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4309 Bay Rum Lane Raleigh, NC 27610

3 Beds 3 Baths 1,935 sqft Built 2006

$250,000

List Price

$1,470

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $129.20
  • 2 Days on Market
  • MLS # : 2370584
  • Updated Date : 03/06/2021 at 19:40
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,935 sqft
  • Baths : 2 full , 1 half
Listing Agent

Howard Perry & Walston Realtor

Listing Agent's Description

GREAT HOME AT A GREAT PRICE!! You'll love this two-story home located in Raleigh. 4309 Bay Rum Ln. features three bedrooms, two and a half baths, a large kitchen with plenty of storage, a spacious living room, and separate dining room. A massive master suite and large bedrooms with ample closet space and an open loft spacious enough to fit a living room set. Schedule your private visit today!

SEE MORE

MARKET HIGHLIGHTS

  • 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
  • #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)

PRICE & RENT TRENDS

Neighborhood: Battle Bridge

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260kPrice in $122k277k

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

Neighborhood: Battle Bridge

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q29501000105011001150120012501300135014001450150015501600Rent in $9201630

* 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 Unknown 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
 

$225,000$275,000$250,000

PURCHASE PRICE

$1,323$1,617$1,470

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,470
EXPENSES Loan Payment -$868
Property Tax -$188
Property Insurance -$65
HOA -$40
Property Management Fees -$119
CASH FLOW
$190

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.

$250,000

PROJECTED PRICE

$1,470

PROJECTED RENT

0.59%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 4.8%
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$900k

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$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$72,000

INVESTMENT

$72,000

Down Payment
$62,500
Rehab Estimate
$5,750
Closing Costs
$3,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$868

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $62,500
Loan Amount $187,500
See What Happens When You Reinvest Cash Flow

9.5

YEARS SAVED

$33,012

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,470

    LIST RENT
  • $0.76

    LIST RENT PER SQFT
  • $1,601

    COMP ESTIMATED VALUE
  • $0.83

    COMP AVG. RENT PER SQFT
Comps Range
$1,425
1$1,4252$1,4503$1,4704$1,5555$1,690
$1,690
RENT COMPS ANALYSIS
  • 4309 Bay Rum Lane Raleigh, NC 3
    • 3 beds 3 baths ∙ 1,935 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,935 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $1,470
    • $0.76
    •  
  • 6828 Spanglers Spring Way Raleigh, NC 1
    • 4 beds 3 baths ∙ 1,875 Sqft ∙ Built 2007 4 beds 3 baths ∙ 1,875 Sqft ∙ Built 2007
    LEASED 05/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,425
    • $0.76
    •  
  • 3495 Mackinac Island Lane Raleigh, NC 2
    • 3 beds 3 baths ∙ 1,846 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,846 Sqft ∙ Built 2007
    LEASED 07/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.79
    •  
  • 3836 Pine Barren Lane Raleigh, NC 4
    • 3 beds 3 baths ∙ 1,787 Sqft ∙ Built 2010 3 beds 3 baths ∙ 1,787 Sqft ∙ Built 2010
    LEASED 06/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,555
    • $0.87
    •  
  • 7100 Bristoe Station Lane Raleigh, NC 5
    • 3 beds 3 baths ∙ 1,898 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,898 Sqft ∙ Built 2004
    LEASED 10/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,690
    • $0.89
    •  
PROPERTY LISTING DETAILS
Steven Gunter
1.919.876.8824
Howard Perry & Walston Realtor
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2370584
Last Updated: 03/06/2021
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