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508 Mccarthy Drive Clayton, NC 27527

3 Beds 3 Baths 1,747 sqft Built 2014

$250,000

List Price

$1,490

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

January 16, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2014
  • Price/Sqft : $143.10
  • 3 Days on Market
  • MLS # : 2361985
  • Updated Date : 01/16/2021 at 14:58
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,747 sqft
  • Baths : 2 full , 1 half
Listing Agent

Coldwell Banker Advantage

Listing Agent's Description

Spectacular Open Floor Plan...great for Entertaining! Upgraded Hardwood floors in Kitchen and breakfast room, New Carpet throughout 2021, Loft Area provides a great space to work from home, Huge Owners Suite featuring walk in closet & spacious bath with shower & seperate tub, 2-Car garage features attached shelves, nice lot, grilling patio, and neighborhood amenities galore, pools, gym, golf, pond, walking trails, neighborhood Park Shoppes, grocery store, Schools and So Much More! Convenient to Raleigh!

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: Riverwood Athletic Club

NeighborhoodNIR Market*CityMarket2010Year20002019130k140k150k160k170k180k190k200k210k220k230k240k250k260kPrice in $123k265k

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

Neighborhood: Riverwood Athletic Club

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2950100010501100115012001250130013501400145015001550Rent in $9461595

* 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
Riverwood Elementary School Primary Regular 837 49 6
Riverwood Middle School Middle Regular 1,149 64 7
Corinth Holders High School High Regular 1,679 91 5

Riverwood Elementary School

  • Education Level: Primary
  • # of students: 837
  • # of teachers: 49
6
GreatSchools Rating

Riverwood Middle School

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

Corinth Holders High School

  • Education Level: High
  • # of students: 1,679
  • # of teachers: 91
5
GreatSchools Rating
 

$225,000$275,000$250,000

PURCHASE PRICE

$1,341$1,639$1,490

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,490
EXPENSES Loan Payment -$868
Property Tax -$256
Property Insurance -$61
HOA -$72
Property Management Fees -$119
CASH FLOW
$113

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.

$250,000

PROJECTED PRICE

$1,490

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 4.3%
Maintenance Year (1-5) 8.00%
Vacancy 7.49%
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$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$72,000

INVESTMENT

$72,000

Down Payment
$62,500
Rehab Estimate
$5,750
Closing Costs
$3,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% 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 $62,500
Loan Amount $187,500
See What Happens When You Reinvest Cash Flow

7.58

YEARS SAVED

$23,932

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,490

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $1,520

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$1,490
1$1,4902$1,5503$1,5754$1,6255$1,625
$1,625
RENT COMPS ANALYSIS
  • 508 Mccarthy Drive Clayton, NC 1
    • 3 beds 3 baths ∙ 1,747 Sqft ∙ Built 2014 3 beds 3 baths ∙ 1,747 Sqft ∙ Built 2014
    • Rent
    • Rent Per SQFT
    •  
    • $1,490
    • $0.85
    •  
  • 216 S Kramer Path Clayton, NC 2
    • 3 beds 3 baths ∙ 1,751 Sqft ∙ Built 2020 3 beds 3 baths ∙ 1,751 Sqft ∙ Built 2020
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.89
    •  
  • 257 Pearson Place Clayton, NC 3
    • 4 beds 3 baths ∙ 1,850 Sqft ∙ Built 2019 4 beds 3 baths ∙ 1,850 Sqft ∙ Built 2019
    LEASED 07/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $0.85
    •  
  • 117 Bobby Ray Court Clayton, NC 4
    • 4 beds 3 baths ∙ 1,900 Sqft ∙ Built 2016 4 beds 3 baths ∙ 1,900 Sqft ∙ Built 2016
    LEASED 05/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,625
    • $0.86
    •  
  • 308 Pearson Place Clayton, NC 5
    • 4 beds 3 baths ∙ 1,850 Sqft ∙ Built 2019 4 beds 3 baths ∙ 1,850 Sqft ∙ Built 2019
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,625
    • $0.88
    •  
PROPERTY LISTING DETAILS
Katherine Ray
1.919.369.9193
Coldwell Banker Advantage
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2361985
Last Updated: 01/16/2021
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