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3617 Constellation Drive Raleigh, NC 27604

3 Beds 2 Baths 1,375 sqft Built 1981

INVESTimate

$219,900

List Price

$1,240

$1,116 - $1,364

Rent Est.

$231,753  ( +5.39%)   1 YR EST. FORECAST

PROPERTY INFO

August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 1981
  • Price/Sqft : $159.93
  • 7 Days on Market
  • MLS # : 2338372
  • Updated Date : 08/23/2020 at 21:55
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,375 sqft
  • Baths : 2 full
Listing Agent

Best Investment Realty

Listing Agent's Description

Great location cornet lot, hard to find, new high-end flooring, new granite with a new plumbing fixtures, new SS appliances, and more,

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: Starmount Hills

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $103k277k

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

Neighborhood: Starmount Hills

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q27008009001000110012001300140015001600Rent in $6101630

* 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
Wilburn Elementary School Primary Regular 691 50 2
Durant Road Middle School Middle Regular 1,245 78 5
Heritage High School High Regular 1,910 107 7

Wilburn Elementary School

  • Education Level: Primary
  • # of students: 691
  • # of teachers: 50
2
GreatSchools Rating

Durant Road Middle School

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

Heritage High School

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

$197,910$241,890$219,900

PURCHASE PRICE

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

RENT

DOWN PAYMENT
FINANCING

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,240
EXPENSES Loan Payment -$811
Property Tax -$162
Property Insurance -$54
Property Management Fees -$112
CASH FLOW
$101

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.

$219,900

PROJECTED PRICE

$1,240

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 5.39%
Maintenance Year (1-5) 8.00%
Vacancy 7.47%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$64,024

INVESTMENT

$64,024

Down Payment
$54,975
Rehab Estimate
$5,750
Closing Costs
$3,299

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$811

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $54,975
Loan Amount $164,925
See What Happens When You Reinvest Cash Flow

7.25

YEARS SAVED

$22,994

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
  • $0.9

    LIST RENT PER SQFT
  • $1,241

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$1,175
1$1,1752$1,1953$1,2404$1,2505$1,350
$1,350
RENT COMPS ANALYSIS
  • 3617 Constellation Drive Raleigh, 3
    • 3 beds 2 baths ∙ 1,375 Sqft ∙ Built 1981 3 beds 2 baths ∙ 1,375 Sqft ∙ Built 1981
    • Rent
    • Rent Per SQFT
    •  
    • $1,240
    • $0.90
    •  
  • 4229 Old Brick Court Raleigh, 1
    • 3 beds 2 baths ∙ 1,260 Sqft ∙ Built 1992 3 beds 2 baths ∙ 1,260 Sqft ∙ Built 1992
    LEASED 11/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,175
    • $0.93
    •  
  • 3513 Rigel Court Raleigh, 2
    • 3 beds 2 baths ∙ 1,356 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,356 Sqft ∙ Built 1984
    LEASED 09/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,195
    • $0.88
    •  
  • 3929 Falmouth Drive Raleigh, 4
    • 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1979
    LEASED 10/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.89
    •  
  • 3604 Constellation Drive Raleigh, 5
    • 4 beds 2 baths ∙ 1,484 Sqft ∙ Built 1985 4 beds 2 baths ∙ 1,484 Sqft ∙ Built 1985
    LEASED 02/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.91
    •  
PROPERTY LISTING DETAILS
Rod Al Haddad
1.919.931.7475
Best Investment Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2338372
Last Updated: 08/23/2020
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