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231 Flemington Road Chapel Hill, NC 27517

3 Beds 2 Baths 1,814 sqft Built 1952

$285,000

List Price

$1,770

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

November 03, 2020 RECENTLY ADDED
FACTS
  • Built In 1952
  • Price/Sqft : $157.11
  • 6 Days on Market
  • MLS # : 2351881
  • Updated Date : 11/04/2020 at 22:10
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,814 sqft
  • Baths : 2 full
Listing Agent

Allen Tate/pittsboro

Listing Agent's Description

Great location in Glen Lennox! Property is part of an estate and being sold as-is. Fantastic opportunity to get a prime location at an affordable price. This 3-bedroom two bath brick ranch can be your new home with great schools and shopping nearby. You are really close to UNC. Also I-40 and 15-501 are close by so you have great transportation linkages to the whole triangle area. This neighborhood is sought after and homes are not available here very often! You will love this location.

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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

Neighborhood: Glen Lennox

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360k380kPrice in $112k389k

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

Neighborhood: Glen Lennox

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q210001100120013001400150016001700180019002000Rent in $9122092

* 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
Glenwood Elementary School Primary Regular 475 31 8
Culbreth Middle School Middle Regular 681 55 6
East Chapel Hill High School High Regular 1,411 85 9

Glenwood Elementary School

  • Education Level: Primary
  • # of students: 475
  • # of teachers: 31
8
GreatSchools Rating

Culbreth Middle School

  • Education Level: Middle
  • # of students: 681
  • # of teachers: 55
6
GreatSchools Rating

East Chapel Hill High School

  • Education Level: High
  • # of students: 1,411
  • # of teachers: 85
9
GreatSchools Rating
 

$256,500$313,500$285,000

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 -$1,052
Property Tax -$416
Property Insurance -$62
Property Management Fees -$159
CASH FLOW
$81

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.

$285,000

PROJECTED PRICE

$1,770

PROJECTED RENT

0.62%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.42%
Appreciation Year (1-5) 2.3%
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$100k$200k$300k$400k$500k$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

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$81,275

INVESTMENT

$81,275

Down Payment
$71,250
Rehab Estimate
$5,750
Closing Costs
$4,275

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,052

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $71,250
Loan Amount $213,750
See What Happens When You Reinvest Cash Flow

4.83

YEARS SAVED

$17,304

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
  • $0.98

    LIST RENT PER SQFT
  • COMP ESTIMATED VALUE
  • COMP AVG. RENT PER SQFT
Comps Range
$1,770
1$1,770
$1,770
RENT COMPS ANALYSIS
  • 231 Flemington Road Chapel Hill, NC
    • 3 beds 2 baths ∙ 1,814 Sqft ∙ Built 1952 3 beds 2 baths ∙ 1,814 Sqft ∙ Built 1952
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,770
    • $0.98
    •  
PROPERTY LISTING DETAILS
Page Thomas
1.919.370.2022
Allen Tate/pittsboro
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2351881
Last Updated: 11/04/2020
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