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231 Pineview Road Durham, NC 27707

3 Beds 2 Baths 1,264 sqft Built 1984

$298,900

List Price

$1,400

$1.3K - $1.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
YES TENANTED
March 04, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1984
  • Price/Sqft : $236.47
  • 4 Days on Market
  • MLS # : 2370100
  • Updated Date : 03/04/2021 at 21:16
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,264 sqft
  • Baths : 2 full
Listing Agent

Howard Perry & Walston Realtor

Listing Agent's Description

Charming Cape Cod Cottage on a Cul-de-sac! Nice Deck & Private Natural Yard! Great Shed For Storage! Wonderful Built-ins In The Living Room. Open Floor Plan! A Rustic Touch with Wood Ceilings! Kitchen Features Stainless Steel Appliances, Gas Range & Granite Countertops. Large Bedroom on Main Level. Two Additional Bedrooms Upstairs! Walk In Cedar Closets. Minutes from Duke University! Close and Convenient to Shopping & Downtown! Quick Commute to UNC & RDU! This Charmer Won't Last! Showings start Saturday!

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

Neighborhood: Rockwood

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280kPrice in $98k287k

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

Neighborhood: Rockwood

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q290010001100120013001400150016001700Rent in $8591735

* 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
Lakewood Elementary School Primary Regular 482 37 1
Sherwood Githens Middle School Middle Regular 1,011 62 5
Charles E. Jordan High School High Regular 1,848 107 4

Lakewood Elementary School

  • Education Level: Primary
  • # of students: 482
  • # of teachers: 37
1
GreatSchools Rating

Sherwood Githens Middle School

  • Education Level: Middle
  • # of students: 1,011
  • # of teachers: 62
5
GreatSchools Rating

Charles E. Jordan High School

  • Education Level: High
  • # of students: 1,848
  • # of teachers: 107
4
GreatSchools Rating
 

$269,010$328,790$298,900

PURCHASE PRICE

$1,260$1,540$1,400

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,400
EXPENSES Loan Payment -$1,038
Property Tax -$259
Property Insurance -$51
Property Management Fees -$119
CASH FLOW
-$68

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.

$298,900

PROJECTED PRICE

$1,400

PROJECTED RENT

0.47%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.11%
Appreciation Year (1-5) 7.3%
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$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$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$200k$400k$600k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$84,959

INVESTMENT

$84,959

Down Payment
$74,725
Rehab Estimate
$5,750
Closing Costs
$4,484

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,038

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $74,725
Loan Amount $224,175
See What Happens When You Reinvest Cash Flow

4.5

YEARS SAVED

$12,963

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,400

    LIST RENT
  • $1.11

    LIST RENT PER SQFT
  • $1,394

    COMP ESTIMATED VALUE
  • $1.1

    COMP AVG. RENT PER SQFT
Comps Range
$1,300
1$1,3002$1,4003$1,4154$1,5055$1,549
$1,549
RENT COMPS ANALYSIS
  • 231 Pineview Road Durham, NC 2
    • 3 beds 2 baths ∙ 1,264 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,264 Sqft ∙ Built 1984
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $1.11
    •  
  • 2825 S Roxboro Street Durham, NC 1
    • 3 beds 1 baths ∙ 1,107 Sqft ∙ Built 1978 3 beds 1 baths ∙ 1,107 Sqft ∙ Built 1978
    property image
    LEASED 12/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $1.17
    •  
  • 1009 Moreland Avenue Durham, NC 3
    • 3 beds 2 baths ∙ 1,379 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,379 Sqft ∙ Built 2003
    property image
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,415
    • $1.03
    •  
  • 3302 Lassiter Street Durham, NC 4
    • 3 beds 2 baths ∙ 1,344 Sqft ∙ Built 1987 3 beds 2 baths ∙ 1,344 Sqft ∙ Built 1987
    property image
    LEASED 02/22/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,505
    • $1.12
    •  
  • 1601 Anderson Street Durham, NC 5
    • 3 beds 3 baths ∙ 1,416 Sqft ∙ Built 1990 3 beds 3 baths ∙ 1,416 Sqft ∙ Built 1990
    property image
    LEASED 02/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,549
    • $1.09
    •  
PROPERTY LISTING DETAILS
Armand Lenchek
1.919.913.2627
Howard Perry & Walston Realtor
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2370100
Last Updated: 03/04/2021
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