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

1120 Sweet Gale Drive Durham, NC 27704

3 Beds 2 Baths 1,831 sqft Built 2012

$260,000

List Price

$1,590

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

December 20, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2012
  • Price/Sqft : $142.00
  • 2 Days on Market
  • MLS # : 2358666
  • Updated Date : 12/20/2020 at 03:43
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,831 sqft
  • Baths : 2 full
Listing Agent

Home Coach Realty

Listing Agent's Description

Hard to find and highly desirable Ranch Style home. Open floor plan, spacious rooms and ample entertaining space (inside and outside). Enjoy morning sunrises and evening sunsets on the large concrete patio. Don't delay, this one will not last long.

SEE MORE

MARKET HIGHLIGHTS

  • 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
  • #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)

PRICE & RENT TRENDS

Neighborhood: Northeast Durham

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260kPrice in $61k274k

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

Neighborhood: Northeast Durham

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2800900100011001200130014001500Rent in $7261518

* 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
Glenn Elementary School Primary Regular 644 46 1
Lucas Middle School Middle Regular 658 43 2
Northern High School High Regular 1,448 83 3

Glenn Elementary School

  • Education Level: Primary
  • # of students: 644
  • # of teachers: 46
1
GreatSchools Rating

Lucas Middle School

  • Education Level: Middle
  • # of students: 658
  • # of teachers: 43
2
GreatSchools Rating

Northern High School

  • Education Level: High
  • # of students: 1,448
  • # of teachers: 83
3
GreatSchools Rating
 

$234,000$286,000$260,000

PURCHASE PRICE

$1,431$1,749$1,590

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,590
EXPENSES Loan Payment -$959
Property Tax -$225
Property Insurance -$62
HOA -$25
Property Management Fees -$119
CASH FLOW
$200

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.

$260,000

PROJECTED PRICE

$1,590

PROJECTED RENT

0.61%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.28%
Appreciation Year (1-5) 6.0%
Maintenance Year (1-5) 8.00%
Vacancy 8.55%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k

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$74,650

INVESTMENT

$74,650

Down Payment
$65,000
Rehab Estimate
$5,750
Closing Costs
$3,900

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$959

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $65,000
Loan Amount $195,000
See What Happens When You Reinvest Cash Flow

9.58

YEARS SAVED

$41,557

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,590

    LIST RENT
  • $0.87

    LIST RENT PER SQFT
  • $1,605

    COMP ESTIMATED VALUE
  • $0.88

    COMP AVG. RENT PER SQFT
Comps Range
$1,495
1$1,4952$1,5253$1,5904$1,595
$1,595
RENT COMPS ANALYSIS
  • 1120 Sweet Gale Drive Durham, NC 3
    • 3 beds 2 baths ∙ 1,831 Sqft ∙ Built 2012 3 beds 2 baths ∙ 1,831 Sqft ∙ Built 2012
    • Rent
    • Rent Per SQFT
    •  
    • $1,590
    • $0.87
    •  
  • 511 Felicia Street Durham, NC 1
    • 3 beds 3 baths ∙ 1,540 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,540 Sqft ∙ Built 2007
    LEASED 08/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.97
    •  
  • 1027 Sweet Gale Drive Durham, NC 2
    • 3 beds 3 baths ∙ 1,981 Sqft ∙ Built 2011 3 beds 3 baths ∙ 1,981 Sqft ∙ Built 2011
    LEASED 08/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,525
    • $0.77
    •  
  • 4320 Chimney Stone Road Durham, NC 4
    • 3 beds 3 baths ∙ 1,800 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,800 Sqft ∙ Built 2004
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.89
    •  
PROPERTY LISTING DETAILS
Felix Eleazer
1.919.669.2954
Home Coach Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2358666
Last Updated: 12/20/2020
BESbswy