Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

6117 S Downs Drive Raleigh, NC 27603

3 Beds 2 Baths 1,617 sqft Built 1992

$275,000

List Price

$1,360

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

January 22, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1992
  • Price/Sqft : $170.07
  • 3 Days on Market
  • MLS # : 2363053
  • Updated Date : 01/23/2021 at 01:25
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,617 sqft
  • Baths : 2 full
Listing Agent

Opendoor Brokerage Llc

Listing Agent's Description

This Raleigh one-story cul-de-sac home offers granite countertops. This home is vacant and cleaned regularly.

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)
  • #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)

PRICE & RENT TRENDS

Neighborhood: Bristol

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $113k277k

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

Neighborhood: Bristol

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q27008009001000110012001300140015001600Rent in $6411630

* 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
Rand Road Elementary School Primary Regular 558 36 5
North Garner Middle School Middle Regular 948 59 3
Garner High School High Magnet 2,650 145 3

Rand Road Elementary School

  • Education Level: Primary
  • # of students: 558
  • # of teachers: 36
5
GreatSchools Rating

North Garner Middle School

  • Education Level: Middle
  • # of students: 948
  • # of teachers: 59
3
GreatSchools Rating

Garner High School

  • Education Level: High
  • # of students: 2,650
  • # of teachers: 145
3
GreatSchools Rating
 

$247,500$302,500$275,000

PURCHASE PRICE

$1,224$1,496$1,360

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,360
EXPENSES Loan Payment -$955
Property Tax -$202
Property Insurance -$59
HOA -$8
Property Management Fees -$119
CASH FLOW
$17

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.

$275,000

PROJECTED PRICE

$1,360

PROJECTED RENT

0.49%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 5.7%
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$200k$400k$600k$800k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

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$78,625

INVESTMENT

$78,625

Down Payment
$68,750
Rehab Estimate
$5,750
Closing Costs
$4,125

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$955

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $68,750
Loan Amount $206,250
See What Happens When You Reinvest Cash Flow

6

YEARS SAVED

$18,621

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,360

    LIST RENT
  • $0.84

    LIST RENT PER SQFT
  • $1,463

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$1,300
1$1,3002$1,3603$1,3954$1,4005$1,495
$1,495
RENT COMPS ANALYSIS
  • 6117 S Downs Drive Raleigh, NC 2
    • 3 beds 2 baths ∙ 1,617 Sqft ∙ Built 1992 3 beds 2 baths ∙ 1,617 Sqft ∙ Built 1992
    • Rent
    • Rent Per SQFT
    •  
    • $1,360
    • $0.84
    •  
  • 1001 Catsby Circle Raleigh, NC 1
    • 3 beds 3 baths ∙ 1,448 Sqft ∙ Built 1994 3 beds 3 baths ∙ 1,448 Sqft ∙ Built 1994
    LEASED 10/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.90
    •  
  • 6021 Wildorlyn Circle Raleigh, NC 3
    • 3 beds 2 baths ∙ 1,432 Sqft ∙ Built 1992 3 beds 2 baths ∙ 1,432 Sqft ∙ Built 1992
    LEASED 06/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.97
    •  
  • 629 Trunecek Circle Raleigh, NC 4
    • 3 beds 2 baths ∙ 1,632 Sqft ∙ Built 1996 3 beds 2 baths ∙ 1,632 Sqft ∙ Built 1996
    LEASED 06/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.86
    •  
  • 1608 Habbot Drive Raleigh, NC 5
    • 3 beds 2 baths ∙ 1,680 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,680 Sqft ∙ Built 1986
    LEASED 10/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.89
    •  
PROPERTY LISTING DETAILS
Verria Hairston
1.919.679.9883
Opendoor Brokerage Llc
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2363053
Last Updated: 01/23/2021
BESbswy