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

3329 Snowberry Drive Raleigh, NC 27610

3 Beds 3 Baths 1,738 sqft Built 2017

$225,000

List Price

$1,420

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

November 03, 2020 RECENTLY ADDED
FACTS
  • Built In 2017
  • Price/Sqft : $129.46
  • 2 Days on Market
  • MLS # : 2351755
  • Updated Date : 11/03/2020 at 01:19
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,738 sqft
  • Baths : 2 full , 1 half
Listing Agent

Coldwell Banker Advantage

Listing Agent's Description

Immaculate 4 Bedroom, 2.5 Bath with Open Floor Plan Home with a 2 Car Garage. Kitchen Island with Granite Counter Tops and Upgraded Cabinets. Stainless Steel Refrigerator, Microwave and Dishwasher. Upgraded Vinyl Flooring Floors Through-Out First Floor. Large Master Bedroom with Walk-In Closet. Master Bath with Large Walk-in Shower and Double Sinks. Minutes to Downtown Raleigh and Hwy 40 and 440. A Must See!!

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: Idlewood Village

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $96k277k

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

Neighborhood: Idlewood Village

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q28009001000110012001300140015001600Rent in $7521630

* 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
Middle Creek Elementary School Primary Regular 849 56 6
Holly Ridge Middle School Middle Regular 1,222 69 4
Middle Creek High School High Regular 2,249 120 7

Middle Creek Elementary School

  • Education Level: Primary
  • # of students: 849
  • # of teachers: 56
6
GreatSchools Rating

Holly Ridge Middle School

  • Education Level: Middle
  • # of students: 1,222
  • # of teachers: 69
4
GreatSchools Rating

Middle Creek High School

  • Education Level: High
  • # of students: 2,249
  • # of teachers: 120
7
GreatSchools Rating
 

$202,500$247,500$225,000

PURCHASE PRICE

$1,278$1,562$1,420

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,420
EXPENSES Loan Payment -$830
Property Tax -$204
Property Insurance -$61
HOA -$17
Property Management Fees -$128
CASH FLOW
$181

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.

$225,000

PROJECTED PRICE

$1,420

PROJECTED RENT

0.63%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 7.0%
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

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$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$65,375

INVESTMENT

$65,375

Down Payment
$56,250
Rehab Estimate
$5,750
Closing Costs
$3,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$830

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $56,250
Loan Amount $168,750
See What Happens When You Reinvest Cash Flow

8.58

YEARS SAVED

$31,139

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,420

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $1,443

    COMP ESTIMATED VALUE
  • $0.83

    COMP AVG. RENT PER SQFT
Comps Range
$1,375
1$1,3752$1,4203$1,4254$1,5355$1,595
$1,595
RENT COMPS ANALYSIS
  • 3329 Snowberry Drive Raleigh, NC 2
    • 3 beds 3 baths ∙ 1,738 Sqft ∙ Built 2017 3 beds 3 baths ∙ 1,738 Sqft ∙ Built 2017
    • Rent
    • Rent Per SQFT
    •  
    • $1,420
    • $0.82
    •  
  • 1209 Zelton Way Raleigh, NC 1
    • 4 beds 3 baths ∙ 1,638 Sqft ∙ Built 2000 4 beds 3 baths ∙ 1,638 Sqft ∙ Built 2000
    LEASED 07/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $0.84
    •  
  • 1448 Tamarino Drive Raleigh, NC 3
    • 4 beds 3 baths ∙ 1,709 Sqft ∙ Built 2018 4 beds 3 baths ∙ 1,709 Sqft ∙ Built 2018
    LEASED 12/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,425
    • $0.83
    •  
  • 3705 Morman Springs Lane Raleigh, NC 4
    • 4 beds 3 baths ∙ 1,925 Sqft ∙ Built 2011 4 beds 3 baths ∙ 1,925 Sqft ∙ Built 2011
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,535
    • $0.80
    •  
  • 2882 Filbert Street Raleigh, NC 5
    • 3 beds 3 baths ∙ 1,867 Sqft ∙ Built 2008 3 beds 3 baths ∙ 1,867 Sqft ∙ Built 2008
    LEASED 09/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.85
    •  
PROPERTY LISTING DETAILS
Cathy Lyons
1.919.349.5869
Coldwell Banker Advantage
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2351755
Last Updated: 11/03/2020
BESbswy