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7209 S Thorncliff Place Raleigh, NC 27604

3 Beds 3 Baths 1,400 sqft Built 1985

$199,900

List Price

$1,370

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

November 29, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1985
  • Price/Sqft : $142.79
  • 2 Days on Market
  • MLS # : 2355513
  • Updated Date : 11/29/2020 at 03:52
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,400 sqft
  • Baths : 2 full , 1 half
Listing Agent

Best Investment Realty

Listing Agent's Description

Great location with updated kitchen, new granite counter top, new SS appliances, new flooring through out the house, fresh paint and more.

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
  • 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)

PRICE & RENT TRENDS

Neighborhood: Smoketree

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $103k277k

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

Neighborhood: Smoketree

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q28009001000110012001300140015001600Rent in $7181630

* 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
Fox Road Elementary School Primary Regular 706 53 4
Wake Forest Middle School Middle Regular 1,021 60 4
Wakefield High School High Regular 2,387 132 5

Fox Road Elementary School

  • Education Level: Primary
  • # of students: 706
  • # of teachers: 53
4
GreatSchools Rating

Wake Forest Middle School

  • Education Level: Middle
  • # of students: 1,021
  • # of teachers: 60
4
GreatSchools Rating

Wakefield High School

  • Education Level: High
  • # of students: 2,387
  • # of teachers: 132
5
GreatSchools Rating
 

$179,910$219,890$199,900

PURCHASE PRICE

$1,233$1,507$1,370

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,370
EXPENSES Loan Payment -$738
Property Tax -$161
Property Insurance -$55
HOA -$58
Property Management Fees -$123
CASH FLOW
$236

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.

$199,900

PROJECTED PRICE

$1,370

PROJECTED RENT

0.69%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 6.5%
Maintenance Year (1-5) 8.00%
Vacancy 7.47%
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

PROJECTED ANNUAL CASH FLOW

11530$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$58,724

INVESTMENT

$58,724

Down Payment
$49,975
Rehab Estimate
$5,750
Closing Costs
$2,999

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$738

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $49,975
Loan Amount $149,925
See What Happens When You Reinvest Cash Flow

10.42

YEARS SAVED

$36,156

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,370

    LIST RENT
  • $0.98

    LIST RENT PER SQFT
  • $1,386

    COMP ESTIMATED VALUE
  • $0.99

    COMP AVG. RENT PER SQFT
Comps Range
$1,190
1$1,1902$1,3703$1,3954$1,4005$1,480
$1,480
RENT COMPS ANALYSIS
  • 7209 S Thorncliff Place Raleigh, NC 2
    • 3 beds 3 baths ∙ 1,400 Sqft ∙ Built 1985 3 beds 3 baths ∙ 1,400 Sqft ∙ Built 1985
    • Rent
    • Rent Per SQFT
    •  
    • $1,370
    • $0.98
    •  
  • 4700 Jacqueline Lane Raleigh, NC 1
    • 3 beds 2 baths ∙ 1,134 Sqft ∙ Built 1992 3 beds 2 baths ∙ 1,134 Sqft ∙ Built 1992
    LEASED 08/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,190
    • $1.05
    •  
  • 7232 Ewing Place Raleigh, NC 3
    • 3 beds 3 baths ∙ 1,402 Sqft ∙ Built 1986 3 beds 3 baths ∙ 1,402 Sqft ∙ Built 1986
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $1.00
    •  
  • 7201 Nicolson Court Raleigh, NC 4
    • 3 beds 3 baths ∙ 1,429 Sqft ∙ Built 1987 3 beds 3 baths ∙ 1,429 Sqft ∙ Built 1987
    LEASED 06/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.98
    •  
  • 4900 Jacqueline Lane Raleigh, NC 5
    • 3 beds 3 baths ∙ 1,583 Sqft ∙ Built 1995 3 beds 3 baths ∙ 1,583 Sqft ∙ Built 1995
    LEASED 12/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,480
    • $0.93
    •  
PROPERTY LISTING DETAILS
Rod Al Haddad
1.919.931.7475
Best Investment Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2355513
Last Updated: 11/29/2020
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