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6241 River Landings Drive Raleigh, NC 27604

3 Beds 3 Baths 1,500 sqft Built 1996

$260,000

List Price

$1,290

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

November 19, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1996
  • Price/Sqft : $173.33
  • 4 Days on Market
  • MLS # : 2354448
  • Updated Date : 11/19/2020 at 19:24
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,500 sqft
  • Baths : 2 full , 1 half
Listing Agent

Just In Time

Listing Agent's Description

Completed renovated home, close to main roads, shopping Triangle Mall is just down the road, Private wooded lot backs up to the Neuse River and the property sits on a cul-de-sac. Freshly painted, new screens on the front porch, New stairs to the front entry and new deck overlooking the backyard, private. New granite counters and sinks in kitchen and bathrooms, Vinyl windows thru-out home. One car garage, walk to greenway which crosses over property All new appliances convey just waiting on a new family

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: River Landings

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $119k277k

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

Neighborhood: River Landings

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q27008009001000110012001300140015001600Rent in $6541630

* 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
River Bend Elementary School Primary Regular 839 62 5
River Bend Middle School Middle Regular NA
Rolesville High School High Regular 1,200 69 NA

River Bend Elementary School

  • Education Level: Primary
  • # of students: 839
  • # of teachers: 62
5
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
 

$234,000$286,000$260,000

PURCHASE PRICE

$1,161$1,419$1,290

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,290
EXPENSES Loan Payment -$959
Property Tax -$192
Property Insurance -$56
Property Management Fees -$116
CASH FLOW
-$33

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.

$260,000

PROJECTED PRICE

$1,290

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 5.4%
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$74,650

INVESTMENT

$74,650

Down Payment
$65,000
Rehab Estimate
$5,750
Closing Costs
$3,900

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$959

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $65,000
Loan Amount $195,000
See What Happens When You Reinvest Cash Flow

4.17

YEARS SAVED

$12,405

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,290

    LIST RENT
  • $0.86

    LIST RENT PER SQFT
  • $1,425

    COMP ESTIMATED VALUE
  • $0.95

    COMP AVG. RENT PER SQFT
Comps Range
$1,290
1$1,2902$1,3003$1,4004$1,4505$1,490
$1,490
RENT COMPS ANALYSIS
  • 6241 River Landings Drive Raleigh, NC 1
    • 3 beds 3 baths ∙ 1,500 Sqft ∙ Built 1996 3 beds 3 baths ∙ 1,500 Sqft ∙ Built 1996
    • Rent
    • Rent Per SQFT
    •  
    • $1,290
    • $0.86
    •  
  • 6100 River Meadow Court Raleigh, NC 2
    • 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
    •  
  • 6032 Saybrooke Drive Raleigh, NC 3
    • 3 beds 2 baths ∙ 1,392 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,392 Sqft ∙ Built 2002
    LEASED 09/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $1.01
    •  
  • 4827 Shallowbrook Trail Raleigh, NC 4
    • 3 beds 3 baths ∙ 1,610 Sqft ∙ Built 1999 3 beds 3 baths ∙ 1,610 Sqft ∙ Built 1999
    LEASED 09/22/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.90
    •  
  • 6208 Saybrooke Drive Raleigh, NC 5
    • 3 beds 2 baths ∙ 1,474 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,474 Sqft ∙ Built 2000
    LEASED 07/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,490
    • $1.01
    •  
PROPERTY LISTING DETAILS
Rosemary Iapaluccio
1.919.518.6200
Just In Time
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2354448
Last Updated: 11/19/2020
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