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4309 Old Colony Road Raleigh, NC 27613

4 Beds 3 Baths 1,899 sqft Built 1976

$300,000

List Price

$1,670

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

November 19, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1976
  • Price/Sqft : $157.98
  • 4 Days on Market
  • MLS # : 2354384
  • Updated Date : 11/19/2020 at 17:35
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,899 sqft
  • Baths : 2 full , 1 half
Listing Agent

Berkshire Hathaway Homeservices Ysu

Listing Agent's Description

A rare find! 4 bedroom home with garage in popular North Raleigh neighborhood with NO HOA fees! Beautiful kitchen with granite, tile backsplash & stainless steel appliances opens to family room with wood burning fireplace. Separate living room would make a great playroom or home office. Large deck overlooks wooded backyard. Fresh paint throughout. Roof 2018. Convenient location for working, shopping and entertainment. A MUST SEE!

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
  • Major employers in Raleigh area: IBM, Cisco systems, Fidelity Investments, GlaxoSmithKline, RTI International
  • #7 Best Big City for Jobs 2018 (Forbes, 2018)
  • One of Top 10 cities for Small Business Friendliness (Thumbtack, 2018)

PRICE & RENT TRENDS

Neighborhood: Pickwick Village

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280kPrice in $132k296k

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

Neighborhood: Pickwick Village

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q29501000105011001150120012501300135014001450150015501600Rent in $9241630

* 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
York Elementary School Primary Regular 492 36 7
Leesville Road Middle School Middle Regular 1,228 68 7
Leesville Road High School High Regular 2,281 122 8

York Elementary School

  • Education Level: Primary
  • # of students: 492
  • # of teachers: 36
7
GreatSchools Rating

Leesville Road Middle School

  • Education Level: Middle
  • # of students: 1,228
  • # of teachers: 68
7
GreatSchools Rating

Leesville Road High School

  • Education Level: High
  • # of students: 2,281
  • # of teachers: 122
8
GreatSchools Rating
 

$270,000$330,000$300,000

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 -$1,107
Property Tax -$239
Property Insurance -$64
Property Management Fees -$150
CASH FLOW
$110

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.

$300,000

PROJECTED PRICE

$1,670

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 4.9%
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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$85,250

INVESTMENT

$85,250

Down Payment
$75,000
Rehab Estimate
$5,750
Closing Costs
$4,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,107

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $75,000
Loan Amount $225,000
See What Happens When You Reinvest Cash Flow

6.67

YEARS SAVED

$28,768

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
  • $0.88

    LIST RENT PER SQFT
  • $1,647

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$1,495
1$1,4952$1,5253$1,5954$1,6705$1,695
$1,695
RENT COMPS ANALYSIS
  • 4309 Old Colony Road Raleigh, NC 4
    • 4 beds 3 baths ∙ 1,899 Sqft ∙ Built 1976 4 beds 3 baths ∙ 1,899 Sqft ∙ Built 1976
    • Rent
    • Rent Per SQFT
    •  
    • $1,670
    • $0.88
    •  
  • 7125 Kinross Drive Raleigh, NC 1
    • 4 beds 3 baths ∙ 1,900 Sqft ∙ Built 1986 4 beds 3 baths ∙ 1,900 Sqft ∙ Built 1986
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.79
    •  
  • 4201 Pleasant Grove Church Road Raleigh, NC 2
    • 3 beds 3 baths ∙ 1,616 Sqft ∙ Built 1984 3 beds 3 baths ∙ 1,616 Sqft ∙ Built 1984
    LEASED 08/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,525
    • $0.94
    •  
  • 4116 Betterton Drive Raleigh, NC 3
    • 3 beds 3 baths ∙ 1,800 Sqft ∙ Built 1986 3 beds 3 baths ∙ 1,800 Sqft ∙ Built 1986
    LEASED 11/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.89
    •  
  • 4409 Pickwick Drive Raleigh, NC 5
    • 4 beds 3 baths ∙ 2,000 Sqft ∙ Built 1976 4 beds 3 baths ∙ 2,000 Sqft ∙ Built 1976
    LEASED 12/03/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.85
    •  
PROPERTY LISTING DETAILS
Erica Broughton
1.919.500.0996
Berkshire Hathaway Homeservices Ysu
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2354384
Last Updated: 11/19/2020
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