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6313 Gretna Green Lane Raleigh, NC 27603

4 Beds 3 Baths 1,952 sqft Built 1997

INVESTimate

$299,900

List Price

$1,680

$1,512 - $1,848

Rent Est.

$316,964  ( +5.69%)   1 YR EST. FORECAST

PROPERTY INFO

August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 1997
  • Price/Sqft : $153.64
  • 6 Days on Market
  • MLS # : 2338465
  • Updated Date : 08/21/2020 at 15:56
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,952 sqft
  • Baths : 2 full , 1 half
Listing Agent

Standout Properties

Listing Agent's Description

Showings start 9/4. Beautiful property nestled on .71 acres in desirable, quiet neighborhood. Open plan, 4 bedrooms and well maintained. Roof 2019, Water Heater 2017 and large fenced backyard. Kitchen has granite counters, tile backsplash and stainless appliances. Large master with separate closets, garden tub, double vanity and shower. Easy drive into Fuquay Varina and Raleigh. Don't Miss!

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
  • #7 Best Big City for Jobs 2018 (Forbes, 2018)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Laurel Grove

NeighborhoodNIR Market*CityMarket2010Year20002019160k180k200k220k240k260k280k300k320k340kPrice in $153k359k

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

Neighborhood: Laurel Grove

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2900100011001200130014001500160017001800Rent in $8561873

* 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
South Garner High School High Regular NA

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

South Garner High School

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

$269,910$329,890$299,900

PURCHASE PRICE

$1,512$1,848$1,680

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,680
EXPENSES Loan Payment -$1,107
Property Tax -$245
Property Insurance -$65
Property Management Fees -$151
CASH FLOW
$112

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.

$299,900

PROJECTED PRICE

$1,680

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.33%
Appreciation Year (1-5) 5.69%
Maintenance Year (1-5) 8.00%
Vacancy 7.51%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$85,224

INVESTMENT

$85,224

Down Payment
$74,975
Rehab Estimate
$5,750
Closing Costs
$4,499

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,107

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $74,975
Loan Amount $224,925
See What Happens When You Reinvest Cash Flow

7.33

YEARS SAVED

$32,221

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,680

    LIST RENT
  • $0.86

    LIST RENT PER SQFT
  • $1,633

    COMP ESTIMATED VALUE
  • $0.84

    COMP AVG. RENT PER SQFT
Comps Range
$1,325
1$1,3252$1,4003$1,6804$1,800
$1,800
RENT COMPS ANALYSIS
  • 6313 Gretna Green Lane Raleigh, 3
    • 4 beds 3 baths ∙ 1,952 Sqft ∙ Built 1997 4 beds 3 baths ∙ 1,952 Sqft ∙ Built 1997
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,680
    • $0.86
    •  
  • 1312 Greenbranch Lane Raleigh, 1
    • 3 beds 2 baths ∙ 1,630 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,630 Sqft ∙ Built 2001
    property image
    LEASED 12/09/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,325
    • $0.81
    •  
  • 629 Trunecek Circle Raleigh, 2
    • 3 beds 2 baths ∙ 1,632 Sqft ∙ Built 1996 3 beds 2 baths ∙ 1,632 Sqft ∙ Built 1996
    property image
    LEASED 06/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.86
    •  
  • 30 Natalie Drive Raleigh, 4
    • 3 beds 3 baths ∙ 2,144 Sqft ∙ Built 2000 3 beds 3 baths ∙ 2,144 Sqft ∙ Built 2000
    property image
    LEASED 06/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.84
    •  
PROPERTY LISTING DETAILS
Ashley Chapman
1.919.389.0327
Standout Properties
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2338465
Last Updated: 08/21/2020
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