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3919 Griffis Glen Drive Raleigh, NC 27604

3 Beds 3 Baths 2,264 sqft Built 2006

$244,900

List Price

$1,440

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

November 07, 2020 RECENTLY ADDED
FACTS
  • Built In 2006
  • Price/Sqft : $108.17
  • 2 Days on Market
  • MLS # : 2352674
  • Updated Date : 11/07/2020 at 12:41
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,264 sqft
  • Baths : 2 full , 1 half
Listing Agent

Exp Realty

Listing Agent's Description

Looking for a 3 bedroom home in Raleigh under $250k?? Look no further! This lovely home is well maintained and READY FOR MOVE IN! This home has NEW PAINT AND FLOORING throughout! There are 3 spacious bedrooms, lots of closet space, and vaulted ceilings in each! The master bathroom is huge with a beautiful garden tub and separate walk in shower! Master also has a HUGE WALK IN CLOSET! If that's not enough, this home also has a LARGE BONUS AREA upstairs that could act as an office or second living room!

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: Griffis Glen

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $117k277k

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

Neighborhood: Griffis Glen

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q29501000105011001150120012501300135014001450150015501600Rent in $9291630

* 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
Barwell Road Elementary School Primary Regular 798 57 3
East Garner Middle School Middle Magnet 1,361 83 4
South Garner High School High Regular NA

Barwell Road Elementary School

  • Education Level: Primary
  • # of students: 798
  • # of teachers: 57
3
GreatSchools Rating

East Garner Middle School

  • Education Level: Middle
  • # of students: 1,361
  • # of teachers: 83
4
GreatSchools Rating

South Garner High School

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

$220,410$269,390$244,900

PURCHASE PRICE

$1,296$1,584$1,440

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,440
EXPENSES Loan Payment -$904
Property Tax -$203
Property Insurance -$71
HOA -$40
Property Management Fees -$130
CASH FLOW
$92

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.

$244,900

PROJECTED PRICE

$1,440

PROJECTED RENT

0.59%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 5.5%
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

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$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$70,649

INVESTMENT

$70,649

Down Payment
$61,225
Rehab Estimate
$5,750
Closing Costs
$3,674

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$904

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $61,225
Loan Amount $183,675
See What Happens When You Reinvest Cash Flow

6.42

YEARS SAVED

$22,226

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,440

    LIST RENT
  • $0.64

    LIST RENT PER SQFT
  • $1,579

    COMP ESTIMATED VALUE
  • $0.7

    COMP AVG. RENT PER SQFT
Comps Range
$1,440
1$1,4402$1,4453$1,4504$1,5405$1,650
$1,650
RENT COMPS ANALYSIS
  • 3919 Griffis Glen Drive Raleigh, NC 1
    • 3 beds 3 baths ∙ 2,264 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,264 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $1,440
    • $0.64
    •  
  • 4117 Bay Rum Lane Raleigh, NC 2
    • 3 beds 3 baths ∙ 1,920 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,920 Sqft ∙ Built 2004
    LEASED 07/03/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,445
    • $0.75
    •  
  • 6008 Shelane Court Raleigh, NC 3
    • 4 beds 3 baths ∙ 2,332 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,332 Sqft ∙ Built 2002
    LEASED 11/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.62
    •  
  • 4000 Mackinac Island Lane Raleigh, NC 4
    • 4 beds 3 baths ∙ 2,200 Sqft ∙ Built 1999 4 beds 3 baths ∙ 2,200 Sqft ∙ Built 1999
    LEASED 11/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,540
    • $0.70
    •  
  • 3834 Cane Garden Drive Raleigh, NC 5
    • 4 beds 3 baths ∙ 2,285 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,285 Sqft ∙ Built 2007
    LEASED 11/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.72
    •  
PROPERTY LISTING DETAILS
Melissa Di Filippo-kitchens
1.919.670.7774
Exp Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2352674
Last Updated: 11/07/2020
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