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7215 Great Laurel Drive Raleigh, NC 27616

4 Beds 3 Baths 2,203 sqft Built 2004

$265,000

List Price

$1,740

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

January 16, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2004
  • Price/Sqft : $120.29
  • 2 Days on Market
  • MLS # : 2362034
  • Updated Date : 01/17/2021 at 02:35
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,203 sqft
  • Baths : 2 full , 1 half
Listing Agent

Realty One Group - Greener Side

Listing Agent's Description

Beautifully sunlit open floorplan w/Luxury Vinyl Tile recently installed on the entire 1st floor. Stones accent the spacious front porch. There’s a custom deck in the fenced backyard. The spacious kitchen has an island, stainless appliances & marble backsplash. There are 4 ample bdrms and a Master bdrm w/vaulted ceilings & separate tub & shower. The 2nd floor laundry rm includes W/D.

SEE MORE

MARKET HIGHLIGHTS

  • 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
  • Major employers in Raleigh area: IBM, Cisco systems, Fidelity Investments, GlaxoSmithKline, RTI International
  • #7 Best Big City for Jobs 2018 (Forbes, 2018)
  • One of Top 10 cities for Small Business Friendliness (Thumbtack, 2018)

PRICE & RENT TRENDS

Neighborhood: Brighton

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340kPrice in $117k359k

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

Neighborhood: Brighton

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2900100011001200130014001500160017001800Rent in $8171873

* 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
Harris Creek Elementary School Primary Regular 1,025 67 4
Rolesville Middle School Middle Unknown 1,263 75 NA
Rolesville High School High Regular 1,200 69 NA

Harris Creek Elementary School

  • Education Level: Primary
  • # of students: 1,025
  • # of teachers: 67
4
GreatSchools Rating

Rolesville Middle School

  • Education Level: Middle
  • # of students: 1,263
  • # of teachers: 75
NA
GreatSchools Rating

Rolesville High School

  • Education Level: High
  • # of students: 1,200
  • # of teachers: 69
NA
GreatSchools Rating
 

$238,500$291,500$265,000

PURCHASE PRICE

$1,566$1,914$1,740

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,740
EXPENSES Loan Payment -$920
Property Tax -$224
Property Insurance -$70
HOA -$16
Property Management Fees -$119
CASH FLOW
$391

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.

$265,000

PROJECTED PRICE

$1,740

PROJECTED RENT

0.66%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.33%
Appreciation Year (1-5) 4.2%
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$1.0M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k$25k

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$75,975

INVESTMENT

$75,975

Down Payment
$66,250
Rehab Estimate
$5,750
Closing Costs
$3,975

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 25% down payment or higher enables the proceeds from the asset to cover all costs.

$920

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $66,250
Loan Amount $198,750
See What Happens When You Reinvest Cash Flow

13.25

YEARS SAVED

$55,500

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,740

    LIST RENT
  • $0.79

    LIST RENT PER SQFT
  • $1,713

    COMP ESTIMATED VALUE
  • $0.78

    COMP AVG. RENT PER SQFT
Comps Range
$1,595
1$1,5952$1,5953$1,5954$1,7405$1,750
$1,750
RENT COMPS ANALYSIS
  • 7215 Great Laurel Drive Raleigh, NC 4
    • 4 beds 3 baths ∙ 2,203 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,203 Sqft ∙ Built 2004
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,740
    • $0.79
    •  
  • 3613 Pinkham Way Raleigh, NC 1
    • 3 beds 3 baths ∙ 2,076 Sqft ∙ Built 2004 3 beds 3 baths ∙ 2,076 Sqft ∙ Built 2004
    property image
    LEASED 07/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.77
    •  
  • 3244 Forest Mill Circle Raleigh, NC 2
    • 4 beds 3 baths ∙ 2,121 Sqft ∙ Built 2000 4 beds 3 baths ∙ 2,121 Sqft ∙ Built 2000
    property image
    LEASED 03/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.75
    •  
  • 3729 Pinkham Way Raleigh, NC 3
    • 3 beds 3 baths ∙ 2,081 Sqft ∙ Built 2005 3 beds 3 baths ∙ 2,081 Sqft ∙ Built 2005
    property image
    LEASED 11/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.77
    •  
  • 8173 Cohosh Court Raleigh, NC 5
    • 4 beds 3 baths ∙ 2,144 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,144 Sqft ∙ Built 2004
    property image
    LEASED 01/03/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.82
    •  
PROPERTY LISTING DETAILS
Faith Meeker
1.919.819.6560
Realty One Group - Greener Side
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2362034
Last Updated: 01/17/2021
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