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1001 S Mineral Springs Road Durham, NC 27703

3 Beds 2 Baths 1,606 sqft Built 1972

INVESTimate

$225,000

List Price

$1,350

$1,215 - $1,485

Rent Est.

$235,778  ( +4.79%)   1 YR EST. FORECAST

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
FACTS
  • Built In 1972
  • Price/Sqft : $140.10
  • 9 Days on Market
  • MLS # : 2338013
  • Updated Date : 08/25/2020 at 01:22
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,606 sqft
  • Baths : 2 full
Listing Agent

Profound Realty Group

Listing Agent's Description

Beautiful all BRICK RANCH on over an ACRE of land with an out building and no HOA! Spacious rooms and amazing location minutes form Brier Creek. HARDWOOD floors and a stunning BRICK FIRE PLACE as well as a huge SCREENED PORCH make this unique home a great place to put down some roots.

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
  • #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

Zip Code: 27703

ZipNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $97k274k

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

Zip Code: 27703

ZipNIR Market*CityMarket2010Year2000 Q22019 Q290095010001050110011501200125013001350140014501500Rent in $8591518

* 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
Bethesda Elementary School Primary Regular 671 43 3
Neal Magnet Middle School Middle Regular 857 60 1
Southern School Of Energy And Sustainability High Regular 1,292 90 2

Bethesda Elementary School

  • Education Level: Primary
  • # of students: 671
  • # of teachers: 43
3
GreatSchools Rating

Neal Magnet Middle School

  • Education Level: Middle
  • # of students: 857
  • # of teachers: 60
1
GreatSchools Rating

Southern School Of Energy And Sustainability

  • Education Level: High
  • # of students: 1,292
  • # of teachers: 90
2
GreatSchools Rating
 

$202,500$247,500$225,000

PURCHASE PRICE

$1,215$1,485$1,350

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,350
EXPENSES Loan Payment -$830
Property Tax -$171
Property Insurance -$58
Property Management Fees -$122
CASH FLOW
$169

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 17% of earned rent to cover both maintenance and periods of vacancy.

$225,000

PROJECTED PRICE

$1,350

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.11%
Appreciation Year (1-5) 4.79%
Maintenance Year (1-5) 8.00%
Vacancy 8.54%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$65,375

INVESTMENT

$65,375

Down Payment
$56,250
Rehab Estimate
$5,750
Closing Costs
$3,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$830

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $56,250
Loan Amount $168,750
See What Happens When You Reinvest Cash Flow

8.58

YEARS SAVED

$30,929

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,350

    LIST RENT
  • $0.84

    LIST RENT PER SQFT
  • $1,365

    COMP ESTIMATED VALUE
  • $0.85

    COMP AVG. RENT PER SQFT
Comps Range
$1,195
1$1,1952$1,3503$1,4504$1,495
$1,495
RENT COMPS ANALYSIS
  • 1001 S Mineral Springs Road Durham, 2
    • 3 beds 2 baths ∙ 1,606 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,606 Sqft ∙ Built 1972
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.84
    •  
  • 701 Grandview Drive Durham, 1
    • 3 beds 3 baths ∙ 1,361 Sqft ∙ Built 1990 3 beds 3 baths ∙ 1,361 Sqft ∙ Built 1990
    property image
    LEASED 09/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,195
    • $0.88
    •  
  • 105 Whetstone Court Durham, 3
    • 3 beds 3 baths ∙ 1,705 Sqft ∙ Built 1987 3 beds 3 baths ∙ 1,705 Sqft ∙ Built 1987
    property image
    LEASED 07/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.85
    •  
  • 3005 Ross Road Durham, 4
    • 3 beds 2 baths ∙ 1,829 Sqft ∙ Built 1965 3 beds 2 baths ∙ 1,829 Sqft ∙ Built 1965
    property image
    LEASED 06/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.82
    •  
PROPERTY LISTING DETAILS
Deborah Niehaus
1.919.323.5032
Profound Realty Group
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2338013
Last Updated: 08/25/2020
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