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5333 Mitchell Mill Road Wake Forest, NC 27587

3 Beds 2 Baths 1,355 sqft Built 1988

$200,000

List Price

$1,390

$1.3K - $1.5K

Rent Est.

PROPERTY INFO

January 07, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1988
  • Price/Sqft : $147.60
  • 5 Days on Market
  • MLS # : 2360402
  • Updated Date : 01/08/2021 at 00:40
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,355 sqft
  • Baths : 2 full
Listing Agent

Burleson Residential

Listing Agent's Description

This listing consists of a house on .69 acres and is being sold together with MLS 2360404 and MLS 2360405. The total list price of all three parcels is $2,095,000 Buyers require that all three parcels be sold together. If buyer is willing to provide a LOI (Letter of Intent), then arrangements will be made for buyer to inspect the house if requested.

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

Zip Code: 27587

ZipNIR Market*CityMarket2010Year20002019160k180k200k220k240k260k280k300k320k340kPrice in $153k359k

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

Zip Code: 27587

ZipNIR Market*CityMarket2010Year2000 Q22019 Q2110012001300140015001600170018001900Rent in $10271937

* 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
Rolesville Middle School Middle Unknown 1,263 75 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

Rolesville Middle School

  • Education Level: Middle
  • # of students: 1,263
  • # of teachers: 75
NA
GreatSchools Rating

Rolesville High School

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

$180,000$220,000$200,000

PURCHASE PRICE

$1,251$1,529$1,390

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,390
EXPENSES Loan Payment -$695
Property Tax -$177
Property Insurance -$54
Property Management Fees -$119
CASH FLOW
$346

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.

$200,000

PROJECTED PRICE

$1,390

PROJECTED RENT

0.70%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.33%
Appreciation Year (1-5) 4.1%
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$100k$200k$300k$400k$500k$600k$700k$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$58,750

INVESTMENT

$58,750

Down Payment
$50,000
Rehab Estimate
$5,750
Closing Costs
$3,000

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$695

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $50,000
Loan Amount $150,000
See What Happens When You Reinvest Cash Flow

14.08

YEARS SAVED

$45,375

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,390

    LIST RENT
  • $1.03

    LIST RENT PER SQFT
  • $1,463

    COMP ESTIMATED VALUE
  • $1.08

    COMP AVG. RENT PER SQFT
Comps Range
$1,200
1$1,2002$1,2953$1,3004$1,390
$1,390
RENT COMPS ANALYSIS
  • 5333 Mitchell Mill Road Wake Forest, NC 4
    • 3 beds 2 baths ∙ 1,355 Sqft ∙ Built 1988 3 beds 2 baths ∙ 1,355 Sqft ∙ Built 1988
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,390
    • $1.03
    •  
  • 3621 Castlegate Drive Raleigh, NC 1
    • 3 beds 2 baths ∙ 1,130 Sqft ∙ Built 1988 3 beds 2 baths ∙ 1,130 Sqft ∙ Built 1988
    property image
    LEASED 03/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $1.06
    •  
  • 4216 Traders Dock Court Raleigh, NC 2
    • 3 beds 2 baths ∙ 1,155 Sqft ∙ Built 1988 3 beds 2 baths ∙ 1,155 Sqft ∙ Built 1988
    property image
    LEASED 10/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $1.12
    •  
  • 3525 Castlegate Drive Raleigh, NC 3
    • 3 beds 2 baths ∙ 1,222 Sqft ∙ Built 1989 3 beds 2 baths ∙ 1,222 Sqft ∙ Built 1989
    property image
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $1.06
    •  
PROPERTY LISTING DETAILS
Joe Pettey
1.919.815.0399
Burleson Residential
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2360402
Last Updated: 01/08/2021
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