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4513 Limerick Drive Raleigh, NC 27604

3 Beds 2 Baths 1,295 sqft Built 1973

$220,000

List Price

$1,360

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

November 25, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1973
  • Price/Sqft : $169.88
  • 6 Days on Market
  • MLS # : 2355349
  • Updated Date : 11/26/2020 at 01:29
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,295 sqft
  • Baths : 2 full
Listing Agent

Mansell Realty

Listing Agent's Description

Brick ranch, with fresh interior paint, new carpeting throughout (2020). New roof 2019, two 8x12 sheds in back. Think she shed\man cave. 3 bed. 2 baths, hardwoods in kitchen and main bedroom. New vanity w/Corian in guest bath, 15x14 screened-in porch. Blinds throughout. Laundry room w/cabinets, wall ironing board & washer. Eat in kitchen, refrigerator conveys. Storage at side of house. Fam. and Living areas with ceiling fans, crown molding & chair rail. 15x14 patio in back yard. Convenient to shopping.

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

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $100k277k

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

Neighborhood: Shamrock Meadows

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q27008009001000110012001300140015001600Rent in $6261630

* 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
Brassfield Elementary School Primary Regular 780 47 5
Durant Road Middle School Middle Regular 1,245 78 5
Heritage High School High Regular 1,910 107 7

Brassfield Elementary School

  • Education Level: Primary
  • # of students: 780
  • # of teachers: 47
5
GreatSchools Rating

Durant Road Middle School

  • Education Level: Middle
  • # of students: 1,245
  • # of teachers: 78
5
GreatSchools Rating

Heritage High School

  • Education Level: High
  • # of students: 1,910
  • # of teachers: 107
7
GreatSchools Rating
 

$198,000$242,000$220,000

PURCHASE PRICE

$1,224$1,496$1,360

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,360
EXPENSES Loan Payment -$812
Property Tax -$173
Property Insurance -$52
Property Management Fees -$122
CASH FLOW
$201

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.

$220,000

PROJECTED PRICE

$1,360

PROJECTED RENT

0.62%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 5.4%
Maintenance Year (1-5) 8.00%
Vacancy 7.47%
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

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$64,050

INVESTMENT

$64,050

Down Payment
$55,000
Rehab Estimate
$5,750
Closing Costs
$3,300

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$812

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $55,000
Loan Amount $165,000
See What Happens When You Reinvest Cash Flow

9.42

YEARS SAVED

$34,378

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,360

    LIST RENT
  • $1.05

    LIST RENT PER SQFT
  • $1,357

    COMP ESTIMATED VALUE
  • $1.05

    COMP AVG. RENT PER SQFT
Comps Range
$1,250
1$1,2502$1,2953$1,3004$1,3255$1,360
$1,360
RENT COMPS ANALYSIS
  • 4513 Limerick Drive Raleigh, NC 5
    • 3 beds 2 baths ∙ 1,295 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,295 Sqft ∙ Built 1973
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,360
    • $1.05
    •  
  • 2913 Wicklow Place Raleigh, NC 1
    • 3 beds 2 baths ∙ 1,191 Sqft ∙ Built 1971 3 beds 2 baths ∙ 1,191 Sqft ∙ Built 1971
    property image
    LEASED 06/24/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $1.05
    •  
  • 4808 Waterbury Road Raleigh, NC 2
    • 3 beds 2 baths ∙ 1,216 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,216 Sqft ∙ Built 1972
    property image
    LEASED 10/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $1.06
    •  
  • 4324 Woodlawn Drive Raleigh, NC 3
    • 3 beds 2 baths ∙ 1,375 Sqft ∙ Built 1969 3 beds 2 baths ∙ 1,375 Sqft ∙ Built 1969
    property image
    LEASED 03/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.95
    •  
  • 4505 Castlebar Drive Raleigh, NC 4
    • 3 beds 2 baths ∙ 1,168 Sqft ∙ Built 1971 3 beds 2 baths ∙ 1,168 Sqft ∙ Built 1971
    property image
    LEASED 06/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,325
    • $1.13
    •  
PROPERTY LISTING DETAILS
Joe Mansell
1.919.302.5528
Mansell Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2355349
Last Updated: 11/26/2020
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