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420 Roxanne Drive Raleigh, NC 27603

3 Beds 2 Baths 1,498 sqft Built 1961

INVESTimate

$239,900

List Price

$1,290

$1,161 - $1,419

Rent Est.

$249,592  ( +4.04%)   1 YR EST. FORECAST

PROPERTY INFO

August 23, 2020 RECENTLY ADDED
FACTS
  • Built In 1961
  • Price/Sqft : $160.15
  • 4 Days on Market
  • MLS # : 2338753
  • Updated Date : 08/25/2020 at 21:40
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,498 sqft
  • Baths : 2 full
Listing Agent

Fonville Morisey/brier Creek Sales Office

Listing Agent's Description

Great location. Great neighborhood. Just minutes to downtown Raleigh. Hard to find 3 BR, 2 BA, Ranch on large corner lot .53 acres in Greenbrier Estates. Includes formal living room and large family room with gas logs fireplace. Large landscaped with fenced in backyard. Neighborhood has pond and park. HURRY, WON'T LAST LONG.

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: Greenbriar

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $107k277k

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

Neighborhood: Greenbriar

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q27008009001000110012001300140015001600Rent in $6881630

* 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
Smith Elementary School Primary Magnet 639 50 3
North Garner Middle School Middle Regular 948 59 3
Garner High School High Magnet 2,650 145 3

Smith Elementary School

  • Education Level: Primary
  • # of students: 639
  • # of teachers: 50
3
GreatSchools Rating

North Garner Middle School

  • Education Level: Middle
  • # of students: 948
  • # of teachers: 59
3
GreatSchools Rating

Garner High School

  • Education Level: High
  • # of students: 2,650
  • # of teachers: 145
3
GreatSchools Rating
 

$215,910$263,890$239,900

PURCHASE PRICE

$1,161$1,419$1,290

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,290
EXPENSES Loan Payment -$885
Property Tax -$196
Property Insurance -$56
Property Management Fees -$116
CASH FLOW
$36

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.

$239,900

PROJECTED PRICE

$1,290

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 4.04%
Maintenance Year (1-5) 8.00%
Vacancy 7.47%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$69,324

INVESTMENT

$69,324

Down Payment
$59,975
Rehab Estimate
$5,750
Closing Costs
$3,599

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$885

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $59,975
Loan Amount $179,925
See What Happens When You Reinvest Cash Flow

5.5

YEARS SAVED

$17,052

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,290

    LIST RENT
  • $0.86

    LIST RENT PER SQFT
  • $1,423

    COMP ESTIMATED VALUE
  • $0.95

    COMP AVG. RENT PER SQFT
Comps Range
$1,050
1$1,0502$1,1753$1,2904$1,2955$1,300
$1,300
RENT COMPS ANALYSIS
  • 420 Roxanne Drive Raleigh, 3
    • 3 beds 2 baths ∙ 1,498 Sqft ∙ Built 1961 3 beds 2 baths ∙ 1,498 Sqft ∙ Built 1961
    • Rent
    • Rent Per SQFT
    •  
    • $1,290
    • $0.86
    •  
  • 103 Val Del Court Garner, 1
    • 3 beds 2 baths ∙ 1,160 Sqft ∙ Built 1976 3 beds 2 baths ∙ 1,160 Sqft ∙ Built 1976
    LEASED 06/18/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,050
    • $0.91
    •  
  • 1504 Macdonald Avenue Garner, 2
    • 3 beds 2 baths ∙ 1,364 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,364 Sqft ∙ Built 1980
    LEASED 04/16/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,175
    • $0.86
    •  
  • 625 Locust Lane Raleigh, 4
    • 3 beds 2 baths ∙ 1,278 Sqft ∙ Built 1967 3 beds 2 baths ∙ 1,278 Sqft ∙ Built 1967
    LEASED 08/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $1.01
    •  
  • 1213 Park Avenue Garner, 5
    • 3 beds 2 baths ∙ 1,275 Sqft ∙ Built 1960 3 beds 2 baths ∙ 1,275 Sqft ∙ Built 1960
    LEASED 11/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $1.02
    •  
PROPERTY LISTING DETAILS
Karole Foster
1.919.781.4452
Fonville Morisey/brier Creek Sales Office
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2338753
Last Updated: 08/25/2020
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