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1813 Springhill Drive Burlington, NC 27217

3 Beds 2 Baths 1,404 sqft Built 1964

$212,000

List Price

$1,150

$1K - $1.3K

Rent Est.

PROPERTY INFO

January 02, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1964
  • Price/Sqft : $151.00
  • 2 Days on Market
  • MLS # : 2359758
  • Updated Date : 01/02/2021 at 17:19
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,404 sqft
  • Baths : 1 full , 1 half
Listing Agent

Keller Williams Realty

Listing Agent's Description

Very Impressive! There are so many updates, this home is practically new. New kitchen stainless appliances, new carpet and laminate floors, interior walls replaced and painted. Bathrooms remodeled with new fixtures and custom mirror. new ceiling fans, updated electrical breaker panel box, and window treatments. And that's just the inside. Check out the detached garage/workshop/recreation building with new siding - could be a cool man cave, extra storage building, and newly paved driveway.

SEE MORE

MARKET HIGHLIGHTS

  • #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
  • 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)

PRICE & RENT TRENDS

Neighborhood: Glen Raven

NeighborhoodNIR Market*CityMarket2010Year2000201980k90k100k110k120k130k140k150k160k170kPrice in $79k173k

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

Neighborhood: Glen Raven

NeighborhoodNIR Market*CityMarket2010Year2000 Q32019 Q280085090095010001050110011501200Rent in $7521215

* 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
Elon Elementary School Primary Regular 632 37 4
Western Middle School Middle Regular 858 50 7
Western Alamance High School High Regular 1,233 66 4

Elon Elementary School

  • Education Level: Primary
  • # of students: 632
  • # of teachers: 37
4
GreatSchools Rating

Western Middle School

  • Education Level: Middle
  • # of students: 858
  • # of teachers: 50
7
GreatSchools Rating

Western Alamance High School

  • Education Level: High
  • # of students: 1,233
  • # of teachers: 66
4
GreatSchools Rating
 

$190,800$233,200$212,000

PURCHASE PRICE

$1,035$1,265$1,150

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,150
EXPENSES Loan Payment -$782
Property Tax -$128
Property Insurance -$53
Property Management Fees -$119
CASH FLOW
$68

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$212,000

PROJECTED PRICE

$1,150

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.65%
Appreciation Year (1-5) 2.5%
Maintenance Year (1-5) 8.00%
Vacancy 6.80%
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$12k

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$61,930

INVESTMENT

$61,930

Down Payment
$53,000
Rehab Estimate
$5,750
Closing Costs
$3,180

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$782

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $53,000
Loan Amount $159,000
See What Happens When You Reinvest Cash Flow

6.58

YEARS SAVED

$19,533

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,150

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $1,165

    COMP ESTIMATED VALUE
  • $0.83

    COMP AVG. RENT PER SQFT
Comps Range
$1,150
1$1,1502$1,295
$1,295
RENT COMPS ANALYSIS
  • 1813 Springhill Drive Burlington, NC 1
    • 3 beds 2 baths ∙ 1,404 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,404 Sqft ∙ Built 1964
    • Rent
    • Rent Per SQFT
    •  
    • $1,150
    • $0.82
    •  
  • 245 School Street Burlington, NC 2
    • 3 beds 2 baths ∙ 1,560 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,560 Sqft ∙ Built 1984
    LEASED 07/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.83
    •  
PROPERTY LISTING DETAILS
Joe Baker
1.336.229.9665
Keller Williams Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2359758
Last Updated: 01/02/2021
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