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1914 Athens Avenue Durham, NC 27707

3 Beds 2 Baths 1,278 sqft Built 1977

$225,000

List Price

$1,290

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

February 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1977
  • Price/Sqft : $176.06
  • 3 Days on Market
  • MLS # : 2366678
  • Updated Date : 02/14/2021 at 02:47
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,278 sqft
  • Baths : 1 full , 1 half
Listing Agent

Grow Local Realty Llc

Listing Agent's Description

Completely updated-this 3 bed, 1.5 bath brick ranch is move-in ready. Roof, hot water heater, & HVAC replaced in 2020. Updated windows. New cabinets,tile floor,tile backsplash,granite counters. Stainless appliances in the kitchen. Fresh paint throughout w/smooth ceilings. Large bedrooms. Tile flooring in both baths.Tiled shower.Laminate flooring.Partial fenced in yard with patio. Close to university,hospitals, & shopping.

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

Neighborhood: Bryant Heights

NeighborhoodNIR Market*CityMarket2010Year2000201960k80k100k120k140k160k180k200k220k240k260kPrice in $47k274k

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

Neighborhood: Bryant Heights

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2700800900100011001200130014001500Rent in $6661518

* 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
Bethesda Elementary School Primary Regular 671 43 3
Lowe's Grove Magnet Middle School Middle Regular 708 47 3
Hillside High School High Regular 1,318 91 4

Bethesda Elementary School

  • Education Level: Primary
  • # of students: 671
  • # of teachers: 43
3
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
 

$202,500$247,500$225,000

PURCHASE PRICE

$1,161$1,419$1,290

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,290
EXPENSES Loan Payment -$782
Property Tax -$195
Property Insurance -$52
Property Management Fees -$119
CASH FLOW
$143

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.

$225,000

PROJECTED PRICE

$1,290

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.28%
Appreciation Year (1-5) 3.6%
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$100k$200k$300k$400k$500k$600k$700k

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$65,375

INVESTMENT

$65,375

Down Payment
$56,250
Rehab Estimate
$5,750
Closing Costs
$3,375

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
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $56,250
Loan Amount $168,750
See What Happens When You Reinvest Cash Flow

9.08

YEARS SAVED

$27,878

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,290

    LIST RENT
  • $1.01

    LIST RENT PER SQFT
  • $1,355

    COMP ESTIMATED VALUE
  • $1.06

    COMP AVG. RENT PER SQFT
Comps Range
$1,290
1$1,2902$1,2953$1,2954$1,350
$1,350
RENT COMPS ANALYSIS
  • 1914 Athens Avenue Durham, NC 1
    • 3 beds 2 baths ∙ 1,278 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,278 Sqft ∙ Built 1977
    • Rent
    • Rent Per SQFT
    •  
    • $1,290
    • $1.01
    •  
  • 2317 Curtis Street Durham, NC 2
    • 4 beds 2 baths ∙ 1,251 Sqft ∙ Built 1971 4 beds 2 baths ∙ 1,251 Sqft ∙ Built 1971
    LEASED 01/27/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $1.04
    •  
  • 1305 Bacon Street Durham, NC 3
    • 3 beds 2 baths ∙ 1,190 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,190 Sqft ∙ Built 1972
    LEASED 08/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $1.09
    •  
  • 1315 Hearthside Street Durham, NC 4
    • 4 beds 3 baths ∙ 1,280 Sqft ∙ Built 1969 4 beds 3 baths ∙ 1,280 Sqft ∙ Built 1969
    LEASED 08/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $1.05
    •  
PROPERTY LISTING DETAILS
Kim Pendergrass
1.252.432.5691
Grow Local Realty Llc
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2366678
Last Updated: 02/14/2021
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