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516 Drolmond Drive Raleigh, NC 27615

3 Beds 2 Baths 1,550 sqft Built 1985

$230,000

List Price

$1,470

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

January 30, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1985
  • Price/Sqft : $148.39
  • 2 Days on Market
  • MLS # : 2364168
  • Updated Date : 01/30/2021 at 16:19
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,550 sqft
  • Baths : 2 full
Listing Agent

Fanjoy Real Estate

Listing Agent's Description

Nicely updated 3 bedroom, 2 bath home on private, fenced cul-de-sac lot. Newer roof and replacement windows. New SS smoothtop stove w/ convection oven. Newer dishwasher, vinyl plank flooring throughout, new cement fiber siding. New ceiling and wall paint throughout. Backs up to horse farm and Raleigh Greenway. New light fixtures, ceiling fans. Freshly planted flowering camelias and pansies. New paint on deck and fence. Down master with lower rear entrance through laundry/ mud room.

SEE MORE

MARKET HIGHLIGHTS

  • #7 Best Big City for Jobs 2018 (Forbes, 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
  • 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)

PRICE & RENT TRENDS

Neighborhood: Crown Oaks

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340kPrice in $119k359k

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

Neighborhood: Crown Oaks

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2900100011001200130014001500160017001800Rent in $8931873

* 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
Pleasant Union Elementary School Primary Regular 560 34 7
West Millbrook Middle School Middle Regular 961 55 4
Sanderson High School High Regular 2,002 111 4

Pleasant Union Elementary School

  • Education Level: Primary
  • # of students: 560
  • # of teachers: 34
7
GreatSchools Rating

West Millbrook Middle School

  • Education Level: Middle
  • # of students: 961
  • # of teachers: 55
4
GreatSchools Rating

Sanderson High School

  • Education Level: High
  • # of students: 2,002
  • # of teachers: 111
4
GreatSchools Rating
 

$207,000$253,000$230,000

PURCHASE PRICE

$1,323$1,617$1,470

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,470
EXPENSES Loan Payment -$799
Property Tax -$176
Property Insurance -$57
Property Management Fees -$119
CASH FLOW
$319

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.

$230,000

PROJECTED PRICE

$1,470

PROJECTED RENT

0.64%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.33%
Appreciation Year (1-5) 4.6%
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$200k$400k$600k$800k

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k

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$66,700

INVESTMENT

$66,700

Down Payment
$57,500
Rehab Estimate
$5,750
Closing Costs
$3,450

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 25% down payment or higher enables the proceeds from the asset to cover all costs.

$799

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $57,500
Loan Amount $172,500
See What Happens When You Reinvest Cash Flow

12.92

YEARS SAVED

$46,916

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,470

    LIST RENT
  • $0.95

    LIST RENT PER SQFT
  • $1,523

    COMP ESTIMATED VALUE
  • $0.98

    COMP AVG. RENT PER SQFT
Comps Range
$1,250
1$1,2502$1,4703$1,5504$1,5955$1,600
$1,600
RENT COMPS ANALYSIS
  • 516 Drolmond Drive Raleigh, NC 2
    • 3 beds 2 baths ∙ 1,550 Sqft ∙ Built 1985 3 beds 2 baths ∙ 1,550 Sqft ∙ Built 1985
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,470
    • $0.95
    •  
  • 7904 Castlelake Court Raleigh, NC 1
    • 3 beds 2 baths ∙ 1,240 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,240 Sqft ∙ Built 1980
    property image
    LEASED 02/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $1.01
    •  
  • 7913 Brandyapple Drive Raleigh, NC 3
    • 3 beds 2 baths ∙ 1,618 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,618 Sqft ∙ Built 1979
    property image
    LEASED 05/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.96
    •  
  • 7801 Fairmont Court Raleigh, NC 4
    • 4 beds 2 baths ∙ 1,665 Sqft ∙ Built 1982 4 beds 2 baths ∙ 1,665 Sqft ∙ Built 1982
    property image
    LEASED 11/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.96
    •  
  • 7404 Mine Valley Road Raleigh, NC 5
    • 3 beds 3 baths ∙ 1,598 Sqft ∙ Built 1978 3 beds 3 baths ∙ 1,598 Sqft ∙ Built 1978
    property image
    LEASED 05/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.00
    •  
PROPERTY LISTING DETAILS
Tom Fanjoy
1.919.971.2844
Fanjoy Real Estate
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2364168
Last Updated: 01/30/2021
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