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215 Chestnut Oak Place Durham, NC 27704

3 Beds 3 Baths 2,061 sqft Built 2017

$299,900

List Price

$1,560

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

February 10, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2017
  • Price/Sqft : $145.51
  • 5 Days on Market
  • MLS # : 2366085
  • Updated Date : 02/13/2021 at 14:44
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,061 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Realty United

Listing Agent's Description

This is the ONE! Nicely maintained, 2017 build w/ one owner. Main level features all luxury vinyl plank flooring, office w/ french doors, walk-in pantry, beautiful chair rail molding & there's lots of natural light to enjoy. On the second level is a large loft space, walk-in laundry room, spacious primary bedroom, separate tub & shower & large walk-in closet through bathroom. In the backyard, you have a patio w/ peaceful view of HOA maintained pond & you're a short walk away from the new playground.

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

Zip Code: 27704

ZipNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260kPrice in $61k274k

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

Zip Code: 27704

ZipNIR 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
Merrick-moore Elementary School Primary Regular 704 46 3
Neal Magnet Middle School Middle Regular 857 60 1
Southern School Of Energy And Sustainability High Regular 1,292 90 2

Merrick-moore Elementary School

  • Education Level: Primary
  • # of students: 704
  • # of teachers: 46
3
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
 

$269,910$329,890$299,900

PURCHASE PRICE

$1,404$1,716$1,560

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,560
EXPENSES Loan Payment -$1,042
Property Tax -$260
Property Insurance -$67
HOA -$42
Property Management Fees -$119
CASH FLOW
$31

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.

$299,900

PROJECTED PRICE

$1,560

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.28%
Appreciation Year (1-5) 6.7%
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$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$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$200k$400k$600k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$85,224

INVESTMENT

$85,224

Down Payment
$74,975
Rehab Estimate
$5,750
Closing Costs
$4,499

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,042

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $74,975
Loan Amount $224,925
See What Happens When You Reinvest Cash Flow

6.33

YEARS SAVED

$21,183

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,560

    LIST RENT
  • $0.76

    LIST RENT PER SQFT
  • $1,664

    COMP ESTIMATED VALUE
  • $0.81

    COMP AVG. RENT PER SQFT
Comps Range
$1,560
1$1,5602$1,5753$1,5954$1,7505$1,795
$1,795
RENT COMPS ANALYSIS
  • 215 Chestnut Oak Place Durham, NC 1
    • 3 beds 3 baths ∙ 2,061 Sqft ∙ Built 2017 3 beds 3 baths ∙ 2,061 Sqft ∙ Built 2017
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,560
    • $0.76
    •  
  • 1108 Homecoming Way Durham, NC 2
    • 3 beds 3 baths ∙ 1,896 Sqft ∙ Built 2019 3 beds 3 baths ∙ 1,896 Sqft ∙ Built 2019
    property image
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $0.83
    •  
  • 1102 Homecoming Way Durham, NC 3
    • 4 beds 3 baths ∙ 1,920 Sqft ∙ Built 2019 4 beds 3 baths ∙ 1,920 Sqft ∙ Built 2019
    property image
    LEASED 09/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.83
    •  
  • 3521 Mountain Brook Circle Durham, NC 4
    • 4 beds 3 baths ∙ 2,392 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,392 Sqft ∙ Built 2007
    property image
    LEASED 12/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.73
    •  
  • 1139 Sweet Cream Court Durham, NC 5
    • 4 beds 3 baths ∙ 2,134 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,134 Sqft ∙ Built 2020
    property image
    LEASED 10/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.84
    •  
PROPERTY LISTING DETAILS
Erika Luster
1.205.561.9220
Keller Williams Realty United
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2366085
Last Updated: 02/13/2021
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