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7716 Longstreet Drive Raleigh, NC 27615

3 Beds 2 Baths 1,145 sqft Built 1974

$243,000

List Price

$1,170

$1.1K - $1.3K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 04, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1974
  • Price/Sqft : $212.23
  • 4 Days on Market
  • MLS # : 2370215
  • Updated Date : 03/04/2021 at 21:51
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,145 sqft
  • Baths : 1 full , 1 half
Listing Agent

Berkshire Hathaway Homeservices Ysu

Listing Agent's Description

This conveniently-located three bedroom ranch welcomes you with all the charming details and a covered front porch. Cozy up to the wood-burning fireplace right off the kitchen with coffee and good book or enjoy the spacious flat and fenced-in backyard! Great storage inside and out including master his and hers closets. New flooring and interior paint throughout in 2019. New roof around 2017. Walk to Longstreet Park just down the same road! Lots to love about this one-level living in the heart of it all!

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: Six Forks North

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $99k277k

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

Neighborhood: Six Forks North

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q28009001000110012001300140015001600Rent in $7601630

* 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
Lynn Road Elementary School Primary Regular 522 38 3
Carroll Middle School Middle Regular 902 63 2
Sanderson High School High Regular 2,002 111 4

Lynn Road Elementary School

  • Education Level: Primary
  • # of students: 522
  • # of teachers: 38
3
GreatSchools Rating

Carroll Middle School

  • Education Level: Middle
  • # of students: 902
  • # of teachers: 63
2
GreatSchools Rating

Sanderson High School

  • Education Level: High
  • # of students: 2,002
  • # of teachers: 111
4
GreatSchools Rating
 

$218,700$267,300$243,000

PURCHASE PRICE

$1,053$1,287$1,170

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,170
EXPENSES Loan Payment -$844
Property Tax -$199
Property Insurance -$50
Property Management Fees -$119
CASH FLOW
-$41

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.

$243,000

PROJECTED PRICE

$1,170

PROJECTED RENT

0.48%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 5.5%
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$100k$200k$300k$400k$500k$600k$700k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

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$70,145

INVESTMENT

$70,145

Down Payment
$60,750
Rehab Estimate
$5,750
Closing Costs
$3,645

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$844

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $60,750
Loan Amount $182,250
See What Happens When You Reinvest Cash Flow

4.83

YEARS SAVED

$11,832

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,170

    LIST RENT
  • $1.02

    LIST RENT PER SQFT
  • $1,156

    COMP ESTIMATED VALUE
  • $1.01

    COMP AVG. RENT PER SQFT
Comps Range
$1,170
1$1,1702$1,1953$1,250
$1,250
RENT COMPS ANALYSIS
  • 7716 Longstreet Drive Raleigh, NC 1
    • 3 beds 2 baths ∙ 1,145 Sqft ∙ Built 1974 3 beds 2 baths ∙ 1,145 Sqft ∙ Built 1974
    • Rent
    • Rent Per SQFT
    •  
    • $1,170
    • $1.02
    •  
  • 7809 Kitty Lane Raleigh, NC 2
    • 3 beds 2 baths ∙ 1,188 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,188 Sqft ∙ Built 1983
    LEASED 07/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,195
    • $1.01
    •  
  • 7904 Castlelake Court Raleigh, NC 3
    • 3 beds 2 baths ∙ 1,240 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,240 Sqft ∙ Built 1980
    LEASED 02/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $1.01
    •  
PROPERTY LISTING DETAILS
Mary Ivey Stewart
1.919.841.7214
Berkshire Hathaway Homeservices Ysu
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2370215
Last Updated: 03/04/2021
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