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501 Heathwick Drive Knightdale, NC 27545

3 Beds 3 Baths 1,628 sqft Built 1994

$225,000

List Price

$1,340

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

November 05, 2020 RECENTLY ADDED
FACTS
  • Built In 1994
  • Price/Sqft : $138.21
  • 4 Days on Market
  • MLS # : 2352186
  • Updated Date : 11/06/2020 at 13:51
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,628 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Preferred Realty

Listing Agent's Description

Spectacular home in Knightdale. 1623 Sq ft, 3 bedroom, 2.5 Bath, with a large yard and nice deck to enjoy with family and friends. Upgrades include new roof and HVAC in 2015. New Flooring, carpet and paint. Downstairs boasts a separate dining room leading into the kitchen along with a individual study and separate family room with its wood burning fireplace. Upstairs has a large owner suite with spacious owner bathroom with separate his/hers vanities, walk-in shower and soaking tube.

SEE MORE

MARKET HIGHLIGHTS

  • #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)
  • 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

PRICE & RENT TRENDS

Neighborhood: Myrick Downs

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $107k265k

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

Neighborhood: Myrick Downs

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2900100011001200130014001500Rent in $8231595

* 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
Knightdale Elementary School Primary Regular 750 54 NA
East Wake Middle School Middle Regular 884 56 2
Knightdale High School High Regular 1,672 99 2

Knightdale Elementary School

  • Education Level: Primary
  • # of students: 750
  • # of teachers: 54
NA
GreatSchools Rating

East Wake Middle School

  • Education Level: Middle
  • # of students: 884
  • # of teachers: 56
2
GreatSchools Rating

Knightdale High School

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

$202,500$247,500$225,000

PURCHASE PRICE

$1,206$1,474$1,340

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,340
EXPENSES Loan Payment -$830
Property Tax -$186
Property Insurance -$59
Property Management Fees -$121
CASH FLOW
$144

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.

$225,000

PROJECTED PRICE

$1,340

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 6.1%
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

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$65,375

INVESTMENT

$65,375

Down Payment
$56,250
Rehab Estimate
$5,750
Closing Costs
$3,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$830

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $56,250
Loan Amount $168,750
See What Happens When You Reinvest Cash Flow

7.92

YEARS SAVED

$27,781

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,340

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $1,473

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$1,200
1$1,2002$1,2003$1,3004$1,3405$1,495
$1,495
RENT COMPS ANALYSIS
  • 501 Heathwick Drive Knightdale, NC 4
    • 3 beds 3 baths ∙ 1,628 Sqft ∙ Built 1994 3 beds 3 baths ∙ 1,628 Sqft ∙ Built 1994
    • Rent
    • Rent Per SQFT
    •  
    • $1,340
    • $0.82
    •  
  • 103 Caribbean Court Knightdale, NC 1
    • 3 beds 3 baths ∙ 1,300 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,300 Sqft ∙ Built 2005
    LEASED 06/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.92
    •  
  • 402 Kelley Meadows Road Knightdale, NC 2
    • 3 beds 2 baths ∙ 1,285 Sqft ∙ Built 1991 3 beds 2 baths ∙ 1,285 Sqft ∙ Built 1991
    LEASED 12/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.93
    •  
  • 104 Iron Kettle Court Knightdale, NC 3
    • 4 beds 2 baths ∙ 1,540 Sqft ∙ Built 1994 4 beds 2 baths ∙ 1,540 Sqft ∙ Built 1994
    LEASED 08/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.84
    •  
  • 110 Tortola Place Knightdale, NC 5
    • 4 beds 3 baths ∙ 1,600 Sqft ∙ Built 2005 4 beds 3 baths ∙ 1,600 Sqft ∙ Built 2005
    LEASED 11/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.93
    •  
PROPERTY LISTING DETAILS
Scott Lerew
1.919.801.1699
Keller Williams Preferred Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2352186
Last Updated: 11/06/2020
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