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1106 Castle Pines Drive Mebane, NC 27302

4 Beds 3 Baths 2,041 sqft Built 2010

$249,900

List Price

$1,630

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

October 28, 2020 RECENTLY ADDED
FACTS
  • Built In 2010
  • Price/Sqft : $122.44
  • 8 Days on Market
  • MLS # : 2350782
  • Updated Date : 10/28/2020 at 02:28
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,041 sqft
  • Baths : 2 full , 1 half
Listing Agent

Scott Dorsett Realty

Listing Agent's Description

Rare 4BR-2.5BA home in Governors Green neighborhood. Back yard is fenced (6 foot privacy fence), sodded, with 15x15 covered deck with a pergola, 12x10 wired shed, three raised garden beds, a grapevine and a blueberry bush! Nice room layout, great for a young, growing family. Minutes to I-85/I-40, and minutes to beautiful downtown Mebane.

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: 27302

ZipNIR Market*CityMarket2010Year2000201990k100k110k120k130k140k150k160k170k180k190kPrice in $88k192k

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

Zip Code: 27302

ZipNIR Market*CityMarket2010Year2000 Q32019 Q28509009501000105011001150120012501300Rent in $8461332

* 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
South Mebane Elementary School Primary Regular 581 35 7
Woodlawn Middle School Middle Regular 584 36 8
Eastern Alamance High School High Regular 1,256 66 6

South Mebane Elementary School

  • Education Level: Primary
  • # of students: 581
  • # of teachers: 35
7
GreatSchools Rating

Woodlawn Middle School

  • Education Level: Middle
  • # of students: 584
  • # of teachers: 36
8
GreatSchools Rating

Eastern Alamance High School

  • Education Level: High
  • # of students: 1,256
  • # of teachers: 66
6
GreatSchools Rating
 

$224,910$274,890$249,900

PURCHASE PRICE

$1,467$1,793$1,630

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,630
EXPENSES Loan Payment -$922
Property Tax -$199
Property Insurance -$65
Property Management Fees -$147
CASH FLOW
$298

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$249,900

PROJECTED PRICE

$1,630

PROJECTED RENT

0.65%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.65%
Appreciation Year (1-5) 4.4%
Maintenance Year (1-5) 8.00%
Vacancy 6.80%
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$800k$900k

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$71,974

INVESTMENT

$71,974

Down Payment
$62,475
Rehab Estimate
$5,750
Closing Costs
$3,749

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$922

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $62,475
Loan Amount $187,425
See What Happens When You Reinvest Cash Flow

9.92

YEARS SAVED

$42,935

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,630

    LIST RENT
  • $0.8

    LIST RENT PER SQFT
  • $1,694

    COMP ESTIMATED VALUE
  • $0.83

    COMP AVG. RENT PER SQFT
Comps Range
$1,595
1$1,5952$1,630
$1,630
RENT COMPS ANALYSIS
  • 1106 Castle Pines Drive Mebane, NC 2
    • 4 beds 3 baths ∙ 2,041 Sqft ∙ Built 2010 4 beds 3 baths ∙ 2,041 Sqft ∙ Built 2010
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,630
    • $0.80
    •  
  • 1127 Fieldstone Drive Mebane, NC 1
    • 3 beds 3 baths ∙ 1,914 Sqft ∙ Built 1999 3 beds 3 baths ∙ 1,914 Sqft ∙ Built 1999
    property image
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.83
    •  
PROPERTY LISTING DETAILS
Scott Dorsett
1.919.880.9600
Scott Dorsett Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2350782
Last Updated: 10/28/2020
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