Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

504 Heathwick Drive Knightdale, NC 27545

3 Beds 2 Baths 1,570 sqft Built 1994

$249,900

List Price

$1,360

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

January 17, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1994
  • Price/Sqft : $159.17
  • 2 Days on Market
  • MLS # : 2362067
  • Updated Date : 01/17/2021 at 03:59
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,570 sqft
  • Baths : 2 full
Listing Agent

Best Investment Realty

Listing Agent's Description

Great house, hard to find ranch with this size, with new HVAC system, new roof, new vinyl wood planks throughout the house, great size sunroom, granite counter top, new concert in the garage and driveway, new garage door, new light fixtures, great launder room, good lot size, fresh paint inside and out, new plumbing fixates, and more

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: 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
 

$224,910$274,890$249,900

PURCHASE PRICE

$1,224$1,496$1,360

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,360
EXPENSES Loan Payment -$868
Property Tax -$183
Property Insurance -$58
Property Management Fees -$119
CASH FLOW
$133

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.

$249,900

PROJECTED PRICE

$1,360

PROJECTED RENT

0.54%

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$900k

PROJECTED ANNUAL CASH FLOW

11530$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$71,974

INVESTMENT

$71,974

Down Payment
$62,475
Rehab Estimate
$5,750
Closing Costs
$3,749

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$868

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $62,475
Loan Amount $187,425
See What Happens When You Reinvest Cash Flow

8.42

YEARS SAVED

$27,991

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,360

    LIST RENT
  • $0.87

    LIST RENT PER SQFT
  • $1,389

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$1,200
1$1,2002$1,3003$1,3604$1,4955$1,595
$1,595
RENT COMPS ANALYSIS
  • 504 Heathwick Drive Knightdale, NC 3
    • 3 beds 2 baths ∙ 1,570 Sqft ∙ Built 1994 3 beds 2 baths ∙ 1,570 Sqft ∙ Built 1994
    • Rent
    • Rent Per SQFT
    •  
    • $1,360
    • $0.87
    •  
  • 402 Kelley Meadows Road Knightdale, NC 1
    • 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 2
    • 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 4
    • 4 beds 3 baths ∙ 1,600 Sqft ∙ Built 2005 4 beds 3 baths ∙ 1,600 Sqft ∙ Built 2005
    LEASED 01/12/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.93
    •  
  • 401 Carrington Drive Knightdale, NC 5
    • 4 beds 3 baths ∙ 1,900 Sqft ∙ Built 1986 4 beds 3 baths ∙ 1,900 Sqft ∙ Built 1986
    LEASED 12/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.84
    •  
PROPERTY LISTING DETAILS
Rod Al Haddad
1.919.931.7475
Best Investment Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2362067
Last Updated: 01/17/2021
BESbswy