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7408 N Thorncliff Place Raleigh, NC 27616

3 Beds 3 Baths 1,472 sqft Built 1985

$200,000

List Price

$1,350

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

November 14, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1985
  • Price/Sqft : $135.87
  • 2 Days on Market
  • MLS # : 2353685
  • Updated Date : 11/14/2020 at 15:18
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,472 sqft
  • Baths : 2 full , 1 half
Listing Agent

Dash Carolina

Listing Agent's Description

Quaint 3 bedroom, 2.5 bathroom Raleigh home on a cul-de-sac! Enter from the covered front porch and awe over the spacious living areas, including a bright sunroom, formal dining room, and large living room with gorgeous fireplace. Crown molding and chair railing create a sense of sophistication in the home. Prepare meals in your spacious eat-in kitchen Large fenced-in backyard. Great neighborhood with pool and tennis court. Prime location steps from I-540, US-1/Capital Blvd, and WRAL Soccer Park!

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
  • #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)

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
 

$180,000$220,000$200,000

PURCHASE PRICE

$1,215$1,485$1,350

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,350
EXPENSES Loan Payment -$738
Property Tax -$174
Property Insurance -$56
HOA -$60
Property Management Fees -$122
CASH FLOW
$201

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.

$200,000

PROJECTED PRICE

$1,350

PROJECTED RENT

0.68%

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$58,750

INVESTMENT

$58,750

Down Payment
$50,000
Rehab Estimate
$5,750
Closing Costs
$3,000

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 $50,000
Loan Amount $150,000
See What Happens When You Reinvest Cash Flow

9.5

YEARS SAVED

$31,492

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,350

    LIST RENT
  • $0.92

    LIST RENT PER SQFT
  • $1,340

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$1,295
1$1,2952$1,3253$1,3504$1,4755$1,480
$1,480
RENT COMPS ANALYSIS
  • 7408 N Thorncliff Place Raleigh, NC 3
    • 3 beds 3 baths ∙ 1,472 Sqft ∙ Built 1985 3 beds 3 baths ∙ 1,472 Sqft ∙ Built 1985
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.92
    •  
  • 7026 Jeffreys Creek Lane Raleigh, NC 1
    • 3 beds 3 baths ∙ 1,405 Sqft ∙ Built 1999 3 beds 3 baths ∙ 1,405 Sqft ∙ Built 1999
    LEASED 08/09/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.92
    •  
  • 7049 Jeffreys Creek Lane Raleigh, NC 2
    • 3 beds 3 baths ∙ 1,488 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,488 Sqft ∙ Built 2001
    LEASED 10/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,325
    • $0.89
    •  
  • 5409 Neuse Planters Court Raleigh, NC 4
    • 3 beds 3 baths ∙ 1,642 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,642 Sqft ∙ Built 2002
    LEASED 06/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $0.90
    •  
  • 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
Garrett Browning
1.919.295.0466
Dash Carolina
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2353685
Last Updated: 11/14/2020
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