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8025 Mourning Dove Road Raleigh, NC 27615

3 Beds 2 Baths 1,509 sqft Built 1987

$265,000

List Price

$1,460

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

December 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1987
  • Price/Sqft : $175.61
  • 3 Days on Market
  • MLS # : 2357576
  • Updated Date : 12/12/2020 at 01:14
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,509 sqft
  • Baths : 2 full
Listing Agent

Century 21 Triangle Group

Listing Agent's Description

This is it! Finally, everything wrapped into one perfect listing just in time for the Holidays. This Cape Cod layout features 3 bedrooms, and an adorable loft with custom built-ins that will double as the perfect home office. This sweet home sits on a 1/3 of an acre lot so plenty of room to play outside and lots of local spots to walk to, including Greenway access. 2010 Roof - Sellers have done exterior paint, replaced appliances, and maintained this property with much pride. Stop shopping - you found it!

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
  • #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)
  • 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: Crown Oaks

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340kPrice in $119k359k

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

Neighborhood: Crown Oaks

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2900100011001200130014001500160017001800Rent in $8931873

* 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
Sanderson High School High Regular 2,002 111 4

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

Sanderson High School

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

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

PURCHASE PRICE

$1,314$1,606$1,460

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,460
EXPENSES Loan Payment -$978
Property Tax -$195
Property Insurance -$57
Property Management Fees -$119
CASH FLOW
$112

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

$1,460

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.33%
Appreciation Year (1-5) 4.6%
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

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k

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 40% down payment or higher enables the proceeds from the asset to cover all costs.

$978

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $66,250
Loan Amount $198,750
See What Happens When You Reinvest Cash Flow

8.58

YEARS SAVED

$35,591

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,460

    LIST RENT
  • $0.97

    LIST RENT PER SQFT
  • $1,483

    COMP ESTIMATED VALUE
  • $0.98

    COMP AVG. RENT PER SQFT
Comps Range
$1,195
1$1,1952$1,4603$1,5504$1,5955$1,600
$1,600
RENT COMPS ANALYSIS
  • 8025 Mourning Dove Road Raleigh, NC 2
    • 3 beds 2 baths ∙ 1,509 Sqft ∙ Built 1987 3 beds 2 baths ∙ 1,509 Sqft ∙ Built 1987
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,460
    • $0.97
    •  
  • 7809 Kitty Lane Raleigh, NC 1
    • 3 beds 2 baths ∙ 1,188 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,188 Sqft ∙ Built 1983
    property image
    LEASED 07/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,195
    • $1.01
    •  
  • 7913 Brandyapple Drive Raleigh, NC 3
    • 3 beds 2 baths ∙ 1,618 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,618 Sqft ∙ Built 1979
    property image
    LEASED 05/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.96
    •  
  • 7801 Fairmont Court Raleigh, NC 4
    • 4 beds 2 baths ∙ 1,665 Sqft ∙ Built 1982 4 beds 2 baths ∙ 1,665 Sqft ∙ Built 1982
    property image
    LEASED 11/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.96
    •  
  • 7404 Mine Valley Road Raleigh, NC 5
    • 3 beds 3 baths ∙ 1,598 Sqft ∙ Built 1978 3 beds 3 baths ∙ 1,598 Sqft ∙ Built 1978
    property image
    LEASED 05/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.00
    •  
PROPERTY LISTING DETAILS
Anna Powell
1.910.985.0441
Century 21 Triangle Group
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2357576
Last Updated: 12/12/2020
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