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7320 Massachuetts Court Raleigh, NC 27615

3 Beds 3 Baths 1,945 sqft Built 1989

$289,000

List Price

$1,670

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

January 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1989
  • Price/Sqft : $148.59
  • 5 Days on Market
  • MLS # : 2360267
  • Updated Date : 01/08/2021 at 15:59
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,945 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Preferred Realty

Listing Agent's Description

Beautifully updated home in premier North Ridge area. Large rooms and high ceilings create very spacious feeling you will love. Large kitchen w SS appliances and granite countertops is a chef's delight. Huge family room with enchanting wood burning fireplace. Dining room perfect for more formal occasions or create your own office/flex space. Owners suite with cathedral ceiling, large closet, and beautiful tile shower. Great deck for outdoor living! New exterior paint, new carpet, tasteful interior design.

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: Woods of North Ridge

NeighborhoodNIR Market*CityMarket2010Year20002019140k150k160k170k180k190k200k210k220k230k240k250k260k270kPrice in $132k277k

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

Neighborhood: Woods of North Ridge

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q29501000105011001150120012501300135014001450150015501600Rent in $9461630

* 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
North Ridge Elementary School Primary Regular 765 50 6
West Millbrook Middle School Middle Regular 961 55 4
Millbrook High School High Magnet 2,571 145 5

North Ridge Elementary School

  • Education Level: Primary
  • # of students: 765
  • # of teachers: 50
6
GreatSchools Rating

West Millbrook Middle School

  • Education Level: Middle
  • # of students: 961
  • # of teachers: 55
4
GreatSchools Rating

Millbrook High School

  • Education Level: High
  • # of students: 2,571
  • # of teachers: 145
5
GreatSchools Rating
 

$260,100$317,900$289,000

PURCHASE PRICE

$1,503$1,837$1,670

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,670
EXPENSES Loan Payment -$1,004
Property Tax -$220
Property Insurance -$65
HOA -$18
Property Management Fees -$119
CASH FLOW
$244

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.

$289,000

PROJECTED PRICE

$1,670

PROJECTED RENT

0.58%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 4.2%
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$20k

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$82,335

INVESTMENT

$82,335

Down Payment
$72,250
Rehab Estimate
$5,750
Closing Costs
$4,335

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,004

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $72,250
Loan Amount $216,750
See What Happens When You Reinvest Cash Flow

9.92

YEARS SAVED

$41,376

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,670

    LIST RENT
  • $0.86

    LIST RENT PER SQFT
  • $1,716

    COMP ESTIMATED VALUE
  • $0.88

    COMP AVG. RENT PER SQFT
Comps Range
$1,600
1$1,6002$1,6703$1,9004$1,9005$1,995
$1,995
RENT COMPS ANALYSIS
  • 7320 Massachuetts Court Raleigh, NC 2
    • 3 beds 3 baths ∙ 1,945 Sqft ∙ Built 1989 3 beds 3 baths ∙ 1,945 Sqft ∙ Built 1989
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,670
    • $0.86
    •  
  • 7713 Harps Mill Woods Run Raleigh, NC 1
    • 4 beds 3 baths ∙ 2,000 Sqft ∙ Built 1997 4 beds 3 baths ∙ 2,000 Sqft ∙ Built 1997
    property image
    LEASED 12/22/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.80
    •  
  • 8722 Harps Mill Road Raleigh, NC 3
    • 4 beds 2 baths ∙ 2,280 Sqft ∙ Built 1995 4 beds 2 baths ∙ 2,280 Sqft ∙ Built 1995
    property image
    LEASED 04/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.83
    •  
  • 7400 Dorrington Trail Raleigh, NC 4
    • 3 beds 3 baths ∙ 1,920 Sqft ∙ Built 1996 3 beds 3 baths ∙ 1,920 Sqft ∙ Built 1996
    property image
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.99
    •  
  • 7700 Harps Mill Road Raleigh, NC 5
    • 3 beds 3 baths ∙ 2,187 Sqft ∙ Built 1970 3 beds 3 baths ∙ 2,187 Sqft ∙ Built 1970
    property image
    LEASED 12/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.91
    •  
PROPERTY LISTING DETAILS
Hank Saye
1.919.348.1558
Keller Williams Preferred Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2360267
Last Updated: 01/08/2021
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