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3604 Greywood Drive Raleigh, NC 27604

3 Beds 3 Baths 1,465 sqft Built 1984

$240,000

List Price

$1,450

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

December 31, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1984
  • Price/Sqft : $163.82
  • 4 Days on Market
  • MLS # : 2359558
  • Updated Date : 12/31/2020 at 16:31
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,465 sqft
  • Baths : 2 full , 1 half
Listing Agent

Opendoor Brokerage Llc

Listing Agent's Description

Classic 3/2.5 Two-story in Brentwood! This home features hardwood flooring and fresh carpet throughout! The kitchen comes complete with black appliances, Formica countertops, and a white tile backsplash. Outside, you’ll enjoy a fenced backyard and wood patio sitting area! Don’t miss out on this great location. Minutes to Everything! This home is vacant and cleaned regularly.

SEE MORE

MARKET HIGHLIGHTS

  • #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)
  • 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: Brentwood Today

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $106k277k

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

Neighborhood: Brentwood Today

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q27008009001000110012001300140015001600Rent in $6281630

* 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
Brentwood Magnet Elementary School Of Engineering Primary Magnet 451 37 3
East Millbrook Middle School Middle Magnet 985 67 2
Heritage High School High Regular 1,910 107 7

Brentwood Magnet Elementary School Of Engineering

  • Education Level: Primary
  • # of students: 451
  • # of teachers: 37
3
GreatSchools Rating

East Millbrook Middle School

  • Education Level: Middle
  • # of students: 985
  • # of teachers: 67
2
GreatSchools Rating

Heritage High School

  • Education Level: High
  • # of students: 1,910
  • # of teachers: 107
7
GreatSchools Rating
 

$216,000$264,000$240,000

PURCHASE PRICE

$1,305$1,595$1,450

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,450
EXPENSES Loan Payment -$886
Property Tax -$177
Property Insurance -$56
Property Management Fees -$119
CASH FLOW
$213

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.

$240,000

PROJECTED PRICE

$1,450

PROJECTED RENT

0.60%

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$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$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$69,350

INVESTMENT

$69,350

Down Payment
$60,000
Rehab Estimate
$5,750
Closing Costs
$3,600

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$886

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $60,000
Loan Amount $180,000
See What Happens When You Reinvest Cash Flow

10.33

YEARS SAVED

$41,820

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,450

    LIST RENT
  • $0.99

    LIST RENT PER SQFT
  • $1,487

    COMP ESTIMATED VALUE
  • $1.02

    COMP AVG. RENT PER SQFT
Comps Range
$1,295
1$1,2952$1,3503$1,3754$1,4505$1,450
$1,450
RENT COMPS ANALYSIS
  • 3604 Greywood Drive Raleigh, NC 5
    • 3 beds 3 baths ∙ 1,465 Sqft ∙ Built 1984 3 beds 3 baths ∙ 1,465 Sqft ∙ Built 1984
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.99
    •  
  • 4808 Waterbury Road Raleigh, NC 1
    • 3 beds 2 baths ∙ 1,216 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,216 Sqft ∙ Built 1972
    property image
    LEASED 10/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $1.06
    •  
  • 3604 Constellation Drive Raleigh, NC 2
    • 4 beds 2 baths ∙ 1,484 Sqft ∙ Built 1985 4 beds 2 baths ∙ 1,484 Sqft ∙ Built 1985
    property image
    LEASED 02/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.91
    •  
  • 2928 Pinehurst Drive Raleigh, NC 3
    • 3 beds 2 baths ∙ 1,310 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,310 Sqft ∙ Built 1997
    property image
    LEASED 07/25/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $1.05
    •  
  • 3300 Gatcombe Place Raleigh, NC 4
    • 3 beds 3 baths ∙ 1,400 Sqft ∙ Built 1985 3 beds 3 baths ∙ 1,400 Sqft ∙ Built 1985
    property image
    LEASED 03/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $1.04
    •  
PROPERTY LISTING DETAILS
Verria Hairston
1.919.679.9883
Opendoor Brokerage Llc
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2359558
Last Updated: 12/31/2020
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