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1730 Fletchers Chapel Road Durham, NC 27703

3 Beds 2 Baths 1,200 sqft Built 1965

$195,000

List Price

$1,090

$981 - $1.2K

Rent Est.

PROPERTY INFO

November 14, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1965
  • Price/Sqft : $162.50
  • 3 Days on Market
  • MLS # : 2353592
  • Updated Date : 11/14/2020 at 13:56
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,200 sqft
  • Baths : 2 full
Listing Agent

Allen Tate/raleigh-falls Neuse

Listing Agent's Description

Adorable ranch, cute "as a button". LOTS of TLC. Wonderful updates: Roof 2019, furnace 2018, new driveway 2018 & new well pump 2014. Home is connected to city sewer. 1 car carport. Sip your tea & enjoy cookouts while sitting on the large deck. Need space to play? Sought after large, fenced and flat yard that is ideal for pets or kids. Utilize amazing storage in the cute detached garage/ storage shed. Home has no carpet at all, great natural light throughout and cute, cute floorplan!

SEE MORE

MARKET HIGHLIGHTS

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

PRICE & RENT TRENDS

Zip Code: 27703

ZipNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $97k274k

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

Zip Code: 27703

ZipNIR Market*CityMarket2010Year2000 Q22019 Q290095010001050110011501200125013001350140014501500Rent in $8591518

* 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
Oak Grove Elementary School Primary Regular 625 41 3
Neal Magnet Middle School Middle Regular 857 60 1
Southern School Of Energy And Sustainability High Regular 1,292 90 2

Oak Grove Elementary School

  • Education Level: Primary
  • # of students: 625
  • # of teachers: 41
3
GreatSchools Rating

Neal Magnet Middle School

  • Education Level: Middle
  • # of students: 857
  • # of teachers: 60
1
GreatSchools Rating

Southern School Of Energy And Sustainability

  • Education Level: High
  • # of students: 1,292
  • # of teachers: 90
2
GreatSchools Rating
 

$175,500$214,500$195,000

PURCHASE PRICE

$981$1,199$1,090

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,090
EXPENSES Loan Payment -$719
Property Tax -$169
Property Insurance -$50
Property Management Fees -$98
CASH FLOW
$53

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.

$195,000

PROJECTED PRICE

$1,090

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.11%
Appreciation Year (1-5) 4.8%
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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$57,425

INVESTMENT

$57,425

Down Payment
$48,750
Rehab Estimate
$5,750
Closing Costs
$2,925

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$719

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $48,750
Loan Amount $146,250
See What Happens When You Reinvest Cash Flow

6.08

YEARS SAVED

$15,842

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,090

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $1,152

    COMP ESTIMATED VALUE
  • $0.96

    COMP AVG. RENT PER SQFT
Comps Range
$1,090
1$1,0902$1,100
$1,100
RENT COMPS ANALYSIS
  • 1730 Fletchers Chapel Road Durham, NC 1
    • 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 1965 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 1965
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,090
    • $0.91
    •  
  • 2421 Loftin Drive Durham, NC 2
    • 3 beds 1 baths ∙ 1,150 Sqft ∙ Built 1957 3 beds 1 baths ∙ 1,150 Sqft ∙ Built 1957
    property image
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,100
    • $0.96
    •  
PROPERTY LISTING DETAILS
Colleen Blatz
1.919.610.1696
Allen Tate/raleigh-falls Neuse
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2353592
Last Updated: 11/14/2020
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