Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

102 Hill Street Carrboro, NC 27510

3 Beds 1 Baths 1,082 sqft Built 1960

INVESTimate

$232,000

List Price

$1,480

$1,332 - $1,628

Rent Est.

$241,837  ( +4.24%)   1 YR EST. FORECAST

PROPERTY INFO

August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 1960
  • Price/Sqft : $214.42
  • 7 Days on Market
  • MLS # : 2338098
  • Updated Date : 08/22/2020 at 21:06
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,082 sqft
  • Baths : 1 full
Listing Agent

Atomic Properties

Listing Agent's Description

Unique opportunity for investment minded individuals looking to live or rent in heart of both Chapel Hill and Carrboro. Easy bike ride to UNC campus or a quick walk to Weaver Street Market. 3 bed/1 1/2 bath brick ranch with metal roof, well maintained yard, rear shed, front sitting porch, 2 car carport, laundry and mudroom. Shared driveway with vacant lot next door "104 Hill street". * 102 Hill Street and 104 Hill Street are being sold together. Refer to listing #2338096 for land listing info

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

Neighborhood: Lloyd-Broad Street

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260k280k300kPrice in $79k303k

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

Neighborhood: Lloyd-Broad Street

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q210001100120013001400150016001700Rent in $9121734

* 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
Northside Elementary School Primary Unknown 518 39 NA
Smith Middle School Middle Regular 835 61 8
Chapel Hill High School High Regular 1,439 91 8

Northside Elementary School

  • Education Level: Primary
  • # of students: 518
  • # of teachers: 39
NA
GreatSchools Rating

Smith Middle School

  • Education Level: Middle
  • # of students: 835
  • # of teachers: 61
8
GreatSchools Rating

Chapel Hill High School

  • Education Level: High
  • # of students: 1,439
  • # of teachers: 91
8
GreatSchools Rating
 

$208,800$255,200$232,000

PURCHASE PRICE

$1,332$1,628$1,480

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

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

PROJECTED ANNUAL CASH FLOW

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

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 $1,480
EXPENSES Loan Payment -$856
Property Tax -$310
Property Insurance -$48
Property Management Fees -$133
CASH FLOW
$133

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.

$232,000

PROJECTED PRICE

$1,480

PROJECTED RENT

0.64%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.42%
Appreciation Year (1-5) 4.24%
Maintenance Year (1-5) 8.00%
Vacancy 8.51%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$67,230

INVESTMENT

$67,230

Down Payment
$58,000
Rehab Estimate
$5,750
Closing Costs
$3,480

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$856

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $58,000
Loan Amount $174,000
See What Happens When You Reinvest Cash Flow

6.5

YEARS SAVED

$21,026

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,480

    LIST RENT
  • $1.37

    LIST RENT PER SQFT
  • $1,488

    COMP ESTIMATED VALUE
  • $1.38

    COMP AVG. RENT PER SQFT
Comps Range
$1,325
1$1,3252$1,3953$1,3954$1,4805$2,000
$2,000
RENT COMPS ANALYSIS
  • 102 Hill Street Carrboro, 4
    • 3 beds 1 baths ∙ 1,082 Sqft ∙ Built 1960 3 beds 1 baths ∙ 1,082 Sqft ∙ Built 1960
    • Rent
    • Rent Per SQFT
    •  
    • $1,480
    • $1.37
    •  
  • 318 Davie Road Carrboro, 1
    • 3 beds 1 baths ∙ 1,040 Sqft ∙ Built 1960 3 beds 1 baths ∙ 1,040 Sqft ∙ Built 1960
    LEASED 02/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,325
    • $1.27
    •  
  • 1102 W Main Street Carrboro, 2
    • 3 beds 2 baths ∙ 1,053 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,053 Sqft ∙ Built 1957
    LEASED 11/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $1.32
    •  
  • 312 Davie Road Carrboro, 3
    • 3 beds 1 baths ∙ 1,040 Sqft ∙ Built 1968 3 beds 1 baths ∙ 1,040 Sqft ∙ Built 1968
    LEASED 04/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $1.34
    •  
  • 707 N Columbia Chapel Hill, 5
    • 4 beds 2 baths ∙ 1,270 Sqft ∙ Built 1950 4 beds 2 baths ∙ 1,270 Sqft ∙ Built 1950
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.57
    •  
PROPERTY LISTING DETAILS
Philip Kennedy
1.919.357.3104
Atomic Properties
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2338098
Last Updated: 08/22/2020
BESbswy