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3429 Red Bay Drive Raleigh, NC 27616

3 Beds 3 Baths 1,936 sqft Built 1991

$269,900

List Price

$1,490

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

January 07, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1991
  • Price/Sqft : $139.41
  • 6 Days on Market
  • MLS # : 2360205
  • Updated Date : 01/07/2021 at 15:15
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,936 sqft
  • Baths : 2 full , 1 half
Listing Agent

Coldwell Banker Hpw

Listing Agent's Description

COMING SOOON! Welcome Home to quiet living, but convenient to everything! You'll love this 1936 sq feet, 3BR/2.5BA home with 2-car garage, new ROOF, HVAC, fridge & DW in 2020! Smart Home which is wired and servicable for AT&T Gigabit internet service - do all of your working and learning from home! When you're ready for a break, hop over to the Neuse River Greenway Trail. Photos & more details to be added soon!

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: Neuse Crossing

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $129k359k

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

Neighborhood: Neuse Crossing

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2900100011001200130014001500160017001800Rent in $8151873

* 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
Harris Creek Elementary School Primary Regular 1,025 67 4
Rolesville Middle School Middle Unknown 1,263 75 NA
Rolesville High School High Regular 1,200 69 NA

Harris Creek Elementary School

  • Education Level: Primary
  • # of students: 1,025
  • # of teachers: 67
4
GreatSchools Rating

Rolesville Middle School

  • Education Level: Middle
  • # of students: 1,263
  • # of teachers: 75
NA
GreatSchools Rating

Rolesville High School

  • Education Level: High
  • # of students: 1,200
  • # of teachers: 69
NA
GreatSchools Rating
 

$242,910$296,890$269,900

PURCHASE PRICE

$1,341$1,639$1,490

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,490
EXPENSES Loan Payment -$937
Property Tax -$220
Property Insurance -$65
HOA -$10
Property Management Fees -$119
CASH FLOW
$139

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 16% of earned rent to cover both maintenance and periods of vacancy.

$269,900

PROJECTED PRICE

$1,490

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.33%
Appreciation Year (1-5) 5.7%
Maintenance Year (1-5) 8.00%
Vacancy 7.51%
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$18k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$77,274

INVESTMENT

$77,274

Down Payment
$67,475
Rehab Estimate
$5,750
Closing Costs
$4,049

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$937

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $67,475
Loan Amount $202,425
See What Happens When You Reinvest Cash Flow

8.75

YEARS SAVED

$32,442

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,490

    LIST RENT
  • $0.77

    LIST RENT PER SQFT
  • $1,496

    COMP ESTIMATED VALUE
  • $0.77

    COMP AVG. RENT PER SQFT
Comps Range
$1,490
1$1,4902$1,4953$1,5954$1,5955$1,595
$1,595
RENT COMPS ANALYSIS
  • 3429 Red Bay Drive Raleigh, NC 1
    • 3 beds 3 baths ∙ 1,936 Sqft ∙ Built 1991 3 beds 3 baths ∙ 1,936 Sqft ∙ Built 1991
    • Rent
    • Rent Per SQFT
    •  
    • $1,490
    • $0.77
    •  
  • 6649 Speight Circle Raleigh, NC 2
    • 3 beds 3 baths ∙ 1,868 Sqft ∙ Built 1996 3 beds 3 baths ∙ 1,868 Sqft ∙ Built 1996
    LEASED 02/19/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.80
    •  
  • 3613 Pinkham Way Raleigh, NC 3
    • 3 beds 3 baths ∙ 2,076 Sqft ∙ Built 2004 3 beds 3 baths ∙ 2,076 Sqft ∙ Built 2004
    LEASED 07/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.77
    •  
  • 3244 Forest Mill Circle Raleigh, NC 4
    • 4 beds 3 baths ∙ 2,121 Sqft ∙ Built 2000 4 beds 3 baths ∙ 2,121 Sqft ∙ Built 2000
    LEASED 03/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.75
    •  
  • 3729 Pinkham Way Raleigh, NC 5
    • 3 beds 3 baths ∙ 2,081 Sqft ∙ Built 2005 3 beds 3 baths ∙ 2,081 Sqft ∙ Built 2005
    LEASED 11/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.77
    •  
PROPERTY LISTING DETAILS
Elizabeth Dougherty
1.919.971.7537
Coldwell Banker Hpw
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2360205
Last Updated: 01/07/2021
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