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

1503 Oak Forest Drive Hillsborough, NC 27278

3 Beds 2 Baths 1,515 sqft Built 1972

$265,000

List Price

$1,490

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

February 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1972
  • Price/Sqft : $174.92
  • 3 Days on Market
  • MLS # : 2366693
  • Updated Date : 02/13/2021 at 14:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,515 sqft
  • Baths : 2 full
Listing Agent

Howard Perry & Walston Realtor

Listing Agent's Description

Beautifully updated brick ranch w/ bright open floor plan. New 40 yr ROOF, Exterior & Interior paint. New flooring thruout. New SS appliances, Kitchen cabinets, Marble/Quartz counters. New plumbing fixtures & lighting. FR w/ fireplace & French drs to patio. DR w/ chairrail & crown molding. Sunny Eat-in Kitchen w/ center island stainless appl's w/ frig & smooth top range, tile backspl & lots of cabinets. Spacious master w/ ceiling fan. Laundry rm w/tile flr. Huge patio & fenced backyd. Wired storage bldg!

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
  • #7 Best Big City for Jobs 2018 (Forbes, 2018)
  • 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)

PRICE & RENT TRENDS

Zip Code: 27278

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $111k303k

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

Zip Code: 27278

ZipNIR Market*CityMarket2010Year2000 Q22019 Q210001100120013001400150016001700Rent in $9011734

* 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
Little River Elementary School Primary Regular 371 23 4
Carrington Middle School Middle Regular 1,094 72 4
Northern High School High Regular 1,448 83 3

Little River Elementary School

  • Education Level: Primary
  • # of students: 371
  • # of teachers: 23
4
GreatSchools Rating

Carrington Middle School

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

Northern High School

  • Education Level: High
  • # of students: 1,448
  • # of teachers: 83
3
GreatSchools Rating
 

$238,500$291,500$265,000

PURCHASE PRICE

$1,341$1,639$1,490

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,490
EXPENSES Loan Payment -$920
Property Tax -$153
Property Insurance -$56
Property Management Fees -$119
CASH FLOW
$241

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.

$265,000

PROJECTED PRICE

$1,490

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.42%
Appreciation Year (1-5) 4.4%
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$200k$400k$600k$800k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k$18k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$75,975

INVESTMENT

$75,975

Down Payment
$66,250
Rehab Estimate
$5,750
Closing Costs
$3,975

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$920

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $66,250
Loan Amount $198,750
See What Happens When You Reinvest Cash Flow

9.67

YEARS SAVED

$37,342

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,490

    LIST RENT
  • $0.98

    LIST RENT PER SQFT
  • $1,591

    COMP ESTIMATED VALUE
  • $1.05

    COMP AVG. RENT PER SQFT
Comps Range
$1,350
1$1,3502$1,4903$1,595
$1,595
RENT COMPS ANALYSIS
  • 1503 Oak Forest Drive Hillsborough, NC 2
    • 3 beds 2 baths ∙ 1,515 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,515 Sqft ∙ Built 1972
    • Rent
    • Rent Per SQFT
    •  
    • $1,490
    • $0.98
    •  
  • 6921 Russell Road Durham, NC 1
    • 3 beds 2 baths ∙ 1,344 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,344 Sqft ∙ Built 1986
    LEASED 08/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $1.00
    •  
  • 625 Wendy Way Durham, NC 3
    • 3 beds 2 baths ∙ 1,456 Sqft ∙ Built 1981 3 beds 2 baths ∙ 1,456 Sqft ∙ Built 1981
    LEASED 08/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $1.10
    •  
PROPERTY LISTING DETAILS
Kathy Beacham
1.919.632.1807
Howard Perry & Walston Realtor
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2366693
Last Updated: 02/13/2021
BESbswy