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6131 Paducah Drive Raleigh, NC 27610

3 Beds 3 Baths 2,203 sqft Built 2005

$259,900

List Price

$1,510

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

January 15, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $117.98
  • 3 Days on Market
  • MLS # : 2361788
  • Updated Date : 01/16/2021 at 21:17
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,203 sqft
  • Baths : 2 full , 1 half
Listing Agent

Stevens Realty & Relocation

Listing Agent's Description

Multiple offers! Seller will review 1/17/21 at 5 pm. Move in Ready home offering 3 bdrm 2.5 baths and a loft area! All bdrms upstairs, new carpet throughout, fresh paint, new granite ctops, new sink/faucet, new appliances except microwave! Large kitchen with lots of cabinets and countertop space with eat in dining area! 9 ft ceilings on main level and formal dining! 2 car garage! Has had a home inspection and items have been completed!

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

$233,910$285,890$259,900

PURCHASE PRICE

$1,359$1,661$1,510

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,510
EXPENSES Loan Payment -$903
Property Tax -$203
Property Insurance -$70
HOA -$14
Property Management Fees -$119
CASH FLOW
$202

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.

$259,900

PROJECTED PRICE

$1,510

PROJECTED RENT

0.58%

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$74,624

INVESTMENT

$74,624

Down Payment
$64,975
Rehab Estimate
$5,750
Closing Costs
$3,899

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$903

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $64,975
Loan Amount $194,925
See What Happens When You Reinvest Cash Flow

9.58

YEARS SAVED

$35,008

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,510

    LIST RENT
  • $0.69

    LIST RENT PER SQFT
  • $1,564

    COMP ESTIMATED VALUE
  • $0.71

    COMP AVG. RENT PER SQFT
Comps Range
$1,425
1$1,4252$1,5103$1,5404$1,5955$1,650
$1,650
RENT COMPS ANALYSIS
  • 6131 Paducah Drive Raleigh, NC 2
    • 3 beds 3 baths ∙ 2,203 Sqft ∙ Built 2005 3 beds 3 baths ∙ 2,203 Sqft ∙ Built 2005
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,510
    • $0.69
    •  
  • 3528 Mackinac Island Lane Raleigh, NC 1
    • 4 beds 3 baths ∙ 1,935 Sqft ∙ Built 2006 4 beds 3 baths ∙ 1,935 Sqft ∙ Built 2006
    property image
    LEASED 08/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,425
    • $0.74
    •  
  • 4000 Mackinac Island Lane Raleigh, NC 3
    • 4 beds 3 baths ∙ 2,200 Sqft ∙ Built 1999 4 beds 3 baths ∙ 2,200 Sqft ∙ Built 1999
    property image
    LEASED 11/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,540
    • $0.70
    •  
  • 6404 Bunker Hill Drive Raleigh, NC 4
    • 4 beds 3 baths ∙ 2,340 Sqft ∙ Built 2010 4 beds 3 baths ∙ 2,340 Sqft ∙ Built 2010
    property image
    LEASED 08/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.68
    •  
  • 3834 Cane Garden Drive Raleigh, NC 5
    • 4 beds 3 baths ∙ 2,285 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,285 Sqft ∙ Built 2007
    property image
    LEASED 12/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.72
    •  
PROPERTY LISTING DETAILS
Franchelle Stevens
1.919.465.2202
Stevens Realty & Relocation
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2361788
Last Updated: 01/16/2021
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