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2317 Charlotte Street Durham, NC 27705

3 Beds 2 Baths 1,395 sqft Built 1957

INVESTimate

$200,000

List Price

$1,410

$1,269 - $1,551

Rent Est.

$214,480  ( +7.24%)   1 YR EST. FORECAST

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
August 24, 2020 RECENTLY ADDED
FACTS
  • Built In 1957
  • Price/Sqft : $143.37
  • 3 Days on Market
  • MLS # : 2338922
  • Updated Date : 08/24/2020 at 19:25
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,395 sqft
  • Baths : 2 full
Listing Agent

Weichert, Realtors- Mark Thomas Properties

Listing Agent's Description

Location, Location, Location, This classic 1950's brick ranch has unlimited possibilities for a do it yourself homeowner or a renovator. This home is an estate property being sold as-is. Large carport with wired storage/workshop attached at the rear. Gas Logs in the fire place. Hardwoods in two of the bedrooms and likely under the carpeting in L/R and D/R, but that is not confirmed. Large unfinished basement. Detached shed is in poor condition. Great opportunity to make this home just like you want it.

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Omah Street

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260kPrice in $61k274k

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

Neighborhood: Omah Street

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2600700800900100011001200130014001500Rent in $5591518

* 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
Hillandale Elementary School Primary Regular 684 45 4
Brogden Middle School Middle Regular 638 45 2
Riverside High School High Regular 1,811 106 4

Hillandale Elementary School

  • Education Level: Primary
  • # of students: 684
  • # of teachers: 45
4
GreatSchools Rating

Brogden Middle School

  • Education Level: Middle
  • # of students: 638
  • # of teachers: 45
2
GreatSchools Rating

Riverside High School

  • Education Level: High
  • # of students: 1,811
  • # of teachers: 106
4
GreatSchools Rating
 

$180,000$220,000$200,000

PURCHASE PRICE

$1,269$1,551$1,410

RENT

DOWN PAYMENT
FINANCING

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,410
EXPENSES Loan Payment -$738
Property Tax -$235
Property Insurance -$54
Property Management Fees -$127
CASH FLOW
$256

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.

$200,000

PROJECTED PRICE

$1,410

PROJECTED RENT

0.71%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.28%
Appreciation Year (1-5) 7.24%
Maintenance Year (1-5) 8.00%
Vacancy 8.55%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$58,750

INVESTMENT

$58,750

Down Payment
$50,000
Rehab Estimate
$5,750
Closing Costs
$3,000

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$738

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $50,000
Loan Amount $150,000
See What Happens When You Reinvest Cash Flow

11

YEARS SAVED

$38,785

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,410

    LIST RENT
  • $1.01

    LIST RENT PER SQFT
  • $1,412

    COMP ESTIMATED VALUE
  • $1.01

    COMP AVG. RENT PER SQFT
Comps Range
$1,395
1$1,3952$1,4003$1,4104$1,5505$1,600
$1,600
RENT COMPS ANALYSIS
  • 2317 Charlotte Street Durham, 3
    • 3 beds 2 baths ∙ 1,395 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,395 Sqft ∙ Built 1957
    • Rent
    • Rent Per SQFT
    •  
    • $1,410
    • $1.01
    •  
  • 4105 Casa Street Durham, 1
    • 3 beds 2 baths ∙ 1,238 Sqft ∙ Built 1971 3 beds 2 baths ∙ 1,238 Sqft ∙ Built 1971
    LEASED 03/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $1.13
    •  
  • 2703 Broad Street Durham, 2
    • 3 beds 1 baths ∙ 1,402 Sqft ∙ Built 1957 3 beds 1 baths ∙ 1,402 Sqft ∙ Built 1957
    LEASED 08/08/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $1.00
    •  
  • 3006 Omah Street Durham, 4
    • 4 beds 2 baths ∙ 1,626 Sqft ∙ Built 1976 4 beds 2 baths ∙ 1,626 Sqft ∙ Built 1976
    LEASED 04/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.95
    •  
  • 3025 Alabama Avenue Durham, 5
    • 3 beds 2 baths ∙ 1,644 Sqft ∙ Built 1974 3 beds 2 baths ∙ 1,644 Sqft ∙ Built 1974
    LEASED 07/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.97
    •  
PROPERTY LISTING DETAILS
Paul Silverman
1.919.368.4802
Weichert, Realtors- Mark Thomas Properties
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2338922
Last Updated: 08/24/2020
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