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4129 Elkton Drive Raleigh, NC 27610

3 Beds 3 Baths 1,647 sqft Built 2008

$230,000

List Price

$1,270

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 27, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2008
  • Price/Sqft : $139.65
  • 6 Days on Market
  • MLS # : 2369157
  • Updated Date : 03/01/2021 at 15:42
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,647 sqft
  • Baths : 2 full , 1 half
Listing Agent

Howard Perry & Walston Realtor

Listing Agent's Description

This is a must see beautiful, well-maintained 3 bedroom and 2.5 bath home with several upgrades to elevate the property and its value. Refrigerator will convey. Buyer can assume CPI security system contract with no transfer fee, 54.99 monthly fee will be the responsibility of the buyer. If buyer has interest in any personal property, please express interest to purchase to the seller separate from the offer to purchase. Professional photos, virtual tour and measurements are scheduled 03/01.

SEE MORE

MARKET HIGHLIGHTS

  • 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
  • #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)

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
 

$207,000$253,000$230,000

PURCHASE PRICE

$1,143$1,397$1,270

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,270
EXPENSES Loan Payment -$799
Property Tax -$183
Property Insurance -$59
HOA -$13
Property Management Fees -$119
CASH FLOW
$96

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.

$230,000

PROJECTED PRICE

$1,270

PROJECTED RENT

0.55%

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$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$66,700

INVESTMENT

$66,700

Down Payment
$57,500
Rehab Estimate
$5,750
Closing Costs
$3,450

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$799

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $57,500
Loan Amount $172,500
See What Happens When You Reinvest Cash Flow

7.67

YEARS SAVED

$22,777

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,270

    LIST RENT
  • $0.77

    LIST RENT PER SQFT
  • $1,404

    COMP ESTIMATED VALUE
  • $0.85

    COMP AVG. RENT PER SQFT
Comps Range
$1,270
1$1,2702$1,4003$1,4254$1,4955$1,555
$1,555
RENT COMPS ANALYSIS
  • 4129 Elkton Drive Raleigh, NC 1
    • 3 beds 3 baths ∙ 1,647 Sqft ∙ Built 2008 3 beds 3 baths ∙ 1,647 Sqft ∙ Built 2008
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,270
    • $0.77
    •  
  • 6049 Ladish Lane Raleigh, NC 2
    • 3 beds 3 baths ∙ 1,709 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,709 Sqft ∙ Built 2005
    property image
    LEASED 03/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.82
    •  
  • 3619 Cannold Court Raleigh, NC 3
    • 4 beds 3 baths ∙ 1,702 Sqft ∙ Built 2004 4 beds 3 baths ∙ 1,702 Sqft ∙ Built 2004
    property image
    LEASED 12/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,425
    • $0.84
    •  
  • 3453 Kernstown Drive Raleigh, NC 4
    • 4 beds 3 baths ∙ 1,700 Sqft ∙ Built 2016 4 beds 3 baths ∙ 1,700 Sqft ∙ Built 2016
    property image
    LEASED 06/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.88
    •  
  • 3836 Pine Barren Lane Raleigh, NC 5
    • 3 beds 3 baths ∙ 1,787 Sqft ∙ Built 2010 3 beds 3 baths ∙ 1,787 Sqft ∙ Built 2010
    property image
    LEASED 06/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,555
    • $0.87
    •  
PROPERTY LISTING DETAILS
Trevia Ivey
1.919.772.9410
Howard Perry & Walston Realtor
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2369157
Last Updated: 03/01/2021
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