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5208 Mallard Grove Drive Raleigh, NC 27616

3 Beds 3 Baths 1,501 sqft Built 1998

$245,000

List Price

$1,270

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

December 31, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1998
  • Price/Sqft : $163.22
  • 4 Days on Market
  • MLS # : 2359628
  • Updated Date : 01/02/2021 at 23:47
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,501 sqft
  • Baths : 2 full , 1 half
Listing Agent

The Insight Group Inc.

Listing Agent's Description

Beautifully upgraded house in Raleigh with 3 Br - 2.5 Ba, plus a garage extra bedroom or bonus room (converted, no permit on record). Upgrades & improvements include: Roof 2018, HVAC 2018, ceramic tile in kitchen & bonus room, Granite countertops, glass backsplash, laminate Hrwd floors, storage shed. Double high ceiling at foyer and living room. A lot of natural light, patio and flat backyard perfect for entertainment. Top location close to I540, I440, Capital Blvd, restaurants and shopping.

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: Cardinal Grove

NeighborhoodNIR Market*CityMarket2010Year20002019140k150k160k170k180k190k200k210k220k230k240k250k260k270kPrice in $132k277k

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

Neighborhood: Cardinal Grove

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q29001000110012001300140015001600Rent in $8201630

* 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
Harris Creek Elementary School Primary Regular 1,025 67 4
River Bend Middle School Middle Regular NA
Rolesville High School High Regular 1,200 69 NA

Harris Creek Elementary School

  • Education Level: Primary
  • # of students: 1,025
  • # of teachers: 67
4
GreatSchools Rating

River Bend Middle School

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

Rolesville High School

  • Education Level: High
  • # of students: 1,200
  • # of teachers: 69
NA
GreatSchools Rating
 

$220,500$269,500$245,000

PURCHASE PRICE

$1,143$1,397$1,270

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,270
EXPENSES Loan Payment -$904
Property Tax -$196
Property Insurance -$56
HOA -$33
Property Management Fees -$119
CASH FLOW
-$38

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.

$245,000

PROJECTED PRICE

$1,270

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 6.1%
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-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

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$70,675

INVESTMENT

$70,675

Down Payment
$61,250
Rehab Estimate
$5,750
Closing Costs
$3,675

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$904

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $61,250
Loan Amount $183,750
See What Happens When You Reinvest Cash Flow

5.08

YEARS SAVED

$14,733

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,270

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $1,328

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$1,270
1$1,2702$1,3003$1,3004$1,4005$1,445
$1,445
RENT COMPS ANALYSIS
  • 5208 Mallard Grove Drive Raleigh, NC 1
    • 3 beds 3 baths ∙ 1,501 Sqft ∙ Built 1998 3 beds 3 baths ∙ 1,501 Sqft ∙ Built 1998
    • Rent
    • Rent Per SQFT
    •  
    • $1,270
    • $0.85
    •  
  • 4509 Fox Road Raleigh, NC 2
    • 3 beds 2 baths ∙ 1,444 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,444 Sqft ∙ Built 1986
    LEASED 10/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.90
    •  
  • 6100 River Meadow Court Raleigh, NC 3
    • 3 beds 3 baths ∙ 1,470 Sqft ∙ Built 1987 3 beds 3 baths ∙ 1,470 Sqft ∙ Built 1987
    LEASED 11/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.88
    •  
  • 5309 Wenesly Drive Raleigh, NC 4
    • 3 beds 3 baths ∙ 1,628 Sqft ∙ Built 1990 3 beds 3 baths ∙ 1,628 Sqft ∙ Built 1990
    LEASED 05/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.86
    •  
  • 5117 Silverdene Street Raleigh, NC 5
    • 3 beds 3 baths ∙ 1,600 Sqft ∙ Built 1998 3 beds 3 baths ∙ 1,600 Sqft ∙ Built 1998
    LEASED 03/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,445
    • $0.90
    •  
PROPERTY LISTING DETAILS
Oscar Corrales
1.919.349.7110
The Insight Group Inc.
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2359628
Last Updated: 01/02/2021
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