & I-40 - very convenient location! No HOA dues!

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: Brentwood Estates

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $111k277k

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

Neighborhood: Brentwood Estates

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q28009001000110012001300140015001600Rent in $7561630

* 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
Brentwood Magnet Elementary School Of Engineering Primary Magnet 451 37 3
Centennial Campus Middle School Middle Magnet 588 41 4
Southeast Raleigh High School High Magnet 1,538 110 4

Brentwood Magnet Elementary School Of Engineering

  • Education Level: Primary
  • # of students: 451
  • # of teachers: 37
3
GreatSchools Rating

Centennial Campus Middle School

  • Education Level: Middle
  • # of students: 588
  • # of teachers: 41
4
GreatSchools Rating

Southeast Raleigh High School

  • Education Level: High
  • # of students: 1,538
  • # of teachers: 110
4
GreatSchools Rating
 

$187,650$229,350$208,500

PURCHASE PRICE

$1,242$1,518$1,380

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,380
EXPENSES Loan Payment -$769
Property Tax -$167
Property Insurance -$50
Property Management Fees -$124
CASH FLOW
$270

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.

$208,500

PROJECTED PRICE

$1,380

PROJECTED RENT

0.66%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 9.2%
Maintenance Year (1-5) 8.00%
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$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$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$61,003

INVESTMENT

$61,003

Down Payment
$52,125
Rehab Estimate
$5,750
Closing Costs
$3,128

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$769

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $52,125
Loan Amount $156,375
See What Happens When You Reinvest Cash Flow

11.33

YEARS SAVED

$42,111

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,380

    LIST RENT
  • $1.16

    LIST RENT PER SQFT
  • $1,378

    COMP ESTIMATED VALUE
  • $1.15

    COMP AVG. RENT PER SQFT
Comps Range
$1,225
1$1,2252$1,2503$1,3804$1,3955$1,500
$1,500
RENT COMPS ANALYSIS
  • 3233 Ward Road Raleigh, NC 3
    • 3 beds 2 baths ∙ 1,193 Sqft ∙ Built 1961 3 beds 2 baths ∙ 1,193 Sqft ∙ Built 1961
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,380
    • $1.16
    •  
  • 3316 Barker Place Raleigh, NC 1
    • 3 beds 2 baths ∙ 1,196 Sqft ∙ Built 1961 3 beds 2 baths ∙ 1,196 Sqft ∙ Built 1961
    property image
    LEASED 07/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,225
    • $1.02
    •  
  • 3424 Cheyenne Road Raleigh, NC 2
    • 3 beds 1 baths ∙ 1,050 Sqft ∙ Built 1959 3 beds 1 baths ∙ 1,050 Sqft ∙ Built 1959
    property image
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $1.19
    •  
  • 3105 Brentwood Road Raleigh, NC 4
    • 3 beds 2 baths ∙ 1,176 Sqft ∙ Built 1958 3 beds 2 baths ∙ 1,176 Sqft ∙ Built 1958
    property image
    LEASED 11/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $1.19
    •  
  • 3316 Ashby Place Raleigh, NC 5
    • 3 beds 2 baths ∙ 1,230 Sqft ∙ Built 1962 3 beds 2 baths ∙ 1,230 Sqft ∙ Built 1962
    property image
    LEASED 09/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $1.22
    •  
PROPERTY LISTING DETAILS
Diane Murdock
1.919.368.3077
Raleigh Investment Real Estate
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2351718
Last Updated: 11/02/2020
BESbswy