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PROPERTY INFO
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
- 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
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Rockwood
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
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
| 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
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
TOTAL CASH OUT OF POCKET
INVESTMENT
$39,935
LOAN DETAILS
$476
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 4.25% |
| Down Payment | $32,250 |
| Loan Amount | $96,750 |
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
-
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
1.919.730.0803
Make Your Move Inc.
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
MLS #: 2355489
Last Updated: 11/28/2020
