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816 Brigham Road Raleigh, NC 27610

3 Beds 2 Baths 1,477 sqft Built 1960

$265,000

List Price

$1,360

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 23, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1960
  • Price/Sqft : $179.42
  • 7 Days on Market
  • MLS # : 2368123
  • Updated Date : 02/28/2021 at 03:41
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,477 sqft
  • Baths : 2 full
Listing Agent

Fonville Morisey/brier Creek Sales Office

Listing Agent's Description

Great location! Highly desirable 3 bdrm/2bath well maintained Brick Ranch Home. Beautiful Hardwood floors in Main Areas, Owners Suite and Additional Bedroom. Carpet in 3rd Bedroom. Freshly painted. Den and Flex/Office space. Spacious yard on large lot. Easy, quick commute to downtown Raleigh. An Investor's dream. This ranch won't last!

SEE MORE

MARKET HIGHLIGHTS

  • #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)
  • 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: Stratford Park

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260kPrice in $76k277k

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

Neighborhood: Stratford Park

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q26007008009001000110012001300140015001600Rent in $5051630

* 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
Rogers Lane Elementary School Primary Regular NA
West Millbrook Middle School Middle Regular 961 55 4
Broughton High School High Magnet 2,112 126 6

Rogers Lane Elementary School

  • Education Level: Primary
  • # of students:
  • # of teachers:
NA
GreatSchools Rating

West Millbrook Middle School

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

Broughton High School

  • Education Level: High
  • # of students: 2,112
  • # of teachers: 126
6
GreatSchools Rating
 

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

PURCHASE PRICE

$1,224$1,496$1,360

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,360
EXPENSES Loan Payment -$920
Property Tax -$195
Property Insurance -$56
Property Management Fees -$119
CASH FLOW
$69

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.

$265,000

PROJECTED PRICE

$1,360

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 7.0%
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$200k$400k$600k$800k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

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$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 45% 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

7.17

YEARS SAVED

$22,807

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,360

    LIST RENT
  • $0.92

    LIST RENT PER SQFT
  • $1,363

    COMP ESTIMATED VALUE
  • $0.92

    COMP AVG. RENT PER SQFT
Comps Range
$1,175
1$1,1752$1,1953$1,2504$1,3505$1,360
$1,360
RENT COMPS ANALYSIS
  • 816 Brigham Road Raleigh, NC 5
    • 3 beds 2 baths ∙ 1,477 Sqft ∙ Built 1960 3 beds 2 baths ∙ 1,477 Sqft ∙ Built 1960
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,360
    • $0.92
    •  
  • 745 Grantland Drive Raleigh, NC 1
    • 4 beds 2 baths ∙ 1,323 Sqft ∙ Built 1969 4 beds 2 baths ∙ 1,323 Sqft ∙ Built 1969
    property image
    LEASED 10/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,175
    • $0.89
    •  
  • 909 Greenwich Street Raleigh, NC 2
    • 3 beds 2 baths ∙ 1,360 Sqft ∙ Built 1960 3 beds 2 baths ∙ 1,360 Sqft ∙ Built 1960
    property image
    LEASED 09/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,195
    • $0.88
    •  
  • 2312 Ellerbe Lane Raleigh, NC 3
    • 4 beds 2 baths ∙ 1,300 Sqft ∙ Built 1960 4 beds 2 baths ∙ 1,300 Sqft ∙ Built 1960
    property image
    LEASED 09/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.96
    •  
  • 2631 Poole Road Raleigh, NC 4
    • 3 beds 2 baths ∙ 1,413 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,413 Sqft ∙ Built 1955
    property image
    LEASED 05/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.96
    •  
PROPERTY LISTING DETAILS
Karole Foster
1.919.781.4452
Fonville Morisey/brier Creek Sales Office
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2368123
Last Updated: 02/28/2021
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