Hello all,
Thank you for the overwhelming response for the preconstruction townhomes. It's good to see that many of you act fast when you see a good deal.
I've received quite a few questions about the rental potential in the area. I just spoke with one of my property managers and she relayed the following based on another nearby townhome community in the area that went up not too long ago. She stated that demand in the area for rentals is still very solid.
- 2 bedroom units should rent in the $900 per month range.
- The 2 bedroom unit with the additional sitting area will likely rent for an additional $50/month or so
- 3 bedroom units should go for at least $1000 per month, although with sufficient upgrades (hardwood, stainless steel, etc…) it might fetch an additional $50 or so
Per these numbers, I am forwarding an estimated cashflow analysis. As you can see it is a breakeven scenario. Many of you who are currently actively investing in this market already know that new construction in such a desirable area at breakeven is getting harder to find in Raleigh-Durham.
The builder is not releasing the number of investors allowed in the subdivision, and will cut off non-owner-occupant purchases when they reach their desired max. Let me know if you have an interest and I'll be sure to touch base with you to get you in on the early phases of construction while they are still available to investors.
|
|
|
| RALEIGH-DURHAM INVESTMENT PROPERTY ALERT | |
|
|
|
|
|
|
| PRECONSTRUCTION TOWNHOMES | |
| LOCATED IN South. Durham / Research Triangle Park area/ 27713 zip | |
|
|
|
| Proforma Estimates: |
|
| Purchase Price | $141,000.00 |
| % Down | 20.00% |
| Mortgage interest rate (blended rate) | 6.75% |
| Amort.Period (Years) (if not interest only) | 30 |
| Monthly Gross Rents (if fully occupied) | $1,000.00 |
| Monthly Other Income | $0.00 |
| % Property Management | 8.00% |
| Annual Homeowners Assoc. Dues (HOA) | $1,344.00 |
| Annual Taxes (ROUGH APPROX.) | $1,613.04 |
| Annual Insurance Estimate | $350.00 |
| Current occupancy | 0.00% |
| Interest only financing? (y/n) | y |
|
|
|
| MONTHLY INCOME: (assuming full occupancy) |
|
| Rents | $1,000.00 |
| Other | $0.00 |
| TOTAL MONTHLY INCOME | $1,000.00 |
|
|
|
| MONTHLY EXPENSES: |
|
| Mortgage Payment | $634.50 |
| Tax and Insurance | $163.59 |
| Property Management | $80.00 |
| HOA | $112.00 |
| TOTAL MONTHLY EXPENSES | $990.09 |
|
|
|
| ESTIMATED MONTHLY CASHFLOW | $9.91 |
|
|
|
| If this property fits your investment criteria, contact Tiffany while it's still available! | |
| it is still available! | |
|
|
|
| Tiffany Elder, MBA, Realtor | |
| Investment Consultant / Broker Associate | |
| Realty Executives Southpointe | |
|
|
|
| Notes: All information is assumed accurate but not guaranteed. | |
| Full due diligence is recommended before purchasing any investment property. | |
| Cashflow and returns are based on financing and assumptions listed above. | |
| Your financing for this property will depend on your creditworthiness. | |
| Pricing includes possible seller incentives and other closing costs for using their lender and attorney | |
No comments:
Post a Comment