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3701 Sue Ellen Drive Raleigh, NC 27604

3 Beds 2 Baths 1,357 sqft Built 1977

$195,000

List Price

$1,250

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

February 04, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1977
  • Price/Sqft : $143.70
  • 6 Days on Market
  • MLS # : 2364925
  • Updated Date : 02/05/2021 at 21:03
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,357 sqft
  • Baths : 1 full , 1 half
Listing Agent

Re/max United

Listing Agent's Description

NE Raleigh ranch with great possibilities. Three bedrooms 1.5 baths, liv. room plus sep. fam room w/fireplace. Spacious corner lot with fenced yard. Large storage shed/workshop w/wall heat pump. Great opportunity for handy person to make this home shine. Sellers name is Jeong Young Kendrick

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: Summit Ridge

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $97k277k

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

Neighborhood: Summit Ridge

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q26007008009001000110012001300140015001600Rent in $5931630

* 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
 

$175,500$214,500$195,000

PURCHASE PRICE

$1,125$1,375$1,250

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,250
EXPENSES Loan Payment -$677
Property Tax -$144
Property Insurance -$54
Property Management Fees -$119
CASH FLOW
$256

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.

$195,000

PROJECTED PRICE

$1,250

PROJECTED RENT

0.64%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 5.4%
Maintenance Year (1-5) 8.00%
Vacancy 7.49%
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$16k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$57,425

INVESTMENT

$57,425

Down Payment
$48,750
Rehab Estimate
$5,750
Closing Costs
$2,925

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 25% down payment or higher enables the proceeds from the asset to cover all costs.

$677

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $48,750
Loan Amount $146,250
See What Happens When You Reinvest Cash Flow

12.17

YEARS SAVED

$36,894

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,250

    LIST RENT
  • $0.92

    LIST RENT PER SQFT
  • $1,265

    COMP ESTIMATED VALUE
  • $0.93

    COMP AVG. RENT PER SQFT
Comps Range
$1,195
1$1,1952$1,2503$1,3004$1,3505$1,350
$1,350
RENT COMPS ANALYSIS
  • 3701 Sue Ellen Drive Raleigh, NC 2
    • 3 beds 2 baths ∙ 1,357 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,357 Sqft ∙ Built 1977
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.92
    •  
  • 3513 Rigel Court Raleigh, NC 1
    • 3 beds 2 baths ∙ 1,356 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,356 Sqft ∙ Built 1984
    LEASED 11/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,195
    • $0.88
    •  
  • 4324 Woodlawn Drive Raleigh, NC 3
    • 3 beds 2 baths ∙ 1,375 Sqft ∙ Built 1969 3 beds 2 baths ∙ 1,375 Sqft ∙ Built 1969
    LEASED 03/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.95
    •  
  • 3604 Constellation Drive Raleigh, NC 4
    • 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
    •  
  • 4109 Iron Horse Road Raleigh, NC 5
    • 3 beds 2 baths ∙ 1,360 Sqft ∙ Built 1993 3 beds 2 baths ∙ 1,360 Sqft ∙ Built 1993
    LEASED 10/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.99
    •  
PROPERTY LISTING DETAILS
Jose Serrano
1.919.349.7638
Re/max United
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2364925
Last Updated: 02/05/2021
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