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1104 Elmira Avenue Durham, NC 27707

3 Beds 2 Baths 1,284 sqft Built 2001

$210,000

List Price

$1,330

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

February 05, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $163.55
  • 3 Days on Market
  • MLS # : 2365351
  • Updated Date : 02/06/2021 at 13:15
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,284 sqft
  • Baths : 2 full
Listing Agent

Right Time Realty

Listing Agent's Description

Adorable 3 bed 2 bath home w/stylish open floor plan. Imagine cooking out on the deck overlooking a large fenced in backyard with plenty of room for social distancing or enjoy the comfort of the rocking chair front porch. Need more? OK laminate floors, butcher block countertops , painted cabinets, and ceramic tile in kitchen, living rm, and bathrooms adding a custom feel of unique charm. All on one level! And did I mention Washer, Dryer, Refrig included. No HOA, low taxes-this is right one!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • #7 Best Big City for Jobs 2018 (Forbes, 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: 27707

ZipNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $98k274k

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

Zip Code: 27707

ZipNIR Market*CityMarket2010Year2000 Q22019 Q2900950100010501100115012001250130013501400145015001550Rent in $8591564

* 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
Fayetteville Street Elementary School Primary Regular 264 21 2
Sherwood Githens Middle School Middle Regular 1,011 62 5
Hillside High School High Regular 1,318 91 4

Fayetteville Street Elementary School

  • Education Level: Primary
  • # of students: 264
  • # of teachers: 21
2
GreatSchools Rating

Sherwood Githens Middle School

  • Education Level: Middle
  • # of students: 1,011
  • # of teachers: 62
5
GreatSchools Rating

Hillside High School

  • Education Level: High
  • # of students: 1,318
  • # of teachers: 91
4
GreatSchools Rating
 

$189,000$231,000$210,000

PURCHASE PRICE

$1,197$1,463$1,330

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,330
EXPENSES Loan Payment -$729
Property Tax -$182
Property Insurance -$52
Property Management Fees -$119
CASH FLOW
$248

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.

$210,000

PROJECTED PRICE

$1,330

PROJECTED RENT

0.63%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.11%
Appreciation Year (1-5) 3.6%
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$100k$200k$300k$400k$500k$600k$700k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k$18k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$61,400

INVESTMENT

$61,400

Down Payment
$52,500
Rehab Estimate
$5,750
Closing Costs
$3,150

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$729

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $52,500
Loan Amount $157,500
See What Happens When You Reinvest Cash Flow

11.5

YEARS SAVED

$36,702

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,330

    LIST RENT
  • $1.04

    LIST RENT PER SQFT
  • $1,267

    COMP ESTIMATED VALUE
  • $0.99

    COMP AVG. RENT PER SQFT
Comps Range
$1,330
1$1,3302$1,4503$1,5004$1,600
$1,600
RENT COMPS ANALYSIS
  • 1104 Elmira Avenue Durham, NC 1
    • 3 beds 2 baths ∙ 1,284 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,284 Sqft ∙ Built 2001
    • Rent
    • Rent Per SQFT
    •  
    • $1,330
    • $1.04
    •  
  • 1014 Gaston Avenue Durham, NC 2
    • 3 beds 3 baths ∙ 1,519 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,519 Sqft ∙ Built 2001
    LEASED 09/28/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.95
    •  
  • 3517 Abercromby Drive Durham, NC 3
    • 3 beds 3 baths ∙ 1,500 Sqft ∙ Built 1992 3 beds 3 baths ∙ 1,500 Sqft ∙ Built 1992
    LEASED 05/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $1.00
    •  
  • 1213 Orchard Oriole Lane Durham, NC 4
    • 3 beds 3 baths ∙ 1,584 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,584 Sqft ∙ Built 2004
    LEASED 01/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.01
    •  
PROPERTY LISTING DETAILS
Kimberly Williams
1.919.672.0889
Right Time Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2365351
Last Updated: 02/06/2021
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