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516 Somersworth Drive Knightdale, NC 27545

3 Beds 3 Baths 1,459 sqft Built 1995

$214,900

List Price

$1,330

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

February 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1995
  • Price/Sqft : $147.29
  • 2 Days on Market
  • MLS # : 2365424
  • Updated Date : 02/06/2021 at 22:25
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,459 sqft
  • Baths : 2 full , 1 half
Listing Agent

Fonville Morisey/triangle Five County Specialists Ii

Listing Agent's Description

Location, Location, Location! Great 3bed, 2bath in Knightdale, convenient to Hwy 264 and I-440. Whether you want to cozy up in front of the fireplace on a cold winter night or grill on the back deck, this house has it. Roof was replaced April 2020. This one is sure to go fast!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • #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

PRICE & RENT TRENDS

Neighborhood: Baywood Forest

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $102k265k

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

Neighborhood: Baywood Forest

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
Lake Myra Elementary School Primary Regular 631 46 2
Wendell Middle School Middle Regular 973 59 2
East Wake High School High Regular NA

Lake Myra Elementary School

  • Education Level: Primary
  • # of students: 631
  • # of teachers: 46
2
GreatSchools Rating

Wendell Middle School

  • Education Level: Middle
  • # of students: 973
  • # of teachers: 59
2
GreatSchools Rating

East Wake High School

  • Education Level: High
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$193,410$236,390$214,900

PURCHASE PRICE

$1,197$1,463$1,330

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,330
EXPENSES Loan Payment -$746
Property Tax -$114
Property Insurance -$56
HOA -$10
Property Management Fees -$119
CASH FLOW
$285

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.

$214,900

PROJECTED PRICE

$1,330

PROJECTED RENT

0.62%

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$18k

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$62,699

INVESTMENT

$62,699

Down Payment
$53,725
Rehab Estimate
$5,750
Closing Costs
$3,224

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$746

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $53,725
Loan Amount $161,175
See What Happens When You Reinvest Cash Flow

12.33

YEARS SAVED

$41,425

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,330

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $1,426

    COMP ESTIMATED VALUE
  • $0.98

    COMP AVG. RENT PER SQFT
Comps Range
$1,200
1$1,2002$1,3303$1,3504$1,4005$1,400
$1,400
RENT COMPS ANALYSIS
  • 516 Somersworth Drive Knightdale, NC 2
    • 3 beds 3 baths ∙ 1,459 Sqft ∙ Built 1995 3 beds 3 baths ∙ 1,459 Sqft ∙ Built 1995
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,330
    • $0.91
    •  
  • 4608 Hidden Hollow Lane Knightdale, NC 1
    • 3 beds 2 baths ∙ 1,226 Sqft ∙ Built 1994 3 beds 2 baths ∙ 1,226 Sqft ∙ Built 1994
    property image
    LEASED 01/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.98
    •  
  • 406 Pine Run Knightdale, NC 3
    • 3 beds 2 baths ∙ 1,359 Sqft ∙ Built 1985 3 beds 2 baths ∙ 1,359 Sqft ∙ Built 1985
    property image
    LEASED 04/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.99
    •  
  • 5321 Baywood Forest Drive Knightdale, NC 4
    • 3 beds 3 baths ∙ 1,440 Sqft ∙ Built 1993 3 beds 3 baths ∙ 1,440 Sqft ∙ Built 1993
    property image
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.97
    •  
  • 943 Troubadour Lane Knightdale, NC 5
    • 3 beds 3 baths ∙ 1,440 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,440 Sqft ∙ Built 2003
    property image
    LEASED 12/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.97
    •  
PROPERTY LISTING DETAILS
Jamie Keith
1.919.669.6873
Fonville Morisey/triangle Five County Specialists Ii
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2365424
Last Updated: 02/06/2021
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