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8425 Longfield Drive Raleigh, NC 27616

3 Beds 2 Baths 1,679 sqft Built 1992

$235,000

List Price

$1,420

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

December 23, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1992
  • Price/Sqft : $139.96
  • 5 Days on Market
  • MLS # : 2358965
  • Updated Date : 12/23/2020 at 21:34
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,679 sqft
  • Baths : 2 full
Listing Agent

Coldwell Banker Advantage

Listing Agent's Description

WELCOME HOME! BEAUTIFULLY REMODELED 3 BR, 2 Bath + BONUS ROOM + OFFICE home that Features OPEN FLOOR PLAN, NEW FLOORS, NEW CARPET, NEW PAINT, NEW FIXTURES, NEW COUNTERTOPS, NEW CABINETS with Tons of Natural Light. Relax in your LARGE Master BR Oasis, with Large WIC, Double Vanity Sinks, Separate Shower & Whirlpool Spa Tub. Your Private backyard includes a Large deck, & Shed. Tons of Storage and Convenient to Triangle Town Center Mall, Capital Blvd, 540, Wake Tech North & WRAL Soccer Park.

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)
  • #7 Best Big City for Jobs 2018 (Forbes, 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: Berkshire Downs West

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $90k277k

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

Neighborhood: Berkshire Downs West

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q27008009001000110012001300140015001600Rent in $6641630

* 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
Durant Road Elementary School Primary Regular 977 63 4
Durant Road Middle School Middle Regular 1,245 78 5
Millbrook High School High Magnet 2,571 145 5

Durant Road Elementary School

  • Education Level: Primary
  • # of students: 977
  • # of teachers: 63
4
GreatSchools Rating

Durant Road Middle School

  • Education Level: Middle
  • # of students: 1,245
  • # of teachers: 78
5
GreatSchools Rating

Millbrook High School

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

$211,500$258,500$235,000

PURCHASE PRICE

$1,278$1,562$1,420

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,420
EXPENSES Loan Payment -$867
Property Tax -$173
Property Insurance -$60
Property Management Fees -$119
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.

$235,000

PROJECTED PRICE

$1,420

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 8.0%
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$18k

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$68,025

INVESTMENT

$68,025

Down Payment
$58,750
Rehab Estimate
$5,750
Closing Costs
$3,525

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$867

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $58,750
Loan Amount $176,250
See What Happens When You Reinvest Cash Flow

10.17

YEARS SAVED

$39,853

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,420

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $1,423

    COMP ESTIMATED VALUE
  • $0.85

    COMP AVG. RENT PER SQFT
Comps Range
$1,345
1$1,3452$1,4203$1,4504$1,4955$1,595
$1,595
RENT COMPS ANALYSIS
  • 8425 Longfield Drive Raleigh, NC 2
    • 3 beds 2 baths ∙ 1,679 Sqft ∙ Built 1992 3 beds 2 baths ∙ 1,679 Sqft ∙ Built 1992
    • Rent
    • Rent Per SQFT
    •  
    • $1,420
    • $0.85
    •  
  • 8908 Elizabeth Bennett Place Raleigh, NC 1
    • 3 beds 3 baths ∙ 1,634 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,634 Sqft ∙ Built 2005
    LEASED 08/17/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,345
    • $0.82
    •  
  • 8908 Elizabeth Bennet Place Raleigh, NC 3
    • 3 beds 3 baths ∙ 1,634 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,634 Sqft ∙ Built 2005
    LEASED 09/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.89
    •  
  • 9205 Sayornis Court Raleigh, NC 4
    • 3 beds 3 baths ∙ 1,818 Sqft ∙ Built 1997 3 beds 3 baths ∙ 1,818 Sqft ∙ Built 1997
    LEASED 03/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.82
    •  
  • 8508 Neuse Garden Drive Raleigh, NC 5
    • 3 beds 2 baths ∙ 1,850 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,850 Sqft ∙ Built 2002
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.86
    •  
PROPERTY LISTING DETAILS
Attia Lockley
1.919.562.2200
Coldwell Banker Advantage
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2358965
Last Updated: 12/23/2020
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