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415 September Lane Willow Spring(s), NC 27592

3 Beds 2 Baths 1,550 sqft Built 1994

$215,000

List Price

$1,310

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

December 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1994
  • Price/Sqft : $138.71
  • 2 Days on Market
  • MLS # : 2357649
  • Updated Date : 12/13/2020 at 02:35
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,550 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Legacy

Listing Agent's Description

Move right into this pretty 3 bedroom, 2 bath ranch home on almost an acre. Vaulted ceilings, fireplace, formal dining room with wood floors, 3 spacious bedrooms with ample storage. Seller added new vinyl flooring, fresh paint, new decking boards, and vapor barrier in crawl space. Lovely yard with hardwood trees, organic garden, compost, and huge shed. Well and Septic, low taxes, and no HOA. You can build a huge workshop or garage. Additional Storage in crawl space. You will love this neighborhood!

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: Autumn Woods

NeighborhoodNIR Market*CityMarket2010Year20002019120k130k140k150k160k170k180k190k200k210k220k230k240k250k260kPrice in $119k265k

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

Neighborhood: Autumn Woods

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2700800900100011001200130014001500Rent in $6941595

* 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
 

$193,500$236,500$215,000

PURCHASE PRICE

$1,179$1,441$1,310

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,310
EXPENSES Loan Payment -$793
Property Tax -$136
Property Insurance -$57
Property Management Fees -$119
CASH FLOW
$204

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.

$215,000

PROJECTED PRICE

$1,310

PROJECTED RENT

0.61%

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$800k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k$18k

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$62,725

INVESTMENT

$62,725

Down Payment
$53,750
Rehab Estimate
$5,750
Closing Costs
$3,225

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$793

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $53,750
Loan Amount $161,250
See What Happens When You Reinvest Cash Flow

10.58

YEARS SAVED

$39,376

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,310

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $1,380

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$1,195
1$1,1952$1,2503$1,310
$1,310
RENT COMPS ANALYSIS
  • 415 September Lane Willow Spring(s), NC 3
    • 3 beds 2 baths ∙ 1,550 Sqft ∙ Built 1994 3 beds 2 baths ∙ 1,550 Sqft ∙ Built 1994
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,310
    • $0.85
    •  
  • 4224 Rockside Hills Drive Raleigh, NC 1
    • 3 beds 2 baths ∙ 1,356 Sqft ∙ Built 1995 3 beds 2 baths ∙ 1,356 Sqft ∙ Built 1995
    property image
    LEASED 11/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,195
    • $0.88
    •  
  • 2095 White Memorial Church Road Willow Spring(s), NC 2
    • 3 beds 2 baths ∙ 1,387 Sqft ∙ Built 1992 3 beds 2 baths ∙ 1,387 Sqft ∙ Built 1992
    property image
    LEASED 11/22/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.90
    •  
PROPERTY LISTING DETAILS
Cynthia Quarantello
1.919.830.9051
Keller Williams Legacy
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2357649
Last Updated: 12/13/2020
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