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

1418 Rowemont Drive Durham, NC 27705

4 Beds 3 Baths 1,891 sqft Built 1984

$289,000

List Price

$1,680

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

January 07, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1984
  • Price/Sqft : $152.83
  • 4 Days on Market
  • MLS # : 2360530
  • Updated Date : 01/07/2021 at 21:30
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,891 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Realty United

Listing Agent's Description

Rare gem— fully renovated with all new flooring, updated bathrooms & fresh paint. Brand new kitchen featuring stainless steel appliances, subway tile backsplash & granite counters. Owners’ suite boasts a spacious closet, dual vanities, as well as a luxurious walk-in tiled shower. 3 more bedrooms round out the 2nd floor. Enjoy your morning coffee on the rocking chair front porch or relax on the new stone patio overlooking wooded views. Great location close to parks, trails, shops & Duke. 3D Virtual Tour!

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

Neighborhood: Scarsdale Village

ZipNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260k280kPrice in $61k287k

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

Neighborhood: Scarsdale Village

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2700800900100011001200130014001500Rent in $6141518

* 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
Holt Elementary Magnet School Primary Regular 627 49 5
Carrington Middle School Middle Regular 1,094 72 4
Riverside High School High Regular 1,811 106 4

Holt Elementary Magnet School

  • Education Level: Primary
  • # of students: 627
  • # of teachers: 49
5
GreatSchools Rating

Carrington Middle School

  • Education Level: Middle
  • # of students: 1,094
  • # of teachers: 72
4
GreatSchools Rating

Riverside High School

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

$260,100$317,900$289,000

PURCHASE PRICE

$1,512$1,848$1,680

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,680
EXPENSES Loan Payment -$1,004
Property Tax -$250
Property Insurance -$64
Property Management Fees -$119
CASH FLOW
$243

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.

$289,000

PROJECTED PRICE

$1,680

PROJECTED RENT

0.58%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.28%
Appreciation Year (1-5) 7.1%
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$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$82,335

INVESTMENT

$82,335

Down Payment
$72,250
Rehab Estimate
$5,750
Closing Costs
$4,335

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$1,004

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $72,250
Loan Amount $216,750
See What Happens When You Reinvest Cash Flow

10

YEARS SAVED

$41,763

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,680

    LIST RENT
  • $0.89

    LIST RENT PER SQFT
  • $1,349

    COMP ESTIMATED VALUE
  • $0.71

    COMP AVG. RENT PER SQFT
Comps Range
$1,300
1$1,3002$1,3503$1,4504$1,680
$1,680
RENT COMPS ANALYSIS
  • 1418 Rowemont Drive Durham, NC 4
    • 4 beds 3 baths ∙ 1,891 Sqft ∙ Built 1984 4 beds 3 baths ∙ 1,891 Sqft ∙ Built 1984
    • Rent
    • Rent Per SQFT
    •  
    • $1,680
    • $0.89
    •  
  • 1319 Cherrycrest Drive Durham, NC 1
    • 4 beds 4 baths ∙ 2,166 Sqft ∙ Built 1984 4 beds 4 baths ∙ 2,166 Sqft ∙ Built 1984
    LEASED 01/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.60
    •  
  • 5210 Partridge Street Durham, NC 2
    • 4 beds 3 baths ∙ 1,872 Sqft ∙ Built 1968 4 beds 3 baths ∙ 1,872 Sqft ∙ Built 1968
    LEASED 12/03/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.72
    •  
  • 2210 Elk River Drive Durham, NC 3
    • 3 beds 3 baths ∙ 1,764 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,764 Sqft ∙ Built 2004
    LEASED 10/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.82
    •  
PROPERTY LISTING DETAILS
Martha Newport
1.919.260.6240
Keller Williams Realty United
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2360530
Last Updated: 01/07/2021
BESbswy