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124 W Cornwallis Road Durham, NC 27707

3 Beds 1 Baths 945 sqft Built 1964

$129,000

List Price

$1,100

$990 - $1.2K

Rent Est.

PROPERTY INFO

YES TENANTED
November 28, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1964
  • Price/Sqft : $136.51
  • 2 Days on Market
  • MLS # : 2355489
  • Updated Date : 11/28/2020 at 18:45
CONSTRUCTION
  • Beds : 3
  • Floor Size : 945 sqft
  • Baths : 1 full
Listing Agent

Make Your Move Inc.

Listing Agent's Description

Investors bring your best offer on this brick, 3 bedroom, 1 bath ranch style home on a nice size lot. Convenient to Duke, downtown, Southpoint Mall, RDU, I-85 and I-40. Long term tenants are month to month and would like to stay. Home is being sold as-is. Seller will make no repairs.

SEE MORE

MARKET HIGHLIGHTS

  • 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
  • Major employers in Raleigh area: IBM, Cisco systems, Fidelity Investments, GlaxoSmithKline, RTI International
  • One of Top 10 cities for Small Business Friendliness (Thumbtack, 2018)
  • #7 Best Big City for Jobs 2018 (Forbes, 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)

PRICE & RENT TRENDS

Neighborhood: Rockwood

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280kPrice in $98k287k

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

Neighborhood: Rockwood

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q290010001100120013001400150016001700Rent in $8591735

* 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
Lakewood Elementary School Primary Regular 482 37 1
Sherwood Githens Middle School Middle Regular 1,011 62 5
Charles E. Jordan High School High Regular 1,848 107 4

Lakewood Elementary School

  • Education Level: Primary
  • # of students: 482
  • # of teachers: 37
1
GreatSchools Rating

Sherwood Githens Middle School

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

Charles E. Jordan High School

  • Education Level: High
  • # of students: 1,848
  • # of teachers: 107
4
GreatSchools Rating
 

$116,100$141,900$129,000

PURCHASE PRICE

$990$1,210$1,100

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,100
EXPENSES Loan Payment -$476
Property Tax -$113
Property Insurance -$45
Property Management Fees -$99
CASH FLOW
$367

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.

$129,000

PROJECTED PRICE

$1,100

PROJECTED RENT

0.85%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.11%
Appreciation Year (1-5) 7.3%
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

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$50k$100k$150k$200k$250k$300k$350k$400k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$39,935

INVESTMENT

$39,935

Down Payment
$32,250
Rehab Estimate
$5,750
Closing Costs
$1,935

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$476

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $32,250
Loan Amount $96,750
See What Happens When You Reinvest Cash Flow

16.25

YEARS SAVED

$40,672

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,100

    LIST RENT
  • $1.16

    LIST RENT PER SQFT
  • $1,021

    COMP ESTIMATED VALUE
  • $1.08

    COMP AVG. RENT PER SQFT
Comps Range
$950
1$9502$1,0953$1,100
$1,100
RENT COMPS ANALYSIS
  • 124 W Cornwallis Road Durham, NC 3
    • 3 beds 1 baths ∙ 945 Sqft ∙ Built 1964 3 beds 1 baths ∙ 945 Sqft ∙ Built 1964
    • Rent
    • Rent Per SQFT
    •  
    • $1,100
    • $1.16
    •  
  • 1505 Wabash Street Durham, NC 1
    • 3 beds 1 baths ∙ 900 Sqft ∙ Built 1971 3 beds 1 baths ∙ 900 Sqft ∙ Built 1971
    LEASED 04/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $950
    • $1.06
    •  
  • 907 Massey Avenue Durham, NC 2
    • 3 beds 2 baths ∙ 1,000 Sqft ∙ Built 1952 3 beds 2 baths ∙ 1,000 Sqft ∙ Built 1952
    LEASED 11/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,095
    • $1.10
    •  
PROPERTY LISTING DETAILS
Latrice Mcfadden
1.919.730.0803
Make Your Move Inc.
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2355489
Last Updated: 11/28/2020
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