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4900 Dillard Drive Raleigh, NC 27606

3 Beds 2 Baths 1,753 sqft Built 1964

$299,900

List Price

$1,400

$1.3K - $1.5K

Rent Est.

PROPERTY INFO

YES TENANTED
November 27, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1964
  • Price/Sqft : $171.08
  • 4 Days on Market
  • MLS # : 2355392
  • Updated Date : 11/27/2020 at 01:19
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,753 sqft
  • Baths : 2 full
Listing Agent

Dream Living Realty

Listing Agent's Description

All brick ranch home with an unparalleled location halfway between Raleigh and Cary. Superbly maintained with .65 acres backing onto Dillard Elementary school, showcasing a sea of greenery that makes you feel like you have an endless back yard. Current long term tenants lease ends 6/21 for $1600 per month, and willing to renew. A unique setting, surrounded by institutional properties and major road networks, this home is calling for a clever and creative investor that can envision repurposing by rezoning.

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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: Crossroads

ZipNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $137k359k

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

Neighborhood: Crossroads

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2900100011001200130014001500160017001800Rent in $8261873

* 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
Dillard Drive Elementary School Primary Regular 737 50 5
Dillard Drive Middle School Middle Regular 1,118 67 5
Athens Drive High School High Regular 1,884 119 6

Dillard Drive Elementary School

  • Education Level: Primary
  • # of students: 737
  • # of teachers: 50
5
GreatSchools Rating

Dillard Drive Middle School

  • Education Level: Middle
  • # of students: 1,118
  • # of teachers: 67
5
GreatSchools Rating

Athens Drive High School

  • Education Level: High
  • # of students: 1,884
  • # of teachers: 119
6
GreatSchools Rating
 

$269,910$329,890$299,900

PURCHASE PRICE

$1,260$1,540$1,400

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,400
EXPENSES Loan Payment -$1,107
Property Tax -$243
Property Insurance -$61
Property Management Fees -$126
CASH FLOW
-$137

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.

$299,900

PROJECTED PRICE

$1,400

PROJECTED RENT

0.47%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.33%
Appreciation Year (1-5) 5.2%
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$100k$200k$300k$400k$500k$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$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$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$85,224

INVESTMENT

$85,224

Down Payment
$74,975
Rehab Estimate
$5,750
Closing Costs
$4,499

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% 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 $74,975
Loan Amount $224,925
See What Happens When You Reinvest Cash Flow

3

YEARS SAVED

$8,700

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,400

    LIST RENT
  • $0.8

    LIST RENT PER SQFT
  • $1,398

    COMP ESTIMATED VALUE
  • $0.8

    COMP AVG. RENT PER SQFT
Comps Range
$1,119
1$1,1192$1,4003$1,4954$1,5005$1,600
$1,600
RENT COMPS ANALYSIS
  • 4900 Dillard Drive Raleigh, NC 2
    • 3 beds 2 baths ∙ 1,753 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,753 Sqft ∙ Built 1964
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.80
    •  
  • 1915 Jones Franklin Road Raleigh, NC 1
    • 3 beds 2 baths ∙ 1,440 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,440 Sqft ∙ Built 1959
    LEASED 02/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,119
    • $0.78
    •  
  • 5332 Olive Road Raleigh, NC 3
    • 3 beds 2 baths ∙ 1,692 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,692 Sqft ∙ Built 1964
    LEASED 10/11/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.88
    •  
  • 1205 Pineview Drive Raleigh, NC 4
    • 3 beds 2 baths ∙ 1,949 Sqft ∙ Built 1958 3 beds 2 baths ∙ 1,949 Sqft ∙ Built 1958
    LEASED 07/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.77
    •  
  • 1600 Walnut Street Cary, NC 5
    • 3 beds 2 baths ∙ 2,100 Sqft ∙ Built 1960 3 beds 2 baths ∙ 2,100 Sqft ∙ Built 1960
    LEASED 10/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.76
    •  
PROPERTY LISTING DETAILS
Kalpna Patel
1.919.888.9984
Dream Living Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2355392
Last Updated: 11/27/2020
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