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1030 Thoughtful Spot Way Durham, NC 27703

3 Beds 3 Baths 1,980 sqft Built 2015

$300,000

List Price

$1,690

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

November 06, 2020 RECENTLY ADDED
FACTS
  • Built In 2015
  • Price/Sqft : $151.52
  • 4 Days on Market
  • MLS # : 2352462
  • Updated Date : 11/06/2020 at 16:50
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,980 sqft
  • Baths : 2 full , 1 half
Listing Agent

Howard Perry & Walston Realtor

Listing Agent's Description

This is the one you have been searching for! First floor you’ll find the kitchen, breakfast room, and a spacious family room with a stone fireplace that opens up to all. The home is loaded with tons of upgrades including granite countertops, tile flooring in all bathrooms and laundry, hardwoods on main level, SS steel appliances, custom closet built-ins, epoxy garage floor, water filtration sys. On the second level are three bedrooms and the loft. Relax in your spacious back yard with new privacy fence!

SEE MORE

MARKET HIGHLIGHTS

  • #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)
  • 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

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
 

$270,000$330,000$300,000

PURCHASE PRICE

$1,521$1,859$1,690

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,690
EXPENSES Loan Payment -$1,107
Property Tax -$260
Property Insurance -$65
HOA -$44
Property Management Fees -$152
CASH FLOW
$62

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.

$300,000

PROJECTED PRICE

$1,690

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.11%
Appreciation Year (1-5) 4.8%
Maintenance Year (1-5) 8.00%
Vacancy 8.54%
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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$85,250

INVESTMENT

$85,250

Down Payment
$75,000
Rehab Estimate
$5,750
Closing Costs
$4,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,107

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $75,000
Loan Amount $225,000
See What Happens When You Reinvest Cash Flow

5.58

YEARS SAVED

$22,410

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,690

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $1,698

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$1,395
1$1,3952$1,4503$1,6504$1,6905$1,695
$1,695
RENT COMPS ANALYSIS
  • 1030 Thoughtful Spot Way Durham, NC 4
    • 3 beds 3 baths ∙ 1,980 Sqft ∙ Built 2015 3 beds 3 baths ∙ 1,980 Sqft ∙ Built 2015
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,690
    • $0.85
    •  
  • 108 Citrine Court Durham, NC 1
    • 3 beds 3 baths ∙ 1,641 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,641 Sqft ∙ Built 2007
    property image
    LEASED 10/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.85
    •  
  • 908 Reedy Way Durham, NC 2
    • 3 beds 3 baths ∙ 1,635 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,635 Sqft ∙ Built 2007
    property image
    LEASED 09/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.89
    •  
  • 704 Bellmeade Bay Drive Durham, NC 3
    • 3 beds 3 baths ∙ 1,874 Sqft ∙ Built 1998 3 beds 3 baths ∙ 1,874 Sqft ∙ Built 1998
    property image
    LEASED 07/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.88
    •  
  • 905 Reedy Way Durham, NC 5
    • 4 beds 3 baths ∙ 2,080 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,080 Sqft ∙ Built 2006
    property image
    LEASED 10/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.81
    •  
PROPERTY LISTING DETAILS
Elizabeth Davis
1.919.669.9947
Howard Perry & Walston Realtor
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2352462
Last Updated: 11/06/2020
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