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3718 Lee Road Raleigh, NC 27604

3 Beds 2 Baths 1,480 sqft Built 1954

$260,000

List Price

$1,340

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

January 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1954
  • Price/Sqft : $175.68
  • 5 Days on Market
  • MLS # : 2360383
  • Updated Date : 01/06/2021 at 23:11
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,480 sqft
  • Baths : 2 full
Listing Agent

Everything Real Estate, Llc

Listing Agent's Description

Meticulously updated ranch style house located on a spacious lot in a desirable North East Raleigh neighborhood. Great flow throughout, perfect for entertaining! New LVP & carpet flooring. Pinterest inspired bathrooms with tile floors and walls. Spacious kitchen with exposed shelving and tons of cabinet space. Ceramic backsplash sits atop a stunning granite adding the perfect contrast| Stainless steel appliances| Back porch leads out to your enormous yard with a 3-tiered deck! Check it out! :)

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: New Hope Acres

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $84k277k

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

Neighborhood: New Hope Acres

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q26007008009001000110012001300140015001600Rent in $5681630

* 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
 

$234,000$286,000$260,000

PURCHASE PRICE

$1,206$1,474$1,340

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,340
EXPENSES Loan Payment -$903
Property Tax -$192
Property Insurance -$56
Property Management Fees -$119
CASH FLOW
$70

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.

$260,000

PROJECTED PRICE

$1,340

PROJECTED RENT

0.52%

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$800k$900k

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$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$74,650

INVESTMENT

$74,650

Down Payment
$65,000
Rehab Estimate
$5,750
Closing Costs
$3,900

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$903

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $65,000
Loan Amount $195,000
See What Happens When You Reinvest Cash Flow

7.25

YEARS SAVED

$22,664

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,340

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $1,339

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$1,295
1$1,2952$1,3003$1,3404$1,3505$1,500
$1,500
RENT COMPS ANALYSIS
  • 3718 Lee Road Raleigh, NC 3
    • 3 beds 2 baths ∙ 1,480 Sqft ∙ Built 1954 3 beds 2 baths ∙ 1,480 Sqft ∙ Built 1954
    • Rent
    • Rent Per SQFT
    •  
    • $1,340
    • $0.91
    •  
  • 4808 Waterbury Road Raleigh, NC 1
    • 3 beds 2 baths ∙ 1,216 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,216 Sqft ∙ Built 1972
    LEASED 10/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $1.06
    •  
  • 4324 Woodlawn Drive Raleigh, NC 2
    • 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
    •  
  • 3900 Sue Lane Raleigh, NC 4
    • 3 beds 2 baths ∙ 1,800 Sqft ∙ Built 1961 3 beds 2 baths ∙ 1,800 Sqft ∙ Built 1961
    LEASED 08/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.75
    •  
  • 3318 Scott Drive Raleigh, NC 5
    • 3 beds 2 baths ∙ 1,740 Sqft ∙ Built 1960 3 beds 2 baths ∙ 1,740 Sqft ∙ Built 1960
    LEASED 10/22/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.86
    •  
PROPERTY LISTING DETAILS
Otto J. Cedeno
1.919.885.6171
Everything Real Estate, Llc
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2360383
Last Updated: 01/06/2021
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