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338 Spearhead Place Clayton, NC 27520

3 Beds 3 Baths 2,313 sqft Built 2002

INVESTimate

$259,900

List Price

$1,530

$1,377 - $1,683

Rent Est.

$273,883  ( +5.38%)   1 YR EST. FORECAST

PROPERTY INFO

August 26, 2020 RECENTLY ADDED
FACTS
  • Built In 2002
  • Price/Sqft : $112.36
  • 6 Days on Market
  • MLS # : 2338527
  • Updated Date : 08/26/2020 at 00:57
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,313 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Realty Platinu

Listing Agent's Description

Country Living! This Awesome Home has over 1/2 acre FENCED lot! 3BR + Bonus 2.5 BA. Country Front Porch, SS appliances, granite tops, island! Formal dining w/hardwood floors! Large Master with Garden Tub, Sep Shower, Dual Vanities, Xtra Large Walk in closet! Spacious level backyard w/enlarged deck & Covered Deck. Trees and Open Yard make the right Combination of Landscape. Large family room has great views of back Yard! ! HUGE bonus rm! Oversized garage w/storage! NO HOA Check out the Virtual Tour!

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
  • #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)
  • 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: Matthews Farm

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $107k265k

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

Neighborhood: Matthews Farm

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2900100011001200130014001500Rent in $8231595

* 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
Polenta Elementary School Primary Regular 1,011 66 6
Swift Creek Middle School Middle Regular NA
Cleveland High School High Regular 1,468 80 6

Polenta Elementary School

  • Education Level: Primary
  • # of students: 1,011
  • # of teachers: 66
6
GreatSchools Rating

Swift Creek Middle School

  • Education Level: Middle
  • # of students:
  • # of teachers:
NA
GreatSchools Rating

Cleveland High School

  • Education Level: High
  • # of students: 1,468
  • # of teachers: 80
6
GreatSchools Rating
 

$233,910$285,890$259,900

PURCHASE PRICE

$1,377$1,683$1,530

RENT

DOWN PAYMENT
FINANCING

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$18k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,530
EXPENSES Loan Payment -$959
Property Tax -$174
Property Insurance -$72
Property Management Fees -$138
CASH FLOW
$187

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.

$259,900

PROJECTED PRICE

$1,530

PROJECTED RENT

0.59%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 5.38%
Maintenance Year (1-5) 8.00%
Vacancy 7.47%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$74,624

INVESTMENT

$74,624

Down Payment
$64,975
Rehab Estimate
$5,750
Closing Costs
$3,899

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$959

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $64,975
Loan Amount $194,925
See What Happens When You Reinvest Cash Flow

8.5

YEARS SAVED

$35,286

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,530

    LIST RENT
  • $0.66

    LIST RENT PER SQFT
  • $1,480

    COMP ESTIMATED VALUE
  • $0.64

    COMP AVG. RENT PER SQFT
Comps Range
$1,530
1$1,5302$1,600
$1,600
RENT COMPS ANALYSIS
  • 338 Spearhead Place Clayton, 1
    • 3 beds 3 baths ∙ 2,313 Sqft ∙ Built 2002 3 beds 3 baths ∙ 2,313 Sqft ∙ Built 2002
    • Rent
    • Rent Per SQFT
    •  
    • $1,530
    • $0.66
    •  
  • 381 Carolina Oaks Avenue Smithfield, 2
    • 3 beds 3 baths ∙ 2,481 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,481 Sqft ∙ Built 2006
    LEASED 05/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.64
    •  
PROPERTY LISTING DETAILS
Amie Simmons
1.919.414.9966
Keller Williams Realty Platinu
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2338527
Last Updated: 08/26/2020
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