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42 Griffith Place Clayton, NC 27520

3 Beds 3 Baths 1,769 sqft Built 2018

$234,999

List Price

$1,670

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

February 05, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2018
  • Price/Sqft : $132.84
  • 3 Days on Market
  • MLS # : 2365238
  • Updated Date : 02/06/2021 at 20:55
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,769 sqft
  • Baths : 2 full , 1 half
Listing Agent

Amg Realty Llc

Listing Agent's Description

Gorgeous & Like NEW - Only 2 Yrs Old - and Loaded w/ Charm! Decked Out w/ Classic Hardwood Flooring throughout Main Lvl, Custom Built-In Bookshelves, Fireplace, Formal Dining, BONUS Loft & More! Spacious Kitchen includes Massive Island w/ Bar Seating, Granite Countertops, and Upgraded Cabinets OPENS into Lrg Living Area w/ Quick Access to FULLY FENCED Backyard w/ Patio-Perfect for Entertaining! Massive MBR Ste w/ Tray Ceiling and WIC! Great Location - Mins from Downtown Clayton/Shopping! Won't Last Long!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • #7 Best Big City for Jobs 2018 (Forbes, 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: Municipal Park

NeighborhoodNIR Market*CityMarket2010Year20002019140k150k160k170k180k190k200k210k220k230k240k250k260kPrice in $131k265k

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

Neighborhood: Municipal Park

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2950100010501100115012001250130013501400145015001550Rent in $9461595

* 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
Cooper Academy Primary Regular 593 45 2
Riverwood Middle School Middle Regular 1,149 64 7
Clayton High School High Regular 1,512 85 5

Cooper Academy

  • Education Level: Primary
  • # of students: 593
  • # of teachers: 45
2
GreatSchools Rating

Riverwood Middle School

  • Education Level: Middle
  • # of students: 1,149
  • # of teachers: 64
7
GreatSchools Rating

Clayton High School

  • Education Level: High
  • # of students: 1,512
  • # of teachers: 85
5
GreatSchools Rating
 

$211,499$258,499$234,999

PURCHASE PRICE

$1,503$1,837$1,670

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,670
EXPENSES Loan Payment -$816
Property Tax -$130
Property Insurance -$62
HOA -$121
Property Management Fees -$119
CASH FLOW
$422

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.

$234,999

PROJECTED PRICE

$1,670

PROJECTED RENT

0.71%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 5.4%
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$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k

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$68,025

INVESTMENT

$68,025

Down Payment
$58,750
Rehab Estimate
$5,750
Closing Costs
$3,525

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$816

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $58,750
Loan Amount $176,249
See What Happens When You Reinvest Cash Flow

13.67

YEARS SAVED

$52,366

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,670

    LIST RENT
  • $0.94

    LIST RENT PER SQFT
  • $1,694

    COMP ESTIMATED VALUE
  • $0.96

    COMP AVG. RENT PER SQFT
Comps Range
$1,395
1$1,3952$1,4953$1,6254$1,6705$1,700
$1,700
RENT COMPS ANALYSIS
  • 42 Griffith Place Clayton, NC 4
    • 3 beds 3 baths ∙ 1,769 Sqft ∙ Built 2018 3 beds 3 baths ∙ 1,769 Sqft ∙ Built 2018
    • Rent
    • Rent Per SQFT
    •  
    • $1,670
    • $0.94
    •  
  • 16 Manito Place Clayton, NC 1
    • 3 beds 3 baths ∙ 1,510 Sqft ∙ Built 2017 3 beds 3 baths ∙ 1,510 Sqft ∙ Built 2017
    LEASED 03/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.92
    •  
  • 128 Balboa Parkway Clayton, NC 2
    • 3 beds 3 baths ∙ 1,510 Sqft ∙ Built 2017 3 beds 3 baths ∙ 1,510 Sqft ∙ Built 2017
    LEASED 04/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.99
    •  
  • 236 Verrazano Place Clayton, NC 3
    • 3 beds 3 baths ∙ 1,750 Sqft ∙ Built 2014 3 beds 3 baths ∙ 1,750 Sqft ∙ Built 2014
    LEASED 05/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,625
    • $0.93
    •  
  • 104 Parkview Drive Clayton, NC 5
    • 3 beds 3 baths ∙ 1,711 Sqft ∙ Built 2016 3 beds 3 baths ∙ 1,711 Sqft ∙ Built 2016
    LEASED 03/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.99
    •  
PROPERTY LISTING DETAILS
Adam Grossman
1.919.451.5717
Amg Realty Llc
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2365238
Last Updated: 02/06/2021
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