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520 Rodney Bay Crossing Wake Forest, NC 27587

3 Beds 3 Baths 1,695 sqft Built 1998

$285,000

List Price

$1,500

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1998
  • Price/Sqft : $168.14
  • 3 Days on Market
  • MLS # : 2371783
  • Updated Date : 03/12/2021 at 19:26
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,695 sqft
  • Baths : 2 full , 1 half
Listing Agent

Exp Realty

Listing Agent's Description

Open & spacious home with modern amenities at an affordable price! Bright and airy! Enjoy cozy living room with fireplace and vaulted ceilings, roomy eat-in kitchen, bedrooms to accommodate all of your family & guests. Master suite with walk-in closet & private spa like bath with separate tub & shower. The beautiful wood deck is perfect for relaxing & ideal for entertaining, overlooking a large flat backyard! Direct access to Tyler Run Park from backyard. New Roof 2018 and HVAC 2019. Must see!!

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

PRICE & RENT TRENDS

Neighborhood: Holding Ridge

NeighborhoodNIR Market*CityMarket2010Year20002019160k180k200k220k240k260k280k300k320k340kPrice in $153k359k

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

Neighborhood: Holding Ridge

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q21000110012001300140015001600170018001900Rent in $9701937

* 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
Wake Forest Elementary School Primary Regular 568 37 3
Wake Forest Middle School Middle Regular 1,021 60 4
Wake Forest High School High Regular 1,953 106 7

Wake Forest Elementary School

  • Education Level: Primary
  • # of students: 568
  • # of teachers: 37
3
GreatSchools Rating

Wake Forest Middle School

  • Education Level: Middle
  • # of students: 1,021
  • # of teachers: 60
4
GreatSchools Rating

Wake Forest High School

  • Education Level: High
  • # of students: 1,953
  • # of teachers: 106
7
GreatSchools Rating
 

$256,500$313,500$285,000

PURCHASE PRICE

$1,350$1,650$1,500

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,500
EXPENSES Loan Payment -$990
Property Tax -$246
Property Insurance -$60
Property Management Fees -$119
CASH FLOW
$85

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.

$285,000

PROJECTED PRICE

$1,500

PROJECTED RENT

0.53%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.33%
Appreciation Year (1-5) 6.5%
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$1.0M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$81,275

INVESTMENT

$81,275

Down Payment
$71,250
Rehab Estimate
$5,750
Closing Costs
$4,275

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$990

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $71,250
Loan Amount $213,750
See What Happens When You Reinvest Cash Flow

7.67

YEARS SAVED

$28,042

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,500

    LIST RENT
  • $0.88

    LIST RENT PER SQFT
  • $1,530

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$1,375
1$1,3752$1,4353$1,5004$1,5955$1,700
$1,700
RENT COMPS ANALYSIS
  • 520 Rodney Bay Crossing Wake Forest, NC 3
    • 3 beds 3 baths ∙ 1,695 Sqft ∙ Built 1998 3 beds 3 baths ∙ 1,695 Sqft ∙ Built 1998
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.88
    •  
  • 506 Tyler Run Drive Wake Forest, NC 1
    • 3 beds 2 baths ∙ 1,443 Sqft ∙ Built 1993 3 beds 2 baths ∙ 1,443 Sqft ∙ Built 1993
    property image
    LEASED 03/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $0.95
    •  
  • 716 Lakeview Avenue Wake Forest, NC 2
    • 3 beds 3 baths ∙ 1,600 Sqft ∙ Built 2000 3 beds 3 baths ∙ 1,600 Sqft ∙ Built 2000
    property image
    LEASED 01/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,435
    • $0.90
    •  
  • 629 Lakeview Avenue Wake Forest, NC 4
    • 3 beds 3 baths ∙ 1,857 Sqft ∙ Built 1999 3 beds 3 baths ∙ 1,857 Sqft ∙ Built 1999
    property image
    LEASED 03/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.86
    •  
  • 820 Siena Drive Wake Forest, NC 5
    • 4 beds 3 baths ∙ 1,895 Sqft ∙ Built 1999 4 beds 3 baths ∙ 1,895 Sqft ∙ Built 1999
    property image
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.90
    •  
PROPERTY LISTING DETAILS
Tina Caul
1.919.665.8210
Exp Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2371783
Last Updated: 03/12/2021
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