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6121 Mansura Drive Raleigh, NC 27610

3 Beds 3 Baths 2,950 sqft Built 2005

$255,000

List Price

$1,700

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

November 26, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $86.44
  • 4 Days on Market
  • MLS # : 2355384
  • Updated Date : 11/26/2020 at 20:23
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,950 sqft
  • Baths : 2 full , 1 half
Listing Agent

Nexthome Rare Properties

Listing Agent's Description

This spacious open floor plan home sits on a large flat cul-de-sac lot w/a fenced in backyard in SE Raleigh. Everything you need... a first floor LR, DR, FR KIT & Office. Kitchen has an abundance of cabinets, large island & separate pantry. Open to the large family rm w/a gas log fireplace. Upstairs features a huge bonus/media room, a huge master bedroom w/a large walk-in closet. Master bath features a double vanity, sep. tub/shower & sep. toilet rm. Upstairs laundry & two more BR's. Must see!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • #7 Best Big City for Jobs 2018 (Forbes, 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: Battleridge North at Chastain

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260kPrice in $129k277k

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

Neighborhood: Battleridge North at Chastain

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q29501000105011001150120012501300135014001450150015501600Rent in $9461630

* 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
Barwell Road Elementary School Primary Regular 798 57 3
East Garner Middle School Middle Magnet 1,361 83 4
South Garner High School High Regular NA

Barwell Road Elementary School

  • Education Level: Primary
  • # of students: 798
  • # of teachers: 57
3
GreatSchools Rating

East Garner Middle School

  • Education Level: Middle
  • # of students: 1,361
  • # of teachers: 83
4
GreatSchools Rating

South Garner High School

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

$229,500$280,500$255,000

PURCHASE PRICE

$1,530$1,870$1,700

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,700
EXPENSES Loan Payment -$941
Property Tax -$239
Property Insurance -$85
HOA -$10
Property Management Fees -$153
CASH FLOW
$273

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.

$255,000

PROJECTED PRICE

$1,700

PROJECTED RENT

0.67%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 4.7%
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$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$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$73,325

INVESTMENT

$73,325

Down Payment
$63,750
Rehab Estimate
$5,750
Closing Costs
$3,825

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$941

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $63,750
Loan Amount $191,250
See What Happens When You Reinvest Cash Flow

10

YEARS SAVED

$43,504

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,700

    LIST RENT
  • $0.58

    LIST RENT PER SQFT
  • $1,682

    COMP ESTIMATED VALUE
  • $0.57

    COMP AVG. RENT PER SQFT
Comps Range
$1,695
1$1,6952$1,700
$1,700
RENT COMPS ANALYSIS
  • 6121 Mansura Drive Raleigh, NC 2
    • 3 beds 3 baths ∙ 2,950 Sqft ∙ Built 2005 3 beds 3 baths ∙ 2,950 Sqft ∙ Built 2005
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.58
    •  
  • 6005 Ricker Road Raleigh, NC 1
    • 3 beds 3 baths ∙ 2,992 Sqft ∙ Built 2004 3 beds 3 baths ∙ 2,992 Sqft ∙ Built 2004
    LEASED 07/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.57
    •  
PROPERTY LISTING DETAILS
Leslie Wright
1.919.413.5684
Nexthome Rare Properties
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2355384
Last Updated: 11/26/2020
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