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1163 Kimball Drive Durham, NC 27712

3 Beds 2 Baths 1,647 sqft Built 1967

$280,000

List Price

$1,540

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

November 01, 2020 RECENTLY ADDED
FACTS
  • Built In 1967
  • Price/Sqft : $170.01
  • 3 Days on Market
  • MLS # : 2351536
  • Updated Date : 11/01/2020 at 16:56
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,647 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Realty United

Listing Agent's Description

Relax on your rocking chair front porch on this quite cul de sac street. Ranch living on a spacious lot with an oversized detached garage with workshop space. This all brick 3 bed, 2 full bath home has been meticulously maintained and dons new gutters and new HVAC. Yes, there are hardwood floors under the carpet! So much potential here. Great location, too. An easy drive to I-85, 147 and 15-501. Downtown Durham, RDU, RTP, shopping and restaurants within reach.

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: 27712

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $106k303k

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

Zip Code: 27712

ZipNIR Market*CityMarket2010Year2000 Q22019 Q290010001100120013001400150016001700Rent in $8591734

* 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
Hillandale Elementary School Primary Regular 684 45 4
Brogden Middle School Middle Regular 638 45 2
Riverside High School High Regular 1,811 106 4

Hillandale Elementary School

  • Education Level: Primary
  • # of students: 684
  • # of teachers: 45
4
GreatSchools Rating

Brogden Middle School

  • Education Level: Middle
  • # of students: 638
  • # of teachers: 45
2
GreatSchools Rating

Riverside High School

  • Education Level: High
  • # of students: 1,811
  • # of teachers: 106
4
GreatSchools Rating
 

$252,000$308,000$280,000

PURCHASE PRICE

$1,386$1,694$1,540

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,540
EXPENSES Loan Payment -$1,033
Property Tax -$243
Property Insurance -$59
Property Management Fees -$139
CASH FLOW
$67

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.

$280,000

PROJECTED PRICE

$1,540

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.42%
Appreciation Year (1-5) 5.3%
Maintenance Year (1-5) 8.00%
Vacancy 8.51%
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-$2.0k$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$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$79,950

INVESTMENT

$79,950

Down Payment
$70,000
Rehab Estimate
$5,750
Closing Costs
$4,200

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,033

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $70,000
Loan Amount $210,000
See What Happens When You Reinvest Cash Flow

5.33

YEARS SAVED

$18,919

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,540

    LIST RENT
  • $0.94

    LIST RENT PER SQFT
  • $1,610

    COMP ESTIMATED VALUE
  • $0.98

    COMP AVG. RENT PER SQFT
Comps Range
$1,300
1$1,3002$1,5403$1,5504$1,6005$1,695
$1,695
RENT COMPS ANALYSIS
  • 1163 Kimball Drive Durham, NC 2
    • 3 beds 2 baths ∙ 1,647 Sqft ∙ Built 1967 3 beds 2 baths ∙ 1,647 Sqft ∙ Built 1967
    • Rent
    • Rent Per SQFT
    •  
    • $1,540
    • $0.94
    •  
  • 4635 Stafford Drive Durham, NC 1
    • 3 beds 2 baths ∙ 1,305 Sqft ∙ Built 1949 3 beds 2 baths ∙ 1,305 Sqft ∙ Built 1949
    LEASED 06/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $1.00
    •  
  • 3006 Omah Street Durham, NC 3
    • 4 beds 2 baths ∙ 1,626 Sqft ∙ Built 1976 4 beds 2 baths ∙ 1,626 Sqft ∙ Built 1976
    LEASED 04/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.95
    •  
  • 3025 Alabama Avenue Durham, NC 4
    • 3 beds 2 baths ∙ 1,644 Sqft ∙ Built 1974 3 beds 2 baths ∙ 1,644 Sqft ∙ Built 1974
    LEASED 07/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.97
    •  
  • 4415 Sunny Court Durham, NC 5
    • 3 beds 2 baths ∙ 1,705 Sqft ∙ Built 1971 3 beds 2 baths ∙ 1,705 Sqft ∙ Built 1971
    LEASED 03/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.99
    •  
PROPERTY LISTING DETAILS
Dea Irby
1.919.764.4729
Keller Williams Realty United
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2351536
Last Updated: 11/01/2020
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