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7201 Cedric Drive Raleigh, NC 27603

3 Beds 2 Baths 1,541 sqft Built 1994

$249,900

List Price

$1,410

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

January 04, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1994
  • Price/Sqft : $162.17
  • 7 Days on Market
  • MLS # : 2360008
  • Updated Date : 01/06/2021 at 17:17
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,541 sqft
  • Baths : 2 full
Listing Agent

Pace Realty Group, Inc.

Listing Agent's Description

*Multiple Offers Received. Present highest and best offer by 7pm Sunday 1/10/21.*SAY YES TO THE ADDRESS. This diamond in the rough with no HOA will charm you with it's delightful open floorplan and handsome pine floors. Leaded glass front door and sidelight in entryway. Family room with masonry wood-burning fireplace and vaulted ceilings. Atrium door to large patio and back yard. Open kitchen and dining with breakfast bar. Be a country mouse with city mouse amenities--close to shopping and dining. MORE!

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

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $130k359k

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

Neighborhood: Brookwood

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2700800900100011001200130014001500160017001800Rent in $6861873

* 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
Banks Road Elementary School Primary Regular 699 48 6
Holly Grove Middle School Middle Regular 1,439 81 8
Middle Creek High School High Regular 2,249 120 7

Banks Road Elementary School

  • Education Level: Primary
  • # of students: 699
  • # of teachers: 48
6
GreatSchools Rating

Holly Grove Middle School

  • Education Level: Middle
  • # of students: 1,439
  • # of teachers: 81
8
GreatSchools Rating

Middle Creek High School

  • Education Level: High
  • # of students: 2,249
  • # of teachers: 120
7
GreatSchools Rating
 

$224,910$274,890$249,900

PURCHASE PRICE

$1,269$1,551$1,410

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,410
EXPENSES Loan Payment -$868
Property Tax -$193
Property Insurance -$57
Property Management Fees -$119
CASH FLOW
$173

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.

$249,900

PROJECTED PRICE

$1,410

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.33%
Appreciation Year (1-5) 5.7%
Maintenance Year (1-5) 8.00%
Vacancy 7.51%
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$71,974

INVESTMENT

$71,974

Down Payment
$62,475
Rehab Estimate
$5,750
Closing Costs
$3,749

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$868

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $62,475
Loan Amount $187,425
See What Happens When You Reinvest Cash Flow

9.67

YEARS SAVED

$34,494

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,410

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $1,425

    COMP ESTIMATED VALUE
  • $0.93

    COMP AVG. RENT PER SQFT
Comps Range
$1,410
1$1,4102$1,5453$1,600
$1,600
RENT COMPS ANALYSIS
  • 7201 Cedric Drive Raleigh, NC 1
    • 3 beds 2 baths ∙ 1,541 Sqft ∙ Built 1994 3 beds 2 baths ∙ 1,541 Sqft ∙ Built 1994
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,410
    • $0.91
    •  
  • 1108 Cane Creek Drive Garner, NC 2
    • 3 beds 3 baths ∙ 1,752 Sqft ∙ Built 1996 3 beds 3 baths ∙ 1,752 Sqft ∙ Built 1996
    property image
    LEASED 07/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,545
    • $0.88
    •  
  • 124 Ryder Cup Circle Raleigh, NC 3
    • 3 beds 3 baths ∙ 1,648 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,648 Sqft ∙ Built 2006
    property image
    LEASED 10/12/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.97
    •  
PROPERTY LISTING DETAILS
John Pace
1.919.302.1960
Pace Realty Group, Inc.
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2360008
Last Updated: 01/06/2021
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