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85 Sweet Olive Street Clayton, NC 27527

4 Beds 3 Baths 2,151 sqft Built 2020

$293,870

List Price

$1,620

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
November 30, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2020
  • Price/Sqft : $136.62
  • 7 Days on Market
  • MLS # : 2355600
  • Updated Date : 11/30/2020 at 16:46
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,151 sqft
  • Baths : 2 full , 1 half
Listing Agent

Meritage Homes Of The Carolina

Listing Agent's Description

Brand NEW energy-efficient home ready December 2020! Prepare dinner at the Garrison’s useful kitchen island without missing the conversation in the adjacent great room. Be close to all the action including walking trails, playgrounds and Flowers Crossroads retail village. Known for their energy-efficient features, our homes help you live a healthier and quieter lifestyle while saving thousands of dollars on utility bills.

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
  • 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)

PRICE & RENT TRENDS

Neighborhood: Magnolia

NeighborhoodNIR Market*CityMarket2010Year20002019140k150k160k170k180k190k200k210k220k230k240k250k260kPrice in $131k265k

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

Neighborhood: Magnolia

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q210001100120013001400150016001700Rent in $9461701

* 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
East Clayton Elementary School Primary Regular 563 39 5
Archer Lodge Middle School Middle Regular 1,058 62 4
Corinth Holders High School High Regular 1,679 91 5

East Clayton Elementary School

  • Education Level: Primary
  • # of students: 563
  • # of teachers: 39
5
GreatSchools Rating

Archer Lodge Middle School

  • Education Level: Middle
  • # of students: 1,058
  • # of teachers: 62
4
GreatSchools Rating

Corinth Holders High School

  • Education Level: High
  • # of students: 1,679
  • # of teachers: 91
5
GreatSchools Rating
 

$264,483$323,257$293,870

PURCHASE PRICE

$1,458$1,782$1,620

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,620
EXPENSES Loan Payment -$1,084
Property Tax -$198
Property Insurance -$69
HOA -$23
Property Management Fees -$119
CASH FLOW
$127

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$293,870

PROJECTED PRICE

$1,620

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 3.6%
Maintenance Year (1-5) 3.00%
Vacancy 7.49%
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$20k

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$79,876

INVESTMENT

$79,876

Down Payment
$73,468
Rehab Estimate
$2,000
Closing Costs
$4,408

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,084

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $73,468
Loan Amount $220,403
See What Happens When You Reinvest Cash Flow

8.25

YEARS SAVED

$38,136

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,620

    LIST RENT
  • $0.75

    LIST RENT PER SQFT
  • $1,597

    COMP ESTIMATED VALUE
  • $0.74

    COMP AVG. RENT PER SQFT
Comps Range
$1,475
1$1,4752$1,4903$1,5004$1,6205$1,695
$1,695
RENT COMPS ANALYSIS
  • 85 Sweet Olive Street Clayton, NC 4
    • 4 beds 3 baths ∙ 2,151 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,151 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $1,620
    • $0.75
    •  
  • 14 Streamwood Way Clayton, NC 1
    • 4 beds 3 baths ∙ 2,100 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,100 Sqft ∙ Built 2006
    LEASED 03/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $0.70
    •  
  • 131 Brookhaven Drive Clayton, NC 2
    • 4 beds 3 baths ∙ 2,043 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,043 Sqft ∙ Built 2006
    LEASED 12/18/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,490
    • $0.73
    •  
  • 37 Altacrest Drive Clayton, NC 3
    • 4 beds 3 baths ∙ 2,000 Sqft ∙ Built 2019 4 beds 3 baths ∙ 2,000 Sqft ∙ Built 2019
    LEASED 02/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.75
    •  
  • 10 Wrenwood Drive Clayton, NC 5
    • 3 beds 3 baths ∙ 2,144 Sqft ∙ Built 2019 3 beds 3 baths ∙ 2,144 Sqft ∙ Built 2019
    LEASED 11/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.79
    •  
PROPERTY LISTING DETAILS
Annita Bowden
1.919.818.1747
Meritage Homes Of The Carolina
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2355600
Last Updated: 11/30/2020
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