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201 W Cornwallis Road Durham, NC 27707

3 Beds 2 Baths 1,344 sqft Built 1986

$205,000

List Price

$1,370

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
SINGLE-FAMILY
March 05, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1986
  • Price/Sqft : $152.53
  • 3 Days on Market
  • MLS # : 2370329
  • Updated Date : 03/06/2021 at 02:02
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,344 sqft
  • Baths : 2 full
Listing Agent

Flex Realty

Listing Agent's Description

**OFFER DEADLINE 10:00 PM SATURDAY 3/6/21** Discover this lovely home with fully fenced back yard and an open floor plan that leads to a separate kitchen with passthrough and lots of counter space. Retreat to the first floor owners suite or head upstairs to find two more bedrooms and another full bath. New HVAC in 2015. New roof covering, exterior paint, and Premium Laminate Flooring 2018. Trim, family room, kitchen, and first floor bedroom freshly painted. AT&T fiber connected to the house!

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

Neighborhood: Hope Valley

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $106k303k

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

Neighborhood: Hope Valley

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q290010001100120013001400150016001700Rent in $8591762

* 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
Lakewood Elementary School Primary Regular 482 37 1
Sherwood Githens Middle School Middle Regular 1,011 62 5
Charles E. Jordan High School High Regular 1,848 107 4

Lakewood Elementary School

  • Education Level: Primary
  • # of students: 482
  • # of teachers: 37
1
GreatSchools Rating

Sherwood Githens Middle School

  • Education Level: Middle
  • # of students: 1,011
  • # of teachers: 62
5
GreatSchools Rating

Charles E. Jordan High School

  • Education Level: High
  • # of students: 1,848
  • # of teachers: 107
4
GreatSchools Rating
 

$184,500$225,500$205,000

PURCHASE PRICE

$1,233$1,507$1,370

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,370
EXPENSES Loan Payment -$712
Property Tax -$225
Property Insurance -$53
Property Management Fees -$119
CASH FLOW
$261

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.

$205,000

PROJECTED PRICE

$1,370

PROJECTED RENT

0.67%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.42%
Appreciation Year (1-5) 5.2%
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$100k$200k$300k$400k$500k$600k$700k$800k

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$60,075

INVESTMENT

$60,075

Down Payment
$51,250
Rehab Estimate
$5,750
Closing Costs
$3,075

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$712

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $51,250
Loan Amount $153,750
See What Happens When You Reinvest Cash Flow

11.08

YEARS SAVED

$34,238

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,370

    LIST RENT
  • $1.02

    LIST RENT PER SQFT
  • $1,485

    COMP ESTIMATED VALUE
  • $1.11

    COMP AVG. RENT PER SQFT
Comps Range
$1,295
1$1,2952$1,3003$1,3704$1,5055$1,549
$1,549
RENT COMPS ANALYSIS
  • 201 W Cornwallis Road Durham, NC 3
    • 3 beds 2 baths ∙ 1,344 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,344 Sqft ∙ Built 1986
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,370
    • $1.02
    •  
  • 2317 Curtis Street Durham, NC 1
    • 4 beds 2 baths ∙ 1,251 Sqft ∙ Built 1971 4 beds 2 baths ∙ 1,251 Sqft ∙ Built 1971
    property image
    LEASED 01/27/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $1.04
    •  
  • 2825 S Roxboro Street Durham, NC 2
    • 3 beds 1 baths ∙ 1,107 Sqft ∙ Built 1978 3 beds 1 baths ∙ 1,107 Sqft ∙ Built 1978
    property image
    LEASED 12/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $1.17
    •  
  • 3302 Lassiter Street Durham, NC 4
    • 3 beds 2 baths ∙ 1,344 Sqft ∙ Built 1987 3 beds 2 baths ∙ 1,344 Sqft ∙ Built 1987
    property image
    LEASED 02/22/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,505
    • $1.12
    •  
  • 1601 Anderson Street Durham, NC 5
    • 3 beds 3 baths ∙ 1,416 Sqft ∙ Built 1990 3 beds 3 baths ∙ 1,416 Sqft ∙ Built 1990
    property image
    LEASED 02/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,549
    • $1.09
    •  
PROPERTY LISTING DETAILS
Octavius Smiley-humphries
1.404.423.6386
Flex Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2370329
Last Updated: 03/06/2021
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