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1405 Crimson Creek Drive Durham, NC 27713

3 Beds 3 Baths 1,583 sqft Built 2002

$290,900

List Price

$1,460

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

December 05, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $183.77
  • 2 Days on Market
  • MLS # : 2356567
  • Updated Date : 12/05/2020 at 22:23
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,583 sqft
  • Baths : 2 full , 1 half
Listing Agent

Dash Carolina

Listing Agent's Description

Lovely 3 bedroom, 2.5 bathroom Durham home! Entering this home you will notice gorgeous hardwoods that flow through the living areas. The living room, featuring a gas fireplace, opens to the kitchen for convenient conversation with guests. Make sure you step outside to enjoy your private patio, before heading upstairs where you will find two guest rooms and the primary bedroom with a large walk-in closet and en-suite featuring dual vanities, a garden tub, and a walk-in shower. Located near major roadways!

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)
  • #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)
  • 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: 27713

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $106k303k

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

Zip Code: 27713

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
Parkwood Elementary School Primary Regular 585 38 5
Lowe's Grove Magnet Middle School Middle Regular 708 47 3
Hillside High School High Regular 1,318 91 4

Parkwood Elementary School

  • Education Level: Primary
  • # of students: 585
  • # of teachers: 38
5
GreatSchools Rating

Lowe's Grove Magnet Middle School

  • Education Level: Middle
  • # of students: 708
  • # of teachers: 47
3
GreatSchools Rating

Hillside High School

  • Education Level: High
  • # of students: 1,318
  • # of teachers: 91
4
GreatSchools Rating
 

$261,810$319,990$290,900

PURCHASE PRICE

$1,314$1,606$1,460

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,460
EXPENSES Loan Payment -$1,073
Property Tax -$252
Property Insurance -$58
HOA -$42
Property Management Fees -$119
CASH FLOW
-$84

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.

$290,900

PROJECTED PRICE

$1,460

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.42%
Appreciation Year (1-5) 4.6%
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

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

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$82,839

INVESTMENT

$82,839

Down Payment
$72,725
Rehab Estimate
$5,750
Closing Costs
$4,364

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,073

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $72,725
Loan Amount $218,175
See What Happens When You Reinvest Cash Flow

3.58

YEARS SAVED

$10,706

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,460

    LIST RENT
  • $0.92

    LIST RENT PER SQFT
  • $1,528

    COMP ESTIMATED VALUE
  • $0.97

    COMP AVG. RENT PER SQFT
Comps Range
$1,460
1$1,4602$1,4953$1,5984$1,6255$1,650
$1,650
RENT COMPS ANALYSIS
  • 1405 Crimson Creek Drive Durham, NC 1
    • 3 beds 3 baths ∙ 1,583 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,583 Sqft ∙ Built 2002
    • Rent
    • Rent Per SQFT
    •  
    • $1,460
    • $0.92
    •  
  • 1102 Mallory Lane Durham, NC 2
    • 3 beds 3 baths ∙ 1,603 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,603 Sqft ∙ Built 2003
    LEASED 06/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.93
    •  
  • 1002 Red Hat Lane Durham, NC 3
    • 3 beds 3 baths ∙ 1,673 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,673 Sqft ∙ Built 2002
    LEASED 02/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,598
    • $0.96
    •  
  • 1414 Copper Creek Drive Durham, NC 4
    • 3 beds 3 baths ∙ 1,675 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,675 Sqft ∙ Built 2002
    LEASED 06/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,625
    • $0.97
    •  
  • 1104 Mallory Lane Durham, NC 5
    • 3 beds 3 baths ∙ 1,650 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,650 Sqft ∙ Built 2003
    LEASED 04/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.00
    •  
PROPERTY LISTING DETAILS
Quentin Dane
Dash Carolina
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2356567
Last Updated: 12/05/2020
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