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372 Pedernales Drive Smithfield, NC 27577

3 Beds 2 Baths 1,510 sqft Built 2009

$234,500

List Price

$1,400

$1.3K - $1.5K

Rent Est.

PROPERTY INFO

October 29, 2020 RECENTLY ADDED
FACTS
  • Built In 2009
  • Price/Sqft : $155.30
  • 6 Days on Market
  • MLS # : 2351141
  • Updated Date : 11/02/2020 at 02:41
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,510 sqft
  • Baths : 2 full
Listing Agent

Dash Carolina

Listing Agent's Description

Awesome split bedroom ranch with NO HOA! This quaint 3Bd, 2Ba home features a spacious open concept floorplan with gorgeous hardwoods. Vaulted ceilings can be found in the kitchen & living room, featuring stone gas fireplace. Head out back to a screened-in porch and spacious deck, perfect for grilling! The master suite offers dual vanities, separate tub & shower plus an oversized walk-in closet. This home is on over 1 acre cul-de-sac lot with HUGE, flat backyard! Conveniently located to I-95 and I-40!

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: Arrowhead Pointe

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $99k265k

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

Neighborhood: Arrowhead Pointe

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2900100011001200130014001500Rent in $8181595

* 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
Polenta Elementary School Primary Regular 1,011 66 6
Swift Creek Middle School Middle Regular NA
Cleveland High School High Regular 1,468 80 6

Polenta Elementary School

  • Education Level: Primary
  • # of students: 1,011
  • # of teachers: 66
6
GreatSchools Rating

Swift Creek Middle School

  • Education Level: Middle
  • # of students:
  • # of teachers:
NA
GreatSchools Rating

Cleveland High School

  • Education Level: High
  • # of students: 1,468
  • # of teachers: 80
6
GreatSchools Rating
 

$211,050$257,950$234,500

PURCHASE PRICE

$1,260$1,540$1,400

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,400
EXPENSES Loan Payment -$865
Property Tax -$151
Property Insurance -$57
Property Management Fees -$126
CASH FLOW
$201

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.

$234,500

PROJECTED PRICE

$1,400

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 4.3%
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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$67,893

INVESTMENT

$67,893

Down Payment
$58,625
Rehab Estimate
$5,750
Closing Costs
$3,518

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$865

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $58,625
Loan Amount $175,875
See What Happens When You Reinvest Cash Flow

9.33

YEARS SAVED

$35,851

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,400

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • COMP ESTIMATED VALUE
  • COMP AVG. RENT PER SQFT
Comps Range
$1,400
1$1,400
$1,400
RENT COMPS ANALYSIS
  • 372 Pedernales Drive Smithfield, NC
    • 3 beds 2 baths ∙ 1,510 Sqft ∙ Built 2009 3 beds 2 baths ∙ 1,510 Sqft ∙ Built 2009
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.93
    •  
PROPERTY LISTING DETAILS
Cheree Teasley
1.919.633.3319
Dash Carolina
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2351141
Last Updated: 11/02/2020
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