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213 Barnes Street Carrboro, NC 27510

3 Beds 1 Baths 1,014 sqft Built 1967

$289,900

List Price

$1,770

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 11, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1967
  • Price/Sqft : $285.90
  • 4 Days on Market
  • MLS # : 2371566
  • Updated Date : 03/12/2021 at 22:51
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,014 sqft
  • Baths : 1 full
Listing Agent

Coldwell Banker Advantage

Listing Agent's Description

Conveniently located, solidly constructed, cute ranch on a corner lot in Carrboro. Short walk to free bus service, Farmers' Market, grocery stores, but still private. Easy access to HYW 54 and 15/501. Outside tool storage shed. Bring your paintbrush!

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: Lincoln Park

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280kPrice in $93k288k

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

Neighborhood: Lincoln Park

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q29001000110012001300140015001600Rent in $8641684

* 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
Northside Elementary School Primary Unknown 518 39 NA
Mcdougle Middle School Middle Regular 723 57 6
Carrboro High School High Regular 825 56 8

Northside Elementary School

  • Education Level: Primary
  • # of students: 518
  • # of teachers: 39
NA
GreatSchools Rating

Mcdougle Middle School

  • Education Level: Middle
  • # of students: 723
  • # of teachers: 57
6
GreatSchools Rating

Carrboro High School

  • Education Level: High
  • # of students: 825
  • # of teachers: 56
8
GreatSchools Rating
 

$260,910$318,890$289,900

PURCHASE PRICE

$1,593$1,947$1,770

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,770
EXPENSES Loan Payment -$1,007
Property Tax -$387
Property Insurance -$66
Property Management Fees -$119
CASH FLOW
$191

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.

$289,900

PROJECTED PRICE

$1,770

PROJECTED RENT

0.61%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.11%
Appreciation Year (1-5) 4.2%
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$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$82,574

INVESTMENT

$82,574

Down Payment
$72,475
Rehab Estimate
$5,750
Closing Costs
$4,349

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,007

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $72,475
Loan Amount $217,425
See What Happens When You Reinvest Cash Flow

8.58

YEARS SAVED

$33,521

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,770

    LIST RENT
  • $0.87

    LIST RENT PER SQFT
  • $2,170

    COMP ESTIMATED VALUE
  • $1.07

    COMP AVG. RENT PER SQFT
Comps Range
$1,770
1$1,7702$1,9753$2,2004$2,300
$2,300
RENT COMPS ANALYSIS
  • 213 Barnes Street Carrboro, NC 1
    • 3 beds 1 baths ∙ 2,028 Sqft ∙ Built 1967 3 beds 1 baths ∙ 2,028 Sqft ∙ Built 1967
    • Rent
    • Rent Per SQFT
    •  
    • $1,770
    • $0.87
    •  
  • 312 Westbrook Drive Carrboro, NC 2
    • 3 beds 2 baths ∙ 2,040 Sqft ∙ Built 1986 3 beds 2 baths ∙ 2,040 Sqft ∙ Built 1986
    LEASED 07/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,975
    • $0.97
    •  
  • 335 Wesley Drive Chapel Hill, NC 3
    • 3 beds 2 baths ∙ 1,850 Sqft ∙ Built 1968 3 beds 2 baths ∙ 1,850 Sqft ∙ Built 1968
    LEASED 12/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.19
    •  
  • 103 Braswell Place Chapel Hill, NC 4
    • 4 beds 3 baths ∙ 2,186 Sqft ∙ Built 1986 4 beds 3 baths ∙ 2,186 Sqft ∙ Built 1986
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.05
    •  
PROPERTY LISTING DETAILS
Dale Strickland
1.919.971.3576
Coldwell Banker Advantage
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2371566
Last Updated: 03/12/2021
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