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945 Skinner Drive Raleigh, NC 27610

3 Beds 2 Baths 1,144 sqft Built 2016

INVESTimate

$155,000

List Price

$880

$792 - $968

Rent Est.

$165,881  ( +7.02%)   1 YR EST. FORECAST

PROPERTY INFO

FACTS
  • Built In 2016
  • Price/Sqft : $135.49
  • 16 Days on Market
  • MLS # : 2338536
  • Updated Date : 08/26/2020 at 02:30
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,144 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Preferred Realty

Listing Agent's Description

Adorable 3BED 2BATH ranch style home within minutes from downtown! 16x20 shed

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: Crosstowne

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $107k277k

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

Neighborhood: Crosstowne

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q28009001000110012001300140015001600Rent in $7711630

* 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
Timber Drive Elementary School Primary Regular 669 46 2
Lufkin Road Middle School Middle Regular 1,000 57 8
Southeast Raleigh High School High Magnet 1,538 110 4

Timber Drive Elementary School

  • Education Level: Primary
  • # of students: 669
  • # of teachers: 46
2
GreatSchools Rating

Lufkin Road Middle School

  • Education Level: Middle
  • # of students: 1,000
  • # of teachers: 57
8
GreatSchools Rating

Southeast Raleigh High School

  • Education Level: High
  • # of students: 1,538
  • # of teachers: 110
4
GreatSchools Rating
 

$139,500$170,500$155,000

PURCHASE PRICE

$792$968$880

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $880
EXPENSES Loan Payment -$572
Property Tax -$126
Property Insurance -$49
HOA -$20
Property Management Fees -$79
CASH FLOW
$34

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.

$155,000

PROJECTED PRICE

$880

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 7.02%
Maintenance Year (1-5) 8.00%
Vacancy 7.47%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$46,825

INVESTMENT

$46,825

Down Payment
$38,750
Rehab Estimate
$5,750
Closing Costs
$2,325

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$572

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $38,750
Loan Amount $116,250
See What Happens When You Reinvest Cash Flow

5.5

YEARS SAVED

$11,141

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $880

    LIST RENT
  • $0.8

    LIST RENT PER SQFT
  • $985

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$880
1$8802$1,1503$1,1954$1,1995$1,250
$1,250
RENT COMPS ANALYSIS
  • 945 Skinner Drive Raleigh, 1
    • 3 beds 3 baths ∙ 1,100 Sqft ∙ Built 2016 3 beds 3 baths ∙ 1,100 Sqft ∙ Built 2016
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $880
    • $0.80
    •  
  • 3609 Morman Springs Lane Raleigh, 2
    • 3 beds 2 baths ∙ 1,302 Sqft ∙ Built 2012 3 beds 2 baths ∙ 1,302 Sqft ∙ Built 2012
    property image
    LEASED 07/24/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,150
    • $0.88
    •  
  • 3408 Monsieur Court Raleigh, 3
    • 3 beds 3 baths ∙ 1,404 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,404 Sqft ∙ Built 2004
    property image
    LEASED 07/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,195
    • $0.85
    •  
  • 725 Southgate Drive Raleigh, 4
    • 3 beds 2 baths ∙ 1,298 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,298 Sqft ∙ Built 2001
    property image
    LEASED 03/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,199
    • $0.92
    •  
  • 3413 Fatima Court Raleigh, 5
    • 3 beds 2 baths ∙ 1,350 Sqft ∙ Built 2006 3 beds 2 baths ∙ 1,350 Sqft ∙ Built 2006
    property image
    LEASED 10/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.93
    •  
PROPERTY LISTING DETAILS
Anika Davis
1.919.235.2147
Keller Williams Preferred Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2338536
Last Updated: 08/26/2020
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