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3905 Mike Levi Court Raleigh, NC 27610

3 Beds 3 Baths 1,608 sqft Built 2009

$229,900

List Price

$1,300

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

November 06, 2020 RECENTLY ADDED
FACTS
  • Built In 2009
  • Price/Sqft : $142.97
  • 4 Days on Market
  • MLS # : 2352406
  • Updated Date : 11/06/2020 at 14:02
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,608 sqft
  • Baths : 2 full , 1 half
Listing Agent

Coldwell Banker Advantage Nh

Listing Agent's Description

New interior design features are nearing completion. Open spacious corner lot, new carpet, new countertops , Luxury vinyl plank flooring on first floor. Freshly painted and ready for showing 15 November 2020. Loft TV viewing room or family room adjacent to owners suite. 2 additional second floor bedrooms.

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: Dowling Ridge

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $101k277k

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

Neighborhood: Dowling Ridge

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q29001000110012001300140015001600Rent in $8141630

* 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
Rogers Lane Elementary School Primary Regular NA
F.j. Carnage Gt/aig Magnet Middle School Middle Magnet 1,156 69 5

Rogers Lane Elementary School

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

F.j. Carnage Gt/aig Magnet Middle School

  • Education Level: Middle
  • # of students: 1,156
  • # of teachers: 69
5
GreatSchools Rating
 

$206,910$252,890$229,900

PURCHASE PRICE

$1,170$1,430$1,300

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,300
EXPENSES Loan Payment -$848
Property Tax -$169
Property Insurance -$59
HOA -$4
Property Management Fees -$117
CASH FLOW
$103

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.

$229,900

PROJECTED PRICE

$1,300

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 7.0%
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

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$66,674

INVESTMENT

$66,674

Down Payment
$57,475
Rehab Estimate
$5,750
Closing Costs
$3,449

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$848

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $57,475
Loan Amount $172,425
See What Happens When You Reinvest Cash Flow

7.17

YEARS SAVED

$23,674

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,300

    LIST RENT
  • $0.81

    LIST RENT PER SQFT
  • $1,315

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$1,300
1$1,3002$1,4003$1,4954$1,5255$1,575
$1,575
RENT COMPS ANALYSIS
  • 3905 Mike Levi Court Raleigh, NC 1
    • 3 beds 3 baths ∙ 1,608 Sqft ∙ Built 2009 3 beds 3 baths ∙ 1,608 Sqft ∙ Built 2009
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.81
    •  
  • 2725 Maybrook Crossing Drive Raleigh, NC 2
    • 4 beds 3 baths ∙ 1,805 Sqft ∙ Built 2016 4 beds 3 baths ∙ 1,805 Sqft ∙ Built 2016
    LEASED 01/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.78
    •  
  • 1520 Pleasant Garden Lane Raleigh, NC 3
    • 3 beds 3 baths ∙ 1,740 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,740 Sqft ∙ Built 2001
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.86
    •  
  • 2516 Quarry Ridge Lane Raleigh, NC 4
    • 3 beds 3 baths ∙ 1,860 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,860 Sqft ∙ Built 2006
    LEASED 11/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,525
    • $0.82
    •  
  • 3001 Hayling Drive Raleigh, NC 5
    • 4 beds 3 baths ∙ 1,944 Sqft ∙ Built 2001 4 beds 3 baths ∙ 1,944 Sqft ∙ Built 2001
    LEASED 05/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $0.81
    •  
PROPERTY LISTING DETAILS
Cary Strickland
1.919.830.4700
Coldwell Banker Advantage Nh
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2352406
Last Updated: 11/06/2020
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