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708 Latitude Way Raleigh, NC 27610

3 Beds 3 Baths 2,224 sqft Built 2006

$275,000

List Price

$1,560

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

December 21, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $123.65
  • 7 Days on Market
  • MLS # : 2358730
  • Updated Date : 12/23/2020 at 13:39
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,224 sqft
  • Baths : 2 full , 1 half
Listing Agent

Exp Realty

Listing Agent's Description

Pump the brakes!! Beautiful traditional 2-story home in Lakeland Estates subdivision of Raleigh. Features include fresh interior paint, modern fixtures, oversized kitchen, large family room w/ gas fireplace. Large master bedroom with a walk in closet. 2 additional bedrooms PLUS Bonus room. Relax on the back deck overlooking the spacious backyard. Cul-de sac living! Located minutes from New Bern Ave and the beltline. 15 minutes from DT Raleigh and North Hills.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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

PRICE & RENT TRENDS

Neighborhood: Lakeland Estate

NeighborhoodNIR Market*CityMarket2010Year20002019140k150k160k170k180k190k200k210k220k230k240k250k260k270kPrice in $132k277k

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

Neighborhood: Lakeland Estate

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q29501000105011001150120012501300135014001450150015501600Rent in $9291630

* 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
Rogers Lane Elementary School Primary Regular NA
River Bend Middle School Middle Regular NA
Southeast Raleigh High School High Magnet 1,538 110 4

Rogers Lane Elementary School

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

River Bend Middle School

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

Southeast Raleigh High School

  • Education Level: High
  • # of students: 1,538
  • # of teachers: 110
4
GreatSchools Rating
 

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

PURCHASE PRICE

$1,404$1,716$1,560

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,560
EXPENSES Loan Payment -$1,015
Property Tax -$209
Property Insurance -$71
HOA -$35
Property Management Fees -$119
CASH FLOW
$112

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

$1,560

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 7.0%
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$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

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 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,015

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $68,750
Loan Amount $206,250
See What Happens When You Reinvest Cash Flow

7.67

YEARS SAVED

$31,997

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,560

    LIST RENT
  • $0.7

    LIST RENT PER SQFT
  • $1,690

    COMP ESTIMATED VALUE
  • $0.76

    COMP AVG. RENT PER SQFT
Comps Range
$1,550
1$1,5502$1,5603$1,5954$1,6955$1,845
$1,845
RENT COMPS ANALYSIS
  • 708 Latitude Way Raleigh, NC 2
    • 3 beds 3 baths ∙ 2,224 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,224 Sqft ∙ Built 2006
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,560
    • $0.70
    •  
  • 709 Cattail Circle Raleigh, NC 1
    • 4 beds 3 baths ∙ 2,100 Sqft ∙ Built 1995 4 beds 3 baths ∙ 2,100 Sqft ∙ Built 1995
    property image
    LEASED 07/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.74
    •  
  • 641 Penncross Drive Raleigh, NC 3
    • 4 beds 3 baths ∙ 2,300 Sqft ∙ Built 1994 4 beds 3 baths ∙ 2,300 Sqft ∙ Built 1994
    property image
    LEASED 09/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.69
    •  
  • 5534 Robbins Drive Raleigh, NC 4
    • 4 beds 3 baths ∙ 2,215 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,215 Sqft ∙ Built 2006
    property image
    LEASED 04/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.77
    •  
  • 5601 Brookshadow Drive Raleigh, NC 5
    • 3 beds 3 baths ∙ 2,200 Sqft ∙ Built 1996 3 beds 3 baths ∙ 2,200 Sqft ∙ Built 1996
    property image
    LEASED 04/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,845
    • $0.84
    •  
PROPERTY LISTING DETAILS
Branco Theis
1.919.478.3147
Exp Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2358730
Last Updated: 12/23/2020
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