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223 Crestview Drive Durham, NC 27712

3 Beds 3 Baths 1,811 sqft Built 1997

$268,500

List Price

$1,630

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

November 10, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1997
  • Price/Sqft : $148.26
  • 6 Days on Market
  • MLS # : 2353030
  • Updated Date : 11/10/2020 at 19:26
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,811 sqft
  • Baths : 2 full , 1 half
Listing Agent

Mark Spain Real Estate

Listing Agent's Description

Great 2 story home on huge lot in Northern Durham established neighborhood. Close to Downtown Durham, this home has updates throughout! Beautiful masonry fireplace in family room2 car attached garage. Very mature landscaping. This won’t last!

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

Zip Code: 27712

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $106k303k

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

Zip Code: 27712

ZipNIR Market*CityMarket2010Year2000 Q22019 Q290010001100120013001400150016001700Rent in $8591734

* 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
Eno Valley Elementary School Primary Regular 592 43 2
Carrington Middle School Middle Regular 1,094 72 4
Northern High School High Regular 1,448 83 3

Eno Valley Elementary School

  • Education Level: Primary
  • # of students: 592
  • # of teachers: 43
2
GreatSchools Rating

Carrington Middle School

  • Education Level: Middle
  • # of students: 1,094
  • # of teachers: 72
4
GreatSchools Rating

Northern High School

  • Education Level: High
  • # of students: 1,448
  • # of teachers: 83
3
GreatSchools Rating
 

$241,650$295,350$268,500

PURCHASE PRICE

$1,467$1,793$1,630

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,630
EXPENSES Loan Payment -$991
Property Tax -$233
Property Insurance -$62
Property Management Fees -$147
CASH FLOW
$198

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.

$268,500

PROJECTED PRICE

$1,630

PROJECTED RENT

0.61%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.42%
Appreciation Year (1-5) 5.3%
Maintenance Year (1-5) 8.00%
Vacancy 8.51%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$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$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$76,903

INVESTMENT

$76,903

Down Payment
$67,125
Rehab Estimate
$5,750
Closing Costs
$4,028

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$991

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $67,125
Loan Amount $201,375
See What Happens When You Reinvest Cash Flow

7.67

YEARS SAVED

$31,998

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,630

    LIST RENT
  • $0.9

    LIST RENT PER SQFT
  • $1,877

    COMP ESTIMATED VALUE
  • $1.04

    COMP AVG. RENT PER SQFT
Comps Range
$1,500
1$1,5002$1,5953$1,6004$1,630
$1,630
RENT COMPS ANALYSIS
  • 223 Crestview Drive Durham, NC 4
    • 3 beds 3 baths ∙ 1,811 Sqft ∙ Built 1997 3 beds 3 baths ∙ 1,811 Sqft ∙ Built 1997
    • Rent
    • Rent Per SQFT
    •  
    • $1,630
    • $0.90
    •  
  • 821 Woodside Park Lane Durham, NC 1
    • 3 beds 3 baths ∙ 1,500 Sqft ∙ Built 2009 3 beds 3 baths ∙ 1,500 Sqft ∙ Built 2009
    LEASED 08/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $1.00
    •  
  • 20 Garden Hills Court Durham, NC 2
    • 3 beds 3 baths ∙ 1,566 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,566 Sqft ∙ Built 2002
    LEASED 08/12/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $1.02
    •  
  • 4112 Lazyriver Lane Durham, NC 3
    • 3 beds 3 baths ∙ 1,464 Sqft ∙ Built 1988 3 beds 3 baths ∙ 1,464 Sqft ∙ Built 1988
    LEASED 03/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.09
    •  
PROPERTY LISTING DETAILS
Amy Hiott
1.919.395.0220
Mark Spain Real Estate
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2353030
Last Updated: 11/10/2020
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