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3405 Planet Drive Raleigh, NC 27604

3 Beds 2 Baths 1,369 sqft Built 1999

$210,000

List Price

$1,240

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

January 20, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1999
  • Price/Sqft : $153.40
  • 5 Days on Market
  • MLS # : 2362470
  • Updated Date : 01/22/2021 at 14:37
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,369 sqft
  • Baths : 2 full
Listing Agent

Rich Realty Group

Listing Agent's Description

Here is an outstanding opportunity for a one story home in superb shape, perfect to rent and hold or move right in. Updated with new carpet, all new interior paint throughout, updated lighting, new HVAC (2019) & new stain on the back deck. With dual master walk-ins and a large master bath you'll be ready to call this home. Enjoy a large backyard with plenty of privacy and a large storage shed in the rear. Super convenient location easily accessible from the 440, Capital Blvd and N. Raleigh Blvd.

SEE MORE

MARKET HIGHLIGHTS

  • 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
  • Major employers in Raleigh area: IBM, Cisco systems, Fidelity Investments, GlaxoSmithKline, RTI International
  • One of Top 10 cities for Small Business Friendliness (Thumbtack, 2018)

PRICE & RENT TRENDS

Neighborhood: Streams and Fields

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $107k277k

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

Neighborhood: Streams and Fields

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q27008009001000110012001300140015001600Rent in $6831630

* 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
Durant Road Elementary School Primary Regular 977 63 4
Durant Road Middle School Middle Regular 1,245 78 5
Millbrook High School High Magnet 2,571 145 5

Durant Road Elementary School

  • Education Level: Primary
  • # of students: 977
  • # of teachers: 63
4
GreatSchools Rating

Durant Road Middle School

  • Education Level: Middle
  • # of students: 1,245
  • # of teachers: 78
5
GreatSchools Rating

Millbrook High School

  • Education Level: High
  • # of students: 2,571
  • # of teachers: 145
5
GreatSchools Rating
 

$189,000$231,000$210,000

PURCHASE PRICE

$1,116$1,364$1,240

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,240
EXPENSES Loan Payment -$729
Property Tax -$174
Property Insurance -$54
HOA -$38
Property Management Fees -$119
CASH FLOW
$126

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.

$210,000

PROJECTED PRICE

$1,240

PROJECTED RENT

0.59%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 5.4%
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

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$61,400

INVESTMENT

$61,400

Down Payment
$52,500
Rehab Estimate
$5,750
Closing Costs
$3,150

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$729

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $52,500
Loan Amount $157,500
See What Happens When You Reinvest Cash Flow

8.58

YEARS SAVED

$23,983

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,240

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $1,355

    COMP ESTIMATED VALUE
  • $0.99

    COMP AVG. RENT PER SQFT
Comps Range
$1,240
1$1,2402$1,2953$1,3954$1,3955$1,450
$1,450
RENT COMPS ANALYSIS
  • 3405 Planet Drive Raleigh, NC 1
    • 3 beds 2 baths ∙ 1,369 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,369 Sqft ∙ Built 1999
    • Rent
    • Rent Per SQFT
    •  
    • $1,240
    • $0.91
    •  
  • 3353 Neptune Drive Raleigh, NC 2
    • 3 beds 2 baths ∙ 1,257 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,257 Sqft ∙ Built 1998
    LEASED 05/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $1.03
    •  
  • 3504 E Jameson Road Raleigh, NC 3
    • 3 beds 3 baths ∙ 1,416 Sqft ∙ Built 1985 3 beds 3 baths ∙ 1,416 Sqft ∙ Built 1985
    LEASED 08/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.99
    •  
  • 3712 E Jameson Road Raleigh, NC 4
    • 3 beds 3 baths ∙ 1,547 Sqft ∙ Built 1988 3 beds 3 baths ∙ 1,547 Sqft ∙ Built 1988
    LEASED 12/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.90
    •  
  • 3300 Gatcombe Place Raleigh, NC 5
    • 3 beds 3 baths ∙ 1,400 Sqft ∙ Built 1985 3 beds 3 baths ∙ 1,400 Sqft ∙ Built 1985
    LEASED 03/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $1.04
    •  
PROPERTY LISTING DETAILS
Marshall Rich
1.919.697.5320
Rich Realty Group
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2362470
Last Updated: 01/22/2021
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