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

2029 Lime Street Durham, NC 27704

3 Beds 2 Baths 1,120 sqft Built 2004

$152,000

List Price

$1,240

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

February 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2004
  • Price/Sqft : $135.71
  • 2 Days on Market
  • MLS # : 2365495
  • Updated Date : 02/06/2021 at 21:30
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,120 sqft
  • Baths : 1 full , 1 half
Listing Agent

Coldwell Banker Advantage

Listing Agent's Description

Investor Special...Just a little TLC required to restore this home back to its 2004 Glory.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • #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

PRICE & RENT TRENDS

Neighborhood: Northeast Durham

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260kPrice in $61k274k

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

Neighborhood: Northeast Durham

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2800900100011001200130014001500Rent in $7261518

* 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
Glenn Elementary School Primary Regular 644 46 1
Neal Magnet Middle School Middle Regular 857 60 1
Southern School Of Energy And Sustainability High Regular 1,292 90 2

Glenn Elementary School

  • Education Level: Primary
  • # of students: 644
  • # of teachers: 46
1
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
 

$136,800$167,200$152,000

PURCHASE PRICE

$1,116$1,364$1,240

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,240
EXPENSES Loan Payment -$528
Property Tax -$132
Property Insurance -$49
HOA -$14
Property Management Fees -$119
CASH FLOW
$399

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.

$152,000

PROJECTED PRICE

$1,240

PROJECTED RENT

0.82%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.28%
Appreciation Year (1-5) 6.0%
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$18k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$46,030

INVESTMENT

$46,030

Down Payment
$38,000
Rehab Estimate
$5,750
Closing Costs
$2,280

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$528

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $38,000
Loan Amount $114,000
See What Happens When You Reinvest Cash Flow

16.25

YEARS SAVED

$41,056

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,240

    LIST RENT
  • $1.11

    LIST RENT PER SQFT
  • $1,084

    COMP ESTIMATED VALUE
  • $0.97

    COMP AVG. RENT PER SQFT
Comps Range
$1,145
1$1,1452$1,2403$1,2504$1,3755$1,395
$1,395
RENT COMPS ANALYSIS
  • 2029 Lime Street Durham, NC 2
    • 3 beds 2 baths ∙ 1,120 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,120 Sqft ∙ Built 2004
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,240
    • $1.11
    •  
  • 2416 Sundial Circle Durham, NC 1
    • 3 beds 2 baths ∙ 1,232 Sqft ∙ Built 1994 3 beds 2 baths ∙ 1,232 Sqft ∙ Built 1994
    property image
    LEASED 01/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,145
    • $0.93
    •  
  • 2503 Mahala Drive Durham, NC 3
    • 3 beds 2 baths ∙ 1,352 Sqft ∙ Built 1992 3 beds 2 baths ∙ 1,352 Sqft ∙ Built 1992
    property image
    LEASED 12/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.92
    •  
  • 2521 Dovetail Drive Durham, NC 4
    • 3 beds 3 baths ∙ 1,392 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,392 Sqft ∙ Built 2002
    property image
    LEASED 06/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $0.99
    •  
  • 2028 Lime Street Durham, NC 5
    • 3 beds 3 baths ∙ 1,360 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,360 Sqft ∙ Built 2004
    property image
    LEASED 08/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $1.03
    •  
PROPERTY LISTING DETAILS
Keisha Robinson
1.973.856.3032
Coldwell Banker Advantage
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2365495
Last Updated: 02/06/2021
BESbswy