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4828 Morning Edge Drive Raleigh, NC 27613

3 Beds 3 Baths 1,629 sqft Built 1999

$286,900

List Price

$1,480

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

January 28, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1999
  • Price/Sqft : $176.12
  • 4 Days on Market
  • MLS # : 2363842
  • Updated Date : 01/29/2021 at 23:24
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,629 sqft
  • Baths : 2 full , 1 half
Listing Agent

Exit Town & Lake Realty

Listing Agent's Description

Immaculate home with fenced yard, covered front porch and single car garage. This home is move in ready. Large first floor master with walk-in closet, gas log fireplace in living room and plenty of counter space in kitchen. Roof was replaced in 2018, new appliances, carpet and flooring, HVAC was replaced in 2012 and serviced this past October and water heater was replaced in 11/20. Community has playground, pool and tennis courts!

SEE MORE

MARKET HIGHLIGHTS

  • #7 Best Big City for Jobs 2018 (Forbes, 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
  • 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: Village at Harrington Grove

NeighborhoodNIR Market*CityMarket2010Year20002019160k180k200k220k240k260k280k300k320k340kPrice in $147k359k

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

Neighborhood: Village at Harrington Grove

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2900100011001200130014001500160017001800Rent in $8821873

* 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
Sycamore Creek Elementary School Primary Regular 1,132 68 8
Pine Hollow Middle School Middle Unknown NA
Leesville Road High School High Regular 2,281 122 8

Sycamore Creek Elementary School

  • Education Level: Primary
  • # of students: 1,132
  • # of teachers: 68
8
GreatSchools Rating

Pine Hollow Middle School

  • Education Level: Middle
  • # of students:
  • # of teachers:
NA
GreatSchools Rating

Leesville Road High School

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

$258,210$315,590$286,900

PURCHASE PRICE

$1,332$1,628$1,480

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,480
EXPENSES Loan Payment -$997
Property Tax -$227
Property Insurance -$59
HOA -$76
Property Management Fees -$119
CASH FLOW
$2

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 16% of earned rent to cover both maintenance and periods of vacancy.

$286,900

PROJECTED PRICE

$1,480

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.33%
Appreciation Year (1-5) 4.9%
Maintenance Year (1-5) 8.00%
Vacancy 7.51%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$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$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$81,779

INVESTMENT

$81,779

Down Payment
$71,725
Rehab Estimate
$5,750
Closing Costs
$4,304

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$997

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $71,725
Loan Amount $215,175
See What Happens When You Reinvest Cash Flow

6.08

YEARS SAVED

$19,650

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,480

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $1,584

    COMP ESTIMATED VALUE
  • $0.97

    COMP AVG. RENT PER SQFT
Comps Range
$1,480
1$1,4802$1,5003$1,5954$1,5955$1,750
$1,750
RENT COMPS ANALYSIS
  • 4828 Morning Edge Drive Raleigh, NC 1
    • 3 beds 3 baths ∙ 1,629 Sqft ∙ Built 1999 3 beds 3 baths ∙ 1,629 Sqft ∙ Built 1999
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,480
    • $0.91
    •  
  • 5517 Bridgeman Court Durham, NC 2
    • 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 2002
    property image
    LEASED 02/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $1.00
    •  
  • 6819 Edwell Court Raleigh, NC 3
    • 3 beds 3 baths ∙ 1,710 Sqft ∙ Built 1997 3 beds 3 baths ∙ 1,710 Sqft ∙ Built 1997
    property image
    LEASED 11/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.93
    •  
  • 12325 Inglehurst Drive Raleigh, NC 4
    • 3 beds 3 baths ∙ 1,660 Sqft ∙ Built 1990 3 beds 3 baths ∙ 1,660 Sqft ∙ Built 1990
    property image
    LEASED 02/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.96
    •  
  • 5025 Dawn Piper Drive Raleigh, NC 5
    • 3 beds 3 baths ∙ 1,750 Sqft ∙ Built 2000 3 beds 3 baths ∙ 1,750 Sqft ∙ Built 2000
    property image
    LEASED 09/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.00
    •  
PROPERTY LISTING DETAILS
Margaret Luongo
1.919.616.5759
Exit Town & Lake Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2363842
Last Updated: 01/29/2021
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