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4604 Worthington Lane Raleigh, NC 27604

3 Beds 3 Baths 1,539 sqft Built 1989

$241,000

List Price

$1,350

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

November 13, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1989
  • Price/Sqft : $156.60
  • 3 Days on Market
  • MLS # : 2353571
  • Updated Date : 11/14/2020 at 22:24
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,539 sqft
  • Baths : 2 full , 1 half
Listing Agent

Gooch Hollis Real Estate, Llc

Listing Agent's Description

Freshly painted inside and out! New carpet & Countertops with community amenities galore! Easy maintenance laminate flooring in family room w/ gas fireplace. Kitchen has new microwave & breakfast area that looks out to new deck. Popular first floor master floor plan! Master suite has walk-in closet, private bathroom w/ LVP flooring (2019), separate shower & garden tub. Secondary bedrooms upstairs along w/ full bathroom. Community offers TWO swimming pools, tennis courts, athletic club AND playground!

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: Hedingham Village

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $118k277k

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

Neighborhood: Hedingham Village

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q28009001000110012001300140015001600Rent in $7091630

* 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
Wilburn Elementary School Primary Regular 691 50 2
Durant Road Middle School Middle Regular 1,245 78 5
Knightdale High School High Regular 1,672 99 2

Wilburn Elementary School

  • Education Level: Primary
  • # of students: 691
  • # of teachers: 50
2
GreatSchools Rating

Durant Road Middle School

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

Knightdale High School

  • Education Level: High
  • # of students: 1,672
  • # of teachers: 99
2
GreatSchools Rating
 

$216,900$265,100$241,000

PURCHASE PRICE

$1,215$1,485$1,350

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,350
EXPENSES Loan Payment -$889
Property Tax -$193
Property Insurance -$57
HOA -$55
Property Management Fees -$122
CASH FLOW
$34

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.

$241,000

PROJECTED PRICE

$1,350

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 6.1%
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

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$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$69,615

INVESTMENT

$69,615

Down Payment
$60,250
Rehab Estimate
$5,750
Closing Costs
$3,615

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$889

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $60,250
Loan Amount $180,750
See What Happens When You Reinvest Cash Flow

5.33

YEARS SAVED

$16,168

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,350

    LIST RENT
  • $0.88

    LIST RENT PER SQFT
  • $1,424

    COMP ESTIMATED VALUE
  • $0.92

    COMP AVG. RENT PER SQFT
Comps Range
$1,295
1$1,2952$1,3003$1,3504$1,3505$1,395
$1,395
RENT COMPS ANALYSIS
  • 4604 Worthington Lane Raleigh, NC 4
    • 3 beds 3 baths ∙ 1,539 Sqft ∙ Built 1989 3 beds 3 baths ∙ 1,539 Sqft ∙ Built 1989
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.88
    •  
  • 4413 Bartholomew Circle Raleigh, NC 1
    • 3 beds 2 baths ∙ 1,368 Sqft ∙ Built 1996 3 beds 2 baths ∙ 1,368 Sqft ∙ Built 1996
    LEASED 02/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.95
    •  
  • 4328 Bartholomew Circle Raleigh, NC 2
    • 3 beds 2 baths ∙ 1,465 Sqft ∙ Built 1996 3 beds 2 baths ∙ 1,465 Sqft ∙ Built 1996
    LEASED 08/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.89
    •  
  • 4960 Royal Adelaide Way Raleigh, NC 3
    • 3 beds 3 baths ∙ 1,564 Sqft ∙ Built 1992 3 beds 3 baths ∙ 1,564 Sqft ∙ Built 1992
    LEASED 11/25/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.86
    •  
  • 4405 Bartholomew Circle Raleigh, NC 5
    • 3 beds 2 baths ∙ 1,401 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,401 Sqft ∙ Built 1997
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $1.00
    •  
PROPERTY LISTING DETAILS
Sandra Hollis
1.919.437.4031
Gooch Hollis Real Estate, Llc
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2353571
Last Updated: 11/14/2020
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