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38 Chickadee Court Willow Spring(s), NC 27592

3 Beds 2 Baths 1,362 sqft Built 2002

$210,000

List Price

$1,180

$1.1K - $1.3K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
SINGLE-FAMILY
February 26, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $154.19
  • 3 Days on Market
  • MLS # : 2368952
  • Updated Date : 02/26/2021 at 21:41
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,362 sqft
  • Baths : 2 full
Listing Agent

Berkshire Hathaway Homeservices Ysu

Listing Agent's Description

Blue skies, balmy breezes, sparkling pond & sunny patio living await you in this absolutely delightful, 3 bedroom ranch. Sellers have worn themselves out prepping this immaculate home for its next owners -new paint, updated lighting, newer flooring! A vaulted living room opens to the dining room & creates a sense of airy spaciousness. Feel spoiled in the large master bedrm with its renovated bathroom & walk in closet. Gorgeous, level lot has custom patio w/firepit & fish pond; oversized storage building.

SEE MORE

MARKET HIGHLIGHTS

  • #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)
  • 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: Coats Crossing

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $103k265k

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

Neighborhood: Coats Crossing

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2700800900100011001200130014001500Rent in $6501595

* 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
Dixon Road Elementary School Primary Regular 551 34 7
Mcgee's Crossroads Middle School Middle Regular 895 49 4
West Johnston High School High Regular 1,359 83 5

Dixon Road Elementary School

  • Education Level: Primary
  • # of students: 551
  • # of teachers: 34
7
GreatSchools Rating

Mcgee's Crossroads Middle School

  • Education Level: Middle
  • # of students: 895
  • # of teachers: 49
4
GreatSchools Rating

West Johnston High School

  • Education Level: High
  • # of students: 1,359
  • # of teachers: 83
5
GreatSchools Rating
 

$189,000$231,000$210,000

PURCHASE PRICE

$1,062$1,298$1,180

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,180
EXPENSES Loan Payment -$729
Property Tax -$133
Property Insurance -$54
Property Management Fees -$119
CASH FLOW
$145

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.

$210,000

PROJECTED PRICE

$1,180

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 5.6%
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

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$61,400

INVESTMENT

$61,400

Down Payment
$52,500
Rehab Estimate
$5,750
Closing Costs
$3,150

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$729

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $52,500
Loan Amount $157,500
See What Happens When You Reinvest Cash Flow

9.42

YEARS SAVED

$27,068

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,180

    LIST RENT
  • $0.87

    LIST RENT PER SQFT
  • $1,217

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$1,100
1$1,1002$1,1803$1,2004$1,250
$1,250
RENT COMPS ANALYSIS
  • 38 Chickadee Court Willow Spring(s), NC 2
    • 3 beds 2 baths ∙ 1,362 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,362 Sqft ∙ Built 2002
    • Rent
    • Rent Per SQFT
    •  
    • $1,180
    • $0.87
    •  
  • 135 Pebblestone Court Willow Spring(s), NC 1
    • 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 1999
    LEASED 03/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,100
    • $0.92
    •  
  • 21 Pine Bluff Court Willow Spring(s), NC 3
    • 3 beds 3 baths ∙ 1,400 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,400 Sqft ∙ Built 2004
    LEASED 09/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.86
    •  
  • 2095 White Memorial Church Road Willow Spring(s), NC 4
    • 3 beds 2 baths ∙ 1,387 Sqft ∙ Built 1992 3 beds 2 baths ∙ 1,387 Sqft ∙ Built 1992
    LEASED 11/22/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.90
    •  
PROPERTY LISTING DETAILS
Melissa Schambs
1.919.796.9408
Berkshire Hathaway Homeservices Ysu
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2368952
Last Updated: 02/26/2021
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