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2221 Tanners Mill Drive Durham, NC 27703

3 Beds 3 Baths 1,920 sqft Built 2012

$295,000

List Price

$1,640

$1.5K - $1.8K

Rent Est.

$83,925

Investment Est.

AVAILABLE

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AVAILABLE

1 Year
(+4.8%)
1 YR. PROJ. APPRECIATION


Cap Rate	3.6%
Cash Flow	$480
Value Increase	$14,406

10 YEAR

Cash On Cash	-1.5%
Total Return	9.9%

PROPERTY INFO

November 18, 2020 RECENTLY ADDED

FACTS

Single Family
Built In 2012
Price/Sqft : $153.65
7 Days on Market
MLS # : 2353935
Updated Date : 11/21/2020 at 01:57

CONSTRUCTION

Beds : 3
Floor Size : 1,920 sqft
Baths : 2 full , 1 half

Listing Agent

The Prosperous Agency

Listing Agent's Description

Wonderfully maintained home with private, fenced yard and open floor plan. Enjoy the cozy loft upstairs and the natural light throughout the home. New flooring on the 1st floor, new AC('20 and '17), crown molding in bedrooms upstairs, nest security with camera doorbell, smart thermostats and much more. Enjoy plenty of counters to cook your meal, gas stove top and appliances that convey. Top community with pool and very close to Brier Creek/RTP. Bring an offer, close in time for Christmas!

1 of 23 X

MARKET HIGHLIGHTS

Raleigh Market Report

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

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)

Zip Code: 27703

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

Zip Code: 27703

* 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
Neal Magnet Middle School	Middle	Regular	857	60	1
Southern School Of Energy And Sustainability	High	Regular	1,292	90	2

Bethesda Elementary School

Education Level: Primary
# of students: 671
# of teachers: 43

GreatSchools Rating

Neal Magnet Middle School

Education Level: Middle
# of students: 857
# of teachers: 60

GreatSchools Rating

Southern School Of Energy And Sustainability

Education Level: High
# of students: 1,292
# of teachers: 90

GreatSchools Rating

FINANCIALS

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$265,500$324,50000$295,000

PURCHASE PRICE

$1,476$1,80400$1,640

RENT

DOWN PAYMENT

FINANCING

OFF ON

Acquisition Concierge

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PROPERTY

Expense Inflation	%
Vacancy	%
Length of Stay
Expense Inflation	%
Vacancy	%
Length of Stay

YEAR (1-5)

Appreciation	%
Rental Growth	%
Maintenance	%

YEAR (1-5)

Appreciation	%
Rental Growth	%
Maintenance	%

YEAR (6+)

Appreciation	%
Rental Growth	%
Maintenance	%

INVESTMENT

Rehab Costs
Reinvest Cash Flow	Yes No
Interest Rate	%

INVESTMENT

Rehab Costs
Reinvest Cash Flow	Yes No
Interest Rate	%

Learn how to read this

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME	Rent	$1,640
EXPENSES	Loan Payment	-$1,088
	Property Tax	-$256
	Property Insurance	-$64
	HOA	-$44
	Property Management Fees	-$148



CASH FLOW $40

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.

$295,000

PROJECTED PRICE

$1,640

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS
Expense Inflation	2.50%
Rental Growth Year (1-5)	4.11%
Appreciation Year (1-5)	4.8%
Maintenance Year (1-5)	8.00%
Vacancy	8.54%
Length of Stay Years	2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

Cash Flow
Appreciation
Principal

PROJECTED ANNUAL CASH FLOW

Tenant Turnover

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

Appreciation
Principal
Loan Balance

TOTAL CASH OUT OF POCKET

INVESTMENT

$83,925

Down Payment	$73,750
Rehab Estimate	$5,750
Closing Costs	$4,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,088

MONTHLY LOAN PAYMENT

30 yr

4.25%

25.00%

Down Payment

Term	30 Years
Interest	4.25%
Down Payment	$73,750
Loan Amount	$221,250

See What Happens When You Reinvest Cash Flow

5.33

YEARS SAVED

$20,038

INTEREST SAVED

CASH FLOW REINVESTMENT

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

$1,640
LIST RENT
$0.85
LIST RENT PER SQFT

$1,646
COMP ESTIMATED VALUE
$0.86
COMP AVG. RENT PER SQFT

Comps Range

$1,395

1$1,3952$1,4503$1,6404$1,6505$1,695

$1,695

RENT COMPS ANALYSIS

1,920
PROPERTY SQFT
$0.86
AVG RENT PER SQFT
$1,646
ESTIMATED VALUE
$1,640
LIST RENT

2221 Tanners Mill Drive Durham, NC 5

3 beds 3 baths ∙ 1,920 Sqft ∙ Built 2012 3 beds 3 baths ∙ 1,920 Sqft ∙ Built 2012
Price

Price Per SQFT

$295,000

$153.65
2001 October Drive Durham, NC 1

3 beds 3 baths ∙ 2,016 Sqft ∙ Built 2013 3 beds 3 baths ∙ 2,016 Sqft ∙ Built 2013
SOLD 02/24/20
Price

Price Per SQFT

$268,500

$133.18
2056 Tanners Mill Drive Durham, NC 2

3 beds 3 baths ∙ 1,992 Sqft ∙ Built 2015 3 beds 3 baths ∙ 1,992 Sqft ∙ Built 2015
SOLD 03/17/20
Price

Price Per SQFT

$272,500

$136.80
2062 October Drive Durham, NC 3

3 beds 3 baths ∙ 1,923 Sqft ∙ Built 2015 3 beds 3 baths ∙ 1,923 Sqft ∙ Built 2015
SOLD 09/10/20
Price

Price Per SQFT

$275,000

$143.01
2092 Tanners Mill Drive Durham, NC 4

3 beds 3 baths ∙ 2,013 Sqft ∙ Built 2013 3 beds 3 baths ∙ 2,013 Sqft ∙ Built 2013
SOLD 03/31/20
Price

Price Per SQFT

$276,000

$137.11

2221 Tanners Mill Drive Durham, NC 3

3 beds 3 baths ∙ 1,920 Sqft ∙ Built 2012 3 beds 3 baths ∙ 1,920 Sqft ∙ Built 2012
Rent

Rent Per SQFT

$1,640

$0.85
108 Citrine Court Durham, NC 1

3 beds 3 baths ∙ 1,641 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,641 Sqft ∙ Built 2007
LEASED 10/19/20
Rent

Rent Per SQFT

$1,395

$0.85
908 Reedy Way Durham, NC 2

3 beds 3 baths ∙ 1,635 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,635 Sqft ∙ Built 2007
LEASED 09/06/20
Rent

Rent Per SQFT

$1,450

$0.89
704 Bellmeade Bay Drive Durham, NC 4

3 beds 3 baths ∙ 1,874 Sqft ∙ Built 1998 3 beds 3 baths ∙ 1,874 Sqft ∙ Built 1998
LEASED 07/29/20
Rent

Rent Per SQFT

$1,650

$0.88
905 Reedy Way Durham, NC 5

4 beds 3 baths ∙ 2,080 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,080 Sqft ∙ Built 2006
LEASED 10/30/20
Rent

Rent Per SQFT

$1,695

$0.81

PROPERTY LISTING DETAILS

Yoana Nin
1.919.348.7303
The Prosperous Agency

Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317

Triangle Multiple Listing Service ( TMLS)
MLS #: 2353935
Last Updated: 11/21/2020

2221 Tanners Mill Drive Durham, NC 27703

$295,000

$1,640

$83,925

REQUEST INFO

PROPERTY INFO

FACTS

CONSTRUCTION

Listing Agent

Listing Agent's Description

MARKET HIGHLIGHTS

PRICE & RENT TRENDS

SCHOOLS

Bethesda Elementary School

Neal Magnet Middle School

Southern School Of Energy And Sustainability

FINANCIALS

$265,500$324,50000$295,000

$1,476$1,80400$1,640

Acquisition Concierge

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

$295,000

$1,640

0.56%

PROJECTED ACCUMULATED WEALTH

PROJECTED ANNUAL CASH FLOW

PROJECTED PROPERTY VALUE

TOTAL CASH OUT OF POCKET

INVESTMENT

LOAN DETAILS

25%

$1,088

5.33

$20,038

$295,000

$153.65

$264,048

$137.53

COMPS RANGE

PRICE COMPS ANALYSIS

$1,640

$0.85

$1,646

$0.86

Comps Range

RENT COMPS ANALYSIS

PROPERTY LISTING DETAILS