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71 W Falcon Court Clayton, NC 27520

3 Beds 3 Baths 2,053 sqft Built 2019

INVESTimate

$281,500

List Price

$1,580

$1,422 - $1,738

Rent Est.

$296,645  ( +5.38%)   1 YR EST. FORECAST

PROPERTY INFO

Built 2019 NEW CONSTRUCTION
August 25, 2020 RECENTLY ADDED
FACTS
  • Built In 2019
  • Price/Sqft : $137.12
  • 3 Days on Market
  • MLS # : 2338982
  • Updated Date : 08/25/2020 at 14:46
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,053 sqft
  • Baths : 2 full , 1 half
Listing Agent

Weichert Realtors-triangle

Listing Agent's Description

Better than New. This lightly lived in home built just 8 months ago gives you the "new" feel of a new home with the upgrades already in place. Beautiful extended Kitchen Island with lovely granite and soft close drawers. Pot and Pans Roll Out Drawer with SS Gas Range. The Open Floor plan lends it self to your family and friends entertainment as well as a "Man Cave" potential in the Bonus Room. Fantastic Location in Clayton allows all parks and shopping in easy quick reach. Pool Community.

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: Little Creek

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $101k265k

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

Neighborhood: Little Creek

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2800900100011001200130014001500Rent in $7711595

* 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
Cooper Academy Primary Regular 593 45 2
Riverwood Middle School Middle Regular 1,149 64 7
Clayton High School High Regular 1,512 85 5

Cooper Academy

  • Education Level: Primary
  • # of students: 593
  • # of teachers: 45
2
GreatSchools Rating

Riverwood Middle School

  • Education Level: Middle
  • # of students: 1,149
  • # of teachers: 64
7
GreatSchools Rating

Clayton High School

  • Education Level: High
  • # of students: 1,512
  • # of teachers: 85
5
GreatSchools Rating
 

$253,350$309,650$281,500

PURCHASE PRICE

$1,422$1,738$1,580

RENT

DOWN PAYMENT
FINANCING

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$14k

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 $1,580
EXPENSES Loan Payment -$1,039
Property Tax -$289
Property Insurance -$67
HOA -$37
Property Management Fees -$142
CASH FLOW
$6

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$281,500

PROJECTED PRICE

$1,580

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 5.38%
Maintenance Year (1-5) 3.00%
Vacancy 7.47%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$76,598

INVESTMENT

$76,598

Down Payment
$70,375
Rehab Estimate
$2,000
Closing Costs
$4,223

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,039

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $70,375
Loan Amount $211,125
See What Happens When You Reinvest Cash Flow

4.5

YEARS SAVED

$15,307

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,580

    LIST RENT
  • $0.77

    LIST RENT PER SQFT
  • $1,596

    COMP ESTIMATED VALUE
  • $0.78

    COMP AVG. RENT PER SQFT
Comps Range
$1,345
1$1,3452$1,5503$1,5504$1,5505$1,580
$1,580
RENT COMPS ANALYSIS
  • 71 W Falcon Court Clayton, 5
    • 3 beds 3 baths ∙ 2,053 Sqft ∙ Built 2019 3 beds 3 baths ∙ 2,053 Sqft ∙ Built 2019
    • Rent
    • Rent Per SQFT
    •  
    • $1,580
    • $0.77
    •  
  • 88 Averasboro Drive Clayton, 1
    • 3 beds 2 baths ∙ 1,910 Sqft ∙ Built 2007 3 beds 2 baths ∙ 1,910 Sqft ∙ Built 2007
    LEASED 10/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,345
    • $0.70
    •  
  • 36 W Falcon Court Clayton, 2
    • 4 beds 3 baths ∙ 1,950 Sqft ∙ Built 2019 4 beds 3 baths ∙ 1,950 Sqft ∙ Built 2019
    LEASED 09/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.79
    •  
  • 1088 Lakemont Drive Clayton, 3
    • 4 beds 3 baths ∙ 1,896 Sqft ∙ Built 2017 4 beds 3 baths ∙ 1,896 Sqft ∙ Built 2017
    LEASED 01/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.82
    •  
  • 171 Averasboro Drive Clayton, 4
    • 3 beds 3 baths ∙ 1,947 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,947 Sqft ∙ Built 2007
    LEASED 04/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.80
    •  
PROPERTY LISTING DETAILS
Robert Wareham
1.919.600.1415
Weichert Realtors-triangle
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2338982
Last Updated: 08/25/2020
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