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34 Cross Ridge Drive Willow Spring(s), NC 27592

3 Beds 2 Baths 1,632 sqft Built 2003

$229,900

List Price

$1,470

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

November 28, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $140.87
  • 4 Days on Market
  • MLS # : 2355488
  • Updated Date : 11/28/2020 at 18:48
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,632 sqft
  • Baths : 2 full
Listing Agent

Buy Homes With Rose, Llc

Listing Agent's Description

Check out this great ranch in convenient location! 3 bedrooms, 2 full baths, oversized deck overlooking huge yard. No HOA! Easy access to I-40.

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
  • One of Top 10 cities for Small Business Friendliness (Thumbtack, 2018)
  • #7 Best Big City for Jobs 2018 (Forbes, 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: Cross Ridge

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $107k265k

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

Neighborhood: Cross Ridge

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2800900100011001200130014001500Rent in $7191595

* 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
Dixon Road Elementary School Primary Regular 551 34 7
Mcgee's Crossroads Middle School Middle Regular 895 49 4
West Johnston High School High Regular 1,359 83 5

Dixon Road Elementary School

  • Education Level: Primary
  • # of students: 551
  • # of teachers: 34
7
GreatSchools Rating

Mcgee's Crossroads Middle School

  • Education Level: Middle
  • # of students: 895
  • # of teachers: 49
4
GreatSchools Rating

West Johnston High School

  • Education Level: High
  • # of students: 1,359
  • # of teachers: 83
5
GreatSchools Rating
 

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

PURCHASE PRICE

$1,323$1,617$1,470

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,470
EXPENSES Loan Payment -$848
Property Tax -$147
Property Insurance -$59
Property Management Fees -$132
CASH FLOW
$284

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.

$229,900

PROJECTED PRICE

$1,470

PROJECTED RENT

0.64%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 5.6%
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

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

$848

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $57,475
Loan Amount $172,425
See What Happens When You Reinvest Cash Flow

11.25

YEARS SAVED

$45,706

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,470

    LIST RENT
  • $0.9

    LIST RENT PER SQFT
  • $1,518

    COMP ESTIMATED VALUE
  • $0.93

    COMP AVG. RENT PER SQFT
Comps Range
$1,470
1$1,4702$1,775
$1,775
RENT COMPS ANALYSIS
  • 34 Cross Ridge Drive Willow Spring(s), NC 1
    • 3 beds 2 baths ∙ 1,632 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,632 Sqft ∙ Built 2003
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,470
    • $0.90
    •  
  • 121 Peach Orchard Drive Benson, NC 2
    • 3 beds 3 baths ∙ 1,910 Sqft ∙ Built 1994 3 beds 3 baths ∙ 1,910 Sqft ∙ Built 1994
    property image
    LEASED 08/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,775
    • $0.93
    •  
PROPERTY LISTING DETAILS
Rosemary Cunnius
1.919.259.6302
Buy Homes With Rose, Llc
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2355488
Last Updated: 11/28/2020
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