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2404 Cynthia Drive Durham, NC 27704

3 Beds 3 Baths 1,574 sqft Built 1989

$201,000

List Price

$1,430

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

November 07, 2020 RECENTLY ADDED
FACTS
  • Built In 1989
  • Price/Sqft : $127.70
  • 3 Days on Market
  • MLS # : 2352632
  • Updated Date : 11/08/2020 at 00:58
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,574 sqft
  • Baths : 2 full , 1 half
Listing Agent

Right Time Realty

Listing Agent's Description

MULTIPLE OFFERS HIGHEST & BEST BY SUNDAY 7PM Feel the coziness and comfort of this adorable home. Master bedroom on the main level. Master Bathroom with dual vanities, separate shower/garden tub. Brick mason fireplace in Family Room. Bright Eat in Kitchen w/ French Doors that lead to nice sized deck and large fenced in backyard. Upstairs-2 bedrooms/2 baths and a Loft area with skylight- perfect for home office. No vacuum cleaner needed! Floors are vinyl planking and ceramic. NEW ROOF NEW HVAC .

SEE MORE

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: Milan Woods

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $92k274k

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

Neighborhood: Milan Woods

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q290095010001050110011501200125013001350140014501500Rent in $8591518

* 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
Merrick-moore Elementary School Primary Regular 704 46 3
Neal Magnet Middle School Middle Regular 857 60 1
Southern School Of Energy And Sustainability High Regular 1,292 90 2

Merrick-moore Elementary School

  • Education Level: Primary
  • # of students: 704
  • # of teachers: 46
3
GreatSchools Rating

Neal Magnet Middle School

  • Education Level: Middle
  • # of students: 857
  • # of teachers: 60
1
GreatSchools Rating

Southern School Of Energy And Sustainability

  • Education Level: High
  • # of students: 1,292
  • # of teachers: 90
2
GreatSchools Rating
 

$180,900$221,100$201,000

PURCHASE PRICE

$1,287$1,573$1,430

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,430
EXPENSES Loan Payment -$742
Property Tax -$180
Property Insurance -$57
HOA -$12
Property Management Fees -$129
CASH FLOW
$310

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.

$201,000

PROJECTED PRICE

$1,430

PROJECTED RENT

0.71%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.11%
Appreciation Year (1-5) 6.7%
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$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$18k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$59,015

INVESTMENT

$59,015

Down Payment
$50,250
Rehab Estimate
$5,750
Closing Costs
$3,015

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$742

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $50,250
Loan Amount $150,750
See What Happens When You Reinvest Cash Flow

12.08

YEARS SAVED

$44,740

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,430

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $1,519

    COMP ESTIMATED VALUE
  • $0.97

    COMP AVG. RENT PER SQFT
Comps Range
$1,145
1$1,1452$1,2503$1,2504$1,3955$1,430
$1,430
RENT COMPS ANALYSIS
  • 2404 Cynthia Drive Durham, NC 5
    • 3 beds 3 baths ∙ 1,574 Sqft ∙ Built 1989 3 beds 3 baths ∙ 1,574 Sqft ∙ Built 1989
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,430
    • $0.91
    •  
  • 2416 Sundial Circle Durham, NC 1
    • 3 beds 2 baths ∙ 1,232 Sqft ∙ Built 1994 3 beds 2 baths ∙ 1,232 Sqft ∙ Built 1994
    property image
    LEASED 01/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,145
    • $0.93
    •  
  • 2503 Mahala Drive Durham, NC 2
    • 3 beds 2 baths ∙ 1,352 Sqft ∙ Built 1992 3 beds 2 baths ∙ 1,352 Sqft ∙ Built 1992
    property image
    LEASED 12/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.92
    •  
  • 1139 N Miami Boulevard Durham, NC 3
    • 3 beds 2 baths ∙ 1,280 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,280 Sqft ∙ Built 2004
    property image
    LEASED 06/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.98
    •  
  • 2028 Lime Street Durham, NC 4
    • 3 beds 3 baths ∙ 1,360 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,360 Sqft ∙ Built 2004
    property image
    LEASED 08/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $1.03
    •  
PROPERTY LISTING DETAILS
Kimberly Williams
1.919.672.0889
Right Time Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2352632
Last Updated: 11/08/2020
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