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2206 S Alston Avenue Durham, NC 27707

4 Beds 2 Baths 1,445 sqft Built 1960

$254,999

List Price

$1,370

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 24, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1960
  • Price/Sqft : $176.47
  • 6 Days on Market
  • MLS # : 2368419
  • Updated Date : 02/24/2021 at 00:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,445 sqft
  • Baths : 2 full
Listing Agent

Howard Perry & Walston Realty

Listing Agent's Description

Cozy ranch in South Durham on spacious .541 acre lot. Remodeled open kitchen with island. Home offers 4 bdrms and 2 full baths. Flex space currently being used as the master bedroom is 130 square feet and is unpermitted. Don't miss the 10x16 detached storage unit. Conveniently located off S. Alston Avenue, close to RTP, NCCU, and Downtown Durham. Property to convey in "AS IS" condition. Seller will make no repairs.

SEE MORE

MARKET HIGHLIGHTS

  • #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)
  • 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

PRICE & RENT TRENDS

Zip Code: 27707

ZipNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $98k274k

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

Zip Code: 27707

ZipNIR Market*CityMarket2010Year2000 Q22019 Q2900950100010501100115012001250130013501400145015001550Rent in $8591564

* 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
 

$229,499$280,499$254,999

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 -$886
Property Tax -$221
Property Insurance -$55
Property Management Fees -$119
CASH FLOW
$89

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.

$254,999

PROJECTED PRICE

$1,370

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.11%
Appreciation Year (1-5) 3.6%
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$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$73,325

INVESTMENT

$73,325

Down Payment
$63,750
Rehab Estimate
$5,750
Closing Costs
$3,825

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$886

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $63,750
Loan Amount $191,249
See What Happens When You Reinvest Cash Flow

7.42

YEARS SAVED

$23,691

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
  • $0.95

    LIST RENT PER SQFT
  • $1,539

    COMP ESTIMATED VALUE
  • $1.07

    COMP AVG. RENT PER SQFT
Comps Range
$1,295
1$1,2952$1,2953$1,370
$1,370
RENT COMPS ANALYSIS
  • 2206 S Alston Avenue Durham, NC 3
    • 4 beds 2 baths ∙ 1,445 Sqft ∙ Built 1960 4 beds 2 baths ∙ 1,445 Sqft ∙ Built 1960
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,370
    • $0.95
    •  
  • 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
    •  
  • 1305 Bacon Street Durham, NC 2
    • 3 beds 2 baths ∙ 1,190 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,190 Sqft ∙ Built 1972
    property image
    LEASED 08/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $1.09
    •  
PROPERTY LISTING DETAILS
Shaylyn Toney
Howard Perry & Walston Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2368419
Last Updated: 02/24/2021
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