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503 Boling Street Clayton, NC 27520

3 Beds 1 Baths 1,300 sqft Built 1978

$179,000

List Price

$1,150

$1K - $1.3K

Rent Est.

PROPERTY INFO

November 20, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1978
  • Price/Sqft : $137.69
  • 3 Days on Market
  • MLS # : 2354770
  • Updated Date : 11/20/2020 at 23:06
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,300 sqft
  • Baths : 1 full
Listing Agent

Encore Properties

Listing Agent's Description

Classic 3 bedroom ranch on .34 acre fenced-in lot! This Clayton treasure has just been repainted, brand new flooring added, new fixtures throughout and upgraded kitchen with granite and top of the line stainless stove. Large living room that opens to the kitchen makes this home perfect for entertaining. Deck over looks huge, fenced in backyard. And don't miss the extra storage that the shed has to offer.  All this just minutes away from shopping, dining and hwys. Schedule a showing today!

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

PRICE & RENT TRENDS

Neighborhood: Country Estates

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $86k265k

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

Neighborhood: Country Estates

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2800900100011001200130014001500Rent in $7601595

* 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
Cooper Academy Primary Regular 593 45 2
Riverwood Middle School Middle Regular 1,149 64 7
Clayton High School High Regular 1,512 85 5

Cooper Academy

  • Education Level: Primary
  • # of students: 593
  • # of teachers: 45
2
GreatSchools Rating

Riverwood Middle School

  • Education Level: Middle
  • # of students: 1,149
  • # of teachers: 64
7
GreatSchools Rating

Clayton High School

  • Education Level: High
  • # of students: 1,512
  • # of teachers: 85
5
GreatSchools Rating
 

$161,100$196,900$179,000

PURCHASE PRICE

$1,035$1,265$1,150

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,150
EXPENSES Loan Payment -$660
Property Tax -$184
Property Insurance -$53
Property Management Fees -$104
CASH FLOW
$150

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.

$179,000

PROJECTED PRICE

$1,150

PROJECTED RENT

0.64%

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

PROJECTED ANNUAL CASH FLOW

11530$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$53,185

INVESTMENT

$53,185

Down Payment
$44,750
Rehab Estimate
$5,750
Closing Costs
$2,685

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$660

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $44,750
Loan Amount $134,250
See What Happens When You Reinvest Cash Flow

8.67

YEARS SAVED

$24,969

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,150

    LIST RENT
  • $0.88

    LIST RENT PER SQFT
  • $1,255

    COMP ESTIMATED VALUE
  • $0.97

    COMP AVG. RENT PER SQFT
Comps Range
$1,150
1$1,1502$1,2003$1,450
$1,450
RENT COMPS ANALYSIS
  • 503 Boling Street Clayton, NC 1
    • 3 beds 1 baths ∙ 1,300 Sqft ∙ Built 1978 3 beds 1 baths ∙ 1,300 Sqft ∙ Built 1978
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,150
    • $0.88
    •  
  • 114 Gracie Lane Clayton, NC 2
    • 3 beds 2 baths ∙ 1,253 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,253 Sqft ∙ Built 1997
    property image
    LEASED 02/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.96
    •  
  • 408 Westminster Drive Clayton, NC 3
    • 3 beds 3 baths ∙ 1,490 Sqft ∙ Built 1996 3 beds 3 baths ∙ 1,490 Sqft ∙ Built 1996
    property image
    LEASED 09/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.97
    •  
PROPERTY LISTING DETAILS
Kelly Sauls
1.919.868.0008
Encore Properties
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2354770
Last Updated: 11/20/2020
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