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111 N Sixth Street Mebane, NC 27302

3 Beds 3 Baths 1,456 sqft Built 2001

$250,000

List Price

$1,380

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

February 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $171.70
  • 2 Days on Market
  • MLS # : 2365449
  • Updated Date : 02/06/2021 at 15:34
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,456 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Realty

Listing Agent's Description

Move in Ready - Wonderful traditional with covered front porch - freshly painted - fabulous floor plan - on a third of an acre. Walking distance to downtown Mebane. Owner's Suite on the main. Galley kitchen with new granite and new stainless appliances. Large living room w/ gas fireplace and separate dining room. Upstairs has two large bedrooms w/ great closets, full bath & unfinished bonus for amazing storage - future space. Large deck overlooking fenced back yard. 2 Car Garage. Tons of storage.

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
E M Yoder Elementary School Primary Regular 319 28 6
Woodlawn Middle School Middle Regular 584 36 8
Eastern Alamance High School High Regular 1,256 66 6

E M Yoder Elementary School

  • Education Level: Primary
  • # of students: 319
  • # of teachers: 28
6
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
 

$225,000$275,000$250,000

PURCHASE PRICE

$1,242$1,518$1,380

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,380
EXPENSES Loan Payment -$868
Property Tax -$192
Property Insurance -$54
Property Management Fees -$119
CASH FLOW
$146

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.

$250,000

PROJECTED PRICE

$1,380

PROJECTED RENT

0.55%

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

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$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$72,000

INVESTMENT

$72,000

Down Payment
$62,500
Rehab Estimate
$5,750
Closing Costs
$3,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$868

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $62,500
Loan Amount $187,500
See What Happens When You Reinvest Cash Flow

7.67

YEARS SAVED

$24,557

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,380

    LIST RENT
  • $0.95

    LIST RENT PER SQFT
  • $1,340

    COMP ESTIMATED VALUE
  • $0.92

    COMP AVG. RENT PER SQFT
Comps Range
$1,300
1$1,3002$1,3803$1,695
$1,695
RENT COMPS ANALYSIS
  • 111 N Sixth Street Mebane, NC 2
    • 3 beds 3 baths ∙ 1,456 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,456 Sqft ∙ Built 2001
    • Rent
    • Rent Per SQFT
    •  
    • $1,380
    • $0.95
    •  
  • 510 E Webb Mebane, NC 1
    • 3 beds 2 baths ∙ 1,596 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,596 Sqft ∙ Built 2000
    LEASED 12/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.81
    •  
  • 203 Briarwood Drive Mebane, NC 3
    • 3 beds 2 baths ∙ 1,646 Sqft ∙ Built 1996 3 beds 2 baths ∙ 1,646 Sqft ∙ Built 1996
    LEASED 06/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $1.03
    •  
PROPERTY LISTING DETAILS
Melissa White
1.919.304.2323
Keller Williams Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2365449
Last Updated: 02/06/2021
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